# EDGAR Filing Document

**Accession Number:** 0001668512
**File Stem:** 0001193125-25-195604
**Filing Date:** 2025-9
**Character Count:** 2720000
**Document Hash:** 423a4ee4ef2a85784e16c5539bf6adaf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-195604.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-195604

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Guardian Variable Products Trust
- **CENTRAL INDEX KEY:** 0001668512

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23148
- **FILM NUMBER:** 251292161

**BUSINESS ADDRESS:**
- **STREET 1:** 10 HUDSON YARDS, 22 FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** (212)598-8000

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

## Series and Classes Contracts Data

### Guardian Large Cap Fundamental Growth VIP Fund (Series ID: S000054038)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000169890 | Guardian Large Cap Fundamental Growth VIP Fund |  |

### Guardian International Equity VIP Fund (Series ID: S000054039)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000169891 | Guardian International Equity VIP Fund |  |

### Guardian Core Plus Fixed Income VIP Fund (Series ID: S000054040)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000169892 | Guardian Core Plus Fixed Income VIP Fund |  |

### Guardian Large Cap Disciplined Growth VIP Fund (Series ID: S000054041)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000169893 | Guardian Large Cap Disciplined Growth VIP Fund |  |

### Guardian Integrated Research VIP Fund (Series ID: S000054042)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000169894 | Guardian Integrated Research VIP Fund |  |

### Guardian Diversified Research VIP Fund (Series ID: S000054043)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000169895 | Guardian Diversified Research VIP Fund |  |

### Guardian Large Cap Disciplined Value VIP Fund (Series ID: S000054044)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000169896 | Guardian Large Cap Disciplined Value VIP Fund |  |

### Guardian Growth & Income VIP Fund (Series ID: S000054045)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000169897 | Guardian Growth & Income VIP Fund |  |

### Guardian Mid Cap Traditional Growth VIP Fund (Series ID: S000054046)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000169898 | Guardian Mid Cap Traditional Growth VIP Fund |  |

### Guardian Mid Cap Relative Value VIP Fund (Series ID: S000054047)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000169899 | Guardian Mid Cap Relative Value VIP Fund |  |

### Guardian International Growth VIP Fund (Series ID: S000054048)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000169900 | Guardian International Growth VIP Fund |  |

### Guardian Small Cap Value Diversified VIP Fund (formerly, Guardian Small Cap Core VIP Fund) (Series ID: S000061838)

| Class ID   | Class Name                                                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000200216 | Guardian Small Cap Value Diversified VIP Fund (formerly, Guardian Small Cap Core VIP Fund) |  |

### Guardian Global Utilities VIP Fund (Series ID: S000061840)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000200218 | Guardian Global Utilities VIP Fund |  |

### Guardian Multi-Sector Bond VIP Fund (Series ID: S000061841)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000200219 | Guardian Multi-Sector Bond VIP Fund |  |

### Guardian Total Return Bond VIP Fund (Series ID: S000061842)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000200220 | Guardian Total Return Bond VIP Fund |  |

### Guardian U.S. Government/Credit VIP Fund (formerly, Guardian U.S. Government Securities VIP Fund) (Series ID: S000061843)

| Class ID   | Class Name                                                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000200221 | Guardian U.S. Government/Credit VIP Fund (formerly, Guardian U.S. Government Securities VIP Fund) |  |

### Guardian All Cap Core VIP Fund (Series ID: S000068789)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000219765 | Guardian All Cap Core VIP Fund |  |

### Guardian Balanced Allocation VIP Fund (Series ID: S000068790)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000219766 | Guardian Balanced Allocation VIP Fund |  |

### Guardian Select Mid Cap Core VIP Fund (Series ID: S000068791)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000219767 | Guardian Select Mid Cap Core VIP Fund |  |

### Guardian Small-Mid Cap Core VIP Fund (Series ID: S000068792)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000219768 | Guardian Small-Mid Cap Core VIP Fund |  |

### Guardian Strategic Large Cap Core VIP Fund (Series ID: S000068793)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000219769 | Guardian Strategic Large Cap Core VIP Fund |  |

### Guardian Core Fixed Income VIP Fund (Series ID: S000070433)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000223917 | Guardian Core Fixed Income VIP Fund |  |

### Guardian Equity Income VIP Fund (Series ID: S000070434)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000223918 | Guardian Equity Income VIP Fund |  |

### Guardian Short Duration Bond VIP Fund (Series ID: S000070435)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000223919 | Guardian Short Duration Bond VIP Fund |  |

?xml version='1.0' encoding='ASCII'? N-CSRS

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number 811-23148

## Guardian Variable Products Trust

#### (Exact name of registrant as specified in charter)

#### 10 Hudson Yards New York, N.Y. 10001

#### (Address of principal executive offices) (Zip code)

#### Keith A. Namiot

#### President

#### Guardian Variable Products Trust

#### 10 Hudson Yards

#### New York, N.Y. 10001

#### (Name and address of agent for service)

#### Registrant's telephone number, including area code: 212-598-8000

#### Date of fiscal year end: December 31

#### Date of reporting period: June 30, 2025

------

**Item 1.** **Reports to Stockholders.** <br>

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Core Fixed Income VIP Fund
This semi-annual shareholder report contains important information about Guardian Core Fixed Income VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). **This report describes Fund changes that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Core Fixed Income VIP Fund | $27 | 0.53%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $342414581 |
| Total # of Portfolio Holdings | 221 |
| Portfolio Turnover Rate | 98% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Bond Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| U.S. Government Securities | 45.1 |
| Corporate Bonds & Notes | 24.2 |
| Agency Mortgage-Backed Securities | 19.8 |
| Asset-Backed Securities | 8.9 |
| Non-Agency Mortgage-Backed Securities | 3.7 |
| Cash/Other Assets and Liabilities | (1.7) |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.125%, due 2/29/2032 | 14.0 |
| U.S. Treasury Notes, 4.000%, due 2/28/2030 | 9.7 |
| U.S. Treasury Bonds, 4.625%, due 11/15/2044 | 8.6 |
| U.S. Treasury Notes, 4.625%, due 2/15/2035 | 5.0 |
| U.S. Treasury Notes, 4.250%, due 2/15/2028 | 2.7 |
| U.S. Treasury Bonds, 4.750%, due 2/15/2045 | 2.2 |
| Uniform Mortgage-Backed Security, 2.000%, due 7/1/2054 | 1.9 |
| U.S. Treasury Bonds, 4.625%, due 2/15/2055 | 1.6 |
| Uniform Mortgage-Backed Security, 2.500%, due 7/1/2055 | 1.5 |
| U.S. Treasury Bonds, 4.500%, due 11/15/2054 | 1.4 |
| Total | 48.6 |

---

# Guardian Core Fixed Income VIP Fund

#### What changes have occurred since the beginning of the reporting period?
This is a summary of certain changes of the Fund since January 1, 2025.

At a meeting of the Board of Trustees (the "Board") of Guardian Variable Products Trust held on February 27, 2025, the Board considered and approved the appointment of FIAM LLC as the sub-adviser to the Fund, effective March 3, 2025.

There were also related changes to the Fund's principal investment strategies, principal risks, and portfolio managers.

For more complete information, you may review the Fund's Prospectus dated May 1, 2025. The Prospectus is available on the Trust's website: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses/. Contract owners of variable life insurance policies may obtain a copy of the Prospectus by calling 1-888-GUARDIAN (1-888-482-7342). Contract owners of variable annuity contracts may obtain a copy of the Prospectus by calling 1-800-830-4147.

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Core Fixed Income VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Core Plus Fixed Income VIP Fund
This semi-annual shareholder report contains important information about Guardian Core Plus Fixed Income VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Core Plus Fixed Income VIP Fund | $41 | 0.81%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $150359381 |
| Total # of Portfolio Holdings | 444 |
| Portfolio Turnover Rate | 67% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Bond Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 43.7 |
| Agency Mortgage-Backed Securities | 31.1 |
| Asset-Backed Securities | 15.9 |
| U.S. Government Securities | 15.3 |
| Non-Agency Mortgage-Backed Securities | 10.1 |
| Senior Secured Loans | 2.2 |
| Foreign Government | 0.3 |
| Cash/Other Assets and Liabilities | (18.6) |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bonds, 4.500%, due 11/15/2054 | 4.0 |
| U.S. Treasury Bonds, 4.625%, due 11/15/2044 | 2.8 |
| U.S. Treasury Notes, 3.750%, due 4/30/2027 | 2.4 |
| U.S. Treasury Bonds, 4.750%, due 2/15/2045 | 2.0 |
| U.S. Treasury Notes, 4.000%, due 3/31/2030 | 2.0 |
| Uniform Mortgage-Backed Security, 5.500%, due 8/1/2039 | 2.0 |
| Government National Mortgage Association, 5.500%, due 7/20/2054 | 1.9 |
| Government National Mortgage Association, 6.000%, due 7/20/2054 | 1.6 |
| U.S. Treasury Bonds, 3.375%, due 8/15/2042 | 1.4 |
| Uniform Mortgage-Backed Security, 2.500%, due 8/1/2054 | 1.3 |
| Total | 21.4 |

---

# Guardian Core Plus Fixed Income VIP Fund

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Core Plus Fixed Income VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Diversified Research VIP Fund
This semi-annual shareholder report contains important information about Guardian Diversified Research VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Diversified Research VIP Fund | $49 | 0.96%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $108388055 |
| Total # of Portfolio Holdings | 132 |
| Portfolio Turnover Rate | 49% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Information Technology | 32.0 |
| Financials | 13.9 |
| Communication Services | 10.5 |
| Health Care | 9.4 |
| Consumer Discretionary | 9.3 |
| Industrials | 7.4 |
| Consumer Staples | 5.5 |
| Energy | 3.3 |
| Materials | 3.0 |
| Utilities | 2.7 |
| Real Estate | 2.1 |
| Cash/Other Assets and Liabilities | 0.9 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 7.8 |
| NVIDIA Corp. | 7.3 |
| Amazon.com, Inc. | 4.9 |
| Apple, Inc. | 4.3 |
| Meta Platforms, Inc., Class A | 3.7 |
| Alphabet, Inc., Class A | 3.2 |
| Broadcom, Inc. | 3.2 |
| Cisco Systems, Inc. | 1.9 |
| Tesla, Inc. | 1.9 |
| Mastercard, Inc., Class A | 1.8 |
| Total | 40.0 |

---

# Guardian Diversified Research VIP Fund

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Diversified Research VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Global Utilities VIP Fund
This semi-annual shareholder report contains important information about Guardian Global Utilities VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Global Utilities VIP Fund | $57 | 1.07%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $45509507 |
| Total # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 19% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Geographic Region/Country Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| North America | 60.1 |
| Europe | 23.9 |
| Asia-Pacific | 6.4 |
| United Kingdom | 4.6 |
| South America | 3.7 |
| Cash/Other Assets and Liabilities | 1.3 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| NextEra Energy, Inc. | 6.4 |
| American Electric Power Co., Inc. | 6.4 |
| E.ON SE | 6.2 |
| Engie SA | 5.8 |
| Sempra | 5.7 |
| Iberdrola SA | 5.5 |
| Enel SpA | 5.1 |
| National Grid PLC | 4.6 |
| Dominion Energy, Inc. | 4.6 |
| Atmos Energy Corp. | 4.4 |
| Total | 54.7 |

---

# Guardian Global Utilities VIP Fund

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Global Utilities VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Growth & Income VIP Fund
This semi-annual shareholder report contains important information about Guardian Growth & Income VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Growth & Income VIP Fund | $49 | 0.97%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $101416112 |
| Total # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 26% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Financials | 23.1 |
| Health Care | 18 |
| Industrials | 17.1 |
| Consumer Staples | 9 |
| Information Technology | 8.7 |
| Consumer Discretionary | 6.6 |
| Energy | 6.2 |
| Communication Services | 5.9 |
| Materials | 2.8 |
| Real Estate | 1 |
| Cash/Other Assets and Liabilities | 1.6 |
| Total | 100 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.3 |
| Berkshire Hathaway, Inc., Class B | 3.9 |
| Philip Morris International, Inc. | 3.8 |
| Johnson & Johnson | 3.7 |
| Walmart, Inc. | 3.3 |
| RTX Corp. | 3.2 |
| Texas Instruments, Inc. | 2.6 |
| S&P Global, Inc. | 2.5 |
| EOG Resources, Inc. | 2.5 |
| Fiserv, Inc. | 2.2 |
| Total | 32.0 |

---

# Guardian Growth & Income VIP Fund

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Growth & Income VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian All Cap Core VIP Fund
This semi-annual shareholder report contains important information about Guardian All Cap Core VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian All Cap Core VIP Fund | $43 | 0.84%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $239447224 |
| Total # of Portfolio Holdings | 179 |
| Portfolio Turnover Rate | 28% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Information Technology | 28.5 |
| Financials | 14.0 |
| Industrials | 12.5 |
| Consumer Discretionary | 11.0 |
| Health Care | 10.3 |
| Communication Services | 9.1 |
| Consumer Staples | 4.6 |
| Energy | 3.1 |
| Real Estate | 2.2 |
| Utilities | 2.2 |
| Materials | 2.1 |
| Cash/Other Assets and Liabilities | 0.4 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 7.2 |
| Amazon.com, Inc. | 4.7 |
| NVIDIA Corp. | 4.0 |
| Meta Platforms, Inc., Class A | 3.2 |
| Apple, Inc. | 3.1 |
| Alphabet, Inc., Class A | 2.9 |
| Broadcom, Inc. | 2.8 |
| JPMorgan Chase & Co. | 2.1 |
| Mastercard, Inc., Class A | 1.7 |
| TransUnion | 1.5 |
| Total | 33.2 |

---

# Guardian All Cap Core VIP Fund

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian All Cap Core VIP Fund

# Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

# June 30, 2025

# Guardian Balanced Allocation VIP Fund
This semi-annual shareholder report contains important information about Guardian Balanced Allocation VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

# What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Balanced Allocation VIP Fund | $46 | 0.91%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

# Fund Statistics

# (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $212889597 |
| Total # of Portfolio Holdings | 383 |
| Portfolio Turnover Rate | 87% |

---

## What were the Fund's portfolio holdings? (as of June 30, 2025)

# Portfolio Composition

# (% of Total Net Assets)
![Group By Asset Type Chart](g30107i00e8cde2edf3c610bf7b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Equities | 66.5 |
| Fixed Income | 32.8 |
| Cash/Other Assets and Liabilities | 0.7 |

---

# Top Ten Holdings

# (% of Total Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.8 |
| Microsoft Corp. | 4.9 |
| Amazon.com, Inc. | 3.8 |
| Meta Platforms, Inc., Class A | 2.7 |
| Wells Fargo & Co. | 2.7 |
| Broadcom, Inc. | 2.4 |
| Alphabet, Inc., Class A | 2.4 |
| Philip Morris International, Inc. | 2.1 |
| Sempra | 1.9 |
| Apple, Inc. | 1.8 |
| Total | 30.5 |

---

# Guardian Balanced Allocation VIP Fund

# Equity Sector Allocation

# (% of Total Net Assets)

---

| | |
|:---|:---|
| Information Technology | 21.2 |
| Financials | 9.2 |
| Communication Services | 8.2 |
| Consumer Discretionary | 7.9 |
| Health Care | 6.5 |
| Industrials | 3.9 |
| Consumer Staples | 3.0 |
| Energy | 2.3 |
| Utilities | 1.9 |
| Materials | 1.6 |
| Real Estate | 0.8 |

---

# Bond Sector Allocation

# (% of Total Net Assets)

---

| | |
|:---|:---|
| U.S. Government Securities | 15.6 |
| Agency Mortgage-Backed Securities | 8.5 |
| Corporate Bonds & Notes | 7.0 |
| Asset-Backed Securities | 1.2 |
| Non-Agency Mortgage-Backed Securities | 0.8 |
| Exchange-Traded Funds | 0.5 |
| Municipals | 0.3 |
| Foreign Government | 0.3 |
| Agency Mortgage-Backed Securities TBA Sale Commitments | (1.4) |
| Cash/Other Assets and Liabilities | 0.7 |
| Total | 100.0 |

---

# Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Balanced Allocation VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Equity Income VIP Fund
This semi-annual shareholder report contains important information about Guardian Equity Income VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Equity Income VIP Fund | $30 | 0.58%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $926918284 |
| Total # of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 158% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Financials | 19.2 |
| Health Care | 14.5 |
| Industrials | 13.2 |
| Consumer Staples | 9.5 |
| Information Technology | 9.1 |
| Energy | 8.8 |
| Utilities | 8.6 |
| Real Estate | 6.0 |
| Materials | 5.0 |
| Consumer Discretionary | 4.0 |
| Communication Services | 0.9 |
| Cash/Other Assets and Liabilities | 1.2 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Bank of America Corp. | 3.1 |
| Johnson & Johnson | 2.7 |
| JPMorgan Chase & Co. | 2.6 |
| UnitedHealth Group, Inc. | 2.5 |
| ConocoPhillips | 2.3 |
| Merck & Co., Inc. | 2.2 |
| PACCAR, Inc. | 2.0 |
| American International Group, Inc. | 2.0 |
| Gilead Sciences, Inc. | 1.9 |
| Unilever PLC, ADR | 1.8 |
| Total | 23.1 |

---

# Guardian Equity Income VIP Fund

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Equity Income VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Select Mid Cap Core VIP Fund
This semi-annual shareholder report contains important information about Guardian Select Mid Cap Core VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Select Mid Cap Core VIP Fund | $48 | 0.96%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $179730111 |
| Total # of Portfolio Holdings | 203 |
| Portfolio Turnover Rate | 32% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Industrials | 22.3 |
| Financials | 17.8 |
| Consumer Discretionary | 12.9 |
| Information Technology | 11.6 |
| Health Care | 8.4 |
| Real Estate | 6.8 |
| Materials | 5.8 |
| Consumer Staples | 5.2 |
| Energy | 3.7 |
| Utilities | 2.8 |
| Communication Services | 1.2 |
| Government | 0.2 |
| Cash/Other Assets and Liabilities | 1.3 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Howmet Aerospace, Inc. | 1.7 |
| Bancorp, Inc. | 1.6 |
| HEICO Corp., Class A | 1.5 |
| Popular, Inc. | 1.5 |
| XPO, Inc. | 1.4 |
| American Financial Group, Inc. | 1.3 |
| Carlisle Cos., Inc. | 1.3 |
| ITT, Inc. | 1.1 |
| Esab Corp. | 1.1 |
| Masimo Corp. | 1.1 |
| Total | 13.6 |

---

# Guardian Select Mid Cap Core VIP Fund

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Select Mid Cap Core VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Small-Mid Cap Core VIP Fund
This semi-annual shareholder report contains important information about Guardian Small-Mid Cap Core VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Small-Mid Cap Core VIP Fund | $51 | 1.04%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $230413289 |
| Total # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 42% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Industrials | 24.4 |
| Financials | 19.7 |
| Information Technology | 16.6 |
| Consumer Discretionary | 12.1 |
| Health Care | 9.7 |
| Materials | 7.3 |
| Real Estate | 6.0 |
| Energy | 2.6 |
| Consumer Staples | 1.3 |
| Cash/Other Assets and Liabilities | 0.3 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Marvell Technology, Inc. | 2.6 |
| Air Lease Corp. | 2.5 |
| Carlisle Cos., Inc. | 2.2 |
| National Vision Holdings, Inc. | 2.2 |
| QXO, Inc. | 2.0 |
| API Group Corp. | 1.9 |
| Dynatrace, Inc. | 1.9 |
| WNS Holdings Ltd. | 1.9 |
| HealthEquity, Inc. | 1.9 |
| Planet Fitness, Inc., Class A | 1.8 |
| Total | 20.9 |

---

# Guardian Small-Mid Cap Core VIP Fund

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Small-Mid Cap Core VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Strategic Large Cap Core VIP Fund
This semi-annual shareholder report contains important information about Guardian Strategic Large Cap Core VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Strategic Large Cap Core VIP Fund | $47 | 0.92%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $197459109 |
| Total # of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 22% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Information Technology | 33.2 |
| Financials | 16.8 |
| Industrials | 11.0 |
| Health Care | 10.1 |
| Consumer Discretionary | 9.2 |
| Communication Services | 8.1 |
| Consumer Staples | 5.3 |
| Utilities | 2.6 |
| Energy | 1.9 |
| Real Estate | 0.9 |
| Cash/Other Assets and Liabilities | 0.9 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 8.6 |
| Apple, Inc. | 4.3 |
| Broadcom, Inc. | 3.4 |
| NVIDIA Corp. | 3.2 |
| Alphabet, Inc., Class C | 2.8 |
| Amazon.com, Inc. | 2.7 |
| Meta Platforms, Inc., Class A | 2.4 |
| Visa, Inc., Class A | 2.2 |
| Intuit, Inc. | 2.0 |
| McKesson Corp. | 1.9 |
| Total | 33.5 |

---

# Guardian Strategic Large Cap Core VIP Fund

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Strategic Large Cap Core VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Integrated Research VIP Fund
This semi-annual shareholder report contains important information about Guardian Integrated Research VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Integrated Research VIP Fund | $44 | 0.86%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $267675003 |
| Total # of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 16% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Information Technology | 32.5 |
| Financials | 14.1 |
| Communication Services | 11.2 |
| Consumer Discretionary | 10.3 |
| Industrials | 10.1 |
| Health Care | 8.3 |
| Consumer Staples | 4.9 |
| Energy | 2.9 |
| Materials | 2.0 |
| Utilities | 1.9 |
| Real Estate | 1.2 |
| Cash/Other Assets and Liabilities | 0.6 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.3 |
| Microsoft Corp. | 7.9 |
| Apple, Inc. | 6.5 |
| Amazon.com, Inc. | 5.1 |
| Alphabet, Inc., Class A | 4.1 |
| Broadcom, Inc. | 3.6 |
| Meta Platforms, Inc., Class A | 3.4 |
| JPMorgan Chase & Co. | 2.5 |
| Mastercard, Inc., Class A | 2.2 |
| Eli Lilly & Co. | 2.1 |
| Total | 45.7 |

---

# Guardian Integrated Research VIP Fund

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Integrated Research VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian International Equity VIP Fund
This semi-annual shareholder report contains important information about Guardian International Equity VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian International Equity VIP Fund | $62 | 1.14%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $215417141 |
| Total # of Portfolio Holdings | 100 |
| Portfolio Turnover Rate | 14% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

#### Sector Allocation

#### (% of Total Net Assets)

---

| | |
|:---|:---|
| Financials | 20.5 |
| Industrials | 16.5 |
| Health Care | 15.4 |
| Consumer Discretionary | 12.5 |
| Information Technology | 12.3 |
| Consumer Staples | 8.3 |
| Communication Services | 6.1 |
| Materials | 2.6 |
| Utilities | 2.3 |
| Energy | 2.3 |
| Real Estate | 0.6 |
| Cash/Other Assets and Liabilities | 0.6 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| SAP SE (Germany) | 3.2 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | 2.5 |
| Shell PLC (United Kingdom) | 2.3 |
| Roche Holding AG (Switzerland) | 2.2 |
| ASML Holding NV (Netherlands) | 2.0 |
| AstraZeneca PLC (United Kingdom) | 2.0 |
| Sony Group Corp. (Japan) | 2.0 |
| Allianz SE (Germany) | 1.9 |
| Banco Bilbao Vizcaya Argentaria SA (Spain) | 1.8 |
| Unilever PLC (United Kingdom) | 1.7 |
| Total | 21.6 |

---

# Guardian International Equity VIP Fund

#### Geographic Region/Country Allocation

#### (% of Total Net Assets)

---

| | |
|:---|:---|
| Europe | 47.2 |
| Asia-Pacific | 28.1 |
| United Kingdom | 19.2 |
| North America | 4.9 |
| Cash/Other Assets and Liabilities | 0.6 |
| Total | 100.0 |

---

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian International Equity VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian International Growth VIP Fund
This semi-annual shareholder report contains important information about Guardian International Growth VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian International Growth VIP Fund | $62 | 1.16%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $75743256 |
| Total # of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 25% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

#### Sector Allocation

#### (% of Total Net Assets)

---

| | |
|:---|:---|
| Industrials | 26.4 |
| Financials | 17.4 |
| Consumer Discretionary | 13.4 |
| Information Technology | 13.3 |
| Health Care | 10 |
| Materials | 5.8 |
| Consumer Staples | 5.5 |
| Communication Services | 4.8 |
| Utilities | 1.6 |
| Real Estate | 0.8 |
| Cash/Other Assets and Liabilities | 1 |
| Total | 100 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Safran SA (France) | 4.5 |
| Sony Group Corp. (Japan) | 4.2 |
| Air Liquide SA (France) | 4.0 |
| SAP SE (Germany) | 3.0 |
| Hitachi Ltd. (Japan) | 2.7 |
| RELX PLC (United Kingdom) | 2.5 |
| Cie Financiere Richemont SA, Class A (Switzerland) | 2.5 |
| Schneider Electric SE (France) | 2.4 |
| London Stock Exchange Group PLC (United Kingdom) | 2.4 |
| Rolls-Royce Holdings PLC (United Kingdom) | 2.4 |
| Total | 30.6 |

---

# Guardian International Growth VIP Fund

#### Geographic Region/Country Allocation

#### (% of Total Net Assets)

---

| | |
|:---|:---|
| Europe | 46.3 |
| Asia-Pacific | 31 |
| United Kingdom | 20.8 |
| North America | 0.9 |
| Cash/Other Assets and Liabilities | 1 |
| Total | 100 |

---

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian International Growth VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Large Cap Disciplined Growth VIP Fund
This semi-annual shareholder report contains important information about Guardian Large Cap Disciplined Growth VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). **This report describes Fund changes that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Large Cap Disciplined Growth VIP Fund | $44 | 0.87%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $371835080 |
| Total # of Portfolio Holdings | 53 |
| Portfolio Turnover Rate | 30% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Information Technology | 51.2 |
| Communication Services | 15.4 |
| Consumer Discretionary | 11.5 |
| Financials | 7.1 |
| Health Care | 6 |
| Industrials | 4.4 |
| Consumer Staples | 2.2 |
| Materials | 1 |
| Real Estate | 0.8 |
| Cash/Other Assets and Liabilities | 0.4 |
| Total | 100 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.4 |
| Microsoft Corp. | 10.8 |
| Apple, Inc. | 10.8 |
| Amazon.com, Inc. | 6.4 |
| Broadcom, Inc. | 5.0 |
| Alphabet, Inc., Class A | 5.0 |
| Meta Platforms, Inc., Class A | 5.0 |
| Eli Lilly & Co. | 2.7 |
| Mastercard, Inc., Class A | 2.7 |
| Netflix, Inc. | 2.7 |
| Total | 64.5 |

---

# Guardian Large Cap Disciplined Growth VIP Fund

#### What changes have occurred since the beginning of the reporting period?
This is a summary of certain changes of the Fund since January 1, 2025.

Effective May 1, 2025, the Fund's sub-classification under the Investment Company Act of 1940 was changed from "diversified" to "non-diversified, which permits the Fund to invest a greater percentage of its assets in the obligations or securities of a smaller number of issuers or any one issuer as compared to a diversified fund, as further described in the Fund's Prospectus.

For more complete information, you may review the Fund's Prospectus dated May 1, 2025. The Prospectus is available on the Trust's website: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses/. Contract owners of variable life insurance policies may obtain a copy of the Prospectus by calling 1-888-GUARDIAN (1-888-482-7342). Contract owners of variable annuity contracts may obtain a copy of the Prospectus by calling 1-800-830-4147.

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Large Cap Disciplined Growth VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Large Cap Disciplined Value VIP Fund
This semi-annual shareholder report contains important information about Guardian Large Cap Disciplined Value VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Large Cap Disciplined Value VIP Fund | $50 | 0.97%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $84929008 |
| Total # of Portfolio Holdings | 87 |
| Portfolio Turnover Rate | 27% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Financials | 23.4 |
| Industrials | 15.8 |
| Information Technology | 12.1 |
| Health Care | 10.6 |
| Consumer Staples | 9.3 |
| Consumer Discretionary | 6.9 |
| Energy | 6.7 |
| Materials | 5.6 |
| Communication Services | 4.6 |
| Utilities | 4.5 |
| Cash/Other Assets and Liabilities | 0.5 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.5 |
| Philip Morris International, Inc. | 3.0 |
| Amazon.com, Inc. | 2.2 |
| Uber Technologies, Inc. | 2.0 |
| U.S. Foods Holding Corp. | 2.0 |
| Honeywell International, Inc. | 1.9 |
| Oracle Corp. | 1.9 |
| Cencora, Inc. | 1.9 |
| Walt Disney Co. | 1.9 |
| CRH PLC | 1.8 |
| Total | 23.1 |

---

# Guardian Large Cap Disciplined Value VIP Fund

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Large Cap Disciplined Value VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Large Cap Fundamental Growth VIP Fund
This semi-annual shareholder report contains important information about Guardian Large Cap Fundamental Growth VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). **This report describes Fund changes that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Large Cap Fundamental Growth VIP Fund | $51 | 1.00%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $188991229 |
| Total # of Portfolio Holdings | 120 |
| Portfolio Turnover Rate | 23% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Information Technology | 31.0 |
| Consumer Discretionary | 18.7 |
| Health Care | 14.0 |
| Communication Services | 10.4 |
| Financials | 10.1 |
| Industrials | 8.9 |
| Consumer Staples | 2.2 |
| Materials | 2.0 |
| Energy | 1.5 |
| Real Estate | 0.8 |
| Cash/Other Assets and Liabilities | 0.4 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.7 |
| Amazon.com, Inc. | 10.7 |
| Microsoft Corp. | 6.0 |
| Alphabet, Inc., Class A | 4.7 |
| Apple, Inc. | 3.9 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.6 |
| Mastercard, Inc., Class A | 2.5 |
| Eli Lilly & Co. | 2.4 |
| Meta Platforms, Inc., Class A | 2.4 |
| Visa, Inc., Class A | 2.4 |
| Total | 49.3 |

---

# Guardian Large Cap Fundamental Growth VIP Fund

#### What changes have occurred since the beginning of the reporting period?
This is a summary of certain changes of the Fund since January 1, 2025.

Effective May 1, 2025, the Fund's sub-classification under the Investment Company Act of 1940 was changed from "diversified" to "non-diversified, which permits the Fund to invest a greater percentage of its assets in the obligations or securities of a smaller number of issuers or any one issuer as compared to a diversified fund, as further described in the Fund's Prospectus.

For more complete information, you may review the Fund's Prospectus dated May 1, 2025. The Prospectus is available on the Trust's website: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses/. Contract owners of variable life insurance policies may obtain a copy of the Prospectus by calling 1-888-GUARDIAN (1-888-482-7342). Contract owners of variable annuity contracts may obtain a copy of the Prospectus by calling 1-800-830-4147.

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Large Cap Fundamental Growth VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Mid Cap Relative Value VIP Fund
This semi-annual shareholder report contains important information about Guardian Mid Cap Relative Value VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Mid Cap Relative Value VIP Fund | $54 | 1.08%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $102860020 |
| Total # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 17% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Industrials | 24.5 |
| Financials | 16.4 |
| Health Care | 9.7 |
| Materials | 9.4 |
| Real Estate | 8.9 |
| Utilities | 7.2 |
| Consumer Discretionary | 6.4 |
| Energy | 5.9 |
| Consumer Staples | 5.6 |
| Information Technology | 5.4 |
| Cash/Other Assets and Liabilities | 0.6 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Keurig Dr. Pepper, Inc. | 2.9 |
| AerCap Holdings NV | 2.9 |
| American Electric Power Co., Inc. | 2.9 |
| CBRE Group, Inc., Class A | 2.9 |
| Labcorp Holdings, Inc. | 2.7 |
| Carlisle Cos., Inc. | 2.6 |
| Arch Capital Group Ltd. | 2.5 |
| Vulcan Materials Co. | 2.4 |
| Jefferies Financial Group, Inc. | 2.4 |
| FirstEnergy Corp. | 2.4 |
| Total | 26.6 |

---

# Guardian Mid Cap Relative Value VIP Fund

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Mid Cap Relative Value VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Mid Cap Traditional Growth VIP Fund
This semi-annual shareholder report contains important information about Guardian Mid Cap Traditional Growth VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Mid Cap Traditional Growth VIP Fund | $55 | 1.09%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $46046362 |
| Total # of Portfolio Holdings | 78 |
| Portfolio Turnover Rate | 10% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Information Technology | 26.8 |
| Industrials | 26.3 |
| Health Care | 13.1 |
| Financials | 12.8 |
| Consumer Discretionary | 7.8 |
| Utilities | 4.7 |
| Real Estate | 3.0 |
| Communication Services | 2.9 |
| Materials | 1.6 |
| Consumer Staples | 0.6 |
| Energy | 0.4 |
| Cash/Other Assets and Liabilities | (0.0) |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Constellation Software, Inc. | 5.1 |
| SS&C Technologies Holdings, Inc. | 3.7 |
| Flex Ltd. | 3.6 |
| Intact Financial Corp. | 3.5 |
| Ferguson Enterprises, Inc. | 2.8 |
| AppLovin Corp., Class A | 2.6 |
| Boston Scientific Corp. | 2.6 |
| LPL Financial Holdings, Inc. | 2.4 |
| Teledyne Technologies, Inc. | 2.4 |
| Liberty Media Corp.-Liberty Formula One, Class C | 2.3 |
| Total | 31.0 |

---

# Guardian Mid Cap Traditional Growth VIP Fund

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Mid Cap Traditional Growth VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Multi-Sector Bond VIP Fund
This semi-annual shareholder report contains important information about Guardian Multi-Sector Bond VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). **This report describes Fund changes that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Multi-Sector Bond VIP Fund | $48 | 0.95%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $167727501 |
| Total # of Portfolio Holdings | 343 |
| Portfolio Turnover Rate | 138% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Bond Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Non-Agency Mortgage-Backed Securities | 34.5 |
| Corporate Bonds & Notes | 33.6 |
| Asset-Backed Securities | 17.6 |
| Senior Secured Loans | 10.5 |
| Agency Mortgage-Backed Securities | 7.2 |
| Exchange-Traded Funds | 4.6 |
| Common Stocks | 0.3 |
| Cash/Other Assets and Liabilities | (8.3) |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Janus Henderson Emerging Markets Debt Hard Currency ETF | 4.6 |
| Uniform Mortgage-Backed Security, 5.500%, due 7/1/2054 | 1.7 |
| Uniform Mortgage-Backed Security, 3.500%, due 7/1/2054 | 1.2 |
| Connecticut Avenue Securities Trust, Class 1B1, 6.256%, due 2/25/2045 | 1.1 |
| Freddie Mac STACR REMIC Trust, Class M2, 6.105%, due 11/25/2041 | 1.1 |
| Homeward Opportunities Fund Trust, Class A1, 5.476%, due 3/25/2040 | 1.1 |
| Connecticut Avenue Securities Trust, Class 1B1, 6.006%, due 1/25/2045 | 1.1 |
| Freddie Mac STACR REMIC Trust, Class M2, 5.755%, due 10/25/2044 | 1.1 |
| Freddie Mac STACR REMIC Trust, Class M2, 5.955%, due 2/25/2045 | 1.1 |
| Connecticut Avenue Securities Trust, Class 2B1, 6.305%, due 7/25/2044 | 1.1 |
| Total | 15.2 |

---

# Guardian Multi-Sector Bond VIP Fund

#### What changes have occurred since the beginning of the reporting period?
This is a summary of certain changes of the Fund since January 1, 2025.

At a meeting of the Board of Trustees (the "Board") of Guardian Variable Products Trust held on February 27, 2025, the Board considered and approved the appointment of Janus Henderson Investors US LLC as the sub-adviser to the Fund, effective March 3, 2025.

There were also related changes to the Fund's principal investment strategies, principal risks, and portfolio managers.

For more complete information, you may review the Fund's Prospectus dated May 1, 2025. The Prospectus is available on the Trust's website: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses/. Contract owners of variable life insurance policies may obtain a copy of the Prospectus by calling 1-888-GUARDIAN (1-888-482-7342). Contract owners of variable annuity contracts may obtain a copy of the Prospectus by calling 1-800-830-4147.

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Multi-Sector Bond VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Short Duration Bond VIP Fund
This semi-annual shareholder report contains important information about Guardian Short Duration Bond VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). **This report describes Fund changes that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Short Duration Bond VIP Fund | $24 | 0.47%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $133098965 |
| Total # of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 137% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Bond Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 36.5 |
| Asset-Backed Securities | 26.3 |
| Agency Mortgage-Backed Securities | 25.9 |
| U.S. Treasury Bills | 7.5 |
| Non-Agency Mortgage-Backed Securities | 1.5 |
| Cash/Other Assets and Liabilities | 2.3 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Class A2, 3.244%, due 8/25/2027 | 5.2 |
| Federal National Mortgage Association, 3.000%, due 9/1/2034 | 4.9 |
| Federal Home Loan Mortgage Corp., 3.000%, due 5/1/2033 | 4.9 |
| Federal National Mortgage Association, 3.000%, due 5/1/2037 | 4.7 |
| Federal National Mortgage Association, 3.000%, due 4/1/2033 | 4.0 |
| CARDS II Trust, Class A, 4.630%, due 3/15/2031 | 2.3 |
| NextGear Floorplan Master Owner Trust, Class B, 4.890%, due 2/15/2030 | 2.3 |
| GMF Floorplan Owner Revolving Trust, Class C, 4.880%, due 3/15/2029 | 2.2 |
| Verizon Master Trust, Class C, 4.900%, due 3/20/2030 | 2.2 |
| Hertz Vehicle Financing III LLC, Class A, 4.910%, due 9/25/2029 | 2.2 |
| Total | 34.9 |

---

# Guardian Short Duration Bond VIP Fund

#### What changes have occurred since the beginning of the reporting period?
This is a summary of certain changes of the Fund since January 1, 2025.

At a meeting of the Board of Trustees (the "Board") of Guardian Variable Products Trust held on February 27, 2025, the Board considered and approved the appointment of Allspring Global Investments, LLC as the sub-adviser to the Fund, effective March 3, 2025.

The Board also approved a change in the Fund's investment objective to the following: "The Fund seeks to preserve principal and meet liquidity needs while maximizing total return."

There were also related changes to the Fund's principal investment strategies, principal risks, and portfolio managers.

For more complete information, you may review the Fund's Prospectus dated May 1, 2025. The Prospectus is available on the Trust's website: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses/. Contract owners of variable life insurance policies may obtain a copy of the Prospectus by calling 1-888-GUARDIAN (1-888-482-7342). Contract owners of variable annuity contracts may obtain a copy of the Prospectus by calling 1-800-830-4147.

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Short Duration Bond VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Small Cap Value Diversified VIP Fund

# (formerly, Guardian Small Cap Core VIP Fund)
This semi-annual shareholder report contains important information about Guardian Small Cap Value Diversified VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). **This report describes Fund changes that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Small Cap Value Diversified VIP Fund | $52 | 1.05%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $177270056 |
| Total # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 114% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Financials | 21.8 |
| Industrials | 20.0 |
| Information Technology | 11.6 |
| Materials | 9.8 |
| Energy | 7.6 |
| Consumer Discretionary | 6.5 |
| Health Care | 6.4 |
| Real Estate | 5.9 |
| Utilities | 5.5 |
| Communication Services | 1.4 |
| Consumer Staples | 1.3 |
| Cash/Other Assets and Liabilities | 2.2 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Silicon Motion Technology Corp.ADR | 2.9 |
| BGC Group, Inc., Class A | 2.4 |
| Kemper Corp. | 2.4 |
| BrightView Holdings, Inc. | 2.2 |
| Brixmor Property Group, Inc. | 2.0 |
| Teleflex, Inc. | 1.9 |
| Enterprise Financial Services Corp. | 1.9 |
| Hanover Insurance Group, Inc. | 1.9 |
| Enovis Corp. | 1.9 |
| Air Lease Corp. | 1.9 |
| Total | 21.4 |

---

# Guardian Small Cap Value Diversified VIP Fund

#### What changes have occurred since the beginning of the reporting period?
This is a summary of certain changes of the Fund since January 1, 2025.

At a meeting of the Board of Trustees (the "Board") of Guardian Variable Products Trust held on February 27, 2025, the Board considered and approved the removal of ClearBridge Investments, LLC and the appointment of Boston Partners Global Investors, Inc. as the sub-adviser to the Fund, effective May 1, 2025.

The Board also approved a change to the Fund's name to Guardian Small Cap Value Diversified VIP Fund, effective May 1, 2025.

There were also related changes to the Fund's principal investment strategies, principal risks, and portfolio managers.

For more complete information, you may review the Fund's Prospectus dated May 1, 2025. The Prospectus is available on the Trust's website: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses/. Contract owners of variable life insurance policies may obtain a copy of the Prospectus by calling 1-888-GUARDIAN (1-888-482-7342). Contract owners of variable annuity contracts may obtain a copy of the Prospectus by calling 1-800-830-4147.

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Small Cap Value Diversified VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian Total Return Bond VIP Fund
This semi-annual shareholder report contains important information about Guardian Total Return Bond VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). **This report describes Fund changes that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian Total Return Bond VIP Fund | $40 | 0.80%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $201429599 |
| Total # of Portfolio Holdings | 208 |
| Portfolio Turnover Rate | 92% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Bond Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 40.7 |
| U.S. Government Securities | 23.8 |
| Asset-Backed Securities | 22.7 |
| Non-Agency Mortgage-Backed Securities | 9.0 |
| Foreign Government | 2.1 |
| Municipals | 0.1 |
| Cash/Other Assets and Liabilities | 1.6 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bonds, 4.625%, due 11/15/2044 | 12.5 |
| U.S. Treasury Bonds, 4.500%, due 11/15/2054 | 5.9 |
| U.S. Treasury Notes, 4.250%, due 1/31/2030 | 3.7 |
| Carlyle U.S. CLO Ltd., Class CR2, 6.269%, due 10/21/2037 | 1.5 |
| Octagon Loan Funding Ltd., Class CRR, 6.786%, due 11/18/2031 | 1.1 |
| OHA Credit Funding 3 Ltd., Class CR2, 6.019%, due 1/20/2038 | 1 |
| U.S. Treasury Bonds, 4.250%, due 2/15/2054 | 0.9 |
| Deutsche Bank AG, 5.403%, due 9/11/2035 | 0.9 |
| TIAA CLO IV Ltd., Class A2R, 6.019%, due 1/20/2032 | 0.9 |
| Westlake Automobile Receivables Trust, Class A3, 6.240%, due 7/15/2027 | 0.8 |
| Total | 29.2 |

---

# Guardian Total Return Bond VIP Fund

#### What changes have occurred since the beginning of the reporting period?
This is a summary of certain changes of the Fund since January 1, 2025.

At a meeting of the Board of Trustees (the "Board") of Guardian Variable Products Trust held on February 27, 2025, the Board considered and approved the appointment of Massachusetts Financial Services Company (MFS<sup>®</sup>) as the sub-adviser to the Fund effective March 3, 2025.

The Board also approved a change in the Fund's investment objective to the following: "The Fund seeks total return with an emphasis on high current income as well as capital appreciation."

There were also related changes to the Fund's principal investment strategies, principal risks, and portfolio managers.

For more complete information, you may review the Fund's Prospectus dated May 1, 2025. The Prospectus is available on the Trust's website: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses/. Contract owners of variable life insurance policies may obtain a copy of the Prospectus by calling 1-888-GUARDIAN (1-888-482-7342). Contract owners of variable annuity contracts may obtain a copy of the Prospectus by calling 1-800-830-4147.

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian Total Return Bond VIP Fund

#### Semi-Annual Shareholder Report
![Image](g30107idb8d8a2017d206bf74bc.jpg)

June 30, 2025

# Guardian U.S. Government/Credit VIP Fund

# (formerly, Guardian U.S. Government Securities VIP Fund)
This semi-annual shareholder report contains important information about Guardian U.S. Government/Credit VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). **This report describes Fund changes that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(*Based on a hypothetical $10,000 investment*)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Guardian U.S. Government/Credit VIP Fund | $37 | 0.74%<sup>Footnote Reference\*</sup> |

---

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Statistics

## (as of June 30, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $141797647 |
| Total # of Portfolio Holdings | 165 |
| Portfolio Turnover Rate | 116% |

---

## What were the Fund's portfolio holdings?

## (as of June 30, 2025)

### Bond Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| U.S. Government Securities | 51.9 |
| Corporate Bonds & Notes | 41.6 |
| Asset-Backed Securities | 3.9 |
| Agency Mortgage-Backed Securities | 3.6 |
| Non-Agency Mortgage-Backed Securities | 1.1 |
| Cash/Other Assets and Liabilities | (2.1) |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.250%, due 1/31/2030 | 5.4 |
| U.S. Treasury Notes, 4.125%, due 1/31/2027 | 3.9 |
| U.S. Treasury Notes, 2.625%, due 5/31/2027 | 3.8 |
| U.S. Treasury Notes, 4.250%, due 2/28/2029 | 3.7 |
| U.S. Treasury Notes, 3.625%, due 8/31/2029 | 3.5 |
| U.S. Treasury Notes, 4.125%, due 10/31/2029 | 3.4 |
| U.S. Treasury Notes, 4.500%, due 5/31/2029 | 3.4 |
| U.S. Treasury Notes, 4.375%, due 7/15/2027 | 3.0 |
| U.S. Treasury Notes, 4.125%, due 2/28/2027 | 2.9 |
| U.S. Treasury Notes, 4.375%, due 8/31/2028 | 2.7 |
| Total | 35.7 |

---

# Guardian U.S. Government/Credit VIP Fund

#### What changes have occurred since the beginning of the reporting period?
This is a summary of certain changes of the Fund since January 1, 2025.

At a meeting of the Board of Trustees (the "Board") of Guardian Variable Products Trust held on February 27, 2025, the Board considered and approved the appointment of Lord, Abbett & Co. LLC as the sub-adviser to the Fund, effective March 3, 2025.

The Board also approved a change to the Fund's name to Guardian U.S. Government/Credit VIP Fund, effective May 1, 2025.

In connection with the Fund's name change, the Board approved the following changes to the Fund's 80% investment policy with respect to investments in U.S. government securities, effective May 1, 2025: "Under normal circumstances, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes in U.S. government securities and corporate credit investments."

There were also related changes to the Fund's principal investment strategies, principal risks, and portfolio managers.

For more complete information, you may review the Fund's Prospectus dated May 1, 2025. The Prospectus is available on the Trust's website: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses/. Contract owners of variable life insurance policies may obtain a copy of the Prospectus by calling 1-888-GUARDIAN (1-888-482-7342). Contract owners of variable annuity contracts may obtain a copy of the Prospectus by calling 1-800-830-4147.

## Availability of Additional Information
The Fund's Prospectus, Summary Prospectus, Statement of Additional Information, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund's website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

## Householding
Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a "Household"). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses](g30107ie2b3e3e858e0a9817c03.jpg)

Guardian U.S. Government/Credit VIP Fund

------

#### Item 1. (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2.** **Code of Ethics.** <br>

Not applicable.

**Item 3.** **Audit Committee Financial Expert.** <br>

Not applicable.

**Item 4.** **Principal Accountant Fees and Services.** <br>

Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable.

**Item 6.** **Investments.** <br>

(a) The Schedule of Investments is included as part of Item 7 of this Form N-CSR.

(b) None.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Core Fixed Income VIP Fund
![LOGO](g39598g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian Core Fixed Income VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin1toc39598_1)** |  |
| [Schedule of Investments](#fin1toc39598_2) | 1 |
| [Statement of Assets and Liabilities](#fin1toc39598_3) | 7 |
| [Statement of Operations](#fin1toc39598_4) | 7 |
| [Statements of Changes in Net Assets](#fin1toc39598_5) | 8 |
| [Financial Highlights](#fin1toc39598_6) | 10 |
| [Notes to Financial Statements](#fin1toc39598_7) | 12 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin1toc39598_8)** | 20 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin1toc39598_9)** | 20 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin1toc39598_10)** | 20 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin1toc39598_11)** | 20 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 19.8%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 19.8%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 19.8%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp.<br>2.00% due 11/1/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600512 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3313777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 1/1/2052 | 513480 | 412363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 2/1/2052 | 1349323 | 1082667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 3/1/2052 | 922122 | 737979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/1/2037 | 321062 | 315814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 6/1/2052 | 1612878 | 1504314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 9/1/2052 | 422586 | 405340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 9/1/2053 | 3707095 | 3738129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 10/1/2053 | 3342713 | 3403455 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association<br>2.50% due 2/1/2037 | 1275170 | 1194233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/1/2051 | 1343563 | 1134082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/1/2052 | 1574433 | 1323590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 11/1/2051 | 549995 | 476035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 3/1/2052 | 574568 | 498827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 4/1/2052 | 105727 | 92750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/1/2052 | 3973947 | 3443195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 10/1/2052 | 2941419 | 2653039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 12/1/2039 | 1440813 | 1451262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 2/1/2053 | 269131 | 264785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/1/2054 | 977859 | 978938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 9/1/2053 | 241945 | 246480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/1/2055 | 196032 | 201636 |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association<br>2.00% due 10/20/2050 | 4724677 | 3853932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/20/2050 | 2841389 | 2423334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/20/2054<sup>(1)</sup> | 150000 | 127446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 8/20/2054<sup>(1)</sup> | 250000 | 212425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/20/2052 | 1799999 | 1592231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 7/20/2052 | 545420 | 498396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 8/20/2052 | 349168 | 319091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 10/20/2052 | 97965 | 89496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 8/20/2054<sup>(1)</sup> | 450000 | 407876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/20/2054<sup>(1)</sup> | 1000000 | 929304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 4/20/2055 | 997320 | 954614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 5/20/2055 | 1124999 | 1105369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 6/20/2055 | 375000 | 368456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/20/2054<sup>(1)</sup> | 1750000 | 1752048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 1/20/2055 | 2949344 | 2992749 |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security<br>2.00% due 7/1/2039<sup>(1)</sup> | 1100000 | 1004682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 7/1/2054<sup>(1)</sup> | 8250000 | 6528868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 8/1/2054<sup>(1)</sup> | 3550000 | 2810929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/1/2055<sup>(1)</sup> | 6000000 | 4975470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 7/1/2054<sup>(1)</sup> | 100000 | 86501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 7/1/2054<sup>(1)</sup> | 1100000 | 1052097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/1/2054<sup>(1)</sup> | 1500000 | 1470272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 7/1/2054<sup>(1)</sup> | 600000 | 609798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 8/1/2054<sup>(1)</sup> | 1200000 | 1218672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 8/1/2054<sup>(1)</sup> | 1700000 | 1752496 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $67,723,031) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $67,723,031) | **68009242** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 8.9%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 8.9%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 8.9%** |
| &nbsp;&nbsp;&nbsp; AASET LLC <br>Series 2022-1A, Class A <br>6.00% due 5/16/2047<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174976 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191844 |
| &nbsp;&nbsp;&nbsp; ALTDE Trust <br>Series 2025-1A, Class A <br>5.90% due 8/15/2050<sup>(2)</sup> | 734529 | 749208 |
| &nbsp;&nbsp;&nbsp; Ares LIV CLO Ltd. <br>Series 2019-54A, Class AR2 <br>5.602% (3 mo. USD Term<br>SOFR + 1.31%) <br> due 7/15/2038<sup>(2)(3)</sup> | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp; Ares LVIII CLO Ltd. <br>Series 2020-58A, Class A1R2 <br>5.528% (3 mo. USD Term<br>SOFR + 1.24%) <br> due 4/15/2038<sup>(2)(3)</sup> | 267175 | 267673 |
| &nbsp;&nbsp;&nbsp; Ares LXXVI CLO Ltd. <br>Series 2025-76A, Class A1 <br>5.726% (3 mo. USD Term<br>SOFR + 1.40%) <br> due 5/27/2038<sup>(2)(3)</sup> | 563000 | 563282 |
| &nbsp;&nbsp;&nbsp; BCRED BSL Static CLO Ltd. <br>Series 2025-1A, Class AR <br>5.541% (3 mo. USD Term<br>SOFR + 1.25%) <br> due 7/24/2035<sup>(2)(3)</sup> | 250000 | 249813 |
| &nbsp;&nbsp;&nbsp; Cedar Funding XII CLO Ltd. <br>Series 2020-12A, Class ARR <br>5.457% (3 mo. USD Term<br>SOFR + 1.20%) <br> due 1/25/2038<sup>(2)(3)</sup> | 100000 | 100060 |
| &nbsp;&nbsp;&nbsp; DB Master Finance LLC | &nbsp;&nbsp;&nbsp; DB Master Finance LLC | &nbsp;&nbsp;&nbsp; DB Master Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I <br>2.045% due 11/20/2051<sup>(2)</sup> | 106150 | 101953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2II <br>2.493% due 11/20/2051<sup>(2)</sup> | 936050 | 864968 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza Master Issuer LLC | &nbsp;&nbsp;&nbsp; Domino's Pizza Master Issuer LLC | &nbsp;&nbsp;&nbsp; Domino's Pizza Master Issuer LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A23 <br>4.118% due 7/25/2047<sup>(2)</sup> | 1085700 | 1067215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2II <br>4.328% due 7/25/2048<sup>(2)</sup> | 506913 | 500335 |
| &nbsp;&nbsp;&nbsp; Dryden 80 CLO Ltd. <br>Series 2019-80A, Class AR <br>5.53% (3 mo. USD Term<br>SOFR + 1.25%) <br> due 1/17/2033<sup>(2)(3)</sup> | 3229818 | 3228526 |
| &nbsp;&nbsp;&nbsp; Dryden 86 CLO Ltd. <br>Series 2020-86A, Class A1R <br>5.641% (3 mo. USD Term<br>SOFR + 1.36%) <br> due 7/17/2034<sup>(2)(3)</sup> | 1093000 | 1092563 |
| &nbsp;&nbsp;&nbsp; Flatiron CLO 28 Ltd. <br>Series 2024-1A, Class A1 <br>5.576% (3 mo. USD Term<br>SOFR + 1.32%) <br> due 7/15/2036<sup>(2)(3)</sup> | 1000000 | 999600 |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Flatiron CLO 32 Ltd. <br>Series 2025-32A, Class A1 <br>5.582% (3 mo. USD Term<br>SOFR + 1.29%) <br> due 10/22/2038<sup>(2)(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 |
| &nbsp;&nbsp;&nbsp; Flatiron RR CLO 30 Ltd. <br>Series 2025-30A, Class A1 <br>5.443% (3 mo. USD Term<br>SOFR + 1.16%) <br> due 4/15/2038<sup>(2)(3)</sup> | 262000 | 262150 |
| &nbsp;&nbsp;&nbsp; Green Lakes Park CLO LLC <br>Series 2025-1A, Class ARR <br>5.462% (3 mo. USD Term<br>SOFR + 1.18%) <br> due 1/25/2038<sup>(2)(3)</sup> | 2000000 | 1997800 |
| &nbsp;&nbsp;&nbsp; Horizon Aircraft Finance II Ltd. <br>Series 2019-1, Class A <br>3.721% due 7/15/2039<sup>(2)</sup> | 1029591 | 983588 |
| &nbsp;&nbsp;&nbsp; Jersey Mike's Funding LLC | &nbsp;&nbsp;&nbsp; Jersey Mike's Funding LLC | &nbsp;&nbsp;&nbsp; Jersey Mike's Funding LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A2 <br>4.433% due 2/15/2050<sup>(2)</sup> | 395000 | 391489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2 <br>5.636% due 2/15/2055<sup>(2)</sup> | 349125 | 344778 |
| &nbsp;&nbsp;&nbsp; Lakeside Park CLO Ltd. <br>Series 2025-1A, Class A <br>5.406% (3 mo. USD Term<br>SOFR + 1.15%) <br> due 4/15/2038<sup>(2)(3)</sup> | 250000 | 250147 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XLVIII Ltd. <br>Series 2021-48A, Class A <br>5.681% (3 mo. USD Term<br>SOFR + 1.41%) <br> due 4/19/2033<sup>(2)(3)</sup> | 1815941 | 1819391 |
| &nbsp;&nbsp;&nbsp; Magnetite XLV Ltd. <br>Series 2025-45A, Class A1 <br>5.435% (3 mo. USD Term<br>SOFR + 1.15%) <br> due 4/15/2038<sup>(2)(3)</sup> | 184000 | 184097 |
| &nbsp;&nbsp;&nbsp; Magnetite XXVI Ltd. <br>Series 2020-26A, Class AR2 <br>5.416% (3 mo. USD Term<br>SOFR + 1.15%) <br> due 1/25/2038<sup>(2)(3)</sup> | 1500000 | 1495050 |
| &nbsp;&nbsp;&nbsp; Magnetite XXXVI Ltd. <br>Series 2023-36A, Class AR <br>5.636% (3 mo. USD Term<br>SOFR + 1.32%)<br> due 7/25/2038<sup>(2)(3)</sup> | 250000 | 249934 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Eaton Vance CLO Ltd. <br>Series 2025-21A, Class A1 <br>5.285% (3 mo. USD Term<br>SOFR + 1.17%)<br> due 4/15/2038<sup>(2)(3)</sup> | 316000 | 316205 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding Ltd. <br>Series 2023-14RA, Class A <br>5.625% (3 mo. USD Term<br>SOFR + 1.23%)<br> due 4/20/2038<sup>(2)(3)</sup> | 250000 | 250215 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; OHA Credit Partners VII Ltd. <br>Series 2012-7A, Class AR4 <br>5.462% (3 mo. USD Term<br>SOFR + 1.14%) <br> due 2/20/2038<sup>(2)(3)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000448 |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd. <br>Series 2025-2A, Class A1 <br>5.232% (3 mo. USD Term<br>SOFR + 0.94%) <br> due 7/15/2033<sup>(2)(3)</sup> |  | 250000 |  | 250000 |
| &nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC | &nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC | &nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC | &nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC | &nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A2 <br>3.858% due 12/5/2049<sup>(2)</sup> |  | 1734075 |  | 1646162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A2II <br>4.008% due 12/5/2051<sup>(2)</sup> |  | 967500 |  | 892955 |
| &nbsp;&nbsp;&nbsp; RR 36 Ltd. <br>Series 2024-36RA, Class A1R <br>5.546% (3 mo. USD Term<br>SOFR + 1.29%) <br> due 1/15/2040<sup>(2)(3)</sup> |  | 1900000 |  | 1900462 |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XX Ltd. <br>Series 2021-20A, Class A1R <br>5.612% (3 mo. USD Term<br>SOFR + 1.32%) <br> due 7/17/2038<sup>(2)(3)</sup> |  | 250000 |  | 250000 |
| &nbsp;&nbsp;&nbsp; SLAM Ltd. <br>Series 2025-1A, Class A <br>5.807% due 5/15/2050<sup>(2)</sup> |  | 250000 |  | 258462 |
| &nbsp;&nbsp;&nbsp; Subway Funding LLC <br>Series 2024-1A, Class A2I <br>6.028% due 7/30/2054<sup>(2)</sup> |  | 49750 |  | 50553 |
| &nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust <br>Series 2021-1A, Class A <br>1.07% due 2/27/2034<sup>(2)</sup> |  | 2175000 |  | 2127018 |
| &nbsp;&nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC<br>Series 2024-3A, Class A1 <br>4.80% due 9/19/2039<sup>(2)</sup> |  | 700000 |  | 703518 |
| &nbsp;&nbsp;&nbsp; Willis Engine Structured Trust VIII <br>Series 2025-A, Class A <br>5.582% due 6/15/2050<sup>(2)</sup> |  | 250000 |  | 253988 |
| &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $30,249,665) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $30,249,665) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $30,249,665) |  | **30355450** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 24.2%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 24.2%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 24.2%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 24.2%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 24.2%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. <br>5.15% due 5/1/2030 |  | 1000000 |  | 1018380 |
|  |  |  |  | **1018380** |
| &nbsp;&nbsp;&nbsp;**Agriculture – 0.3%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.3%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.3%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.3%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.3%** |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. <br>6.421% due 8/2/2033 |  | 1000000 |  | 1088420 |
|  |  |  |  | **1088420** |
| &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.4%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.4%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.4%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.4%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.4%** |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. <br>5.55% due 7/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225632 |
|  |  |  |  | **1225632** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 9.0%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 9.0%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 9.0%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.<br>1.898% (1.898% fixed rate until 7/23/2030; 1 day USD<br>SOFR + 1.53% thereafter) <br> due 7/23/2031<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.271% (4.271% fixed rate until 7/23/2028; 3 mo. USD Term<br>SOFR + 1.57% thereafter) <br> due 7/23/2029<sup>(3)</sup> | 1500000 | 1495845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.623% (4.623% fixed rate until 5/9/2028; 1 day USD<br>SOFR + 1.11% thereafter) <br> due 5/9/2029<sup>(3)</sup> | 693000 | 697539 |
| &nbsp;&nbsp;&nbsp; Barclays PLC <br>5.367% (5.367% fixed rate until 2/25/2030; 1 day USD<br>SOFR + 1.23% thereafter) <br> due 2/25/2031<sup>(3)</sup> | 1500000 | 1531665 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA <br>5.786% (6.183% fixed rate until 1/30/2032; 1 day USD<br>SOFR + 1.62% thereafter) <br> due 1/13/2033<sup>(2)(3)</sup> | 1000000 | 1040200 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.<br>4.412% (4.412% fixed rate until 3/31/2030; 1 day USD<br>SOFR + 3.91% thereafter) <br> due 3/31/2031<sup>(3)</sup> | 1000000 | 989090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91% (4.91% fixed rate until 5/24/2032; 1 day USD<br>SOFR + 2.09% thereafter) <br> due 5/24/2033<sup>(3)</sup> | 3000000 | 2992920 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. <br>5.718% (5.718% fixed rate until 7/23/2031; 1 day USD<br>SOFR + 1.91% thereafter) <br> due 7/23/2032<sup>(3)</sup> | 1000000 | 1035510 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG <br>2.311% (2.311% fixed rate until 11/16/2026; 1 day USD<br>SOFR + 1.22% thereafter) <br> due 11/16/2027<sup>(3)</sup> | 800000 | 776280 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc.<br>3.80% due 3/15/2030 | 2000000 | 1951520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.017% (4.017% fixed rate until 10/31/2037; 3 mo. USD Term<br>SOFR + 1.63% thereafter) <br> due 10/31/2038<sup>(3)</sup> | 1000000 | 871550 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co.<br>4.493% (4.493% fixed rate until 3/24/2030; 3 mo. USD Term<br>SOFR + 3.79% thereafter) <br> due 3/24/2031<sup>(3)</sup> | 2600000 | 2595112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.995% (4.995% fixed rate until 7/22/2029; 1 day USD<br>SOFR + 1.13% thereafter) <br> due 7/22/2030<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730821 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.103% (5.103% fixed rate until 4/22/2030; 1 day USD<br>SOFR + 1.44% thereafter) <br> due 4/22/2031<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.502% (5.502% fixed rate until 1/24/2035; 1 day USD<br>SOFR + 1.32% thereafter) <br> due 1/24/2036<sup>(3)</sup> | 1000000 | 1030410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.572% (5.572% fixed rate until 4/22/2035; 1 day USD<br>SOFR + 1.68% thereafter) <br> due 4/22/2036<sup>(3)</sup> | 320000 | 331952 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley<br>4.654% (4.654% fixed rate until 10/18/2029; 1 day USD<br>SOFR + 1.10% thereafter) <br> due 10/18/2030<sup>(3)</sup> | 700000 | 701449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.123% (5.123% fixed rate until 2/1/2028; 1 day USD<br>SOFR + 1.73% thereafter) <br> due 2/1/2029<sup>(3)</sup> | 2100000 | 2136666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.192% (5.192% fixed rate until 4/17/2030; 1 day USD<br>SOFR + 1.51% thereafter) <br> due 4/17/2031<sup>(3)</sup> | 244000 | 250202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.587% (5.587% fixed rate until 1/18/2035; 1 day USD<br>SOFR + 1.42% thereafter) <br> due 1/18/2036<sup>(3)</sup> | 700000 | 719754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.664% (5.664% fixed rate until 4/17/2035; 1 day USD<br>SOFR + 1.76% thereafter) <br> due 4/17/2036<sup>(3)</sup> | 194000 | 201104 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. <br>4.812% (4.812% fixed rate until 10/21/2031; 1 day USD<br>SOFR + 1.26% thereafter) <br> due 10/21/2032<sup>(3)</sup> | 1000000 | 1002450 |
| &nbsp;&nbsp;&nbsp; UBS Group AG <br>5.428% (5.428% fixed rate until 2/8/2029; 1 yr.<br>CMT rate + 1.52% thereafter)<br> due 2/8/2030<sup>(2)(3)</sup> | 1500000 | 1539660 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.<br>2.879% (2.879% fixed rate until 10/30/2029; 3 mo. USD Term<br>SOFR + 1.43% thereafter) <br> due 10/30/2030<sup>(3)</sup> | 2200000 | 2055504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% (5.15% fixed rate until 4/23/2030; 1 day USD<br>SOFR + 1.50% thereafter) <br> due 4/23/2031<sup>(3)</sup> | 365000 | 373870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605% (5.605% fixed rate until 4/23/2035; 1 day USD<br>SOFR + 1.74% thereafter) <br> due 4/23/2036<sup>(3)</sup> | 322000 | 332375 |
|  |  | **30680223** |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Computers – 0.3%** | &nbsp;&nbsp;&nbsp;**Computers – 0.3%** | &nbsp;&nbsp;&nbsp;**Computers – 0.3%** |
| &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp. <br>5.30% due 10/1/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028910 |
|  |  | **1028910** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.5%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.5%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.5%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust <br>5.375% due 12/15/2031 | 1800000 | 1840734 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc.<br>5.543% (5.543% fixed rate until 1/17/2030; 1 day USD<br>SOFR + 1.73% thereafter) <br> due 1/17/2031<sup>(3)</sup> | 2500000 | 2532875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.737% (5.737% fixed rate until 5/15/2028; 1 day USD<br>SOFR + 1.96% thereafter) <br> due 5/15/2029<sup>(3)</sup> | 65000 | 66183 |
| &nbsp;&nbsp;&nbsp; American Express Co.<br>5.085% (5.085% fixed rate until 1/30/2030; 1 day USD<br>SOFR + 1.02% thereafter) <br> due 1/30/2031<sup>(3)</sup> | 1000000 | 1022750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.282% (5.282% fixed rate until 7/27/2028; 1 day USD<br>SOFR + 1.28% thereafter) <br> due 7/27/2029<sup>(3)</sup> | 300000 | 308484 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd.<br>5.15% due 1/15/2030<sup>(2)</sup> | 27000 | 27198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 5/30/2030<sup>(2)</sup> | 146000 | 148659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 3/1/2029<sup>(2)</sup> | 1000000 | 1027050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 5/4/2028<sup>(2)</sup> | 40000 | 41691 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. <br>5.70% (5.70% fixed rate until 2/1/2029; 1 day USD<br>SOFR + 1.91% thereafter) <br> due 2/1/2030<sup>(3)</sup> | 1500000 | 1551585 |
|  |  | **8567209** |
| &nbsp;&nbsp;&nbsp;**Electric – 0.6%** | &nbsp;&nbsp;&nbsp;**Electric – 0.6%** | &nbsp;&nbsp;&nbsp;**Electric – 0.6%** |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. <br>5.45% due 6/15/2034 | 1000000 | 1028090 |
| &nbsp;&nbsp;&nbsp; Southern Co. <br>5.70% due 3/15/2034 | 1000000 | 1045350 |
|  |  | **2073440** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.5%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.5%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.5%** |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc.<br>4.054% due 3/15/2029 | 1000000 | 814550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279% due 3/15/2032 | 291000 | 216393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% due 3/15/2042 | 1000000 | 590350 |
|  |  | **1621293** |
| &nbsp;&nbsp;&nbsp;**Food – 0.4%** | &nbsp;&nbsp;&nbsp;**Food – 0.4%** | &nbsp;&nbsp;&nbsp;**Food – 0.4%** |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL<br>5.50% due 1/15/2030 | 320000 | 328800 |
| &nbsp;&nbsp;&nbsp; Mars, Inc.<br>4.80% due 3/1/2030<sup>(2)</sup> | 262000 | 265422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 3/1/2032<sup>(2)</sup> | 197000 | 199634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 3/1/2035<sup>(2)</sup> | 164000 | 165930 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Food** (continued) | &nbsp;&nbsp;&nbsp;**Food** (continued) | &nbsp;&nbsp;&nbsp;**Food** (continued) | &nbsp;&nbsp;&nbsp;**Food** (continued) | &nbsp;&nbsp;&nbsp;**Food** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 5/1/2045<sup>(2)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 5/1/2055<sup>(2)</sup> |  | 300000 |  | 299247 |
|  |  |  |  | **1418176** |
| &nbsp;&nbsp;&nbsp;**Gas – 0.3%** | &nbsp;&nbsp;&nbsp;**Gas – 0.3%** | &nbsp;&nbsp;&nbsp;**Gas – 0.3%** | &nbsp;&nbsp;&nbsp;**Gas – 0.3%** | &nbsp;&nbsp;&nbsp;**Gas – 0.3%** |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. <br>3.60% due 5/1/2030 |  | 1000000 |  | 960520 |
|  |  |  |  | **960520** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.4%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. <br>4.625% due 12/15/2029 |  | 1000000 |  | 973370 |
| &nbsp;&nbsp;&nbsp; Cigna Group <br>5.40% due 3/15/2033 |  | 400000 |  | 413304 |
|  |  |  |  | **1386674** |
| &nbsp;&nbsp;&nbsp;**Insurance – 1.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.6%** |
| &nbsp;&nbsp;&nbsp; Aon North America, Inc. <br>5.45% due 3/1/2034 |  | 800000 |  | 821768 |
| &nbsp;&nbsp;&nbsp; Athene Global Funding <br>4.721% due 10/8/2029<sup>(2)</sup> |  | 1000000 |  | 997110 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. <br>3.90% due 4/5/2032 |  | 1000000 |  | 938640 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. <br>5.375% due 7/15/2033 |  | 600000 |  | 624612 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. <br>5.75% due 9/15/2034 |  | 1000000 |  | 1028210 |
| &nbsp;&nbsp;&nbsp; Unum Group <br>5.75% due 8/15/2042 |  | 1000000 |  | 967790 |
| &nbsp;&nbsp;&nbsp; Western-Southern Global Funding <br>4.90% due 5/1/2030<sup>(2)</sup> |  | 106000 |  | 107073 |
|  |  |  |  | **5485203** |
| &nbsp;&nbsp;&nbsp;**Internet – 0.1%** | &nbsp;&nbsp;&nbsp;**Internet – 0.1%** | &nbsp;&nbsp;&nbsp;**Internet – 0.1%** | &nbsp;&nbsp;&nbsp;**Internet – 0.1%** | &nbsp;&nbsp;&nbsp;**Internet – 0.1%** |
| &nbsp;&nbsp;&nbsp; VeriSign, Inc. <br>5.25% due 6/1/2032 |  | 314000 |  | 319887 |
|  |  |  |  | **319887** |
| &nbsp;&nbsp;&nbsp;**Investment Companies – 0.3%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.3%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.3%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.3%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.3%** |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp. <br>7.00% due 1/15/2027 |  | 500000 |  | 516135 |
| &nbsp;&nbsp;&nbsp; Ares Strategic Income Fund<br>5.45% due 9/9/2028<sup>(2)</sup> |  | 206000 |  | 206167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 9/9/2030<sup>(2)</sup> |  | 167000 |  | 167735 |
|  |  |  |  | **890037** |
| &nbsp;&nbsp;&nbsp;**Media – 0.6%** | &nbsp;&nbsp;&nbsp;**Media – 0.6%** | &nbsp;&nbsp;&nbsp;**Media – 0.6%** | &nbsp;&nbsp;&nbsp;**Media – 0.6%** | &nbsp;&nbsp;&nbsp;**Media – 0.6%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital<br>5.25% due 4/1/2053 |  | 200000 |  | 170476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10% due 6/1/2029 |  | 1000000 |  | 1047060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484% due 10/23/2045 |  | 1000000 |  | 990760 |
|  |  |  |  | **2208296** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.6%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.6%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.6%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.6%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.6%** |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. <br>2.65% due 1/15/2032 |  | 800000 |  | 691336 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas** (continued) | &nbsp;&nbsp;&nbsp;**Oil & Gas** (continued) | &nbsp;&nbsp;&nbsp;**Oil & Gas** (continued) | &nbsp;&nbsp;&nbsp;**Oil & Gas** (continued) | &nbsp;&nbsp;&nbsp;**Oil & Gas** (continued) |
| &nbsp;&nbsp;&nbsp; Hess Corp. <br>5.60% due 2/15/2041 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992960 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>7.50% due 5/1/2031 |  | 1000000 |  | 1101290 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos<br>5.95% due 1/28/2031 |  | 1500000 |  | 1354410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69% due 1/23/2050 |  | 1500000 |  | 1179960 |
|  |  |  |  | **5319956** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.6%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.6%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.6%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.6%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.6%** |
| &nbsp;&nbsp;&nbsp; Bayer U.S. Finance LLC <br>6.375% due 11/21/2030<sup>(2)</sup> |  | 1000000 |  | 1065460 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. <br>3.75% due 4/1/2030 |  | 1000000 |  | 959170 |
|  |  |  |  | **2024630** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 1.6%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.6%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.6%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.6%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.6%** |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC <br>5.439% due 2/15/2035<sup>(2)</sup> |  | 1000000 |  | 1005810 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP<br>5.70% due 4/1/2035 |  | 800000 |  | 814728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% due 4/1/2055 |  | 400000 |  | 393896 |
| &nbsp;&nbsp;&nbsp; MPLX LP<br>4.95% due 9/1/2032 |  | 1000000 |  | 990600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 6/1/2034 |  | 100000 |  | 100481 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. <br>5.05% due 11/1/2034 |  | 600000 |  | 583974 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp.<br>4.90% due 9/15/2030 |  | 126000 |  | 127174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 2/15/2036 |  | 303000 |  | 306100 |
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP <br>5.45% due 11/15/2034 |  | 300000 |  | 294261 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. <br>4.65% due 8/15/2032 |  | 1000000 |  | 981060 |
|  |  |  |  | **5598084** |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.5%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.5%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.5%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.5%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.5%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent LP<br>4.95% due 6/15/2030 |  | 293000 |  | 295898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/15/2034 |  | 200000 |  | 202552 |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP <br>4.125% due 5/15/2029 |  | 900000 |  | 885348 |
| &nbsp;&nbsp;&nbsp; Healthpeak OP LLC <br>5.375% due 2/15/2035 |  | 1000000 |  | 1010220 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group Trust <br>4.75% due 9/15/2030 |  | 1000000 |  | 997120 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. <br>3.25% due 4/15/2033 |  | 937000 |  | 808153 |
| &nbsp;&nbsp;&nbsp; VICI Properties LP<br>4.75% due 4/1/2028 |  | 61000 |  | 61512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 5/15/2032 |  | 1000000 |  | 996560 |
|  |  |  |  | **5257363** |
| &nbsp;&nbsp;&nbsp;**Retail – 0.2%** | &nbsp;&nbsp;&nbsp;**Retail – 0.2%** | &nbsp;&nbsp;&nbsp;**Retail – 0.2%** | &nbsp;&nbsp;&nbsp;**Retail – 0.2%** | &nbsp;&nbsp;&nbsp;**Retail – 0.2%** |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. <br>5.00% due 8/19/2034 |  | 700000 |  | 695268 |
|  |  |  |  | **695268** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Semiconductors – 0.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.3%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc.<br>3.419% due 4/15/2033<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 2/15/2041<sup>(2)</sup> | 888000 | 702532 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc.<br>4.75% due 7/15/2030 | 89000 | 89450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 7/15/2035 | 146000 | 147139 |
|  |  | **1040566** |
| &nbsp;&nbsp;&nbsp;**Software – 0.0%** | &nbsp;&nbsp;&nbsp;**Software – 0.0%** | &nbsp;&nbsp;&nbsp;**Software – 0.0%** |
| &nbsp;&nbsp;&nbsp; Paychex, Inc.<br>5.10% due 4/15/2030 | 32000 | 32768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% due 4/15/2032 | 46000 | 47221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% due 4/15/2035 | 36000 | 37208 |
|  |  | **117197** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 0.8%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.8%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.8%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc.<br>2.55% due 12/1/2033 | 1000000 | 837100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 2/15/2034 | 700000 | 720363 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. <br>2.70% due 3/15/2032 | 300000 | 264252 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. <br>2.55% due 3/21/2031 | 1000000 | 897050 |
|  |  | **2718765** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $81,919,094) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $81,919,094) | **82744129** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 3.7%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 3.7%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 3.7%** |
| &nbsp;&nbsp;&nbsp; BMP Trust <br>Series 2024-MF23, Class B <br>5.953% due 6/15/2041<sup>(2)(3)(4)</sup> | 213000 | 212934 |
| &nbsp;&nbsp;&nbsp; BPR Commercial Mortgage Trust <br>Series 2024-PARK, Class A <br>5.392% due 11/5/2039<sup>(2)(3)(4)</sup> | 774000 | 783170 |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV2, Class C <br>3.661% due 3/9/2044<sup>(2)(3)(4)</sup> | 467000 | 429516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV3, Class B <br>3.662% due 3/9/2044<sup>(2)(3)(4)</sup> | 1000000 | 929488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LP2, Class C <br>5.874% due 2/15/2039<sup>(2)(3)(4)</sup> | 700000 | 698180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GPA3, Class A <br>5.605% due 12/15/2039<sup>(2)(3)(4)</sup> | 165975 | 166120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class A <br>5.754% due 2/15/2039<sup>(2)(3)(4)</sup> | 686553 | 687294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL5, Class A <br>5.703% due 3/15/2041<sup>(2)(3)(4)</sup> | 1300834 | 1301804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class A <br>5.755% due 4/15/2040<sup>(2)(3)(4)</sup> | 575000 | 574459 |
| &nbsp;&nbsp;&nbsp; BX Trust | &nbsp;&nbsp;&nbsp; BX Trust | &nbsp;&nbsp;&nbsp; BX Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A <br>3.202% due 12/9/2041<sup>(2)</sup> | 2000000 | 1864248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class AJV <br>5.227% due 2/15/2036<sup>(2)(3)(4)</sup> | 275000 | 274519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class A <br>5.754% due 4/15/2041<sup>(2)(3)(4)</sup> | 240863 | 241257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class A <br>5.462% due 2/15/2035<sup>(2)(3)(4)</sup> | 100000 | 99617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class B <br>5.705% due 3/15/2030<sup>(2)(3)(4)</sup> | 1500000 | 1488834 |

---

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TAIL, Class A <br>5.712% due 6/15/2035<sup>(2)(3)(4)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100127 |
| &nbsp;&nbsp;&nbsp; Hilton USA Trust | &nbsp;&nbsp;&nbsp; Hilton USA Trust | &nbsp;&nbsp;&nbsp; Hilton USA Trust | &nbsp;&nbsp;&nbsp; Hilton USA Trust | &nbsp;&nbsp;&nbsp; Hilton USA Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-HHV, Class A <br>3.719% due 11/5/2038<sup>(2)</sup> |  | 1875000 |  | 1843059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-HHV, Class B <br>4.333% due 11/5/2038<sup>(2)(3)(4)</sup> |  | 250000 |  | 246959 |
| &nbsp;&nbsp;&nbsp; TCO Commercial Mortgage Trust <br>Series 2024-DPM, Class A <br>5.555% due 12/15/2039<sup>(2)(3)(4)</sup> |  | 600000 |  | 599197 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities**<br> (Cost $12,506,272) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities**<br> (Cost $12,506,272) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities**<br> (Cost $12,506,272) |  | **12540782** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 45.1%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 45.1%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 45.1%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 45.1%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 45.1%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds<br>4.50% due 11/15/2054 |  | 5000000 |  | 4767187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2044 |  | 30000000 |  | 29371875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2055 |  | 5800000 |  | 5647750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 2/15/2045 |  | 7500000 |  | 7461328 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes<br>4.00% due 2/28/2030 |  | 32800000 |  | 33125438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 2/29/2032 |  | 47400000 |  | 47844375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 5/31/2032 |  | 150000 |  | 151289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 2/15/2028 |  | 9000000 |  | 9122344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2035 |  | 16500000 |  | 17028516 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $154,314,760) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $154,314,760) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $154,314,760) |  | **154520102** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 5.0%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 5.0%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 5.0%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp.,<br>1.36%, dated 6/30/2025, proceeds at maturity value of $17,102,774, due 7/1/2025<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17102128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17102128 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $17,102,128) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $17,102,128) | **17102128** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 106.7%** <br> (Cost $363,814,950) | &nbsp;&nbsp;&nbsp;**Total Investments – 106.7%** <br> (Cost $363,814,950) | **365271833** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (6.7)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (6.7)%** | **(22857252)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**342414581** |

---

<sup>(1)</sup> TBA — To be announced.

<sup>(2)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2025, the aggregate market value of these securities amounted to $52,163,398, representing 15.2% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees. 

<sup>(3)</sup> Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2025.

<sup>(4)</sup> Variable coupon rate based on weighted average interest rate of underlying mortgages.

<sup>(5)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $17149500 | $17444344 |

---

#### Legend:
CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Agency Mortgage-Backed Securities | $— | $68009242 | $— | $68009242 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 30355450 |  | 30355450 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 82744129 |  | 82744129 |
| &nbsp;&nbsp;&nbsp;Non-Agency Mortgage-Backed Securities |  | 12540782 |  | 12540782 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 154520102 |  | 154520102 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 17102128 |  | 17102128 |
| &nbsp;&nbsp;&nbsp;**Total** | $**—** | $**365271833** | $**—** | $**365271833** |

---

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

------

#### FINANCIAL INFORMATION — GUARDIAN CORE FIXED INCOME VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365271833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 11087767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 3623863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 378882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 14206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 4586 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **380381165** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 37493398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 240532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 124272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 27516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 22661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 58205 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **37966584** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**342414581** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $319895025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 22519556 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**342414581** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $363814950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $27 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **32105149** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$10.67** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $8330564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 92428 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **8422992** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 785531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 64322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 54153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 41359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 41297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 16860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 11037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 11774 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1026333** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (89793) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **936540** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **7486452** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Derivative Contracts and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (477283) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (196236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 5567027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | 527692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments, Derivative Contracts and Foreign Currency Transactions** | **5421201** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**12907653** |

---

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | | |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $7486452 | $18310150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and derivative contracts | (673519) | 2530412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies | 6094720 | (14525413) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **12907653** | **6315149** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 10472957 | 51407522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (52238675) | (111003577) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(41765718)** | **(59596055)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(28858065)** | **(53280906)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 371272646 | 424553552 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342414581 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371272646 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 1003225 | 5058137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4993103) | (10851737) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(3989878)** | **(5793600)** |

---

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

------

This Page Intentionally Left Blank

**9**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **<br>Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $10.29 | $0.22 | $0.16 | $0.38 | $10.67 | 3.69%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 10.14 | 0.47 | (0.32) | 0.15 | 10.29 | 1.48% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 9.61 | 0.40 | 0.13 | 0.53 | 10.14 | 5.52% |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/22<sup>(5)</sup> | 10.00 | 0.22 | (0.61) | (0.39) | 9.61 | (3.90)%<sup>(4)</sup> |

---

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

------

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $342415 | 0.53%<sup>(4)</sup> | 0.58%<sup>(4)</sup> | 4.21%<sup>(4)</sup> | 4.16%<sup>(4)</sup> | 98%**<sup>(</sup>**<sup>4)</sup> |
| 371273 | 0.52% | 0.56% | 4.58% | 4.54% | 205% |
| 424554 | 0.50% | 0.54% | 4.13% | 4.09% | 316% |
| 449805 | 0.50%<sup>(4)</sup> | 0.52%<sup>(4)</sup> | 3.41%<sup>(4)</sup> | 3.39%<sup>(4)</sup> | 90%**<sup>(</sup>**<sup>4)</sup> |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2022, certain non-recurring fees (i.e., audit fees) are not annualized. 

<sup>(5)</sup> Commenced operations on May 2, 2022.

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Core Fixed Income VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on May 2, 2022. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks to provide a high level of current income and capital appreciation without undue risk to principal.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

The valuations of debt securities for which quoted bid prices are readily available are valued at the bid price by independent pricing services (each, a "Service"). Debt securities for which quoted bid prices are not readily available are valued by a Service at the evaluated bid price provided by the Service or the bid price provided by an independent broker-dealer or at a calculated price based on the spread to an appropriate benchmark provided by such broker-dealer.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5c). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE").

Exchange-traded financial futures contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

12.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**c. Futures Contracts** The Fund may enter into financial futures contracts. In entering into such contracts, the

**13**

------

Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. There were no futures contracts held as of June 30, 2025.

**d. Credit Derivatives** The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments (i) as alternatives to direct long or short investment in a particular security or securities, (ii) to adjust the Fund's asset allocation or risk exposure, (iii) to enhance potential return, or (iv) for hedging purposes. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

The Fund may enter into credit default swap agreements either as a buyer or seller. The Fund may buy protection under a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell protection under a credit default swap in an attempt to gain exposure to an underlying issuer's credit quality characteristics without investing directly in that issuer.

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. In entering into swap contracts, the Fund is required to deposit with the broker (or for the benefit of the broker), either in cash or securities, an amount equal to a percentage of the notional value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid

by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund.

The Fund may also enter into cleared swaps with a central clearinghouse. In a centrally cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty serving as the clearinghouse, and performance of the transaction is effectively guaranteed against default by such counterparty, thereby reducing or eliminating the Fund's exposure to the credit risk of the original counterparty. The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse. The margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction.

The Fund may not achieve the anticipated benefits of swap contracts and may realize a loss. There were no credit default swaps held as of June 30, 2025.

**e. Options Transactions** The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of its investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund's Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of June 30, 2025.

14.0 ------

**f. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**g. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**h. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.45% of the first $300 million, and 0.40% in excess of $300 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary

to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.52% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 0.53%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $89,793.

Park Avenue has entered into a Sub-Advisory Agreement with FIAM LLC ("FIAM"), effective March 3, 2025. Prior to this date, the Fund did not have a sub-adviser. FIAM is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government

**15**

------

agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Other**<br> **Investments** | **U.S. Government and**<br> **Agency Obligations** |
| &nbsp;&nbsp;&nbsp;Purchases | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126596112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205471983 |
| &nbsp;&nbsp;&nbsp;Sales | 212998566 | 163024884 |

---

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**d. Securities Purchased on a When-Issued or Delayed-Delivery Basis** The Fund may purchase securities on a when-issued or delayed-delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than at the trade date purchase price. Although the Fund will generally enter into these transactions with the intention of taking delivery of the securities, it may sell the securities before the settlement date. Assets will be segregated when a fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.

To-be-announced ("TBA") securities and purchase commitments are commitments to purchase

mortgage-backed securities for a fixed price at a future date. At the time of purchase, the seller does not specify the particular mortgage-backed securities to be delivered. Instead, a Fund agrees to accept any mortgage-backed security that meets specified terms. Thus, a Fund and the seller would agree upon the issuer, interest rate and terms of the underlying mortgages, but the seller would not identify the specific underlying mortgages until shortly before it issues the mortgage-backed security. The principal risks are that the counterparty may not deliver the security as promised and/or that the value of the TBA security may decline prior to when the Fund receives the security. Also, the value of TBA securities on the delivery date may be more or less than the price paid by a Fund to purchase the securities. A Fund will lose money if the value of the TBA security declines below the purchase price and will not benefit if the value of the security appreciates above the sale price prior to delivery.

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of June 30, 2025, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

**f. Below Investment Grade Securities** The Fund may invest in below investment grade securities (*i.e.* lower-quality, "junk" debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

**g. Mortgage- and Asset-Backed Securities** The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing

16.0 ------

interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac"), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government. In addition, mortgage-backed and other asset-backed securities are subject to the risk that underlying obligations will be repaid sooner (known as "prepayment risk") or later (known as "extension risk") than expected because of changes in interest rates, either of which may result in lower than expected returns for the Fund. Because mortgage-backed securities are backed by mortgage loans, they also are subject to risks associated with the ownership of real estate and the real estate industry.

**h. Treasury Inflation Protected Securities** Treasury inflation protected securities ("TIPS") are debt securities issued by the U.S. Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index ("CPI"). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

**i. Derivative Instruments** Investments in derivatives (including short exposures through derivatives) pose risks in addition to, and potentially greater than, those

associated with investing directly in other investments, including potentially heightened liquidity and valuation risk, counterparty risk, market risk, operational risk, and legal risk. In addition, certain derivatives result in leverage, which can result in losses substantially greater than the amount invested in the derivatives by the Fund. The Fund entered into U.S. Treasury futures contracts for the six months ended June 30, 2025 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. With respect to exchange traded futures, the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees futures contracts against default.

Under certain market conditions, the Fund may use credit default swaps to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve exposure, (iii) manage risk, (iv) enhance returns, or (v) as substitutes for permitted Fund investments. Credit default swaps involve the exchange of a floating or fixed rate payment in return for assuming potential credit losses of an underlying security or pool of securities.

The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," *i.e.*, the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency or security, or in a "basket" of securities representing a particular index. Cleared swaps are transacted through futures commission merchants ("FCM"s) that are members of central clearinghouses with the clearinghouse serving as a central counterparty similar to transactions in futures contracts. Funds post initial and variation margin by making payments to their clearing member FCMs.

Generally, the Fund will enter into credit default swaps on a net basis, which means that the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the net amount of the two payments. Credit default swaps do not normally involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to credit default swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to a credit default swap defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

In addition to the risks generally applicable to derivatives, risks associated with credit default swap

**17**

------

agreements include adverse changes in the returns of the underlying instruments, failure of the counterparties to perform under the agreement's terms and the possible lack of liquidity with respect to the agreements.

Transactions in derivative investments for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  | **Interest Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain/(Loss)** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $(196236) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>2</sup> | $527692 |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>3</sup> | 113 |

---

<sup>1</sup> Statement of Operations location: Net realized gain/(loss) from futures contracts.

<sup>2</sup> Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

<sup>3</sup> Amount represents number of contracts. 

**j. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

**k. Loans** Investments in loans are particularly subject to, among other risks, credit risk, interest rate risk, and counterparty risk. The Fund's investments in loans can be difficult to value accurately and may be more susceptible to liquidity risk than fixed income (or debt) investments of similar credit quality and/or maturity. Investments or transactions in loans are often subject to long settlement periods (potentially longer than seven days), which could limit the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. As a result, the Fund may be forced to sell other, more desirable, liquid investments, sell illiquid investments at a loss or

take other measures to raise cash. Loans often are rated below investment-grade and may be unrated and subject the Fund to the risk that the value of the collateral for the loan may be insufficient to cover the borrower's obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants (if any) more difficult for the Fund as legal action may have to go through the issuer of the participations. Investments in loans that lack or possess fewer or contingent contractual restrictive covenants are particularly susceptible to the risks associated with these investments. In addition, loans and other similar investments may not be considered "securities" and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the

18.0 ------

Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

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

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

**19**

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

**Board of Trustees Meeting held February 27, 2025**

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on February 27, 2025 (the "February Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees") considered proposed sub-advisory agreements between Park Avenue Institutional Advisers LLC (the "Manager") and each of (i) Boston Partners Global Investors, Inc. ("Boston Partners") engaged to serve as sub-adviser to the Guardian Small Cap Core VIP Fund; (ii) FIAM LLC ("FIAM") engaged to serve as sub-adviser to the Guardian Core Fixed Income VIP Fund; (iii) Janus Henderson Investors US LLC ("Janus") engaged to serve as sub-adviser to the Guardian Multi-Sector Bond VIP Fund; (iv) Allspring Global Investments, LLC ("Allspring") engaged to serve as sub-adviser to the Guardian Short Duration Bond VIP Fund; (v) Massachusetts Financial Services Company ("MFS") engaged to serve as sub-adviser to the Guardian Total Return Bond VIP Fund; and (vi) Lord, Abbett & Co. LLC ("Lord Abbett")

engaged to serve as sub-adviser to the Guardian U.S. Government Securities VIP Fund. Boston Partners, FIAM, Janus, Allspring, MFS and Lord Abbett are each referred to as a "Sub-adviser" and are collectively referred to as the "Sub-advisers." The sub-advisory agreements with the Sub-advisers are each referred to as an Agreement and are collectively referred to as the "Agreements." Guardian Small Cap Core VIP Fund, Guardian Core Fixed Income VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Short Duration Bond VIP Fund, Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund are each referred to as a "Fund" and are collectively referred to as the "Funds." The Board, including the Independent Trustees voting separately, unanimously approved the Agreements for an initial term of two years. The Trustees also considered and approved modifications to certain Funds' investment objectives, principal investment strategies and principal risks to reflect the Sub-advisers' investment processes.

The Board is responsible for overseeing the management of the Funds. In determining whether to approve the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the February Meeting and at a meeting held on February 3, 2025, the Trustees received materials and information designed to assist in their consideration of the Agreements. At its February 3, 2025 Board meeting, the Trustees received a presentation from representatives of the Sub-advisers regarding the services to be rendered to the Funds. The Manager also discussed proposed changes to certain Funds' investment objectives, principal investment strategies and principal risks to reflect the Sub-advisers' investment processes. In light of the proposed changes to the investment strategies and risks, the Trustees considered and approved the change of the name of the Guardian U.S. Government Securities VIP Fund to the Guardian U.S. Government/Credit VIP Fund. The Trustees received written responses from the Sub-advisers to a series of questions and requests for information covering a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-advisers.

20.0 ------

During the course of their deliberations, the Independent Trustees met to discuss and evaluate the Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager and the Sub-advisers.

In reaching its decisions to approve the Agreements, the Trustees took into account the materials and information described above as well as other materials and information provided to the Trustees and discussed with and among the Trustees. Individual Trustees may have given different weight to different factors and information with respect to the Agreements, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Trustees' decision to approve the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services to be provided to the Funds by the Sub-advisers; (ii) the investment performance of accounts managed by the Sub-advisers with strategies similar to the Funds; (iii) the fees to be charged and estimated profitability; (iv) the extent to which economies of scale may in the future exist for the Funds, and the extent to which the Funds may benefit from future economies of scale; and (v) any other benefits anticipated to be derived by the Sub-advisers (or their affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services to be provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Agreements and the range of investment advisory services to be provided to the Funds by the Sub-advisers under the oversight of the Manager. In evaluating the investment advisory services, the Trustees considered, among other things, each Sub-adviser's investment philosophy, style and process and approach to managing risk. The Trustees also considered information regarding funds or accounts managed by the Sub-advisers with similar strategies as the Funds, including performance and portfolio characteristics. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals that would serve as portfolio managers for the Funds and the capabilities, resources and reputation of the Sub-advisers.

The Trustees considered that the Sub-advisers' compliance programs had been reviewed by the Funds' Chief Compliance Officer and that he determined each Sub-adviser's program to be reasonably designed to prevent violation of the federal securities laws by a Fund. The Trustees also considered the information presented regarding the capabilities and financial condition of each Sub-adviser and its ability to carry out its responsibilities under its Agreement. The Trustees also considered the information provided by management regarding the personnel, potential benefits and risks, philosophy, and investment processes of the Sub-advisers. The Trustees also considered the presentations by the Sub-advisers to the Board.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services to be provided to the Funds by the Sub-advisers were appropriate.

*Investment Performance* 

The Trustees considered the Sub-advisers' performance history with respect to similarly-managed investment accounts. While there was no historical Sub-adviser performance information with respect to the Funds for review, the Board noted that it would have an opportunity to review such information in connection with future annual reviews of the Agreements.

*Costs and Profitability* 

The Trustees considered the proposed sub-advisory fees to be paid under the Agreements and evaluated the reasonableness of the fees. The Trustees considered information regarding the fees charged to funds and accounts managed by the Sub-advisers with similar strategies as the Funds. The Trustees also considered that the fees to be paid to each Sub-adviser would be paid by the Manager. The Trustees considered that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

The Trustees did not request or consider any projected profitability information from the Sub-advisers because the Manager, not the Fund, would be responsible for payment of the fees and the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Trustees concluded that the proposed sub-advisory fees were reasonable in light of the nature, extent and quality of services expected to be rendered to the Funds by the Sub-advisers.

**21**

------

*Economies of Scale* 

The Trustees noted that for three of six Funds, the sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Trustees concluded that it was appropriate to revisit potential economies of scale in connection with future reviews of the Agreements or earlier, if appropriate, and that they were satisfied with the extent to which economies of scale would be shared for the benefit of shareholders based on current and anticipated asset levels.

*Ancillary Benefits* 

The Trustees considered the potential benefits, other than the sub-advisory fee, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds. The Trustees concluded that the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the Funds.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

**Board of Trustees Meeting held March 26-27, 2025**

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund;

Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a

22.0 ------

Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the

Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's organizational structure and resources, including investment, legal and administrative capabilities of the

**23**

------

Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

24.0 ------

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to

the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

**25**

------

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

26.0 ------

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

**27**

------

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

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

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

28.0 ------

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

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

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

**29**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g39598g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB11740

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Core Plus Fixed Income VIP Fund
![LOGO](g83134g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  **Guardian Core Plus Fixed Income VIP Fund** |  |
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin2toc83134_2)** |  |
| [Schedule of Investments](#fin2toc83134_3) | 1 |
| [Statement of Assets and Liabilities](#fin2toc83134_4) | 13 |
| [Statement of Operations](#fin2toc83134_5) | 13 |
| [Statements of Changes in Net Assets](#fin2toc83134_6) | 14 |
| [Financial Highlights](#fin2toc83134_7) | 16 |
| [Notes to Financial Statements](#fin2toc83134_8) | 18 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin2toc83134_9)** | 26 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin2toc83134_10)** | 26 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin2toc83134_11)** | 26 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin2toc83134_12)** | 26 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 31.1%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 31.1%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 31.1%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp.<br>5.00% due 7/1/2052 | $457620 | $453517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2052 | 707848 | 701545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/1/2054 | 162366 | 164743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 11/1/2054 | 1035968 | 1053108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 8/1/2039 | 740566 | 768100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 9/1/2039 | 189387 | 196008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 2/1/2055 | 140387 | 145221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 11/1/2053 | 619526 | 643800 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association<br>2.50% due 8/1/2050 | 1867562 | 1590966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 1/1/2051 | 996422 | 844142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 12/1/2048 | 1677828 | 1490937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 9/1/2051 | 194562 | 178110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 4/1/2052 | 846329 | 770990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 5/1/2052 | 875443 | 826684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/1/2052 | 609824 | 605936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2052 | 965178 | 955946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/1/2054 | 857983 | 866656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 10/1/2054 | 526243 | 533893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 2/1/2039 | 98454 | 101962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 10/1/2054 | 119710 | 123832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 1/1/2055 | 266492 | 275286 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass-Through Certificates<br>Series K-153, Class A2 <br>3.82% due 12/25/2032<sup>(1)(2)</sup> | 440000 | 423161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-161, Class A2 <br>4.90% due 10/25/2033<sup>(1)(2)</sup> | 230000 | 236155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-169, Class A2 <br>4.66% due 12/25/2034<sup>(1)(2)</sup> | 250000 | 251293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-143, Class A2 <br>2.35% due 3/25/2032 | 680000 | 601806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-146, Class A2 <br>2.92% due 6/25/2032 | 460000 | 420308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KG-07, Class A2 <br>3.123% due 8/25/2032<sup>(1)(2)</sup> | 1146000 | 1057990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KG-08, Class A2 <br>4.134% due 5/25/2033<sup>(1)(2)</sup> | 550000 | 537523 |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association<br>2.00% due 7/20/2054<sup>(3)</sup> | 572000 | 465831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/20/2054<sup>(3)</sup> | 1490000 | 1265959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 7/20/2054<sup>(3)</sup> | 1117000 | 987360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 8/20/2054<sup>(3)</sup> | 1005000 | 888198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 7/20/2054<sup>(3)</sup> | 1228000 | 1175169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/20/2054<sup>(3)</sup> | 1469000 | 1442877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/20/2054<sup>(3)</sup> | 634000 | 622402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/20/2054<sup>(3)</sup> | 2794000 | 2797269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 7/20/2054<sup>(3)</sup> | 2382000 | 2416158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 8/20/2054<sup>(3)</sup> | 24000 | 24318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 7/20/2054<sup>(3)</sup> | 772000 | 792412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 8/20/2054<sup>(3)</sup> | 751000 | 769242 |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security<br>2.00% due 7/1/2054<sup>(3)</sup> | 924000 | 731233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 8/1/2054<sup>(3)</sup> | 405000 | 320683 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **<br>Value** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/1/2039<sup>(3)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 8/1/2054<sup>(3)</sup> |  | 2380000 |  | 1974434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/1/2055<sup>(3)</sup> |  | 731000 |  | 606178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 7/1/2054<sup>(3)</sup> |  | 45000 |  | 38926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 7/1/2054<sup>(3)</sup> |  | 166000 |  | 149457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 8/1/2054<sup>(3)</sup> |  | 302000 |  | 271875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 7/1/2054<sup>(3)</sup> |  | 570000 |  | 545178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/1/2039<sup>(3)</sup> |  | 312000 |  | 314268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2039<sup>(3)</sup> |  | 1192000 |  | 1200189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/1/2054<sup>(3)</sup> |  | 26000 |  | 25485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2054<sup>(3)</sup> |  | 547000 |  | 535915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 8/1/2039<sup>(3)</sup> |  | 2943000 |  | 2995533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/1/2040<sup>(3)</sup> |  | 898000 |  | 914326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/1/2054<sup>(3)</sup> |  | 248000 |  | 247990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 8/1/2054<sup>(3)</sup> |  | 1454000 |  | 1452988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 7/1/2039<sup>(3)</sup> |  | 157000 |  | 161432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 8/1/2039<sup>(3)</sup> |  | 513000 |  | 527385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 7/1/2054<sup>(3)</sup> |  | 181000 |  | 183956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 8/1/2054<sup>(3)</sup> |  | 949000 |  | 963766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 7/1/2054<sup>(3)</sup> |  | 110000 |  | 115763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 8/1/2054<sup>(3)</sup> |  | 443000 |  | 464485 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $46,967,314) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $46,967,314) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $46,967,314) |  | **46728192** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 15.9%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 15.9%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 15.9%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 15.9%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 15.9%** |
| &nbsp;&nbsp;&nbsp; AB BSL CLO 3 Ltd. <br>Series 2021-3A, Class BR <br>5.82% (3 mo. USD Term SOFR + 1.55%) <br> due 4/20/2038<sup>(1)(4)</sup> |  | 500000 |  | 499731 |
| &nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust<br>Series 2023-B, Class A <br>6.82% due 9/15/2028<sup>(4)</sup> |  | 945000 |  | 948645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A <br>5.61% due 2/15/2029<sup>(4)</sup> |  | 455000 |  | 457100 |
| &nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust <br>Series 2022-2, Class C <br>5.32% due 4/18/2028 |  | 185000 |  | 186313 |
| &nbsp;&nbsp;&nbsp; Avant Loans Funding Trust <br>Series 2024-REV1, Class A <br>5.92% due 10/15/2033<sup>(4)</sup> |  | 295000 |  | 298355 |
| &nbsp;&nbsp;&nbsp; Avid Automobile Receivables Trust <br>Series 2021-1, Class E <br>3.39% due 4/17/2028<sup>(4)</sup> |  | 798784 |  | 795474 |
| &nbsp;&nbsp;&nbsp; Cajun Global LLC <br>Series 2021-1, Class A2 <br>3.931% due 11/20/2051<sup>(4)</sup> |  | 154600 |  | 151279 |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust | &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust | &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust | &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust | &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class B <br>4.69% due 2/15/2028 |  | 430000 |  | 430938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A3 <br>4.89% due 7/16/2029 |  | 335000 |  | 338284 |
| &nbsp;&nbsp;&nbsp; CarMax Select Receivables Trust<br>Series 2024-A, Class A3 <br>5.40% due 11/15/2028 |  | 380000 |  | 384101 |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Cherry Securitization Trust <br>Series 2025-1A, Class A <br>6.13% due 11/15/2032<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228227 |
| &nbsp;&nbsp;&nbsp; Citizens Auto Receivables Trust<br>Series 2023-1, Class A3 <br>5.84% due 1/18/2028<sup>(4)</sup> | 746851 | 751717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A4 <br>5.26% due 4/15/2031<sup>(4)</sup> | 545000 | 552870 |
| &nbsp;&nbsp;&nbsp; Clover CLO LLC <br>Series 2018-1A, Class A2RR <br>6.00% (3 mo. USD Term<br>SOFR + 1.73%) <br> due 4/20/2037<sup>(1)(4)</sup> | 330000 | 330165 |
| &nbsp;&nbsp;&nbsp; DLLAD LLC <br>Series 2023-1A, Class A4 <br>4.80% due 6/20/2030<sup>(4)</sup> | 510000 | 515444 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust | &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust | &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A, Class C <br>5.48% due 8/15/2030 | 165000 | 166662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class B <br>4.86% due 2/15/2030 | 180000 | 181569 |
| &nbsp;&nbsp;&nbsp; First National Master Note Trust <br>Series 2024-1, Class A <br>5.34% due 5/15/2030 | 805000 | 821156 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust <br>Series 2020-4, Class E <br>3.84% due 7/17/2028<sup>(4)</sup> | 405000 | 398614 |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust <br>Series 2021-1, Class A <br>1.37% due 10/17/2033<sup>(4)</sup> | 800000 | 780844 |
| &nbsp;&nbsp;&nbsp; Galaxy 31 CLO Ltd. <br>Series 2023-31A, Class BR <br>6.111% (3 mo. USD Term<br>SOFR + 1.80%) <br> due 7/15/2038<sup>(1)(4)</sup> | 250000 | 250847 |
| &nbsp;&nbsp;&nbsp; Generate CLO 14 Ltd. <br>Series 2024-14A, Class B <br>6.379% (3 mo. USD Term<br>SOFR + 2.10%) <br> due 4/22/2037<sup>(1)(4)</sup> | 250000 | 250800 |
| &nbsp;&nbsp;&nbsp; GLS Auto Select Receivables Trust <br>Series 2025-3A, Class A2 <br>4.46% due 10/15/2030<sup>(4)</sup> | 390000 | 390000 |
| &nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust <br>Series 2024-3, Class A3 <br>4.21% due 10/20/2027 | 480000 | 479843 |
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust <br>Series 2024-2, Class C <br>5.43% due 12/17/2029 | 95000 | 96804 |
| &nbsp;&nbsp;&nbsp; Huntington Auto Trust <br>Series 2024-1A, Class A3 <br>5.23% due 1/16/2029<sup>(4)</sup> | 375000 | 378984 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust <br>Series 2025-B, Class B <br>4.94% due 8/15/2029<sup>(4)</sup> | 175000 | 176591 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; KKR CLO 35 Ltd. <br>Series 35A, Class BR <br>5.87% (3 mo. USD Term<br>SOFR + 1.60%) <br> due 1/20/2038<sup>(1)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339617 |
| &nbsp;&nbsp;&nbsp; LAD Auto Receivables Trust <br>Series 2024-3A, Class A4 <br>4.60% due 12/17/2029<sup>(4)</sup> | 235000 | 236445 |
| &nbsp;&nbsp;&nbsp; Lending Funding Trust <br>Series 2020-2A, Class A <br>2.32% due 4/21/2031<sup>(4)</sup> | 630000 | 613621 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust <br>Series 2021-1A, Class A <br>1.90% due 11/20/2031<sup>(4)</sup> | 750000 | 717003 |
| &nbsp;&nbsp;&nbsp; LoanCore Issuer LLC <br>Series 2025-CRE8, Class A <br>5.699% (1 mo. USD Term<br>SOFR + 1.39%) <br> due 8/17/2042<sup>(1)(4)</sup> | 280000 | 276932 |
| &nbsp;&nbsp;&nbsp; M&T Equipment Notes <br>Series 2025-1A, Class A3 <br>4.78% due 9/17/2029<sup>(4)</sup> | 360000 | 362155 |
| &nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust <br>Series 2021-AA, Class A <br>1.86% due 3/20/2036<sup>(4)</sup> | 290000 | 280862 |
| &nbsp;&nbsp;&nbsp; Mercury Financial Credit Card Master Trust <br>Series 2024-2A, Class A <br>6.56% due 7/20/2029<sup>(4)</sup> | 360000 | 363072 |
| &nbsp;&nbsp;&nbsp; MF1 LLC <br>Series 2024-FL14, Class A <br>6.055% (1 mo. USD Term<br>SOFR + 1.74%) <br> due 3/19/2039<sup>(1)(4)</sup> | 390000 | 390366 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 46 Ltd. <br>Series 2021-46A, Class CR <br>6.02% (3 mo. USD Term<br>SOFR + 1.75%) <br> due 1/20/2037<sup>(1)(4)</sup> | 450000 | 450552 |
| &nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust <br>Series 2023-B, Class A3 <br>5.93% due 3/15/2028 | 220000 | 221873 |
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd. <br>Series 2021-22A, Class CR <br>6.22% (3 mo. USD Term<br>SOFR + 1.95%) <br> due 10/20/2037<sup>(1)(4)</sup> | 270000 | 269784 |
| &nbsp;&nbsp;&nbsp; Octagon 69 Ltd. <br>Series 2024-3A, Class A2 <br>5.935% (3 mo. USD Term<br>SOFR + 1.66%) <br> due 7/24/2037<sup>(1)(4)</sup> | 250000 | 251025 |
| &nbsp;&nbsp;&nbsp; PEAC Solutions Receivables LLC | &nbsp;&nbsp;&nbsp; PEAC Solutions Receivables LLC | &nbsp;&nbsp;&nbsp; PEAC Solutions Receivables LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A3 <br>5.64% due 11/20/2030<sup>(4)</sup> | 340000 | 346864 |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2 <br>4.74% due 4/20/2027<sup>(4)</sup> | $311252 | $311181 |
| &nbsp;&nbsp;&nbsp; PFS Financing Corp. <br>Series 2023-B, Class A <br>5.27% due 5/15/2028<sup>(4)</sup> | 210000 | 211376 |
| &nbsp;&nbsp;&nbsp; RAD CLO 27 Ltd. <br>Series 2024-27A, Class A1 <br>5.611% (3 mo. USD Term<br>SOFR + 1.32%) <br> due 1/15/2038<sup>(1)(4)</sup> | 330000 | 330410 |
| &nbsp;&nbsp;&nbsp; Regatta XXVIII Funding Ltd. <br>Series 2024-2A, Class A2 <br>6.032% (3 mo. USD Term<br>SOFR + 1.75%) <br> due 4/25/2037<sup>(1)(4)</sup> | 250000 | 250950 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust<br>Series 2022-7, Class C <br>6.69% due 3/17/2031 | 1060000 | 1086300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C <br>5.84% due 6/17/2030 | 195000 | 198936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class B <br>4.87% due 5/15/2031 | 260000 | 261992 |
| &nbsp;&nbsp;&nbsp; SBNA Auto Receivables Trust <br>Series 2024-A, Class A3 <br>5.32% due 12/15/2028<sup>(4)</sup> | 555496 | 556996 |
| &nbsp;&nbsp;&nbsp; SEB Funding LLC <br>Series 2021-1A, Class A2 <br>4.969% due 1/30/2052<sup>(4)</sup> | 371070 | 364007 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 10 Ltd. <br>Series 2025-10A, Class A1 <br>5.742% (3 mo. USD Term<br>SOFR + 1.45%) <br> due 7/15/2038<sup>(1)(4)</sup> | 380000 | 380000 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 4 Ltd. <br>Series 2024-4A, Class A2 <br>6.086% (3 mo. USD Term<br>SOFR + 1.83%) <br> due 4/15/2037<sup>(1)(4)</sup> | 250000 | 251050 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO XXVII Ltd. <br>Series 2024-27A, Class B <br>6.47% (3 mo. USD Term<br>SOFR + 2.20%) <br> due 4/18/2037<sup>(1)(4)</sup> | 250000 | 251050 |
| &nbsp;&nbsp;&nbsp; Verizon Master Trust <br>Series 2024-2, Class A <br>4.83% due 12/22/2031<sup>(4)</sup> | 310000 | 315693 |
| &nbsp;&nbsp;&nbsp; Warwick Capital CLO 6 Ltd. <br>Series 2025-6A, Class A1 <br>5.705% (3 mo. USD Term<br>SOFR + 1.43%) <br> due 7/20/2038<sup>(1)(4)</sup> | 405000 | 405000 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust<br>Series 2023-1A, Class C <br>5.74% due 8/15/2028<sup>(4)</sup> | 1015000 | 1021103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C <br>5.68% due 3/15/2030<sup>(4)</sup> | 400000 | 405478 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **<br>Value** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust<br>Series 2024-B, Class A3 <br>5.27% due 9/17/2029 | $| 440000 | $| 444622 |
| &nbsp;&nbsp;&nbsp; World Omni Automobile Lease Securitization Trust <br>Series 2025-A, Class B <br>4.68% due 5/15/2030 |  | 425000 |  | 425672 |
| &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $23,803,841) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $23,803,841) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $23,803,841) |  | **23833344** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 43.7%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 43.7%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 43.7%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 43.7%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 43.7%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.8%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.8%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.8%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.8%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.8%** |
| &nbsp;&nbsp;&nbsp; Boeing Co.<br>6.528% due 5/1/2034 |  | 453000 |  | 492619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.858% due 5/1/2054 |  | 225000 |  | 246427 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. <br>3.25% due 1/15/2028 |  | 249000 |  | 243293 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc. <br>4.625% due 1/15/2029 |  | 152000 |  | 149106 |
|  |  |  |  | **1131445** |
| &nbsp;&nbsp;&nbsp;**Agriculture – 1.7%** | &nbsp;&nbsp;&nbsp;**Agriculture – 1.7%** | &nbsp;&nbsp;&nbsp;**Agriculture – 1.7%** | &nbsp;&nbsp;&nbsp;**Agriculture – 1.7%** | &nbsp;&nbsp;&nbsp;**Agriculture – 1.7%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. <br>4.875% due 2/4/2028 |  | 197000 |  | 199660 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp.<br>5.35% due 8/15/2032 |  | 320000 |  | 327331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.834% due 2/20/2031 |  | 211000 |  | 221991 |
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC <br>5.875% due 7/1/2034<sup>(4)</sup> |  | 1017000 |  | 1042557 |
| &nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. <br>5.85% due 6/15/2035<sup>(4)</sup> |  | 316000 |  | 330280 |
| &nbsp;&nbsp;&nbsp; Viterra Finance BV <br>4.90% due 4/21/2027<sup>(4)</sup> |  | 398000 |  | 398844 |
|  |  |  |  | **2520663** |
| &nbsp;&nbsp;&nbsp;**Airlines – 0.4%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.4%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.4%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.4%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.4%** |
| &nbsp;&nbsp;&nbsp; AS Mileage Plan IP Ltd. <br>5.308% due 10/20/2031<sup>(4)</sup> |  | 441000 |  | 437287 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP <br>9.875% due 9/20/2031<sup>(4)</sup> |  | 162000 |  | 157704 |
|  |  |  |  | **594991** |
| &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 1.7%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 1.7%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 1.7%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 1.7%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 1.7%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. <br>9.625% due 4/22/2030 |  | 288000 |  | 331462 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC<br>2.70% due 8/10/2026 |  | 200000 |  | 194742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/13/2025 |  | 275000 |  | 273119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.134% due 8/4/2025 |  | 253000 |  | 252502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 3/8/2034 |  | 356000 |  | 346370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% due 6/10/2030 |  | 272000 |  | 286081 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America <br>1.80% due 10/15/2025<sup>(4)</sup> |  | 402000 |  | 398523 |
| &nbsp;&nbsp;&nbsp; JB Poindexter & Co., Inc. <br>8.75% due 12/15/2031<sup>(4)</sup> |  | 177000 |  | 180361 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC <br>7.05% due 9/15/2028<sup>(4)</sup> |  | 233000 |  | 237043 |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **<br>Value** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Auto Manufacturers** (continued) | &nbsp;&nbsp;&nbsp;**Auto Manufacturers** (continued) | &nbsp;&nbsp;&nbsp;**Auto Manufacturers** (continued) | &nbsp;&nbsp;&nbsp;**Auto Manufacturers** (continued) | &nbsp;&nbsp;&nbsp;**Auto Manufacturers** (continued) |
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp. <br>4.55% due 9/20/2027 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122000 | $| 123272 |
|  |  |  |  | **2623475** |
| &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment – 0.3%** |
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios U.S. Finance Co. <br>6.75% due 2/15/2030<sup>(4)</sup> |  | 53000 |  | 55111 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. <br>5.00% due 7/15/2029 |  | 156000 |  | 152456 |
| &nbsp;&nbsp;&nbsp; ZF North America Capital, Inc. <br>6.75% due 4/23/2030<sup>(4)</sup> |  | 170000 |  | 163698 |
|  |  |  |  | **371265** |
| &nbsp;&nbsp;&nbsp;**Beverages – 0.3%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.3%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.3%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.3%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.3%** |
| &nbsp;&nbsp;&nbsp; Bacardi Ltd./Bacardi-Martini BV <br>5.40% due 6/15/2033<sup>(4)</sup> |  | 440000 |  | 438557 |
|  |  |  |  | **438557** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 0.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.3%** |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. <br>5.15% due 3/2/2028 |  | 206000 |  | 210452 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC<br>3.35% due 9/2/2051 |  | 84000 |  | 54379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 9/2/2034 |  | 249000 |  | 252272 |
|  |  |  |  | **517103** |
| &nbsp;&nbsp;&nbsp;**Building Materials – 0.2%** | &nbsp;&nbsp;&nbsp;**Building Materials – 0.2%** | &nbsp;&nbsp;&nbsp;**Building Materials – 0.2%** | &nbsp;&nbsp;&nbsp;**Building Materials – 0.2%** | &nbsp;&nbsp;&nbsp;**Building Materials – 0.2%** |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP/Emerald Co-Issuer, Inc. <br>6.75% due 7/15/2031<sup>(4)</sup> |  | 204000 |  | 211193 |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC <br>6.00% due 11/1/2028<sup>(4)</sup> |  | 159000 |  | 158634 |
|  |  |  |  | **369827** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.5%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.5%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.5%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.5%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.5%** |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. <br>1.23% due 10/1/2025<sup>(4)</sup> |  | 415000 |  | 411016 |
| &nbsp;&nbsp;&nbsp; Rain Carbon, Inc. <br>12.25% due 9/1/2029<sup>(4)</sup> |  | 249000 |  | 267100 |
|  |  |  |  | **678116** |
| &nbsp;&nbsp;&nbsp;**Coal – 0.1%** | &nbsp;&nbsp;&nbsp;**Coal – 0.1%** | &nbsp;&nbsp;&nbsp;**Coal – 0.1%** | &nbsp;&nbsp;&nbsp;**Coal – 0.1%** | &nbsp;&nbsp;&nbsp;**Coal – 0.1%** |
| &nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. <br>4.875% due 6/30/2029<sup>(4)</sup> |  | 209000 |  | 194667 |
|  |  |  |  | **194667** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 6.7%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 6.7%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 6.7%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 6.7%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 6.7%** |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV <br>3.324% (3.324% fixed rate until 12/13/2031; 5 yr.<br>CMT rate + 1.90% thereafter) <br> due 3/13/2037<sup>(1)(4)</sup> |  | 200000 |  | 175902 |
| &nbsp;&nbsp;&nbsp; AIB Group PLC <br>6.608% (6.608% fixed rate until 9/13/2028; 1 day USD<br>SOFR + 2.33% thereafter) <br> due 9/13/2029<sup>(1)(4)</sup> |  | 389000 |  | 411418 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. <br>2.087% (2.087% fixed rate until 6/14/2028; 1 day USD<br>SOFR + 1.06% thereafter) <br> due 6/14/2029<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720830 |
| &nbsp;&nbsp;&nbsp; BankUnited, Inc. <br>5.125% due 6/11/2030 | 288000 | 284875 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. <br>3.98% (3.98% fixed rate until 3/20/2029; 3 mo. USD Term SOFR + 1.60% thereafter) <br> due 3/20/2030<sup>(1)</sup> | 7000 | 6858 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. <br>5.718% (5.718% fixed rate until 7/23/2031; 1 day USD<br>SOFR + 1.91% thereafter) <br> due 7/23/2032<sup>(1)</sup> | 350000 | 362428 |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Corp. <br>12.25% due 10/1/2030<sup>(4)</sup> | 200000 | 221756 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. <br>2.383% (2.383% fixed rate until 7/21/2031; 1 day USD<br>SOFR + 1.25% thereafter) <br> due 7/21/2032<sup>(1)</sup> | 310000 | 270738 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA <br>6.625% due 6/20/2033<sup>(4)</sup> | 240000 | 260292 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. <br>4.946% (4.946% fixed rate until 10/22/2034; 1 day USD<br>SOFR + 1.34% thereafter) <br> due 10/22/2035<sup>(1)</sup> | 428000 | 423583 |
| &nbsp;&nbsp;&nbsp; KeyCorp <br>6.401% (6.401% fixed rate until 3/6/2034; 1 day USD<br>SOFR + 2.42% thereafter) <br> due 3/6/2035<sup>(1)</sup> | 211000 | 225076 |
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd.<br>2.691% (2.691% fixed rate until 6/23/2031; 1 day USD<br>SOFR + 1.44% thereafter) <br> due 6/23/2032<sup>(1)(4)</sup> | 178000 | 157562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654% (4.654% fixed rate until 3/27/2028; 3mo. USD Term<br>SOFR + 1.99% thereafter) <br> due 3/27/2029<sup>(1)(4)</sup> | 334000 | 334504 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley <br>5.297% (5.297% fixed rate until 4/20/2032; 1 day USD<br>SOFR + 2.62% thereafter) <br> due 4/20/2037<sup>(1)</sup> | 1004000 | 999121 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. 5.401% (5.401% fixed rate until 7/23/2034; 1 day USD<br>SOFR + 1.60% thereafter) <br> due 7/23/2035<sup>(1)</sup> | 286000 | 291168 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.676% (5.676% fixed rate until 1/22/2034; 1 day USD<br>SOFR + 1.90% thereafter) <br> due 1/22/2035<sup>(1)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433063 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. <br>5.711% (5.711% fixed rate until 1/24/2034; 1 day USD<br>SOFR + 1.92% thereafter) <br> due 1/24/2035<sup>(1)</sup> |  | 273000 |  | 282877 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp <br>5.678% (5.678% fixed rate until 1/23/2034; 1 day USD<br>SOFR + 1.86% thereafter) <br> due 1/23/2035<sup>(1)</sup> |  | 634000 |  | 658422 |
| &nbsp;&nbsp;&nbsp; UBS Group AG<br>1.364% (1.364% fixed rate until<br>1/30/2026; 1 yr.<br>CMT rate + 1.08% thereafter) <br> due 1/30/2027<sup>(1)(4)</sup> |  | 473000 |  | 464330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.494% (1.494% fixed rate until 8/10/2026; 1 yr.<br>CMT rate + 0.85% thereafter) <br> due 8/10/2027<sup>(1)(4)</sup> |  | 504000 |  | 487428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.703% (4.703% fixed rate until 8/5/2026; 1 yr.<br>CMT rate + 2.05% thereafter) <br> due 8/5/2027<sup>(1)(4)</sup> |  | 365000 |  | 365657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.327% (6.327% fixed rate until 12/22/2026; 1 yr.<br>CMT rate + 1.60% thereafter) <br> due 12/22/2027<sup>(1)(4)</sup> |  | 403000 |  | 413595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.373% (6.373% fixed rate until 7/15/2025; 1 day USD<br>SOFR + 3.34% thereafter) <br> due 7/15/2026<sup>(1)(4)</sup> |  | 690000 |  | 690304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.442% (6.442% fixed rate until 8/11/2027; 1 day USD<br>SOFR + 3.70% thereafter) <br> due 8/11/2028<sup>(1)(4)</sup> |  | 509000 |  | 528749 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.<br>2.393% (2.393% fixed rate until<br>6/2/2027; 1 day USD<br>SOFR + 2.10% thereafter) <br> due 6/2/2028<sup>(1)</sup> |  | 365000 |  | 351747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% (3.35% fixed rate until 3/2/2032; 1 day USD<br>SOFR + 1.50% thereafter) <br> due 3/2/2033<sup>(1)</sup> |  | 322000 |  | 294186 |
|  |  |  |  | **10116469** |
| &nbsp;&nbsp;&nbsp;**Commercial Services – 1.2%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 1.2%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 1.2%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 1.2%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 1.2%** |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC <br>7.875% due 2/15/2031<sup>(4)</sup> |  | 283000 |  | 295848 |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc. <br>9.00% due 5/15/2028<sup>(4)</sup> |  | 277000 |  | 292841 |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc. <br>6.50% due 5/6/2034 |  | 521000 |  | 544044 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. <br>7.25% due 6/15/2033<sup>(4)</sup> |  | 137000 |  | 143580 |
| &nbsp;&nbsp;&nbsp; Rentokil Terminix Funding LLC <br>5.625% due 4/28/2035<sup>(4)</sup> |  | 200000 |  | 202898 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Services** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Services** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Services** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Services** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Services** (continued) |
| &nbsp;&nbsp;&nbsp; Rollins, Inc. <br>5.25% due 2/24/2035 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350173 |
|  |  |  |  | **1829384** |
| &nbsp;&nbsp;&nbsp;**Computers – 0.4%** | &nbsp;&nbsp;&nbsp;**Computers – 0.4%** | &nbsp;&nbsp;&nbsp;**Computers – 0.4%** | &nbsp;&nbsp;&nbsp;**Computers – 0.4%** | &nbsp;&nbsp;&nbsp;**Computers – 0.4%** |
| &nbsp;&nbsp;&nbsp; CACI International, Inc. <br>6.375% due 6/15/2033<sup>(4)</sup> |  | 133000 |  | 137390 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc. <br>4.50% due 7/1/2028<sup>(4)</sup> |  | 309000 |  | 305666 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. <br>6.50% due 1/15/2028 |  | 83000 |  | 87788 |
|  |  |  |  | **530844** |
| &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.2%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.2%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.2%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.2%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.2%** |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS <br>6.50% due 3/31/2032<sup>(4)</sup> |  | 230000 |  | 234434 |
|  |  |  |  | **234434** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.4%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.4%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.4%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.4%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.4%** |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd. <br>2.85% due 1/26/2028<sup>(4)</sup> |  | 600000 |  | 571308 |
| &nbsp;&nbsp;&nbsp; American Express Co. <br>5.667% (5.667% fixed rate until<br>4/25/2035; 1 day USD<br>SOFR + 1.79% thereafter) <br> due 4/25/2036<sup>(1)</sup> |  | 235000 |  | 243434 |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC<br>1.95% due 1/30/2026<sup>(4)</sup> |  | 408000 |  | 401562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 7/15/2030<sup>(4)</sup> |  | 280000 |  | 297116 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd.<br>2.125% due 2/21/2026<sup>(4)</sup> |  | 289000 |  | 283830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.528% due 11/18/2027<sup>(4)</sup> |  | 78000 |  | 74104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 5/30/2030<sup>(4)</sup> |  | 245000 |  | 249461 |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. <br>3.65% due 1/12/2027 |  | 210000 |  | 208268 |
| &nbsp;&nbsp;&nbsp; Citadel Securities Global Holdings LLC <br>6.20% due 6/18/2035<sup>(4)</sup> |  | 250000 |  | 256663 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc.<br>6.125% due 11/1/2032<sup>(4)</sup> |  | 166000 |  | 167467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 5/1/2033<sup>(4)</sup> |  | 202000 |  | 208199 |
| &nbsp;&nbsp;&nbsp; LPL Holdings, Inc.<br>4.00% due 3/15/2029<sup>(4)</sup> |  | 672000 |  | 652949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 6/15/2035 |  | 190000 |  | 192136 |
| &nbsp;&nbsp;&nbsp; Muthoot Finance Ltd., Reg S <br>6.375% due 4/23/2029 |  | 225000 |  | 223974 |
| &nbsp;&nbsp;&nbsp; Navient Corp. <br>11.50% due 3/15/2031 |  | 132000 |  | 149498 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Group LLC/Neuberger Berman Finance Corp. <br>4.50% due 3/15/2027<sup>(4)</sup> |  | 365000 |  | 363901 |
| &nbsp;&nbsp;&nbsp; Nuveen LLC <br>5.85% due 4/15/2034<sup>(4)</sup> |  | 304000 |  | 316385 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc. <br>6.375% due 8/1/2033<sup>(4)</sup> |  | 187000 |  | 191568 |
|  |  |  |  | **5051823** |

---

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electric – 4.3%** | &nbsp;&nbsp;&nbsp;**Electric – 4.3%** | &nbsp;&nbsp;&nbsp;**Electric – 4.3%** |
| &nbsp;&nbsp;&nbsp; AES Corp.<br>2.45% due 1/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% due 7/15/2030<sup>(4)</sup> | 781000 | 741911 |
| &nbsp;&nbsp;&nbsp; American Transmission Systems, Inc. <br>2.65% due 1/15/2032<sup>(4)</sup> | 238000 | 209400 |
| &nbsp;&nbsp;&nbsp; Appalachian Power Co. <br>5.65% due 4/1/2034 | 334000 | 343903 |
| &nbsp;&nbsp;&nbsp; Ausgrid Finance Pty. Ltd. <br>4.35% due 8/1/2028<sup>(4)</sup> | 580000 | 576682 |
| &nbsp;&nbsp;&nbsp; Capital Power U.S. Holdings, Inc. <br>6.189% due 6/1/2035<sup>(4)</sup> | 200000 | 206354 |
| &nbsp;&nbsp;&nbsp; Chile Electricity Lux MPC II SARL <br>5.58% due 10/20/2035<sup>(4)</sup> | 195501 | 196236 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC <br>5.60% due 6/15/2042 | 182000 | 178540 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. <br>Series A <br>6.875% (6.875% fixed rate until<br>11/3/2029; 5 yr.<br>CMT rate + 2.39% thereafter) <br> due 2/1/2055<sup>(1)</sup> | 145000 | 152249 |
| &nbsp;&nbsp;&nbsp; DTE Electric Co. <br>5.85% due 5/15/2055 | 45000 | 46151 |
| &nbsp;&nbsp;&nbsp; Enel Finance International NV <br>5.125% due 6/26/2029<sup>(4)</sup> | 287000 | 292384 |
| &nbsp;&nbsp;&nbsp; Entergy Louisiana LLC<br>5.70% due 3/15/2054 | 327000 | 322703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 3/15/2055 | 197000 | 197207 |
| &nbsp;&nbsp;&nbsp; Entergy Texas, Inc.<br>5.25% due 4/15/2035 | 139000 | 140273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 9/15/2054 | 164000 | 156633 |
| &nbsp;&nbsp;&nbsp; FIEMEX Energia – Banco Actinver SA Institucion de Banca Multiple<br>7.25% due 1/31/2041<sup>(4)</sup> | 198850 | 201578 |
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co. <br>5.80% due 3/15/2065 | 107000 | 108498 |
| &nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co. <br>5.10% due 1/15/2035 | 95000 | 94821 |
| &nbsp;&nbsp;&nbsp; Lightning Power LLC <br>7.25% due 8/15/2032<sup>(4)</sup> | 184000 | 193654 |
| &nbsp;&nbsp;&nbsp; Narragansett Electric Co. <br>5.35% due 5/1/2034<sup>(4)</sup> | 333000 | 338065 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc.<br>4.45% due 6/15/2029<sup>(4)</sup> | 280000 | 275436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 2/1/2033<sup>(4)</sup> | 146000 | 147466 |
| &nbsp;&nbsp;&nbsp; Oglethorpe Power Corp. <br>5.80% due 6/1/2054 | 194000 | 188471 |
| &nbsp;&nbsp;&nbsp; PSEG Power LLC <br>5.75% due 5/15/2035<sup>(4)</sup> | 124000 | 127616 |
| &nbsp;&nbsp;&nbsp; Union Electric Co. <br>5.25% due 4/15/2035 | 170000 | 173511 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC<br>5.70% due 12/30/2034<sup>(4)</sup> | 441000 | 448982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% due 10/15/2031<sup>(4)</sup> | 138000 | 146625 |
|  |  | **6462364** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electronics – 0.1%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.1%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.1%** |
| &nbsp;&nbsp;&nbsp; Vontier Corp. <br>2.95% due 4/1/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217483 |
|  |  | **217483** |
| &nbsp;&nbsp;&nbsp;**Energy-Alternate Sources – 0.2%** | &nbsp;&nbsp;&nbsp;**Energy-Alternate Sources – 0.2%** | &nbsp;&nbsp;&nbsp;**Energy-Alternate Sources – 0.2%** |
| &nbsp;&nbsp;&nbsp; Greenko Dutch BV <br>3.85% due 3/29/2026<sup>(4)</sup> | 346720 | 340132 |
|  |  | **340132** |
| &nbsp;&nbsp;&nbsp;**Engineering & Construction – 0.2%** | &nbsp;&nbsp;&nbsp;**Engineering & Construction – 0.2%** | &nbsp;&nbsp;&nbsp;**Engineering & Construction – 0.2%** |
| &nbsp;&nbsp;&nbsp; MasTec, Inc. <br>4.50% due 8/15/2028<sup>(4)</sup> | 351000 | 346290 |
|  |  | **346290** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.1%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.1%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.1%** |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. <br>4.054% due 3/15/2029 | 132000 | 107521 |
|  |  | **107521** |
| &nbsp;&nbsp;&nbsp;**Food – 1.1%** | &nbsp;&nbsp;&nbsp;**Food – 1.1%** | &nbsp;&nbsp;&nbsp;**Food – 1.1%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway,<br>Inc./New Albertsons LP/Albertsons LLC <br>6.25% due 3/15/2033<sup>(4)</sup> | 100000 | 103214 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL<br>3.625% due 1/15/2032 | 366000 | 334791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 4/1/2033 | 207000 | 212856 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. <br>6.375% due 4/15/2066<sup>(4)</sup> | 211000 | 212561 |
| &nbsp;&nbsp;&nbsp; Mars, Inc.<br>5.00% due 3/1/2032<sup>(4)</sup> | 238000 | 241182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 3/1/2035<sup>(4)</sup> | 340000 | 344002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 5/1/2055<sup>(4)</sup> | 159000 | 158601 |
|  |  | **1607207** |
| &nbsp;&nbsp;&nbsp;**Gas – 0.1%** | &nbsp;&nbsp;&nbsp;**Gas – 0.1%** | &nbsp;&nbsp;&nbsp;**Gas – 0.1%** |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. <br>5.95% due 3/15/2035 | 144000 | 147259 |
|  |  | **147259** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.1%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.1%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.1%** |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP/Medline Co-Issuer, Inc. <br>6.25% due 4/1/2029<sup>(4)</sup> | 143000 | 146814 |
|  |  | **146814** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services – 2.0%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 2.0%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 2.0%** |
| &nbsp;&nbsp;&nbsp; Centene Corp.<br>2.45% due 7/15/2028 | 536000 | 498341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 2/15/2030 | 480000 | 442018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 12/15/2027 | 419000 | 412782 |
| &nbsp;&nbsp;&nbsp; HCA, Inc.<br>5.45% due 9/15/2034 | 135000 | 136027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/1/2032 | 456000 | 470624 |
| &nbsp;&nbsp;&nbsp; LifePoint Health, Inc. <br>9.875% due 8/15/2030<sup>(4)</sup> | 159000 | 172127 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc.<br>3.45% due 1/15/2027 | 167000 | 165228 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 4/15/2033 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% due 2/15/2033 |  | 185000 |  | 190424 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. <br>5.05% due 10/15/2034 |  | 358000 |  | 342022 |
|  |  |  |  | **3033245** |
| &nbsp;&nbsp;&nbsp;**Insurance – 3.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.0%** |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <br>6.75% due 4/15/2028<sup>(4)</sup> |  | 160000 |  | 162614 |
| &nbsp;&nbsp;&nbsp; Athene Global Funding <br>5.62% due 5/8/2026<sup>(4)</sup> |  | 710000 |  | 716333 |
| &nbsp;&nbsp;&nbsp; Beacon Funding Trust <br>6.266% due 8/15/2054<sup>(4)</sup> |  | 273000 |  | 270232 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial Global Funding <br>5.65% due 6/10/2029<sup>(4)</sup> |  | 408000 |  | 417237 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc.<br>2.375% due 3/15/2031 |  | 338000 |  | 297470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 6/23/2032 |  | 38000 |  | 38776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 6/23/2035 |  | 78000 |  | 79633 |
| &nbsp;&nbsp;&nbsp; CNO Global Funding <br>5.875% due 6/4/2027<sup>(4)</sup> |  | 362000 |  | 371756 |
| &nbsp;&nbsp;&nbsp; GA Global Funding Trust<br>5.20% due 12/9/2031<sup>(4)</sup> |  | 352000 |  | 352887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 4/1/2032<sup>(4)</sup> |  | 343000 |  | 348711 |
| &nbsp;&nbsp;&nbsp; Hanwha Life Insurance Co. Ltd. <br>6.30% (6.30% fixed rate until 6/24/2030; 5 yr.<br>CMT rate + 2.29% thereafter) <br> due 6/24/2055<sup>(1)(4)</sup> |  | 200000 |  | 206392 |
| &nbsp;&nbsp;&nbsp; Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <br>7.25% due 2/15/2031<sup>(4)</sup> |  | 251000 |  | 259858 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd. <br>7.375% due 1/31/2032<sup>(4)</sup> |  | 143000 |  | 149594 |
| &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding <br>4.60% due 10/1/2029<sup>(4)</sup> |  | 302000 |  | 301284 |
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I <br>4.05% due 8/25/2025<sup>(4)</sup> |  | 302000 |  | 301719 |
| &nbsp;&nbsp;&nbsp; Sammons Financial Group Global Funding <br>5.10% due 12/10/2029<sup>(4)</sup> |  | 207000 |  | 211604 |
|  |  |  |  | **4486100** |
| &nbsp;&nbsp;&nbsp;**Internet – 0.5%** | &nbsp;&nbsp;&nbsp;**Internet – 0.5%** | &nbsp;&nbsp;&nbsp;**Internet – 0.5%** | &nbsp;&nbsp;&nbsp;**Internet – 0.5%** | &nbsp;&nbsp;&nbsp;**Internet – 0.5%** |
| &nbsp;&nbsp;&nbsp; Prosus NV, Reg S <br>4.027% due 8/3/2050 |  | 247000 |  | 164230 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. <br>4.50% due 8/15/2029<sup>(4)</sup> |  | 438000 |  | 435745 |
| &nbsp;&nbsp;&nbsp; Weibo Corp. <br>3.375% due 7/8/2030 |  | 200000 |  | 186094 |
|  |  |  |  | **786069** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Iron & Steel – 0.1%** | &nbsp;&nbsp;&nbsp;**Iron & Steel – 0.1%** | &nbsp;&nbsp;&nbsp;**Iron & Steel – 0.1%** |
| &nbsp;&nbsp;&nbsp; ATI, Inc. <br>7.25% due 8/15/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207029 |
|  |  | **207029** |
| &nbsp;&nbsp;&nbsp;**Leisure Time – 0.3%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.3%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.3%** |
| &nbsp;&nbsp;&nbsp; Carnival Corp. <br>6.125% due 2/15/2033<sup>(4)</sup> | 145000 | 148222 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. <br>5.375% due 7/15/2027<sup>(4)</sup> | 227000 | 228400 |
|  |  | **376622** |
| &nbsp;&nbsp;&nbsp;**Lodging – 0.3%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.3%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.3%** |
| &nbsp;&nbsp;&nbsp; MGM China Holdings Ltd., Reg S <br>4.75% due 2/1/2027 | 240000 | 237665 |
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd. <br>5.625% due 8/26/2028<sup>(4)</sup> | 200000 | 196452 |
|  |  | **434117** |
| &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.6%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.6%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.6%** |
| &nbsp;&nbsp;&nbsp; nVent Finance SARL <br>4.55% due 4/15/2028 | 403000 | 403427 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. <br>6.05% due 2/15/2026 | 541000 | 544014 |
|  |  | **947441** |
| &nbsp;&nbsp;&nbsp;**Media – 0.4%** | &nbsp;&nbsp;&nbsp;**Media – 0.4%** | &nbsp;&nbsp;&nbsp;**Media – 0.4%** |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.50% due 5/1/2032 | 164000 | 152630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 3/1/2030<sup>(4)</sup> | 171000 | 165743 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing Co-Obligor, Inc. <br>5.875% due 8/15/2027<sup>(4)</sup> | 152000 | 151480 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc. <br>8.50% due 7/31/2031<sup>(4)</sup> | 199000 | 199251 |
|  |  | **669104** |
| &nbsp;&nbsp;&nbsp;**Mining – 2.3%** | &nbsp;&nbsp;&nbsp;**Mining – 2.3%** | &nbsp;&nbsp;&nbsp;**Mining – 2.3%** |
| &nbsp;&nbsp;&nbsp; Anglo American Capital PLC<br>3.875% due 3/16/2029<sup>(4)</sup> | 340000 | 331840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/2/2033<sup>(4)</sup> | 200000 | 203286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 4/5/2034<sup>(4)</sup> | 294000 | 302882 |
| &nbsp;&nbsp;&nbsp; Antofagasta PLC <br>6.25% due 5/2/2034<sup>(4)</sup> | 200000 | 207756 |
| &nbsp;&nbsp;&nbsp; FMG Resources August 2006 Pty. Ltd. <br>4.375% due 4/1/2031<sup>(4)</sup> | 205000 | 190990 |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC<br>5.634% due 4/4/2034<sup>(4)</sup> | 483000 | 493051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 10/6/2030<sup>(4)</sup> | 216000 | 231552 |
| &nbsp;&nbsp;&nbsp; Hecla Mining Co. <br>7.25% due 2/15/2028 | 179000 | 180328 |
| &nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd. <br>7.875% due 1/23/2030<sup>(4)</sup> | 245000 | 244419 |
| &nbsp;&nbsp;&nbsp; Minera Mexico SA de CV <br>5.625% due 2/12/2032<sup>(4)</sup> | 377000 | 383858 |
| &nbsp;&nbsp;&nbsp; Navoi Mining & Metallurgical Combinat <br>6.75% due 5/14/2030<sup>(4)</sup> | 200000 | 203934 |

---

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Mining** (continued) | &nbsp;&nbsp;&nbsp;**Mining** (continued) | &nbsp;&nbsp;&nbsp;**Mining** (continued) | &nbsp;&nbsp;&nbsp;**Mining** (continued) | &nbsp;&nbsp;&nbsp;**Mining** (continued) |
| &nbsp;&nbsp;&nbsp; Novelis Corp. <br>6.875% due 1/30/2030<sup>(4)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255393 |
| &nbsp;&nbsp;&nbsp; Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. <br>5.854% due 5/13/2032<sup>(4)</sup> |  | 200000 |  | 204284 |
|  |  |  |  | **3433573** |
| &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.2%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.2%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.2%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.2%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.2%** |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. <br>6.25% due 3/15/2033<sup>(4)</sup> |  | 171000 |  | 176650 |
| &nbsp;&nbsp;&nbsp; LSB Industries, Inc. <br>6.25% due 10/15/2028<sup>(4)</sup> |  | 192000 |  | 190525 |
|  |  |  |  | **367175** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.9%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.9%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.9%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.9%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.9%** |
| &nbsp;&nbsp;&nbsp; Aethon United BR LP/Aethon United Finance Corp. <br>7.50% due 10/1/2029<sup>(4)</sup> |  | 149000 |  | 156113 |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. <br>7.625% due 2/1/2029<sup>(4)</sup> |  | 449000 |  | 461118 |
| &nbsp;&nbsp;&nbsp; APA Corp. <br>4.25% due 1/15/2030<sup>(4)</sup> |  | 268000 |  | 256353 |
| &nbsp;&nbsp;&nbsp; Continental Resources, Inc. <br>5.75% due 1/15/2031<sup>(4)</sup> |  | 713000 |  | 719481 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC <br>7.375% due 1/15/2033<sup>(4)</sup> |  | 204000 |  | 195226 |
| &nbsp;&nbsp;&nbsp; Ecopetrol SA <br>8.375% due 1/19/2036 |  | 126000 |  | 121609 |
| &nbsp;&nbsp;&nbsp; EQT Corp.<br>4.75% due 1/15/2031<sup>(4)</sup> |  | 128000 |  | 126010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 4/1/2029<sup>(4)</sup> |  | 109000 |  | 112399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 2/1/2030 |  | 304000 |  | 329211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% due 6/1/2030<sup>(4)</sup> |  | 225000 |  | 247291 |
| &nbsp;&nbsp;&nbsp; Kimmeridge Texas Gas LLC <br>8.50% due 2/15/2030<sup>(4)</sup> |  | 250000 |  | 258762 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>6.625% due 9/1/2030 |  | 551000 |  | 582754 |
| &nbsp;&nbsp;&nbsp; Ovintiv, Inc. <br>6.50% due 2/1/2038 |  | 113000 |  | 113897 |
| &nbsp;&nbsp;&nbsp; SM Energy Co. <br>6.75% due 8/1/2029<sup>(4)</sup> |  | 158000 |  | 157461 |
| &nbsp;&nbsp;&nbsp; Tengizchevroil Finance Co. International Ltd. <br>3.25% due 8/15/2030<sup>(4)</sup> |  | 200000 |  | 177909 |
| &nbsp;&nbsp;&nbsp; TGNR Intermediate Holdings LLC <br>5.50% due 10/15/2029<sup>(4)</sup> |  | 163000 |  | 158024 |
| &nbsp;&nbsp;&nbsp; Vermilion Energy, Inc. <br>6.875% due 5/1/2030<sup>(4)</sup> |  | 171000 |  | 164700 |
|  |  |  |  | **4338318** |
| &nbsp;&nbsp;&nbsp;**Packaging & Containers – 0.1%** | &nbsp;&nbsp;&nbsp;**Packaging & Containers – 0.1%** | &nbsp;&nbsp;&nbsp;**Packaging & Containers – 0.1%** | &nbsp;&nbsp;&nbsp;**Packaging & Containers – 0.1%** | &nbsp;&nbsp;&nbsp;**Packaging & Containers – 0.1%** |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. <br>6.75% due 4/15/2032<sup>(4)</sup> |  | 144000 |  | 147581 |
|  |  |  |  | **147581** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.5%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.5%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.5%** |
| &nbsp;&nbsp;&nbsp; Bayer Corp. <br>6.65% due 2/15/2028<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358593 |
| &nbsp;&nbsp;&nbsp; Bayer U.S. Finance LLC <br>6.375% due 11/21/2030<sup>(4)</sup> | 400000 | 426184 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV <br>3.15% due 10/1/2026 | 23000 | 22554 |
|  |  | **807331** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 1.4%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.4%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.4%** |
| &nbsp;&nbsp;&nbsp; Boardwalk Pipelines LP <br>3.40% due 2/15/2031 | 231000 | 213338 |
| &nbsp;&nbsp;&nbsp; Eastern Energy Gas Holdings LLC 5.65% due 10/15/2054 | 116000 | 111072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 1/15/2035 | 207000 | 215528 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. <br>8.50% (8.50% fixed rate until 10/15/2033; 5 yr.<br>CMT rate + 4.43% thereafter) <br> due 1/15/2084<sup>(1)</sup> | 512000 | 570716 |
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC <br>3.25% due 7/15/2031<sup>(4)</sup> | 564000 | 501870 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp.<br>5.50% due 3/1/2030 | 310000 | 314477 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc. <br>8.375% due 6/1/2031<sup>(4)</sup> | 167000 | 173503 |
|  |  | **2100504** |
| &nbsp;&nbsp;&nbsp;**Real Estate – 0.1%** | &nbsp;&nbsp;&nbsp;**Real Estate – 0.1%** | &nbsp;&nbsp;&nbsp;**Real Estate – 0.1%** |
| &nbsp;&nbsp;&nbsp; Kennedy-Wilson, Inc. <br>4.75% due 3/1/2029 | 201000 | 188480 |
|  |  | **188480** |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.2%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.2%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.2%** |
| &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership LP<br>4.55% due 10/1/2029 | 194000 | 183400 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. <br>3.30% due 7/1/2030 | 794000 | 743073 |
| &nbsp;&nbsp;&nbsp; EPR Properties <br>4.50% due 6/1/2027 | 180000 | 179096 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts LP <br>5.70% due 6/15/2032 | 219000 | 222224 |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services, Inc. <br>5.00% due 7/15/2032<sup>(4)</sup> | 161000 | 154441 |
| &nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc. <br>4.625% due 12/1/2029<sup>(4)</sup> | 314000 | 307930 |
|  |  | **1790164** |
| &nbsp;&nbsp;&nbsp;**Retail – 0.4%** | &nbsp;&nbsp;&nbsp;**Retail – 0.4%** | &nbsp;&nbsp;&nbsp;**Retail – 0.4%** |
| &nbsp;&nbsp;&nbsp; Arcos Dorados BV <br>6.375% due 1/29/2032<sup>(4)</sup> | 200000 | 207554 |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc. <br>6.75% due 4/30/2032<sup>(4)</sup> | 315000 | 325216 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Retail** (continued) | &nbsp;&nbsp;&nbsp;**Retail** (continued) | &nbsp;&nbsp;&nbsp;**Retail** (continued) | &nbsp;&nbsp;&nbsp;**Retail** (continued) | &nbsp;&nbsp;&nbsp;**Retail** (continued) |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. <br>8.125% due 8/15/2029 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79553 |
|  |  |  |  | **612323** |
| &nbsp;&nbsp;&nbsp;**Semiconductors – 1.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 1.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 1.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 1.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 1.3%** |
| &nbsp;&nbsp;&nbsp; Broadcom Corp./Broadcom Cayman Finance Ltd. <br>3.875% due 1/15/2027 |  | 151000 |  | 150061 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc.<br>4.15% due 4/15/2032<sup>(4)</sup> |  | 427000 |  | 411146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% due 11/15/2032 |  | 287000 |  | 278169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 11/15/2031 |  | 225000 |  | 231446 |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC<br>5.50% due 1/25/2031<sup>(4)</sup> |  | 200000 |  | 205084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90% due 1/25/2033<sup>(4)</sup> |  | 647000 |  | 670874 |
|  |  |  |  | **1946780** |
| &nbsp;&nbsp;&nbsp;**Software – 1.3%** | &nbsp;&nbsp;&nbsp;**Software – 1.3%** | &nbsp;&nbsp;&nbsp;**Software – 1.3%** | &nbsp;&nbsp;&nbsp;**Software – 1.3%** | &nbsp;&nbsp;&nbsp;**Software – 1.3%** |
| &nbsp;&nbsp;&nbsp; AppLovin Corp. <br>5.375% due 12/1/2031 |  | 320000 |  | 325654 |
| &nbsp;&nbsp;&nbsp; Atlassian Corp. <br>5.50% due 5/15/2034 |  | 269000 |  | 275997 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. <br>6.50% due 3/31/2029<sup>(4)</sup> |  | 148000 |  | 149345 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp. <br>6.00% due 5/15/2033<sup>(4)</sup> |  | 251000 |  | 253879 |
| &nbsp;&nbsp;&nbsp; Paychex, Inc. <br>5.35% due 4/15/2032 |  | 465000 |  | 477341 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. <br>5.00% due 4/1/2032 |  | 490000 |  | 496243 |
|  |  |  |  | **1978459** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 0.2%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.2%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.2%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.2%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.2%** |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp. <br>8.75% due 3/15/2032 |  | 212000 |  | 257194 |
|  |  |  |  | **257194** |
| &nbsp;&nbsp;&nbsp;**Transportation – 0.2%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.2%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.2%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.2%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.2%** |
| &nbsp;&nbsp;&nbsp; Rand Parent LLC <br>8.50% due 2/15/2030<sup>(4)</sup> |  | 276000 |  | 276902 |
|  |  |  |  | **276902** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $64,807,976) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $64,807,976) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $64,807,976) |  | **65762644** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 10.1%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 10.1%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 10.1%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 10.1%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 10.1%** |
| &nbsp;&nbsp;&nbsp; ALA Trust <br>Series 2025-OANA, Class A <br>6.043% due 6/15/2040<sup>(1)(2)(4)</sup> |  | 250000 |  | 250917 |
| &nbsp;&nbsp;&nbsp; Bank5 <br>Series 2025-5YR14, Class A3 <br>5.646% due 4/15/2058 |  | 610000 |  | 634875 |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust<br>Series 2023-C21, Class A5 <br>6.00% due 9/15/2056<sup>(1)(2)</sup> |  | 370000 |  | 393937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C33, Class A4 <br>5.839% due 3/15/2058 |  | 480000 |  | 502314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 <br>5.659% due 5/15/2058 |  | 210000 |  | 218821 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust<br>Series 2024-V12, Class A3 <br>5.739% due 12/15/2057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V7, Class A3 <br>6.228% due 5/15/2056<sup>(1)(2)</sup> | 580000 | 611337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V9, Class A3 <br>5.602% due 8/15/2057 | 350000 | 361702 |
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust | &nbsp;&nbsp;&nbsp; BMO Mortgage Trust | &nbsp;&nbsp;&nbsp; BMO Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C5, Class A4 <br>5.494% due 6/15/2056 | 220000 | 226567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C5, Class A3 <br>5.857% due 2/15/2057 | 230000 | 239505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C8, Class A3 <br>5.625% due 12/15/2057<sup>(1)(2)</sup> | 210000 | 217414 |
| &nbsp;&nbsp;&nbsp; BSPRT Issuer Ltd. <br>Series 2022-FL8, Class A <br>5.804% due 2/15/2037<sup>(1)(2)(4)</sup> | 33978 | 33914 |
| &nbsp;&nbsp;&nbsp; BX Trust | &nbsp;&nbsp;&nbsp; BX Trust | &nbsp;&nbsp;&nbsp; BX Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class B <br>5.705% due 3/15/2030<sup>(1)(2)(4)</sup> | 310000 | 307692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TAIL, Class A <br>5.712% due 6/15/2035<sup>(1)(2)(4)</sup> | 110000 | 110140 |
| &nbsp;&nbsp;&nbsp; Chase Home Lending Mortgage Trust<br>Series 2024-RPL2, Class A1A <br>3.25% due 8/25/2064<sup>(1)(2)(4)</sup> | 212637 | 188380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL4, Class A1A <br>3.375% due 12/25/2064<sup>(1)(2)(4)</sup> | 150876 | 138885 |
| &nbsp;&nbsp;&nbsp; CIM Trust | &nbsp;&nbsp;&nbsp; CIM Trust | &nbsp;&nbsp;&nbsp; CIM Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A2 <br>2.50% due 7/1/2051<sup>(1)(2)(4)</sup> | 334488 | 272401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-J3, Class A1 <br>2.50% due 6/25/2051<sup>(1)(2)(4)</sup> | 810279 | 658402 |
| &nbsp;&nbsp;&nbsp; CONE Trust <br>Series 2024-DFW1, Class A <br>5.954% due 8/15/2041<sup>(1)(2)(4)</sup> | 210000 | 209723 |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust<br>Series 2022-R02, Class 2M1 <br>5.505% due 1/25/2042<sup>(1)(2)(4)</sup> | 118830 | 118790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M1 <br>6.855% due 7/25/2042<sup>(1)(2)(4)</sup> | 151614 | 155051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R03, Class 2M2 <br>8.205% due 4/25/2043<sup>(1)(2)(4)</sup> | 85000 | 90408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M1 <br>6.606% due 5/25/2043<sup>(1)(2)(4)</sup> | 229473 | 234278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M2 <br>7.856% due 5/25/2043<sup>(1)(2)(4)</sup> | 135000 | 142573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1 <br>5.305% due 5/25/2045<sup>(1)(2)(4)</sup> | 184764 | 184741 |
| &nbsp;&nbsp;&nbsp; Flagstar Mortgage Trust | &nbsp;&nbsp;&nbsp; Flagstar Mortgage Trust | &nbsp;&nbsp;&nbsp; Flagstar Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3INV, Class A2 <br>2.50% due 6/25/2051<sup>(1)(2)(4)</sup> | 546145 | 443784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7, Class A1 <br>2.50% due 8/25/2051<sup>(1)(2)(4)</sup> | 399938 | 325535 |
| &nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust | &nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust | &nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M2 <br>6.805% due 1/25/2042<sup>(1)(2)(4)</sup> | 415000 | 422638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M2 <br>9.555% due 3/25/2042<sup>(1)(2)(4)</sup> | 300000 | 318767 |

---

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M1 <br>5.455% due 2/25/2045<sup>(1)(2)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244783 |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust<br>Series 2021-MM1, Class A2 <br>2.50% due 4/25/2052<sup>(1)(2)(4)</sup> | 203094 | 164902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ2, Class A2 <br>2.50% due 7/25/2051<sup>(1)(2)(4)</sup> | 425494 | 346577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ8, Class A2 <br>2.50% due 1/25/2052<sup>(1)(2)(4)</sup> | 566088 | 460757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HP1, Class A2 <br>3.00% due 9/25/2052<sup>(1)(2)(4)</sup> | 82947 | 70506 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Mortgage Trust <br>Series 2025-SPRL, Class A <br>5.649% due 1/13/2040<sup>(1)(2)(4)</sup> | 280000 | 288435 |
| &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust | &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust | &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-13, Class A3 <br>2.50% due 4/25/2052<sup>(1)(2)(4)</sup> | 439502 | 357606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV6, Class A2 <br>3.00% due 4/25/2052<sup>(1)(2)(4)</sup> | 178615 | 152049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV8, Class A2 <br>3.00% due 5/25/2052<sup>(1)(2)(4)</sup> | 406707 | 345851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A3 <br>2.50% due 7/25/2052<sup>(1)(2)(4)</sup> | 198147 | 161191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A3 <br>3.00% due 10/25/2052<sup>(1)(2)(4)</sup> | 319417 | 270170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV1, Class A3 <br>3.00% due 3/25/2052<sup>(1)(2)(4)</sup> | 240563 | 204701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC1, Class A1 <br>5.664% due 9/25/2065<sup>(1)(2)(4)</sup> | 300000 | 302034 |
| &nbsp;&nbsp;&nbsp; KIND Commercial Mortgage Trust <br>Series 2024-1, Class A <br>6.202% due 8/15/2041<sup>(1)(2)(4)</sup> | 220000 | 220172 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust <br>Series 2025-5C1, Class A3 <br>5.635% due 3/15/2058 | 240000 | 249292 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust <br>Series 2025-NQM3, Class A1 <br>5.53% due 5/25/2065<sup>(1)(2)(4)</sup> | 346992 | 349333 |
| &nbsp;&nbsp;&nbsp; PFP Ltd. <br>Series 2023-10, Class A <br>6.679% due 9/16/2038<sup>(1)(2)(4)</sup> | 292812 | 293620 |
| &nbsp;&nbsp;&nbsp; ROCK Trust <br>Series 2024-CNTR, Class A <br>5.388% due 11/13/2041<sup>(4)</sup> | 350000 | 357676 |
| &nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust<br>Series 2025-DATA, Class A <br>5.755% due 2/15/2042<sup>(1)(2)(4)</sup> | 370000 | 366899 |
| &nbsp;&nbsp;&nbsp; TEXAS Commercial Mortgage Trust <br>Series 2025-TWR, Class B <br>5.905% due 4/15/2042<sup>(1)(2)(4)</sup> | 300000 | 298163 |
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust <br>Series 2019-HY1, Class M2 <br>6.434% due 10/25/2048<sup>(1)(2)(4)</sup> | 210000 | 221367 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust<br>Series 2019-C51, Class A3 <br>3.055% due 6/15/2052 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264019 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MGP, Class A12 <br>6.003% due 8/15/2041<sup>(1)(2)(4)</sup> |  | 350000 |  | 348251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C3, Class A3 <br>6.096% due 1/15/2058 |  | 260000 |  | 274513 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Mortgage-Backed Securities Trust <br>Series 2021-INV2, Class A2 <br>2.50% due 9/25/2051<sup>(1)(2)(4)</sup> |  | 362182 |  | 293933 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $15,144,041) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $15,144,041) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $15,144,041) |  | **15125287** |
| &nbsp;&nbsp;&nbsp;**Senior Secured Loans – 2.2%** | &nbsp;&nbsp;&nbsp;**Senior Secured Loans – 2.2%** | &nbsp;&nbsp;&nbsp;**Senior Secured Loans – 2.2%** | &nbsp;&nbsp;&nbsp;**Senior Secured Loans – 2.2%** | &nbsp;&nbsp;&nbsp;**Senior Secured Loans – 2.2%** |
| &nbsp;&nbsp;&nbsp;**Airlines – 0.1%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.1%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.1%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.1%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.1%** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc. <br>2025 Term Loan <br>6.522% (3 mo. USD Term<br>SOFR + 2.25%) <br> due 4/20/2028<sup>(1)</sup> |  | 115793 |  | 114906 |
|  |  |  |  | **114906** |
| &nbsp;&nbsp;&nbsp;**Commercial Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.3%** |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC <br>2025 Incremental Term Loan B <br>0.00% due 3/7/2032<sup>(1)(5)</sup> |  | 222443 |  | 220312 |
| &nbsp;&nbsp;&nbsp; Trans Union LLC<br>2024 Term Loan B8 <br>6.077% (1 mo. USD Term<br>SOFR + 1.75%) <br> due 6/24/2031<sup>(1)</sup> |  | 60541 |  | 60590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B9 <br>6.077% (1 mo. USD Term<br>SOFR + 1.75%) <br> due 6/24/2031<sup>(1)</sup> |  | 141574 |  | 141663 |
|  |  |  |  | **422565** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.5%** |
| &nbsp;&nbsp;&nbsp; Avolon TLB Borrower 1 U.S. LLC <br>2023 Term Loan B6 <br>6.071% (1 mo. USD Term<br>SOFR + 1.75%) <br> due 6/24/2030<sup>(1)</sup> |  | 420885 |  | 421066 |
| &nbsp;&nbsp;&nbsp; Colossus Acquireco LLC <br>Term Loan B <br>0.00% due 6/11/2032<sup>(1)(5)</sup> |  | 236000 |  | 234289 |
| &nbsp;&nbsp;&nbsp; Hudson River Trading LLC <br>2024 Term Loan B <br>0.00% due 3/18/2030<sup>(1)(5)</sup> |  | 79799 |  | 79961 |
|  |  |  |  | **735316** |
| &nbsp;&nbsp;&nbsp;**Electric – 0.5%** | &nbsp;&nbsp;&nbsp;**Electric – 0.5%** | &nbsp;&nbsp;&nbsp;**Electric – 0.5%** | &nbsp;&nbsp;&nbsp;**Electric – 0.5%** | &nbsp;&nbsp;&nbsp;**Electric – 0.5%** |
| &nbsp;&nbsp;&nbsp; Alpha Generation LLC <br>Term Loan B <br>0.00% due 9/30/2031<sup>(1)(5)</sup> |  | 338148 |  | 337445 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) |
| &nbsp;&nbsp;&nbsp; Calpine Corp. <br>2024 Term Loan B10 <br>6.077% (1 mo. USD Term<br>SOFR + 1.75%) <br> due 1/31/2031<sup>(1)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180864 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. <br>2024 Term Loan <br>6.03% (3 mo. USD Term<br>SOFR + 1.75%) <br> due 4/16/2031<sup>(1)</sup> |  | 77547 |  | 77644 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC <br>1st Lien Term Loan B3 <br>6.077% (1 mo. USD Term<br>SOFR + 1.75%) <br> due 12/20/2030<sup>(1)</sup> |  | 120389 |  | 120631 |
|  |  |  |  | **716584** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.4%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.4%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.4%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.4%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.4%** |
| &nbsp;&nbsp;&nbsp; Flutter Financing BV <br>2024 Term Loan B <br>6.046% (3 mo. USD Term<br>SOFR + 1.75%) <br> due 11/30/2030<sup>(1)</sup> |  | 367129 |  | 365752 |
| &nbsp;&nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc. <br>2024 Term Loan B3 <br>0.00% due 12/4/2031<sup>(1)(5)</sup> |  | 121897 |  | 121592 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.<br>2024 Term Loan B <br>0.00% due 5/1/2031<sup>(1)(5)</sup> |  | 117703 |  | 117703 |
|  |  |  |  | **605047** |
| &nbsp;&nbsp;&nbsp;**Household Products & Wares – 0.1%** | &nbsp;&nbsp;&nbsp;**Household Products & Wares – 0.1%** | &nbsp;&nbsp;&nbsp;**Household Products & Wares – 0.1%** | &nbsp;&nbsp;&nbsp;**Household Products & Wares – 0.1%** | &nbsp;&nbsp;&nbsp;**Household Products & Wares – 0.1%** |
| &nbsp;&nbsp;&nbsp; Reynolds Consumer Products LLC <br>2025 Term Loan B <br>6.077% (1 mo. USD Term<br>SOFR + 1.75%) <br> due 3/4/2032<sup>(1)</sup> |  | 145350 |  | 145834 |
|  |  |  |  | **145834** |
| &nbsp;&nbsp;&nbsp;**Insurance – 0.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asurion LLC <br>2021 Term Loan B9 <br>7.691% (1 mo. USD Term<br>SOFR + 3.25%) <br> due 7/31/2027<sup>(1)</sup> |  | 152602 |  | 152379 |
|  |  |  |  | **152379** |
| &nbsp;&nbsp;&nbsp;**Media – 0.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC <br>2024 Term Loan B5 <br>6.548% (3 mo. USD Term<br>SOFR + 2.25%) <br> due 12/15/2031<sup>(1)</sup> |  | 210940 |  | 211231 |
|  |  |  |  | **211231** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. <br>Term Loan B <br>0.00% due 8/1/2027<sup>(1)(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229926 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229668 |
|  |  | **229668** |
| &nbsp;&nbsp;&nbsp;**Total Senior Secured Loans**<br> (Cost $3,338,858) |  | **3333530** |
| &nbsp;&nbsp;&nbsp;**Foreign Government – 0.3%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 0.3%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 0.3%** |
| &nbsp;&nbsp;&nbsp; Baiterek National Managing Holding JSC <br>5.45% due 5/8/2028<sup>(4)</sup> | USD 222,000 | 224415 |
| &nbsp;&nbsp;&nbsp; Hungary Government International Bonds, Reg S 6.125% due 5/22/2028 | USD 290,000 | 299121 |
| &nbsp;&nbsp;&nbsp;**Total Foreign Government** <br> (Cost $522,946) | &nbsp;&nbsp;&nbsp;**Total Foreign Government** <br> (Cost $522,946) | **523536** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 15.3%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 15.3%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 15.3%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds<br>3.375% due 8/15/2042 | $2467000 | 2070353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/15/2054 | 6373900 | 6077115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2044 | 4320000 | 4229550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2055 | 966000 | 940643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 2/15/2045 | 3077000 | 3061134 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes<br>3.75% due 4/30/2027 | 3569500 | 3569221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 3/31/2030 | 2976900 | 3005041 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $22,972,075) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $22,972,075) | **22953057** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.6%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.6%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.6%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $2,460,154, due 7/1/2025<sup>(6)</sup> | 2460061 | 2460061 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,460,061) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,460,061) | **2460061** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 120.2%** <br> (Cost $180,017,112) | &nbsp;&nbsp;&nbsp;**Total Investments – 120.2%** <br> (Cost $180,017,112) | **180719651** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (20.2)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (20.2)%** | **(30360270)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**150359381** |

---

<sup>(1)</sup> Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2025.

<sup>(2)</sup> Variable coupon rate based on weighted average interest rate of underlying mortgages.

<sup>(3)</sup> TBA — To be announced.

<sup>(4)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2025, the aggregate market value of these securities amounted to $67,444,126, representing 44.9% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees. 

<sup>(5)</sup> Represents an unsettled loan commitment. The coupon rate will be determined at time of settlement.

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

<sup>(6)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $2466900 | $2509338 |

---

#### Open futures contracts at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation** |
| &nbsp;&nbsp;&nbsp;U.S. 2-Year Treasury Note | September 2025 | 43 | Long | $8910755 | $8945008 | $34253 |
| &nbsp;&nbsp;&nbsp;U.S. 5-Year Treasury Note | September 2025 | 19 | Long | 2058747 | 2071000 | 12253 |
| &nbsp;&nbsp;&nbsp;U.S. Ultra Bond | September 2025 | 23 | Long | 2645371 | 2739875 | 94504 |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | $**13614873** | $**13755883** | $**141010** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Depreciation** |
| &nbsp;&nbsp;&nbsp;U.S. Ultra 10-Year Treasury Note | September 2025 | 10 | Short | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1040112) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1142656) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102544) |

---

#### Legend:
CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

STACR — Structured Agency Credit Risk

USD — United States Dollar

**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Agency Mortgage-Backed Securities | $— | $46728192 | $— | $46728192 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 23833344 |  | 23833344 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 65762644 |  | 65762644 |
| &nbsp;&nbsp;&nbsp;Non-Agency Mortgage-Backed Securities |  | 15125287 |  | 15125287 |
| &nbsp;&nbsp;&nbsp;Senior Secured Loans |  | 3333530 |  | 3333530 |
| &nbsp;&nbsp;&nbsp;Foreign Government |  | 523536 |  | 523536 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 22953057 |  | 22953057 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 2460061 |  | 2460061 |
| &nbsp;&nbsp;&nbsp;**Total** | $**—** | $**180719651** | $**—** | $**180719651** |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141010 | $— | $— | $141010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (102544) |  |  | (102544) |
| &nbsp;&nbsp;&nbsp;**Total** | $**38466** | $**—** | $**—** | $**38466** |

---

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

------

#### FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180719651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 273242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 26311712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 1430918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash deposits with brokers for futures contracts | 177182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 17186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 13025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on futures contracts | 2320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1933 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **208947173** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 58202119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 212907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 55543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 32486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 30857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 16757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 37123 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **58587792** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**150359381** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $120756950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 29602431 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**150359381** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $180017112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $4 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **13487311** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$11.15** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $4172801 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **4172801** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 359564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 199758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 79965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 34911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 28991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 25546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 9393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 7673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 5599 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **751400** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (101648) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **649752** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **3523049** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (2350641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (268780) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 4587545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | 314416 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Derivative Contracts** | **2282540** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**5805589** |

---

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $3523049 | $8849335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and derivative contracts | (2619421) | (698191) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and derivative contracts | 4901961 | (3233090) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **5805589** | **4918054** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 3099166 | 24217318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (27977013) | (84348756) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(24877847)** | **(60131438)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(19072258)** | **(55213384)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 169431639 | 224645023 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150359381 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169431639 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 285559 | 2301423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2562022) | (7926283) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(2276463)** | **(5624860)** |

---

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

------

This Page Intentionally Left Blank

**15**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **<br>Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $10.75 | $0.24 | $0.16 | $0.40 | $11.15 | 3.72%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 10.50 | 0.47 | (0.22) | 0.25 | 10.75 | 2.38% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 9.93 | 0.41 | 0.16 | 0.57 | 10.50 | 5.74% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 11.58 | 0.26 | (1.91) | (1.65) | 9.93 | (14.25)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 11.58 | 0.16 | (0.16) | 0.00 | 11.58 | 0.00% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 10.78 | 0.24 | 0.56 | 0.80 | 11.58 | 7.42% |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $150359 | 0.81%<sup>(4)</sup> | 0.94%<sup>(4)</sup> | 4.41%<sup>(4)</sup> | 4.28%<sup>(4)</sup> | 67%<sup>(4)</sup> |
| 169432 | 0.81% | 0.88% | 4.45% | 4.38% | 123% |
| 224645 | 0.81% | 0.84% | 4.02% | 3.99% | 137% |
| 253133 | 0.81% | 0.81% | 2.46% | 2.46% | 198% |
| 345332 | 0.80% | 0.80% | 1.42% | 1.42% | 181% |
| 341827 | 0.80% | 0.83% | 2.12% | 2.09% | 183% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. 

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Core Plus Fixed Income VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks income and capital appreciation to produce a high total return.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of

fair values based on results of ongoing valuation oversight, including but not limited to consideration of security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

The valuations of debt securities for which quoted bid prices are readily available are valued at the bid price by independent pricing services (each, a "Service"). Debt securities for which quoted bid prices are not readily available are valued by a Service at the evaluated bid price provided by the Service or the bid price provided by an independent broker-dealer or at a calculated price based on the spread to an appropriate benchmark provided by such broker-dealer.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5c). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE").

Exchange-traded financial futures contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after

18.0 ------

the report date and prior to issuance of the report are not reflected herein.

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed

equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**19**

------

**c. Futures Contracts** The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

**d. Credit Derivatives** The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments for hedging and non-hedging purposes. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

The Fund may enter into credit default swap agreements either as a buyer or seller. The Fund may buy protection under a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell protection under a credit default swap in an attempt to gain exposure to an underlying issuer's credit quality characteristics without investing directly in that issuer.

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. In entering into swap contracts, the Fund is required to deposit with the broker (or for the benefit of the broker), either in cash or securities, an amount equal to a percentage of the notional value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund.

The Fund may also enter into cleared swaps with a central clearinghouse. In a centrally cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty serving as the clearinghouse, and performance of the transaction is effectively guaranteed against default by such counterparty, thereby reducing or eliminating the Fund's exposure to the credit risk of the original counterparty. The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse. The margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction.

The Fund may not achieve the anticipated benefits of swap contracts and may realize a loss. There were no credit default swaps held as of June 30, 2025.

**e. Options Transactions** The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of its investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund's Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of June 30, 2025.

**f. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the

20.0 ------

ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**g. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**h. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.45% of the first $300 million, and 0.40% in excess of $300 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after

fee waiver and/or expense reimbursement to 0.82% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 0.81%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $101,648.

Park Avenue has entered into a Sub-Advisory Agreement with Lord, Abbett & Co. LLC ("Lord Abbett"). Lord Abbett is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $199,758 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity

**21**

------

("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Other**<br> **Investments** | **U.S. Government and**<br> **Agency Obligations** |
| &nbsp;&nbsp;&nbsp;Purchases | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50024170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56600285 |
| &nbsp;&nbsp;&nbsp;Sales | 55545808 | 68608189 |

---

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

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

**d. Securities Purchased on a When-Issued or Delayed-Delivery Basis** The Fund may purchase securities on a when-issued or delayed-delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than at the trade date purchase price. Although the Fund will generally enter into these transactions with the intention of taking delivery of the securities, it may sell the securities before the settlement date. Assets will be segregated when a fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.

To-be-announced ("TBA") securities and purchase commitments are commitments to purchase mortgage-backed securities for a fixed price at a future date. At the time of purchase, the seller does not specify the particular mortgage-backed securities to be delivered. Instead, a Fund agrees to accept any mortgage-backed security that meets specified terms. Thus, a Fund and the seller would agree upon the issuer, interest rate and terms of the underlying mortgages, but the seller would not identify the specific underlying mortgages until shortly before it issues the mortgage-backed security. The principal risks are that the counterparty may not deliver the security as promised and/or that the value of the TBA security may decline prior to when the Fund receives the security. Also, the value of TBA securities on the delivery date may be more or less than the price paid by a Fund to purchase the securities. A Fund will lose money if the value of the TBA security declines below the purchase price and will not benefit if the value of the security appreciates above the sale price prior to delivery.

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of June 30, 2025, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

**f. Below Investment Grade Securities** The Fund may invest in below investment grade securities (*i.e.* lower-quality, "junk" debt), which are subject to various risks.

22.0 ------

Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

**g. Mortgage- and Asset-Backed Securities** The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac"), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government. In addition, mortgage-backed and other asset-backed securities are subject to the risk that underlying obligations will be repaid sooner (known as "prepayment risk") or later (known as "extension risk") than expected because of changes in interest rates, either of which may result in lower than expected returns for the Fund. Because mortgage-backed securities are backed by mortgage loans, they also are subject to risks associated with the ownership of real estate and the real estate industry.

**h. Treasury Inflation Protected Securities** Treasury inflation protected securities ("TIPS") are debt securities issued by the U.S. Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed,

while the principal value rises or falls based on changes in a published Consumer Price Index ("CPI"). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

**i. Derivative Instruments** Investments in derivatives (including short exposures through derivatives) pose risks in addition to, and potentially greater than, those associated with investing directly in other investments, including potentially heightened liquidity and valuation risk, counterparty risk, market risk, operational risk, and legal risk. In addition, certain derivatives result in leverage, which can result in losses substantially greater than the amount invested in the derivatives by the Fund. The Fund entered into U.S. Treasury futures contracts for the six months ended June 30, 2025 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. With respect to exchange traded futures, the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees futures contracts against default.

As of June 30, 2025, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund's use of derivative instruments:

---

| | |
|:---|:---|
|  | **Interest Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Asset Derivatives** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $141010 |
| &nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $(102544) |

---

<sup>1</sup> Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

**23**

------

Transactions in derivative investments for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  | **Interest Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>1</sup> | $(268780) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** | &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>2</sup> | $314416 |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>3</sup> | 99 |

---

<sup>1</sup> Statement of Operations location: Net realized gain/(loss) from futures contracts.

<sup>2</sup> Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

<sup>3</sup> Amount represents number of contracts. 

**j. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

**k. Loans** Investments in loans are particularly subject to, among other risks, credit risk, interest rate risk, and counterparty risk. The Fund's investments in loans can be difficult to value accurately and may be more susceptible to liquidity risk than fixed income (or debt) investments of similar credit quality and/or maturity. Investments or transactions in loans are often subject to long settlement periods (potentially longer than seven days), which could limit the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. As a result, the Fund may be forced to sell other, more desirable, liquid investments, sell illiquid investments at a loss or take other measures to raise cash. Loans often are rated below investment-grade and may be unrated and subject the Fund to the risk that the value of the collateral for the loan may be insufficient to cover the

borrower's obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants (if any) more difficult for the Fund as legal action may have to go through the issuer of the participations. Investments in loans that lack or possess fewer or contingent contractual restrictive covenants are particularly susceptible to the risks associated with these investments. In addition, loans and other similar investments may not be considered "securities" and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that

24.0 ------

provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

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

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

**25**

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
[*Guardian Core Plus Fixed Income VIP Fund ONLY*]

#### Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and subadvisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

#### Board of Trustees Meeting held March 26-27, 2025
At a meeting of the Board of Trustees (the "Board") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Board, including the trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International

Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing subadvisory agreements (the "Subadvisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as subadvisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Subadviser" and collectively, the "Subadvisers") for a one-year term.

26.0 ------

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Subadviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Subadviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Subadviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the

Subadvisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Subadvisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Subadviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Subadvisers, monitoring the Subadvisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Subadvisers with respect to the services that the Subadvisers provide under the Subadvisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend subadvisers, and the Manager's ability to monitor and oversee subadvisers and recommend replacement subadvisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Subadvisers on a periodic basis, follow through with additional inquiries on any questions

**27**

------

or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Subadvisers. The Trustees also considered, among other things, the terms of the Subadvisory Agreements and the range of investment advisory services provided by the Subadvisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Subadvisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Subadvisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Subadvisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Subadviser was generally satisfactory, or, that any steps being taken by the Manager and Subadvisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Subadvisers, but noted that the Manager had negotiated the fees with the Subadvisers at arm's-length. Accordingly, the Board concluded that the profitability of the Subadvisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons

28.0 ------

between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

The Trustees considered the subadvisory fees paid under the Subadvisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Subadvisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Subadvisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and subadvisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Subadvisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and subadvisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating

insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than subadvisory fees, that the Subadvisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Subadvisers and their affiliates are consistent with those expected for a subadviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

**29**

------

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup>

quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group. <br>

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the

30.0 ------

5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the

1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

**31**

------

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it

received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

32.0 ------

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

#### Board of Trustees Meeting held June 4-5, 2025
At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on June 4-5, 2025 (the "June Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees") considered a proposed amendment (the "Amendment") to the subadvisory agreement (the "Sub-Advisory Agreement") between Park Avenue Institutional Advisers LLC (the "Manager") and Lord, Abbett & Co. LLC ("Lord Abbett"), the subadviser to the Guardian Core Plus Fixed Income VIP Fund (the "Fund"), solely with respect to the subadvisory fee schedule applicable to the Fund, in substantially the form presented at the June Meeting. In addition to the materials and information presented to the Board in connection with the renewal of the Sub-Advisory Agreement at its March 26-27, 2025 meeting, the Board took into account the Manager's and Lord Abbett's representations that there would be no change in the nature, extent and quality of the services provided to the Fund under the Sub-Advisory Agreement as a result of the Amendment, noting that no terms of the Sub-Advisory Agreement were impacted other than the sub-advisory fee schedule. The Board considered the current and proposed sub-advisory fee schedules for the Fund that were included in the meeting materials. The Board noted that the Manager confirmed that the Amendment was individually negotiated at arm's length between PAIA and Lord Abbett. The Board also took into account pro-forma profitability information for the Manager reflecting the revised breakpoint schedule and information regarding the proposed revised breakpoint schedule as compared to subadvisory fees of a peer group of other funds selected by Broadridge Financial Solutions.

The Board unanimously approved the Amendment, which revised the subadvisory fee breakpoint schedule to reduce the subadvisory fees payable to Lord Abbett at all asset levels.

**33**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g83134g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB8167

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Diversified Research VIP Fund
![LOGO](g53723g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian Diversified Research VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin3toc53723_1)** |  |
| [Schedule of Investments](#fin3toc53723_1a) | 1 |
| [Statement of Assets and Liabilities](#fin3toc53723_2) | 4 |
| [Statement of Operations](#fin3toc53723_3) | 4 |
| [Statements of Changes in Net Assets](#fin3toc53723_4) | 5 |
| [Financial Highlights](#fin3toc53723_5) | 6 |
| [Notes to Financial Statements](#fin3toc53723_6) | 8 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin3toc53723_7)** | 13 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin3toc53723_8)** | 13 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin3toc53723_9)** | 13 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin3toc53723_10)** | 13 |

---

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

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 98.7%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.7%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.7%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.5%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.5%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.5%** |
| &nbsp;&nbsp;&nbsp; Airbus SE (Netherlands) | 2380 | $498001 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 988 | 493980 |
| &nbsp;&nbsp;&nbsp; RTX Corp. | 4271 | 623651 |
|  |  | **1615632** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.8%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.8%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.8%** |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 3722 | 846048 |
|  |  | **846048** |
| &nbsp;&nbsp;&nbsp;**Automobiles – 2.1%** | &nbsp;&nbsp;&nbsp;**Automobiles – 2.1%** | &nbsp;&nbsp;&nbsp;**Automobiles – 2.1%** |
| &nbsp;&nbsp;&nbsp; General Motors Co. | 4326 | 212883 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.<sup>(1)</sup> | 6358 | 2019682 |
|  |  | **2232565** |
| &nbsp;&nbsp;&nbsp;**Banks – 2.4%** | &nbsp;&nbsp;&nbsp;**Banks – 2.4%** | &nbsp;&nbsp;&nbsp;**Banks – 2.4%** |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 14787 | 1258669 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 3857 | 1118183 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. | 1099 | 204876 |
|  |  | **2581728** |
| &nbsp;&nbsp;&nbsp;**Beverages – 1.5%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.5%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.5%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | 17204 | 1217183 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 7856 | 259719 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 1116 | 147357 |
|  |  | **1624259** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 1.4%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.4%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.4%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 3856 | 715751 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 2808 | 311323 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 318 | 166950 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 610 | 271572 |
|  |  | **1465596** |
| &nbsp;&nbsp;&nbsp;**Broadline Retail – 4.9%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 4.9%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 4.9%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 24053 | 5276988 |
|  |  | **5276988** |
| &nbsp;&nbsp;&nbsp;**Building Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.5%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies PLC | 1142 | 499522 |
|  |  | **499522** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.0%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.0%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.0%** |
| &nbsp;&nbsp;&nbsp; Blackrock, Inc. | 608 | 637944 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 6505 | 593516 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | 1198 | 330193 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 1494 | 133593 |
| &nbsp;&nbsp;&nbsp; TPG, Inc. | 9644 | 505828 |
|  |  | **2201074** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 1.7%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.7%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.7%** |
| &nbsp;&nbsp;&nbsp; Corteva, Inc. | 12366 | 921638 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 6248 | 428550 |
| &nbsp;&nbsp;&nbsp; Linde PLC | 264 | 123864 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 2766 | 314632 |
|  |  | **1788684** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.7%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.7%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.7%** |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | 1028 | 229110 |
| &nbsp;&nbsp;&nbsp; Copart, Inc.<sup>(1)</sup> | 4906 | 240738 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** (continued) |  |
| &nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 1568 | 292777 |
|  |  | **762625** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 1.9%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 1.9%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 1.9%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 29527 | 2048583 |
|  |  | **2048583** |
| &nbsp;&nbsp;&nbsp;**Construction Materials – 0.6%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.6%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.6%** |
| &nbsp;&nbsp;&nbsp; CRH PLC | 7470 | 685746 |
|  |  | **685746** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.2%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.2%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.2%** |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 6072 | 1291879 |
|  |  | **1291879** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 2.3%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 2.3%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 2.3%** |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 1808 | 194956 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 553 | 547437 |
| &nbsp;&nbsp;&nbsp; Target Corp. | 2437 | 240410 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 15032 | 1469829 |
|  |  | **2452632** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.1%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.1%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.1%** |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 2748 | 154135 |
|  |  | **154135** |
| &nbsp;&nbsp;&nbsp; **Diversified Telecommunication Services – 0.7%** | &nbsp;&nbsp;&nbsp; **Diversified Telecommunication Services – 0.7%** |  |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 26014 | 752845 |
|  |  | **752845** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.0%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.0%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.0%** |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 682 | 220122 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 7367 | 511417 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 5026 | 807075 |
| &nbsp;&nbsp;&nbsp; PPL Corp. | 9301 | 315211 |
| &nbsp;&nbsp;&nbsp; Southern Co. | 3530 | 324160 |
|  |  | **2177985** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.4%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.4%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.4%** |
| &nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 825 | 436549 |
|  |  | **436549** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.1%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.1%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.1%** |
| &nbsp;&nbsp;&nbsp; Ralliant Corp.<sup>(1)</sup> | 2819 | 136693 |
|  |  | **136693** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 2.8%** | &nbsp;&nbsp;&nbsp;**Entertainment – 2.8%** | &nbsp;&nbsp;&nbsp;**Entertainment – 2.8%** |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.<sup>(1)</sup> | 4928 | 745508 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.<sup>(1)</sup> | 626 | 838295 |
| &nbsp;&nbsp;&nbsp; Spotify Technology SA<sup>(1)</sup> | 510 | 391343 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 8665 | 1074547 |
|  |  | **3049693** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 4.7%** | &nbsp;&nbsp;&nbsp;**Financial Services – 4.7%** | &nbsp;&nbsp;&nbsp;**Financial Services – 4.7%** |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 4244 | 602096 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 2718 | 1320323 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. | 5433 | 192871 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 3470 | 1949932 |
| &nbsp;&nbsp;&nbsp; Toast, Inc., Class A<sup>(1)</sup> | 5318 | 235534 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 2374 | 842889 |
|  |  | **5143645** |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Food Products – 0.2%** | &nbsp;&nbsp;&nbsp;**Food Products – 0.2%** | &nbsp;&nbsp;&nbsp;**Food Products – 0.2%** |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 3740 | $252226 |
|  |  | **252226** |
| &nbsp;&nbsp;&nbsp;**Ground Transportation – 0.5%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 0.5%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 0.5%** |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | 2503 | 575890 |
|  |  | **575890** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.1%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.1%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.1%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 3702 | 503509 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 1888 | 325208 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.<sup>(1)</sup> | 5143 | 552410 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc.<sup>(1)</sup> | 1045 | 91218 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.<sup>(1)</sup> | 918 | 498850 |
| &nbsp;&nbsp;&nbsp; Medtronic PLC | 2999 | 261423 |
|  |  | **2232618** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.2%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.2%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.2%** |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. | 510 | 152924 |
| &nbsp;&nbsp;&nbsp; Cigna Group | 671 | 221819 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 4451 | 307030 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 334 | 127955 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 1071 | 784807 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 2620 | 817362 |
|  |  | **2411897** |
| &nbsp;&nbsp;&nbsp;**Health Care REITs – 0.5%** | &nbsp;&nbsp;&nbsp;**Health Care REITs – 0.5%** | &nbsp;&nbsp;&nbsp;**Health Care REITs – 0.5%** |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 3652 | 561422 |
|  |  | **561422** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 0.8%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 0.8%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 0.8%** |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 6130 | 344199 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 1325 | 387125 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 1501 | 137537 |
|  |  | **868861** |
| &nbsp;&nbsp;&nbsp;**Household Products – 0.8%** | &nbsp;&nbsp;&nbsp;**Household Products – 0.8%** | &nbsp;&nbsp;&nbsp;**Household Products – 0.8%** |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 5239 | 834678 |
|  |  | **834678** |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 0.9%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 0.9%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 0.9%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 4377 | 1019316 |
|  |  | **1019316** |
| &nbsp;&nbsp;&nbsp;**Industrial REITs – 0.4%** | &nbsp;&nbsp;&nbsp;**Industrial REITs – 0.4%** | &nbsp;&nbsp;&nbsp;**Industrial REITs – 0.4%** |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 4139 | 435092 |
|  |  | **435092** |
| &nbsp;&nbsp;&nbsp;**Insurance – 3.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.2%** |
| &nbsp;&nbsp;&nbsp; Allstate Corp. | 5374 | 1081840 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | 6558 | 561299 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 3726 | 339252 |
| &nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 1263 | 110007 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. | 1992 | 531585 |
| &nbsp;&nbsp;&nbsp; Prudential PLC (United Kingdom) | 26920 | 337966 |
| &nbsp;&nbsp;&nbsp; Unum Group | 2976 | 240342 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 709 | 217309 |
|  |  | **3419600** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 6.9%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 6.9%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 6.9%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 19819 | $3492702 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 5384 | 3973877 |
|  |  | **7466579** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.2%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.2%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.2%** |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 966 | 233115 |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | 1145 | 226183 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 2093 | 848628 |
|  |  | **1307926** |
| &nbsp;&nbsp;&nbsp;**Machinery – 1.4%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.4%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.4%** |
| &nbsp;&nbsp;&nbsp; Fortive Corp. | 8457 | 440863 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 3747 | 311675 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 7427 | 735422 |
|  |  | **1487960** |
| &nbsp;&nbsp;&nbsp;**Media – 0.1%** | &nbsp;&nbsp;&nbsp;**Media – 0.1%** | &nbsp;&nbsp;&nbsp;**Media – 0.1%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A<sup>(1)</sup> | 188 | 76856 |
|  |  | **76856** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 0.6%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 0.6%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 0.6%** |
| &nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. (Canada) | 1733 | 206471 |
| &nbsp;&nbsp;&nbsp; Glencore PLC (United Kingdom)<sup>(1)</sup> | 101300 | 394450 |
|  |  | **600921** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.7%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.7%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.7%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 5471 | 525435 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 6266 | 230213 |
|  |  | **755648** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 3.3%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 3.3%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 3.3%** |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp.<sup>(1)</sup> | 4405 | 177433 |
| &nbsp;&nbsp;&nbsp; BP PLC (United Kingdom) | 43592 | 217457 |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. (Canada) | 36531 | 497095 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 3774 | 338679 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 16523 | 1781180 |
| &nbsp;&nbsp;&nbsp; Shell PLC (United Kingdom) | 16991 | 595412 |
|  |  | **3607256** |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines – 0.2%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines – 0.2%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines – 0.2%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 8230 | 266981 |
|  |  | **266981** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.5%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.5%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.5%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 2116 | 1649486 |
| &nbsp;&nbsp;&nbsp; Innoviva, Inc.<sup>(1)</sup> | 7994 | 160599 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 3468 | 529737 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 5326 | 421606 |
|  |  | **2761428** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 13.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 13.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 13.5%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 5778 | 1375280 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 12523 | 3451965 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 19092 | 1477721 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 49946 | 7890968 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 2973 | 473480 |
|  |  | **14669414** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Software – 11.0%** | &nbsp;&nbsp;&nbsp;**Software – 11.0%** | &nbsp;&nbsp;&nbsp;**Software – 11.0%** |
| &nbsp;&nbsp;&nbsp; AppLovin Corp., Class A<sup>(1)</sup> | 546 | $191144 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 16894 | 8403244 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 6999 | 1530191 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A<sup>(1)</sup> | 6706 | 914162 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | 3414 | 930964 |
|  |  | **11969705** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.2%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.2%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.2%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp. | 5673 | 1253846 |
|  |  | **1253846** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 0.9%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 0.9%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 0.9%** |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | 1456 | 533828 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. | 3722 | 459630 |
|  |  | **993458** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.4%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.4%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.4%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 22568 | 4630276 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC | 8678 | 1252496 |
|  |  | **5882772** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.6%** |
| &nbsp;&nbsp;&nbsp; Levi Strauss & Co., Class A | 11851 | 219125 |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.<sup>(1)</sup> | 828 | 196716 |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 514 | 36515 |
| &nbsp;&nbsp;&nbsp; On Holding AG, Class A<sup>(1)</sup> | 4109 | 213874 |
|  |  | **666230** |
| &nbsp;&nbsp;&nbsp;**Tobacco – 0.8%** | &nbsp;&nbsp;&nbsp;**Tobacco – 0.8%** | &nbsp;&nbsp;&nbsp;**Tobacco – 0.8%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 4550 | 828692 |
|  |  | **828692** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.5%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.5%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.5%** |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc. | 735 | 553749 |
|  |  | **553749** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $71,737,010) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $71,737,010) | **106986127** |
| &nbsp;&nbsp;&nbsp; **Exchange-Traded Funds – 0.5%**<br> SPDR S&P 500 ETF Trust 845 | &nbsp;&nbsp;&nbsp; **Exchange-Traded Funds – 0.5%**<br> SPDR S&P 500 ETF Trust 845 | **522083** |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds** <br> (Cost $461,526) | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds** <br> (Cost $461,526) | **522083** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.0%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.0%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.0%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp.,<br>1.36%, dated 6/30/2025,<br>proceeds at maturity value of<br>$1,149,769, due 7/1/2025<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149725 | $1149725 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,149,725) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,149,725) | **1149725** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.2%** <br> (Cost $73,348,261) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.2%** <br> (Cost $73,348,261) | **108657935** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.2)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.2)%** | **(269880)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**108388055** |

---

<sup>(1)</sup> Non–income–producing security.

<sup>(2)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $1153000 | $1172915 |

---

#### Legend:
REITs — Real Estate Investment Trusts

**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $104942841 | $2043286 \* | $— | $106986127 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 522083 |  |  | 522083 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1149725 |  | 1149725 |
| &nbsp;&nbsp;&nbsp;**Total** | $**105464924** | $**3193011** | $**—** | $**108657935** |

---

\* Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Note 2a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

#### FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108657935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 4543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 439101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 66601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 6074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **109177304** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 464935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 195974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 52280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 21783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 15645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 15219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 23413 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **789249** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**108388055** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $(53883597) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 162271652 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**108388055** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $73348261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $4543 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **3258066** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$33.27** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $661406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 5376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (2318) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **664464** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 313594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 130664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 25324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 22811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 18946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 18114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 7793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 5062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 3807 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **546115** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (46110) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **500005** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **164459** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 14978717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (9502659) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **5478307** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**5642766** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> **Six Months Ended Numbers are unaudited** | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> **Six Months Ended Numbers are unaudited** | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> **Six Months Ended Numbers are unaudited** |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 14980757 | 32192761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies | (9502450) | (2207695) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **5642766** | **30397486** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 3127292 | 647071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (14553263) | (54621613) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(11425971)** | **(53974542)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(5783205)** | **(23577056)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 114171260 | 137748316 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $108388055 | $114171260 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 103712 | 21915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (463545) | (1898253) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(359833)** | **(1876338)** |

---

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $31.56 | $0.05 | $1.66 | $1.71 | $33.27 | 5.42%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 25.07 | 0.09 | 6.40 | 6.49 | 31.56 | 25.89% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 19.44 | 0.11 | 5.52 | 5.63 | 25.07 | 28.96% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 23.63 | 0.11 | (4.30) | (4.19) | 19.44 | (17.73)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 19.05 | 0.08 | 4.50 | 4.58 | 23.63 | 24.04% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 15.85 | 0.08 | 3.12 | 3.20 | 19.05 | 20.19% |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End**<br> **of Period (000s)** | **Net Ratio of<br>Expenses to**<br> **Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average**<br>**Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average**<br>**Net Assets** | **Portfolio<br>Turnover Rate** |
| $108388 | 0.96%<sup>(4)</sup> | 1.04%<sup>(4)</sup> | 0.31%<sup>(4)</sup> | 0.23%<sup>(4)</sup> | 49%<sup>(4)</sup> |
| 114171 | 0.96% | 1.02% | 0.32% | 0.26% | 52% |
| 137748 | 0.96% | 1.00% | 0.51% | 0.47% | 39% |
| 141042 | 0.96% | 0.99% | 0.53% | 0.50% | 45% |
| 192042 | 0.95% | 0.95% | 0.36% | 0.36% | 44% |
| 193384 | 1.01% | 1.02% | 0.52% | 0.51% | 76% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. 

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Diversified Research VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks capital appreciation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of security specific events, market events, and pricing

vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

8.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2025, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**9**

------

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**g. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.60% of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.95% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions,

10.0 ------

litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 0.96%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $46,110.

Park Avenue has entered into a Sub-Advisory Agreement with Putnam Investment Management, LLC ("Putnam"). Putnam is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $130,664 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts

of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $52,438,399 and $64,008,934, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and

**11**

------

may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of June 30, 2025, the Fund did not hold any restricted or illiquid securities.

**f. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

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

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

12.0 ------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select

Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder

**13**

------

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and

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

(vi) any other benefits derived by the Manager or the Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend Sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement Sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's organizational structure and resources, including

14.0 ------

investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

**15**

------

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to

the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a Sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

16.0 ------

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that

**17**

------

the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group. <br>

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

18.0 ------

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

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

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

**19**

------

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

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

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

20.0 ------

This Page Intentionally Left Blank

**21**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g53723g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB8168

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Global Utilities VIP Fund
![LOGO](g915434g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian Global Utilities VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin4toc915434_1)** |  |
| [Schedule of Investments](#fin4toc915434_2) | 1 |
| [Statement of Assets and Liabilities](#fin4toc915434_3) | 3 |
| [Statement of Operations](#fin4toc915434_4) | 3 |
| [Statements of Changes in Net Assets](#fin4toc915434_5) | 4 |
| [Financial Highlights](#fin4toc915434_6) | 6 |
| [Notes to Financial Statements](#fin4toc915434_7) | 8 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin4toc915434_8)** | 13 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin4toc915434_9)** | 13 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin4toc915434_10)** | 13 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin4toc915434_11)** | 13 |

---

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

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 98.7%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.7%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.7%** |
| &nbsp;&nbsp;&nbsp;**Bermuda – 2.9%** | &nbsp;&nbsp;&nbsp;**Bermuda – 2.9%** | &nbsp;&nbsp;&nbsp;**Bermuda – 2.9%** |
| &nbsp;&nbsp;&nbsp; CK Infrastructure Holdings Ltd. | 199000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317753 |
|  |  | **1317753** |
| &nbsp;&nbsp;&nbsp;**Brazil – 3.7%** | &nbsp;&nbsp;&nbsp;**Brazil – 3.7%** | &nbsp;&nbsp;&nbsp;**Brazil – 3.7%** |
| &nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo | 76100 | 1668622 |
|  |  | **1668622** |
| &nbsp;&nbsp;&nbsp;**China – 2.7%** | &nbsp;&nbsp;&nbsp;**China – 2.7%** | &nbsp;&nbsp;&nbsp;**China – 2.7%** |
| &nbsp;&nbsp;&nbsp; ENN Energy Holdings Ltd. | 152900 | 1223080 |
|  |  | **1223080** |
| &nbsp;&nbsp;&nbsp;**France – 5.8%** | &nbsp;&nbsp;&nbsp;**France – 5.8%** | &nbsp;&nbsp;&nbsp;**France – 5.8%** |
| &nbsp;&nbsp;&nbsp; Engie SA | 111420 | 2623773 |
|  |  | **2623773** |
| &nbsp;&nbsp;&nbsp;**Germany – 6.1%** | &nbsp;&nbsp;&nbsp;**Germany – 6.1%** | &nbsp;&nbsp;&nbsp;**Germany – 6.1%** |
| &nbsp;&nbsp;&nbsp; E.ON SE | 152355 | 2805305 |
|  |  | **2805305** |
| &nbsp;&nbsp;&nbsp;**Italy – 5.1%** | &nbsp;&nbsp;&nbsp;**Italy – 5.1%** | &nbsp;&nbsp;&nbsp;**Italy – 5.1%** |
| &nbsp;&nbsp;&nbsp; Enel SpA | 243690 | 2312902 |
|  |  | **2312902** |
| &nbsp;&nbsp;&nbsp;**Japan – 3.7%** | &nbsp;&nbsp;&nbsp;**Japan – 3.7%** | &nbsp;&nbsp;&nbsp;**Japan – 3.7%** |
| &nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. | 81600 | 965684 |
| &nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | 22100 | 734713 |
|  |  | **1700397** |
| &nbsp;&nbsp;&nbsp;**Portugal – 1.4%** | &nbsp;&nbsp;&nbsp;**Portugal – 1.4%** | &nbsp;&nbsp;&nbsp;**Portugal – 1.4%** |
| &nbsp;&nbsp;&nbsp; EDP SA | 146287 | 635126 |
|  |  | **635126** |
| &nbsp;&nbsp;&nbsp;**Spain – 5.5%** | &nbsp;&nbsp;&nbsp;**Spain – 5.5%** | &nbsp;&nbsp;&nbsp;**Spain – 5.5%** |
| &nbsp;&nbsp;&nbsp; Iberdrola SA | 129419 | 2487882 |
|  |  | **2487882** |
| &nbsp;&nbsp;&nbsp;**United Kingdom – 4.6%** | &nbsp;&nbsp;&nbsp;**United Kingdom – 4.6%** | &nbsp;&nbsp;&nbsp;**United Kingdom – 4.6%** |
| &nbsp;&nbsp;&nbsp; National Grid PLC | 144297 | 2109821 |
|  |  | **2109821** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**United States – 57.2%** | &nbsp;&nbsp;&nbsp;**United States – 57.2%** | &nbsp;&nbsp;&nbsp;**United States – 57.2%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 28222 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928315 |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 13113 | 2020844 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 3475 | 1121591 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 37109 | 2097401 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 16314 | 1925052 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 30883 | 1340940 |
| &nbsp;&nbsp;&nbsp; IDACORP, Inc. | 9707 | 1120673 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 42269 | 2934314 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 1769 | 284066 |
| &nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 17033 | 1223991 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. | 44359 | 618364 |
| &nbsp;&nbsp;&nbsp; Sempra | 34223 | 2593077 |
| &nbsp;&nbsp;&nbsp; Southern Co. | 21961 | 2016679 |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | 10117 | 1960776 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 17890 | 1864138 |
|  |  | **26050221** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $33,019,361) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $33,019,361) | **44934882** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.2%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.2%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.2%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $518,745, due 7/1/2025<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518726 | 518726 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $518,726) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $518,726) | **518726** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.9%** <br> (Cost $33,538,087) | &nbsp;&nbsp;&nbsp;**Total Investments – 99.9%** <br> (Cost $33,538,087) | **45453608** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.1%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.1%** | **55899** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**45509507** |

---

<sup>(1)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $520200 | $529182 |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bermuda | $— | $1317753 \* | $— | $1317753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 1668622 |  |  | 1668622 |
| &nbsp;&nbsp;&nbsp;&nbsp; China |  | 1223080 \* |  | 1223080 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 2623773 \* |  | 2623773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 2805305 \* |  | 2805305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 2312902 \* |  | 2312902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 1700397 \* |  | 1700397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 635126 \* |  | 635126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 2487882 \* |  | 2487882 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 2109821 \* |  | 2109821 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 26050221 |  |  | 26050221 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 518726 |  | 518726 |
| &nbsp;&nbsp;&nbsp;**Total** | $**27718843** | $**17734765** | $**—** | $**45453608** |

---

\* Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Note 2a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.

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

------

#### FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45453608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 127497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 113470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 8064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **45703331** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 61766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 36799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 27088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 16062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 14177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued shareholder reports fees | 12871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 9277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 15742 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **193824** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**45509507** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $9938348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 35571159 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**45509507** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $33538087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $88 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **2668690** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$17.05** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (55092) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1094900** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 173702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 59487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 26671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 20575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 13719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 8710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 8562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 6712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 3160 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **321298** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (66866) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **254432** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **840468** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 4945891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (1944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 1487585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 14128 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **6445660** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**7286128** |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $840468 | $1449315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 4943947 | 5288557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | 1501713 | 2839643 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **7286128** | **9577515** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 1934486 | 4502379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (11669002) | (24412129) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(9734516)** | **(19909750)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(2448388)** | **(10332235)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 47957895 | 58290130 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $45509507 | $47957895 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 130025 | 376630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (729613) | (1784902) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(599588)** | **(1408272)** |

---

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

------

This Page Intentionally Left Blank

**5**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Net Asset Value,**<br> **Beginning of**<br> **Period** | **Net Investment**<br> **Income<sup>(1)</sup>** | **Net Realized**<br> **and Unrealized**<br> **Gain/(Loss)** | **Total**<br> **Operations** | **Net Asset**<br> **Value, End of**<br> **Period** | **Total**<br> **Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $14.67 | $0.27 | $2.11 | $2.38 | $17.05 | 16.22%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 12.46 | 0.36 | 1.85 | 2.21 | 14.67 | 17.74% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 12.33 | 0.33 | (0.20) | 0.13 | 12.46 | 1.05% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 12.45 | 0.28 | (0.40) | (0.12) | 12.33 | (0.96)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 10.70 | 0.28 | 1.47 | 1.75 | 12.45 | 16.36% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 10.27 | 0.23 | 0.20 | 0.43 | 10.70 | 4.19% |

---

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

------

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End**<br> **of Period (000s)** | **Net Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets<sup>(3)</sup>** | **Gross Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets** | **Net Ratio of Net**<br> **Investment Income**<br> **to Average**<br> **Net Assets<sup>(3)</sup>** | **Gross Ratio of Net**<br> **Investment Income**<br> **to Average**<br> **Net Assets** | **Portfolio**<br> **Turnover Rate** |
| $45510 | 1.07%<sup>(4)</sup> | 1.35%<sup>(4)</sup> | 3.53%<sup>(4)</sup> | 3.25%<sup>(4)</sup> | 19%<sup>(4)</sup> |
| 47958 | 1.04% | 1.30% | 2.62% | 2.36% | 29% |
| 58290 | 1.03% | 1.23% | 2.77% | 2.57% | 34% |
| 64331 | 1.03% | 1.21% | 2.29% | 2.11% | 14% |
| 88121 | 1.03% | 1.16% | 2.38% | 2.25% | 22% |
| 84619 | 1.03% | 1.22% | 2.35% | 2.16% | 43% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. 

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Global Utilities VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks total return.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

8.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2025, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**9**

------

**c. Futures Contracts** The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

**d. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

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

**e. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**f. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**g. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**h. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is

10.0 ------

a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.73% of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 1.11% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 1.05%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $66,866.

Park Avenue has entered into a Sub-Advisory Agreement with Wellington Management Company LLP ("Wellington"). Wellington is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $59,487 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $8,951,452 and $18,190,518, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including

**11**

------

U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of June 30, 2025, the Fund did not hold any restricted or illiquid securities.

**f. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

12.0 ------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select

Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder

**13**

------

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the

Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend Sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement Sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's organizational structure and resources, including investment, legal and administrative capabilities of the

14.0 ------

Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

**15**

------

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to

the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a Sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

16.0 ------

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that

**17**

------

the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group. <br>

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the

1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

18.0 ------

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

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

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

**19**

------

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

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

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

20.0 ------

This Page Intentionally Left Blank

**21**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g915434g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB10537

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Growth & Income VIP Fund
![LOGO](g12593g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian Growth & Income VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin5toc12593_1)** |  |
| [Schedule of Investments](#fin5toc12593_2) | 1 |
| [Statement of Assets and Liabilities](#fin5toc12593_3) | 4 |
| [Statement of Operations](#fin5toc12593_4) | 4 |
| [Statements of Changes in Net Assets](#fin5toc12593_5) | 5 |
| [Financial Highlights](#fin5toc12593_6) | 6 |
| [Notes to Financial Statements](#fin5toc12593_7) | 8 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin5toc12593_8)** | 13 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin5toc12593_9)** | 13 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin5toc12593_10)** | 13 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin5toc12593_11)** | 13 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN GROWTH & INCOME VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 98.4%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.4%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.4%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 3.8%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 3.8%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 3.8%** |
| &nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 1393 | $680550 |
| &nbsp;&nbsp;&nbsp; RTX Corp. | 21964 | 3207183 |
|  |  | **3887733** |
| &nbsp;&nbsp;&nbsp;**Automobile Components – 0.3%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.3%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.3%** |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 10464 | 350335 |
|  |  | **350335** |
| &nbsp;&nbsp;&nbsp;**Banks – 8.4%** | &nbsp;&nbsp;&nbsp;**Banks – 8.4%** | &nbsp;&nbsp;&nbsp;**Banks – 8.4%** |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 25667 | 2184775 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 15053 | 4364015 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 24883 | 1993626 |
|  |  | **8542416** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 16858 | 1869047 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 3885 | 2039625 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp.<sup>(1)</sup> | 2412 | 693088 |
|  |  | **4601760** |
| &nbsp;&nbsp;&nbsp;**Building Products – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Allegion PLC | 4542 | 654593 |
| &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 1194 | 445840 |
|  |  | **1100433** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund | 21337 | 656113 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 4745 | 2501991 |
|  |  | **3158104** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 10257 | 943644 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 9010 | 1024887 |
|  |  | **1968531** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 1.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 1.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 1.6%** |
| &nbsp;&nbsp;&nbsp; Veralto Corp. | 16020 | 1617219 |
|  |  | **1617219** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 9533 | 661400 |
|  |  | **661400** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 4.5%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 4.5%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 4.5%** |
| &nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 2467 | 1258836 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 34097 | 3334005 |
|  |  | **4592841** |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 1.3%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 1.3%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 1.3%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 46476 | 1345015 |
|  |  | **1345015** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Generac Holdings, Inc.<sup>(1)</sup> | 11991 | 1717231 |
| &nbsp;&nbsp;&nbsp; nVent Electric PLC | 9135 | 669139 |
|  |  | **2386370** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.5%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.5%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.5%** |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A<sup>(1)</sup> | 1588 | $489676 |
|  |  | **489676** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.3%** |
| &nbsp;&nbsp;&nbsp; Cactus, Inc., Class A | 6981 | 305209 |
|  |  | **305209** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 3.2%** | &nbsp;&nbsp;&nbsp;**Entertainment – 3.2%** | &nbsp;&nbsp;&nbsp;**Entertainment – 3.2%** |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 8337 | 1331419 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 15552 | 1928603 |
|  |  | **3260022** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 8.0%** | &nbsp;&nbsp;&nbsp;**Financial Services – 8.0%** | &nbsp;&nbsp;&nbsp;**Financial Services – 8.0%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 8130 | 3949310 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc.<sup>(1)</sup> | 13134 | 2264433 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 2640 | 1483522 |
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 14668 | 408357 |
|  |  | **8105622** |
| &nbsp;&nbsp;&nbsp;**Food Products – 0.7%** | &nbsp;&nbsp;&nbsp;**Food Products – 0.7%** | &nbsp;&nbsp;&nbsp;**Food Products – 0.7%** |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 10352 | 698139 |
|  |  | **698139** |
| &nbsp;&nbsp;&nbsp;**Ground Transportation – 3.3%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 3.3%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 3.3%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | 33867 | 1105080 |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 7320 | 1051152 |
| &nbsp;&nbsp;&nbsp; Landstar System, Inc. | 1781 | 247595 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.<sup>(1)</sup> | 10272 | 958377 |
|  |  | **3362204** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.1%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.1%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.1%** |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 9149 | 677666 |
| &nbsp;&nbsp;&nbsp; ResMed, Inc. | 1562 | 402996 |
|  |  | **1080662** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 6.7%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 6.7%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 6.7%** |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. | 5681 | 1703448 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 5694 | 2214738 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 2697 | 1033221 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 10273 | 1845339 |
|  |  | **6796746** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 0.6%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 0.6%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 0.6%** |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 7111 | 651581 |
|  |  | **651581** |
| &nbsp;&nbsp;&nbsp;**Insurance – 3.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.6%** |
| &nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 19059 | 1978705 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 21111 | 1697747 |
|  |  | **3676452** |
| &nbsp;&nbsp;&nbsp;**IT Services – 2.2%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.2%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.2%** |
| &nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 7387 | 2207900 |
|  |  | **2207900** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.0%** |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 8401 | 991402 |
|  |  | **991402** |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Machinery – 3.9%** | &nbsp;&nbsp;&nbsp;**Machinery – 3.9%** | &nbsp;&nbsp;&nbsp;**Machinery – 3.9%** |
| &nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 5392 | $512186 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 8884 | 879694 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | 10526 | 1000602 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 7661 | 1603830 |
|  |  | **3996312** |
| &nbsp;&nbsp;&nbsp;**Media – 1.3%** | &nbsp;&nbsp;&nbsp;**Media – 1.3%** | &nbsp;&nbsp;&nbsp;**Media – 1.3%** |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 37657 | 1343978 |
|  |  | **1343978** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 0.9%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 0.9%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 0.9%** |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 7053 | 902854 |
|  |  | **902854** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 5.9%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 5.9%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 5.9%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 9003 | 1289140 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 13757 | 1234553 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 20895 | 2499251 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 7844 | 935789 |
|  |  | **5958733** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.8%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.8%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.8%** |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 24339 | 3717782 |
| &nbsp;&nbsp;&nbsp; Roche Holding AG, ADR | 27564 | 1123509 |
|  |  | **4841291** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.3%** |
| &nbsp;&nbsp;&nbsp; FTI Consulting, Inc.<sup>(1)</sup> | 2160 | 348840 |
|  |  | **348840** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.2%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.2%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.2%** |
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.<sup>(1)</sup> | 806 | 206159 |
|  |  | **206159** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.7%** |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 6150 | 598641 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 6831 | 1547153 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 12462 | 2587361 |
|  |  | **4733155** |
| &nbsp;&nbsp;&nbsp;**Software – 0.8%** | &nbsp;&nbsp;&nbsp;**Software – 0.8%** | &nbsp;&nbsp;&nbsp;**Software – 0.8%** |
| &nbsp;&nbsp;&nbsp; Nice Ltd., ADR<sup>(1)</sup> | 4622 | 780702 |
|  |  | **780702** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.8%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.8%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.8%** |
| &nbsp;&nbsp;&nbsp; Public Storage | 2655 | 779030 |
|  |  | **779030** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 4.6%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 4.6%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 4.6%** |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 6943 | 1373395 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 3724 | 826244 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 8895 | 1134824 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.<sup>(1)</sup> | 2888 | 1351064 |
|  |  | **4685527** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.0%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.0%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.0%** |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.<sup>(1)</sup> | 1331 | $316219 |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 9545 | 678077 |
|  |  | **994296** |
| &nbsp;&nbsp;&nbsp;**Tobacco – 3.8%** | &nbsp;&nbsp;&nbsp;**Tobacco – 3.8%** | &nbsp;&nbsp;&nbsp;**Tobacco – 3.8%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 20945 | 3814713 |
|  |  | **3814713** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.6%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.6%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.6%** |
| &nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., Class A | 7227 | 614440 |
|  |  | **614440** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $77,369,377) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $77,369,377) | **99837802** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.1%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.1%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.1%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp.,<br>1.36%, dated 6/30/2025,<br>proceeds at maturity value of<br>$2,133,371, due 7/1/2025<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133290 | 2133290 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,133,290) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,133,290) | **2133290** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.5%** <br> (Cost $79,502,667) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.5%** <br> (Cost $79,502,667) | **101971092** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.5)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.5)%** | **(554980)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**101416112** |

---

<sup>(1)</sup> Non–income–producing security.

<sup>(2)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $2139200 | $2175979 |

---

#### Legend:
ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

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

------

#### SCHEDULE OF INVESTMENTS — GUARDIAN GROWTH & INCOME VIP FUND
**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99837802 | $— | $— | $99837802 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 2133290 |  | 2133290 |
| &nbsp;&nbsp;&nbsp;**Total** | $**99837802** | $**2133290** | $**—** | $**101971092** |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

#### FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $101971092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 98477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 81390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 9952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 7526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **102169895** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 456046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 178105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 53535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 20597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 14924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 8137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 22439 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **753783** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**101416112** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $(10701967) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 112118079 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**101416112** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $79502667 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **4328269** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$23.43** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $941464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 8512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (4272) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **945704** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 331610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 127931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 24344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 18584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 18450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 18080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 7717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 4925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 3767 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **555408** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (59037) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **496371** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **449333** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 5245370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (1445850) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments** | **3799520** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**4248853** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited |
|  | **For the**<br> **Six Months Ended<br>6/30/25** | **For the**<br> **Year Ended**<br> **12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $449333 | $1144954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 5245370 | 21318328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (1445850) | (8305508) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **4248853** | **14157774** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 1876556 | 2091892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (12671053) | (44478877) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(10794497)** | **(42386985)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(6545644)** | **(28229211)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 107961756 | 136190967 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101416112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107961756 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 84214 | 95465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (554115) | (2015076) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(469901)** | **(1919611)** |

---

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Net Asset Value,**<br> **Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized**<br> **and Unrealized**<br> **Gain/(Loss)** | **Total**<br> **Operations** | **Net Asset**<br> **Value, End of**<br> **Period** | **Total**<br> **Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $22.50 | $0.10 | $0.83 | $0.93 | $23.43 | 4.13%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 20.27 | 0.20 | 2.03 | 2.23 | 22.50 | 11.00% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 18.17 | 0.22 | 1.88 | 2.10 | 20.27 | 11.56% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 19.17 | 0.23 | (1.23) | (1.00) | 18.17 | (5.22)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 14.95 | 0.14 | 4.08 | 4.22 | 19.17 | 28.23% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 14.64 | 0.15 | 0.16 | 0.31 | 14.95 | 2.12% |

---

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

------

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End**<br> **of Period (000s)** | **Net Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets<sup>(3)</sup>** | **Gross Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets** | **Net Ratio of Net**<br> **Investment Income**<br> **to Average**<br> **Net Assets<sup>(3)</sup>** | **Gross Ratio of Net**<br> **Investment Income**<br> **to Average**<br> **Net Assets** | **Portfolio**<br> **Turnover Rate** |
| $101416 | 0.97%<sup>(4)</sup> | 1.09%<sup>(4)</sup> | 0.88%<sup>(4)</sup> | 0.76%<sup>(4)</sup> | 26%<sup>(4)</sup> |
| 107962 | 0.97% | 1.05% | 0.90% | 0.82% | 45% |
| 136191 | 0.96% | 1.03% | 1.17% | 1.10% | 41% |
| 143039 | 0.96% | 0.99% | 1.25% | 1.22% | 39% |
| 193598 | 0.97% | 0.98% | 0.82% | 0.81% | 26% |
| 198155 | 1.01% | 1.03% | 1.17% | 1.15% | 36% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers, expense limitations, and recoupments, if any.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. 

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Growth & Income VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks long-term growth of capital.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation

oversight, including but not limited to consideration of security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

8.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2025, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**9**

------

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**g. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.65% up to $100 million, 0.60% from $100 to $300 million, 0.55% from $300 to $500 million, and 0.53% in excess of $500 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.97% of the Fund's average daily net assets (excluding, if

10.0 ------

applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $59,037.

Park Avenue has entered into a Sub-Advisory Agreement with AllianceBernstein L.P. ("AllianceBernstein"). AllianceBernstein is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $127,931 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts

of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $27,031,309 and $38,120,311, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and

**11**

------

may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on

a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

12.0 ------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select

Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder

**13**

------

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and

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

(vi) any other benefits derived by the Manager or the Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend Sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement Sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's

14.0 ------

organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

**15**

------

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to

the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a Sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

16.0 ------

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that

**17**

------

the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the

1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the

18.0 ------

1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

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

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

**19**

------

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup>

quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group. <br>

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

20.0 ------

This Page Intentionally Left Blank

**21**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g12593g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB8169

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian All Cap Core VIP Fund
![LOGO](g932879g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian All Cap Core VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial<br>Highlights for Open-End Management Investment Companies](#fin6toc932879_1)** |  |
| [Schedule of Investments](#fin6toc932879_2) | 1 |
| [Statement of Assets and Liabilities](#fin6toc932879_3) | 5 |
| [Statement of Operations](#fin6toc932879_4) | 5 |
| [Statements of Changes in Net Assets](#fin6toc932879_5) | 6 |
| [Financial Highlights](#fin6toc932879_6) | 8 |
| [Notes to Financial Statements](#fin6toc932879_7) | 10 |
| [**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**](#fin6toc932879_8) | 15 |
| [**Item 9. Proxy Disclosures for Open-End Management Investment Companies**](#fin6toc932879_9) | 15 |
| [**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**](#fin6toc932879_10) | 15 |
| [**Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements**](#fin6toc932879_11) | 15 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 99.6%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.6%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.6%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.4%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.4%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.4%** |
| &nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 1088 | $531542 |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 2477 | 722442 |
| &nbsp;&nbsp;&nbsp; General Electric Co. | 6251 | 1608945 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 7179 | 1336227 |
| &nbsp;&nbsp;&nbsp; RTX Corp. | 9371 | 1368354 |
| &nbsp;&nbsp;&nbsp; StandardAero, Inc.<sup>(1)</sup> | 7525 | 238166 |
|  |  | **5805676** |
| &nbsp;&nbsp;&nbsp;**Automobile Components – 0.5%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.5%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.5%** |
| &nbsp;&nbsp;&nbsp; Aptiv PLC<sup>(1)</sup> | 17282 | 1178978 |
|  |  | **1178978** |
| &nbsp;&nbsp;&nbsp;**Automobiles – 0.4%** | &nbsp;&nbsp;&nbsp;**Automobiles – 0.4%** | &nbsp;&nbsp;&nbsp;**Automobiles – 0.4%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.<sup>(1)</sup> | 3335 | 1059396 |
|  |  | **1059396** |
| &nbsp;&nbsp;&nbsp;**Banks – 3.9%** | &nbsp;&nbsp;&nbsp;**Banks – 3.9%** | &nbsp;&nbsp;&nbsp;**Banks – 3.9%** |
| &nbsp;&nbsp;&nbsp; Hancock Whitney Corp. (United States) | 6666 | 382629 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 17567 | 5092849 |
| &nbsp;&nbsp;&nbsp; Pacific Premier Bancorp, Inc. | 15254 | 321707 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. | 7288 | 1358629 |
| &nbsp;&nbsp;&nbsp; Popular, Inc. | 5549 | 611555 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 20968 | 1679956 |
|  |  | **9447325** |
| &nbsp;&nbsp;&nbsp;**Beverages – 1.1%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.1%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.1%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC | 10769 | 998502 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 1791 | 291360 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 10405 | 1373876 |
|  |  | **2663738** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 2.1%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 2.1%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 2.1%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 16478 | 3058647 |
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp.<sup>(1)</sup> | 4624 | 245719 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 3790 | 1687308 |
|  |  | **4991674** |
| &nbsp;&nbsp;&nbsp;**Broadline Retail – 4.7%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 4.7%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 4.7%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 51392 | 11274891 |
|  |  | **11274891** |
| &nbsp;&nbsp;&nbsp;**Building Products – 0.7%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.7%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.7%** |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.<sup>(1)</sup> | 4697 | 548093 |
| &nbsp;&nbsp;&nbsp; Trane Technologies PLC | 2547 | 1114083 |
|  |  | **1662176** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 3.3%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 3.3%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 3.3%** |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 11089 | 1011761 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | 4357 | 1200876 |
| &nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 11807 | 1570685 |
| &nbsp;&nbsp;&nbsp; Moody's Corp. | 2252 | 1129581 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 11131 | 1567913 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | 3562 | 451626 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 3503 | 537255 |
| &nbsp;&nbsp;&nbsp; TPG, Inc. | 9525 | 499586 |
|  |  | **7969283** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 1.4%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.4%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.4%** |
| &nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 2055 | $579633 |
| &nbsp;&nbsp;&nbsp; Corteva, Inc. | 7858 | 585657 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 2969 | 203644 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 4445 | 331863 |
| &nbsp;&nbsp;&nbsp; Linde PLC | 2073 | 972610 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 1769 | 607404 |
|  |  | **3280811** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.3%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.3%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.3%** |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc. | 15967 | 805695 |
|  |  | **805695** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.3%** |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 1839 | 773226 |
|  |  | **773226** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.4%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.4%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.4%** |
| &nbsp;&nbsp;&nbsp; API Group Corp.<sup>(1)</sup> | 20491 | 1046066 |
|  |  | **1046066** |
| &nbsp;&nbsp;&nbsp;**Construction Materials – 0.5%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.5%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.5%** |
| &nbsp;&nbsp;&nbsp; CRH PLC | 13509 | 1240126 |
|  |  | **1240126** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 1.1%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 1.1%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 1.1%** |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 18226 | 1965310 |
| &nbsp;&nbsp;&nbsp; U.S. Foods Holding Corp.<sup>(1)</sup> | 7953 | 612460 |
|  |  | **2577770** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.2%** |
| &nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 9676 | 417519 |
|  |  | **417519** |
| &nbsp;&nbsp;&nbsp;**Distributors – 0.3%** | &nbsp;&nbsp;&nbsp;**Distributors – 0.3%** | &nbsp;&nbsp;&nbsp;**Distributors – 0.3%** |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | 16902 | 625543 |
|  |  | **625543** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.2%** |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | 2325 | 287347 |
| &nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.<sup>(1)</sup> | 1487 | 281043 |
|  |  | **568390** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.5%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.5%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.5%** |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 6766 | 798388 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 4109 | 283233 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 8556 | 371502 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 11003 | 763828 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. | 71362 | 994786 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 5164 | 351669 |
|  |  | **3563406** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.2%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.2%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.2%** |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | 5322 | 963069 |
| &nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 5047 | 1801729 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | 10725 | 1429964 |
| &nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 1468 | 776792 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 2613 | 378781 |
|  |  | **5350335** |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.3%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.3%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.3%** |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 15127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493791 |
| &nbsp;&nbsp;&nbsp; CDW Corp. | 14282 | 2550622 |
| &nbsp;&nbsp;&nbsp; Flex Ltd.<sup>(1)</sup> | 3495 | 174471 |
| &nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.<sup>(1)</sup> | 9942 | 1372841 |
|  |  | **5591725** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.2%** |
| &nbsp;&nbsp;&nbsp; TechnipFMC PLC | 11505 | 396232 |
|  |  | **396232** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 2.1%** | &nbsp;&nbsp;&nbsp;**Entertainment – 2.1%** | &nbsp;&nbsp;&nbsp;**Entertainment – 2.1%** |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 3074 | 490918 |
| &nbsp;&nbsp;&nbsp; Spotify Technology SA<sup>(1)</sup> | 3128 | 2400239 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.<sup>(1)</sup> | 2476 | 601297 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 12623 | 1565378 |
|  |  | **5057832** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 3.2%** | &nbsp;&nbsp;&nbsp;**Financial Services – 3.2%** | &nbsp;&nbsp;&nbsp;**Financial Services – 3.2%** |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. | 18800 | 667400 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 8351 | 679855 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc.<sup>(1)</sup> | 4791 | 826016 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 7349 | 4129697 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 3802 | 1349900 |
|  |  | **7652868** |
| &nbsp;&nbsp;&nbsp;**Food Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Food Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Food Products – 0.5%** |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 16469 | 1110669 |
|  |  | **1110669** |
| &nbsp;&nbsp;&nbsp;**Ground Transportation – 0.3%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 0.3%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 0.3%** |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 2349 | 337317 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 1824 | 296035 |
|  |  | **633352** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.7%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.7%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.7%** |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 8634 | 1487207 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.<sup>(1)</sup> | 15652 | 1681181 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc.<sup>(1)</sup> | 6481 | 565726 |
| &nbsp;&nbsp;&nbsp; Medtronic PLC | 23853 | 2079266 |
| &nbsp;&nbsp;&nbsp; STERIS PLC | 3075 | 738677 |
|  |  | **6552057** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 1.6%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 1.6%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 1.6%** |
| &nbsp;&nbsp;&nbsp; Cigna Group | 6317 | 2088274 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 1584 | 387256 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 1934 | 1417197 |
|  |  | **3892727** |
| &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.2%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.2%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.2%** |
| &nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A<sup>(1)</sup> | 1567 | 451265 |
|  |  | **451265** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.5%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.5%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.5%** |
| &nbsp;&nbsp;&nbsp; Aramark | 29781 | 1246931 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 400 | 2315696 |
| &nbsp;&nbsp;&nbsp; DraftKings, Inc., Class A<sup>(1)</sup> | 6767 | 290237 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 4101 | 1092260 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 8888 | 814407 |
| &nbsp;&nbsp;&nbsp; Viking Holdings Ltd.<sup>(1)</sup> | 6083 | 324163 |
|  |  | **6083694** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 0.2%** | &nbsp;&nbsp;&nbsp;**Household Durables – 0.2%** | &nbsp;&nbsp;&nbsp;**Household Durables – 0.2%** |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.<sup>(1)</sup> | 3914 | $410344 |
|  |  | **410344** |
| &nbsp;&nbsp;&nbsp;**Household Products – 0.7%** | &nbsp;&nbsp;&nbsp;**Household Products – 0.7%** | &nbsp;&nbsp;&nbsp;**Household Products – 0.7%** |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 8838 | 803374 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 4866 | 775251 |
|  |  | **1578625** |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers – 0.4%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers – 0.4%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers – 0.4%** |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | 4964 | 962073 |
|  |  | **962073** |
| &nbsp;&nbsp;&nbsp;**Industrial REITs – 0.3%** | &nbsp;&nbsp;&nbsp;**Industrial REITs – 0.3%** | &nbsp;&nbsp;&nbsp;**Industrial REITs – 0.3%** |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 16826 | 598501 |
|  |  | **598501** |
| &nbsp;&nbsp;&nbsp;**Insurance – 3.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.6%** |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | 11770 | 1007394 |
| &nbsp;&nbsp;&nbsp; Aon PLC, Class A | 5458 | 1947196 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 4391 | 1405647 |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. | 1948 | 384711 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 5597 | 1621563 |
| &nbsp;&nbsp;&nbsp; Everest Group Ltd. | 1208 | 410539 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 5396 | 428604 |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 4786 | 414707 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 2931 | 898351 |
|  |  | **8518712** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 6.1%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 6.1%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 6.1%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 39913 | 7033868 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 10324 | 7620041 |
|  |  | **14653909** |
| &nbsp;&nbsp;&nbsp;**IT Services – 1.0%** | &nbsp;&nbsp;&nbsp;**IT Services – 1.0%** | &nbsp;&nbsp;&nbsp;**IT Services – 1.0%** |
| &nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 1840 | 549957 |
| &nbsp;&nbsp;&nbsp; EPAM Systems, Inc.<sup>(1)</sup> | 3101 | 548319 |
| &nbsp;&nbsp;&nbsp; MongoDB, Inc.<sup>(1)</sup> | 2218 | 465758 |
| &nbsp;&nbsp;&nbsp; Okta, Inc.<sup>(1)</sup> | 8339 | 833650 |
|  |  | **2397684** |
| &nbsp;&nbsp;&nbsp;**Leisure Products – 0.2%** | &nbsp;&nbsp;&nbsp;**Leisure Products – 0.2%** | &nbsp;&nbsp;&nbsp;**Leisure Products – 0.2%** |
| &nbsp;&nbsp;&nbsp; Brunswick Corp. | 2638 | 145723 |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | 4173 | 308051 |
|  |  | **453774** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.0%** |
| &nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 14531 | 747620 |
| &nbsp;&nbsp;&nbsp; Waters Corp.<sup>(1)</sup> | 4843 | 1690401 |
|  |  | **2438021** |
| &nbsp;&nbsp;&nbsp;**Machinery – 1.7%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.7%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.7%** |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 2612 | 1014004 |
| &nbsp;&nbsp;&nbsp; Crane Co. | 3364 | 638790 |
| &nbsp;&nbsp;&nbsp; Nordson Corp. | 4234 | 907642 |
| &nbsp;&nbsp;&nbsp; Pentair PLC | 5354 | 549642 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 4868 | 1019116 |
|  |  | **4129194** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Media – 0.4%** | &nbsp;&nbsp;&nbsp;**Media – 0.4%** | &nbsp;&nbsp;&nbsp;**Media – 0.4%** |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 19441 | $693849 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 3670 | 264020 |
|  |  | **957869** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.3%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.3%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.3%** |
| &nbsp;&nbsp;&nbsp; Sempra | 8227 | 623360 |
|  |  | **623360** |
| &nbsp;&nbsp;&nbsp;**Office REITs – 0.1%** | &nbsp;&nbsp;&nbsp;**Office REITs – 0.1%** | &nbsp;&nbsp;&nbsp;**Office REITs – 0.1%** |
| &nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 11455 | 356136 |
|  |  | **356136** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 3.0%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 3.0%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 3.0%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 6049 | 1473053 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 13468 | 1208618 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. | 4149 | 485184 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 21078 | 2272208 |
| &nbsp;&nbsp;&nbsp; Hess Corp. | 5458 | 756151 |
| &nbsp;&nbsp;&nbsp; Permian Resources Corp. | 25046 | 341127 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 2407 | 287155 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 2134 | 286852 |
|  |  | **7110348** |
| &nbsp;&nbsp;&nbsp;**Personal Care Products – 0.6%** | &nbsp;&nbsp;&nbsp;**Personal Care Products – 0.6%** | &nbsp;&nbsp;&nbsp;**Personal Care Products – 0.6%** |
| &nbsp;&nbsp;&nbsp; e.l.f. Beauty, Inc.<sup>(1)</sup> | 4413 | 549154 |
| &nbsp;&nbsp;&nbsp; Kenvue, Inc. | 40655 | 850909 |
|  |  | **1400063** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.7%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.7%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.7%** |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 23584 | 3602456 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 113613 | 2753979 |
|  |  | **6356435** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 3.9%** | &nbsp;&nbsp;&nbsp;**Professional Services – 3.9%** | &nbsp;&nbsp;&nbsp;**Professional Services – 3.9%** |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | 1985 | 514849 |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 7843 | 1030962 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 6385 | 1007298 |
| &nbsp;&nbsp;&nbsp; TransUnion | 42029 | 3698552 |
| &nbsp;&nbsp;&nbsp; TriNet Group, Inc. | 31069 | 2272387 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 2652 | 826098 |
|  |  | **9350146** |
| &nbsp;&nbsp;&nbsp;**Residential REITs – 0.2%** | &nbsp;&nbsp;&nbsp;**Residential REITs – 0.2%** | &nbsp;&nbsp;&nbsp;**Residential REITs – 0.2%** |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 6177 | 380936 |
|  |  | **380936** |
| &nbsp;&nbsp;&nbsp;**Retail REITs – 0.6%** | &nbsp;&nbsp;&nbsp;**Retail REITs – 0.6%** | &nbsp;&nbsp;&nbsp;**Retail REITs – 0.6%** |
| &nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 8380 | 796016 |
| &nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 16650 | 718947 |
|  |  | **1514963** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 10.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 10.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 10.1%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 6430 | 1530469 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 24683 | 6803869 |
| &nbsp;&nbsp;&nbsp; First Solar, Inc.<sup>(1)</sup> | 1609 | 266354 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 1640 | 1469014 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 24485 | 2383370 |
| &nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 1071 | 153463 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** (continued) | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** (continued) | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** (continued) | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** (continued) |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 976 | $| 713827 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 60640 |  | 9580513 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 4826 |  | 1054433 |
| &nbsp;&nbsp;&nbsp; Onto Innovation, Inc.<sup>(1)</sup> | 2110 |  | 212962 |
|  |  |  | **24168274** |
| &nbsp;&nbsp;&nbsp;**Software – 11.7%** | &nbsp;&nbsp;&nbsp;**Software – 11.7%** | &nbsp;&nbsp;&nbsp;**Software – 11.7%** | &nbsp;&nbsp;&nbsp;**Software – 11.7%** |
| &nbsp;&nbsp;&nbsp; Atlassian Corp., Class A<sup>(1)</sup> | 6994 |  | 1420411 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.<sup>(1)</sup> | 8417 |  | 2593698 |
| &nbsp;&nbsp;&nbsp; Elastic NV<sup>(1)</sup> | 6621 |  | 558349 |
| &nbsp;&nbsp;&nbsp; Guidewire Software, Inc.<sup>(1)</sup> | 4005 |  | 942977 |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc.<sup>(1)</sup> | 1044 |  | 581122 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 34848 |  | 17333744 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 990 |  | 561172 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | 9081 |  | 2476298 |
| &nbsp;&nbsp;&nbsp; SentinelOne, Inc., Class A<sup>(1)</sup> | 23478 |  | 429178 |
| &nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.<sup>(1)</sup> | 1209 |  | 716744 |
| &nbsp;&nbsp;&nbsp; Vertex, Inc., Class A<sup>(1)</sup> | 11302 |  | 399356 |
|  |  |  | **28013049** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.0%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.0%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.0%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.0%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp. | 9218 |  | 2037362 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 2685 |  | 395877 |
|  |  |  | **2433239** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.7%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.7%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.7%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.7%** |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | 7214 |  | 2644941 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 854 |  | 288498 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 7152 |  | 912452 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. | 1500 |  | 185235 |
|  |  |  | **4031126** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 3.1%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 3.1%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 3.1%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 3.1%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 35596 |  | 7303231 |
|  |  |  | **7303231** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.3%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.3%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.3%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.3%** |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | 7084 |  | 622046 |
| &nbsp;&nbsp;&nbsp; VF Corp. | 9837 |  | 115585 |
|  |  |  | **737631** |
| &nbsp;&nbsp;&nbsp;**Tobacco – 0.7%** | &nbsp;&nbsp;&nbsp;**Tobacco – 0.7%** | &nbsp;&nbsp;&nbsp;**Tobacco – 0.7%** | &nbsp;&nbsp;&nbsp;**Tobacco – 0.7%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 9065 |  | 1651008 |
|  |  |  | **1651008** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.4%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.4%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.4%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.4%** |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 2322 |  | 505615 |
| &nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 496 |  | 515959 |
|  |  |  | **1021574** |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.5%** |
| &nbsp;&nbsp;&nbsp; T-Mobile U.S., Inc. | 4847 |  | 1154846 |
|  |  |  | **1154846** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $188,135,139) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $188,135,139) |  | **238429516** |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.8%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.8%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.8%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $1,880,468, due 7/1/2025<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880397 | $1880397 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,880,397) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,880,397) | **1880397** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.4%**<br> (Cost $190,015,536) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.4%**<br> (Cost $190,015,536) | **240309913** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.4)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.4)%** | **(862689)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**239447224** |

---

<sup>(1)</sup> Non–income–producing security.

<sup>(2)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**<br>Security** | **<br>Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $1885600 | $1918012 |

---

#### Legend:
REITs — Real Estate Investment Trusts

**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $238429516 | $— | $— | $238429516 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1880397 |  | 1880397 |
| &nbsp;&nbsp;&nbsp;**Total** | $**238429516** | $**1880397** | $**—** | $**240309913** |

---

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

------

#### FINANCIAL INFORMATION — GUARDIAN ALL CAP CORE VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Statement of Assets and Liabilities** | |
| &nbsp;&nbsp;&nbsp;As of June 30, 2025 (unaudited) |  |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240309913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 996603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 137825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 2913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 2563 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **241449817** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 1300383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 510730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 84800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 48182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 14923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 12097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 29826 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **2002593** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**239447224** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $169289077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 70158147 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**239447224** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $190015536 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **18292793** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$13.09** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1274873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 10460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (2068) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1283265** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 422979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 240329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 34380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 33542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 28068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 24790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 9328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 6395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 5824 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **805635** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **477630** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 8911233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 5309724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **14220955** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**14698585** |

---

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** |
| &nbsp;&nbsp;&nbsp;Six Months Ended Numbers are unaudited |  |  |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $477630 | $833785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 8911235 | 12886519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies | 5309720 | 19232328 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **14698585** | **32952632** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 58256155 | 2447778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (14140009) | (29233265) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions** | **44116146** | **(26785487)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets** | **58814731** | **6167145** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 180632493 | 174465348 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239447224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180632493 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 4970652 | 215911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1139376) | (2523550) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease)** | **3831276** | **(2307639)** |

---

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

------

This Page Intentionally Left Blank

**7**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **<br>Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $12.49 | $0.03 | $0.57 | $0.60 | $13.09 | 4.80%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 10.40 | 0.05 | 2.04 | 2.09 | 12.49 | 20.10% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 8.46 | 0.07 | 1.87 | 1.94 | 10.40 | 22.93% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 10.26 | 0.07 | (1.87) | (1.80) | 8.46 | (17.54)% |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/21<sup>(5)</sup> | 10.00 | 0.01 | 0.25 | 0.26 | 10.26 | 2.60%<sup>(4)</sup> |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $239447 | 0.84%<sup>(4)</sup> | 0.84%<sup>(4)</sup> | 0.49%<sup>(4)</sup> | 0.49%<sup>(4)</sup> | 28%<sup>(4)</sup> |
| 180632 | 0.82% | 0.83% | 0.46% | 0.45% | 33% |
| 174465 | 0.78% | 0.83% | 0.72% | 0.67% | 32% |
| 159185 | 0.78% | 0.85% | 0.78% | 0.71% | 37% |
| 31370 | 0.38%<sup>(4)</sup> | 1.14%<sup>(4)</sup> | 1.06%<sup>(4)</sup> | 0.30%<sup>(4)</sup> | 7%<sup>(4)</sup> |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2021, certain non-recurring fees (i.e., audit fees) are not annualized. 

<sup>(5)</sup> Commenced operations on October 25, 2021.

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian All Cap Core VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on October 25, 2021. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks capital appreciation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

10.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2025, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**11**

------

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**g. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.44% of the first $500 million, and 0.40% in excess of $500 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.91% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions,

12.0 ------

litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 0.93%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue did not waive any fees or pay any Fund expenses.

Park Avenue has entered into a Sub-Advisory Agreement with Massachusetts Financial Services Company ("MFS"). MFS is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $240,329 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts

of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $99,319,675 and $55,428,881, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and

**13**

------

may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on

a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

14.0 ------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select

Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder

**15**

------

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the

Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend Sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement Sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's organizational structure and resources, including investment, legal and administrative capabilities of the

16.0 ------

Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

**17**

------

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to

the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a Sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

18.0 ------

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

**19**

------

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

20.0 ------

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

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

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

**21**

------

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

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

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

22.0 ------

This Page Intentionally Left Blank

**23**

------

This Page Intentionally Left Blank

24.0 ------

This Page Intentionally Left Blank

**25**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g932879g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB11407

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Balanced Allocation VIP Fund
![LOGO](g81070g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  **Guardian Balanced Allocation VIP Fund** |  |
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin781070_1)** |  |
| [Schedule of Investments](#fin781070_1a) | 1 |
| [Statement of Assets and Liabilities](#fin781070_2) | 9 |
| [Statement of Operations](#fin781070_3) | 9 |
| [Statements of Changes in Net Assets](#fin781070_4) | 10 |
| [Financial Highlights](#fin781070_5) | 12 |
| [Notes to Financial Statements](#fin781070_6) | 14 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin781070_7)** | 21 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin781070_8)** | 21 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin781070_9)** | 21 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin781070_10)** | 21 |

---

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

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 66.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 2710 | $| 1354946 |
|  |  |  | **1354946** |
| &nbsp;&nbsp;&nbsp;**Automobiles – 0.3%** | &nbsp;&nbsp;&nbsp;**Automobiles – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.<sup>(1)</sup> | 2276 |  | 722994 |
|  |  |  | **722994** |
| &nbsp;&nbsp;&nbsp;**Banks – 2.7%** | &nbsp;&nbsp;&nbsp;**Banks – 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 71332 |  | 5715120 |
|  |  |  | **5715120** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 1.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 4751 |  | 881880 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 4304 |  | 1916141 |
|  |  |  | **2798021** |
| &nbsp;&nbsp;&nbsp;**Broadline Retail – 3.8%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 36643 |  | 8039108 |
|  |  |  | **8039108** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 4.0%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 9937 |  | 1721088 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 2603 |  | 1842273 |
| &nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 24882 |  | 3310053 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 19343 |  | 1729651 |
|  |  |  | **8603065** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 1.1%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | 5646 |  | 312393 |
| &nbsp;&nbsp;&nbsp; FMC Corp. | 12606 |  | 526301 |
| &nbsp;&nbsp;&nbsp; Linde PLC | 2911 |  | 1365783 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 1711 |  | 194626 |
|  |  |  | **2399103** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 1.1%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc.<sup>(1)</sup> | 8340 |  | 1928041 |
| &nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 2309 |  | 431137 |
|  |  |  | **2359178** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.<sup>(1)</sup> | 6449 |  | 659797 |
|  |  |  | **659797** |
| &nbsp;&nbsp;&nbsp;**Construction Materials – 0.5%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp; James Hardie Industries PLC, ADR<sup>(1)</sup> | 39951 |  | 1074282 |
|  |  |  | **1074282** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 0.9%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 0.9%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 0.9%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 0.9%** |
| &nbsp;&nbsp;&nbsp; Kroger Co. | 25120 |  | 1801858 |
|  |  |  | **1801858** |
| &nbsp;&nbsp;&nbsp;**Distributors – 0.7%** | &nbsp;&nbsp;&nbsp;**Distributors – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Pool Corp. | 4847 |  | 1412804 |
|  |  |  | **1412804** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.4%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A | 6372 |  | 818228 |
|  |  |  | **818228** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.5%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.5%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.5%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.5%** |
| &nbsp;&nbsp;&nbsp; Celestica, Inc.<sup>(1)</sup> | 7361 |  | 1149126 |
|  |  |  | **1149126** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 2.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.<sup>(1)</sup> | 1761 | $| 2358208 |
| &nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A<sup>(1)</sup> | 14229 |  | 1496891 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 8935 |  | 1108029 |
|  |  |  | **4963128** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Financial Services – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 5485 |  | 3082241 |
|  |  |  | **3082241** |
| &nbsp;&nbsp;&nbsp;**Ground Transportation – 0.7%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.<sup>(1)</sup> | 15982 |  | 1491121 |
|  |  |  | **1491121** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.9%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.<sup>(1)</sup> | 23403 |  | 2513716 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.<sup>(1)</sup> | 18467 |  | 1444304 |
|  |  |  | **3958020** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 2668 |  | 832336 |
|  |  |  | **832336** |
| &nbsp;&nbsp;&nbsp;**Health Care REITs – 0.8%** | &nbsp;&nbsp;&nbsp;**Health Care REITs – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 11694 |  | 1797719 |
|  |  |  | **1797719** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.3%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.3%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.3%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.3%** |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A<sup>(1)</sup> | 16268 |  | 2152907 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.<sup>(1)</sup> | 44038 |  | 1238348 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 5484 |  | 1498284 |
|  |  |  | **4889539** |
| &nbsp;&nbsp;&nbsp;**Insurance – 1.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 9972 |  | 2180278 |
|  |  |  | **2180278** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 5.1%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 29360 |  | 5174113 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 7805 |  | 5760792 |
|  |  |  | **10934905** |
| &nbsp;&nbsp;&nbsp;**IT Services – 1.4%** | &nbsp;&nbsp;&nbsp;**IT Services – 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Shopify, Inc., Class A<sup>(1)</sup> | 10674 |  | 1231246 |
| &nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A<sup>(1)</sup> | 3044 |  | 681156 |
| &nbsp;&nbsp;&nbsp; VeriSign, Inc. | 3432 |  | 991161 |
|  |  |  | **2903563** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp; ICON PLC<sup>(1)</sup> | 5618 |  | 817138 |
|  |  |  | **817138** |
| &nbsp;&nbsp;&nbsp;**Machinery – 1.1%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp; IDEX Corp. | 6616 |  | 1161571 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 5672 |  | 1187433 |
|  |  |  | **2349004** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.9%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp; Sempra | 53841 |  | 4079533 |
|  |  |  | **4079533** |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 2.3%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 27493 | $| 2963745 |
| &nbsp;&nbsp;&nbsp; Shell PLC, ADR | 26822 |  | 1888537 |
|  |  |  | **4852282** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.5%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 4352 |  | 3392514 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 24904 |  | 1971401 |
|  |  |  | **5363915** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 9.6%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 9.6%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 9.6%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 9.6%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 18893 |  | 5207855 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 4842 |  | 596777 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 78625 |  | 12421964 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 9308 |  | 2108169 |
|  |  |  | **20334765** |
| &nbsp;&nbsp;&nbsp;**Software – 7.6%** | &nbsp;&nbsp;&nbsp;**Software – 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc.<sup>(1)</sup> | 912 |  | 507646 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 20972 |  | 10431682 |
| &nbsp;&nbsp;&nbsp; SAP SE, ADR | 4686 |  | 1425013 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc.<sup>(1)</sup> | 2172 |  | 2232990 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc.<sup>(1)</sup> | 3035 |  | 1555984 |
|  |  |  | **16153315** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 0.9%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.<sup>(1)</sup> | 20306 |  | 1830180 |
|  |  |  | **1830180** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 1.8%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 1.8%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 1.8%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 1.8%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 18729 |  | 3842629 |
|  |  |  | **3842629** |
| &nbsp;&nbsp;&nbsp;**Tobacco – 2.1%** | &nbsp;&nbsp;&nbsp;**Tobacco – 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 24805 |  | 4517735 |
|  |  |  | **4517735** |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.7%** |
| &nbsp;&nbsp;&nbsp; T-Mobile U.S., Inc. | 6482 |  | 1544401 |
|  |  |  | **1544401** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $117,149,202) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $117,149,202) |  | **141625377** |
|  | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 8.5%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 8.5%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 8.5%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 8.5%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 5/1/2051 | $873543 |  | 699391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 4/1/2052 | 1157505 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/1/2041 | 325026 |  | 289229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/1/2042 | 474946 |  | 423083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/1/2051 | 862158 |  | 725781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 10/1/2051 | 55888 |  | 46576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 11/1/2051 | 348644 |  | 292234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 10/1/2049 | 219437 |  | 192478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/1/2047 | 7982 |  | 7658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/1/2048 | 105121 |  | 99765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 5/1/2049 | 14166 |  | 13492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/1/2049 | 16703 |  | 16078 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/1/2052 | $302476 | $282653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 1/1/2038 | 91702 | 91219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/1/2038 | 19463 | 19348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/1/2048 | 20775 | 20218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/1/2049 | 48978 | 47757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/1/2052 | 50922 | 48852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 10/1/2052 | 82073 | 78884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/1/2053 | 113404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 9/1/2052 | 223379 | 225315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 2/1/2053 | 22049 | 22117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/1/2053 | 32622 | 32705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/1/2053 | 49902 | 49979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 6/1/2053 | 67159 | 67320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/1/2053 | 411176 | 412214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 8/1/2053 | 115527 | 115683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 9/1/2053 | 32505 | 32729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 11/1/2053 | 177040 | 180244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 11/1/2053 | 337532 | 349058 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 12/1/2050 | 1096720 | 876357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/1/2041 | 55499 | 49591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/1/2051 | 515951 | 433277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 6/1/2043 | 202303 | 183020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 10/1/2051 | 646565 | 563050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 8/1/2043 | 201756 | 188510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 7/1/2051 | 447967 | 407736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 4/1/2052 | 268906 | 244127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 3/1/2046 | 8199 | 7866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 1/1/2049 | 10345 | 9924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/1/2049 | 7020 | 6735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/1/2051 | 9269 | 8922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/1/2052 | 21406 | 19958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/1/2052 | 117510 | 109777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 4/1/2038 | 346420 | 344368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 7/1/2048 | 69394 | 67730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/1/2048 | 30544 | 29796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 10/1/2050 | 15346 | 14934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/1/2052 | 14532 | 13960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 9/1/2052 | 107882 | 104138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/1/2052 | 68818 | 66595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2052 | 592009 | 583280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 9/1/2052 | 33642 | 33188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 10/1/2052 | 21683 | 21415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/1/2053 | 134494 | 135105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 8/1/2053 | 33022 | 33105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 9/1/2053 | 1009407 | 1028685 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass-Through Certificates <br>Series K-150, Class A2 <br>3.71% due 9/25/2032<sup>(2)(3)</sup> | 78000 | 74673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-157, Class A2 <br>3.99% due 5/25/2033<sup>(2)(3)</sup> | 125000 | 123669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-758, Class A2 <br>4.68% due 10/25/2031<sup>(2)(3)</sup> | 100000 | 101879 |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 12/20/2050 | 372585 | 303861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 1/20/2051 | 101786 | 83004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 2/20/2051 | 89692 | 73122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 7/20/2054<sup>(4)</sup> | 235000 | 191382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/20/2051 | 461099 | 392345 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 8/20/2051 | $| 462660 | $| 393566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 1/20/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;428281 |  | 379868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/20/2051 |  | 223468 |  | 197882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 1/20/2052 |  | 386783 |  | 353663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 2/20/2052 |  | 385187 |  | 352204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/20/2052 |  | 73391 |  | 68844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 5/20/2052 |  | 211215 |  | 198127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/20/2052 |  | 313798 |  | 294354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/20/2048 |  | 151418 |  | 147841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 6/20/2052 |  | 532222 |  | 513769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/20/2052 |  | 477544 |  | 460987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/20/2054<sup>(4)</sup> |  | 300000 |  | 300351 |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/1/2055<sup>(4)</sup> |  | 306000 |  | 253749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 7/1/2054<sup>(4)</sup> |  | 251000 |  | 217118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 7/1/2054<sup>(4)</sup> |  | 76000 |  | 72690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/1/2054<sup>(4)</sup> |  | 331000 |  | 324440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/1/2040<sup>(4)</sup> |  | 670000 |  | 682181 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $18,479,044) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $18,479,044) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $18,479,044) |  | **18064901** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 1.2%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 1.2%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 1.2%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 1.2%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 1.2%** |
| &nbsp;&nbsp;&nbsp; CF Hippolyta Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1 <br>1.53% due 3/15/2061<sup>(5)</sup> |  | 183777 |  | 177203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1 <br>5.97% due 8/15/2062<sup>(5)</sup> |  | 97713 |  | 98001 |
| &nbsp;&nbsp;&nbsp; Chesapeake Funding II LLC <br>Series 2024-1A, Class A1 <br>5.52% due 5/15/2036<sup>(5)</sup> |  | 118886 |  | 120059 |
| &nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC <br>Series 2023-3, Class A2 <br>6.40% due 3/20/2030<sup>(5)</sup> |  | 153511 |  | 155752 |
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust <br>Series 2023-2, Class A3 <br>4.47% due 2/16/2028 |  | 74586 |  | 74572 |
| &nbsp;&nbsp;&nbsp; GM Financial Revolving Receivables Trust <br>Series 2023-2, Class A <br>5.77% due 8/11/2036<sup>(5)</sup> |  | 174000 |  | 182008 |
| &nbsp;&nbsp;&nbsp; Kubota Credit Owner Trust <br>Series 2023-2A, Class A3 <br>5.28% due 1/18/2028<sup>(5)</sup> |  | 155000 |  | 156260 |
| &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust <br>Series 2023-A, Class A <br>5.51% due 10/15/2071<sup>(5)</sup> |  | 149103 |  | 152323 |
| &nbsp;&nbsp;&nbsp; New Economy Assets – Phase 1 Sponsor LLC <br>Series 2021-1, Class A1 <br>1.91% due 10/20/2061<sup>(5)</sup> |  | 335000 |  | 314177 |
| &nbsp;&nbsp;&nbsp; Retained Vantage Data Centers Issuer LLC <br>Series 2023-1A, Class A2A <br>5.00% due 9/15/2048<sup>(5)</sup> |  | 346000 |  | 343527 |
| &nbsp;&nbsp;&nbsp; Vantage Data Centers Issuer LLC Series 2021-1A, Class A2 <br>2.165% due 10/15/2046<sup>(5)</sup> |  | 175000 |  | 168482 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Lease Trust <br>Series 2024-A, Class A3 <br>5.21% due 6/21/2027 | $| 190000 | $| 191631 |
| &nbsp;&nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A <br>5.80% due 4/18/2038<sup>(5)</sup> |  | 187577 |  | 188857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A <br>6.46% due 8/18/2038<sup>(5)</sup> |  | 99597 |  | 100957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A1 <br>4.87% due 6/21/2039<sup>(5)</sup> |  | 96656 |  | 97047 |
| &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $2,495,590) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $2,495,590) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $2,495,590) |  | **2520856** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 7.0%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 7.0%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 7.0%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 7.0%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 7.0%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.1%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805% due 5/1/2050 |  | 16000 |  | 15350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.858% due 5/1/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;196000 |  | 214665 |
|  |  |  |  | **230015** |
| &nbsp;&nbsp;&nbsp;**Airlines – 0.0%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.0%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.0%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.0%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.0%** |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust <br>Series 2016-1, Class AA <br>3.10% due 7/7/2028 |  | 36255 |  | 34585 |
|  |  |  |  | **34585** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 1.1%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 1.1%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 1.1%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 1.1%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 1.1%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.015% (5.015% fixed rate until 7/22/2032; SOFR + 2.16% thereafter) <br> due 7/22/2033<sup>(2)</sup> |  | 58000 |  | 58685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.162% (5.162% fixed rate until 1/24/2030; 1 day USD SOFR + 1.00% thereafter) <br> due 1/24/2031<sup>(2)</sup> |  | 305000 |  | 312631 |
| &nbsp;&nbsp;&nbsp; Barclays PLC <br>5.086% (5.086% fixed rate until 2/25/2028; 1 day USD<br>SOFR + 0.96% thereafter) <br> due 2/25/2029<sup>(2)</sup> |  | 200000 |  | 202522 |
| &nbsp;&nbsp;&nbsp; BPCE SA <br>5.876% (5.876% fixed rate until 1/14/2030; 1 day USD SOFR + 1.68% thereafter) <br> due 1/14/2031<sup>(2)(5)</sup> |  | 250000 |  | 259530 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. <br>5.841% (5.841% fixed rate until 1/23/2029; 1 day USD SOFR + 2.01% thereafter) <br> due 1/23/2030<sup>(2)</sup> |  | 60000 |  | 62120 |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia <br>5.071% due 9/14/2028<sup>(5)</sup> |  | 250000 |  | 257493 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.912% (4.912% fixed rate until 7/25/2032; 1 day USD SOFR + 2.08% thereafter) <br> due 7/25/2033<sup>(2)</sup> |  | 165000 |  | 165950 |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14% (5.14% fixed rate until 1/24/2030; 1 day USD SOFR + 0.90% thereafter) <br> due 1/24/2031<sup>(2)</sup> | $| 125000 | $| 128231 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% due 9/8/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;268000 |  | 267625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.889% due 7/20/2033<sup>(2)</sup> |  | 30000 |  | 30035 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244% (5.244% fixed rate until 1/24/2030; 1 day USD SOFR + 1.11% thereafter) <br> due 1/24/2031<sup>(2)</sup> |  | 185000 |  | 189779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557% due 7/25/2034<sup>(2)</sup> |  | 103000 |  | 106366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.303% (6.303% fixed rate until 10/23/2028; 1 day USD SOFR + 1.79% thereafter) <br> due 10/23/2029<sup>(2)</sup> |  | 220000 |  | 232551 |
|  |  |  |  | **2273518** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.3%** |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp.<br>5.70% (5.70% fixed rate until 2/1/2029; 1 day USD SOFR + 1.91% thereafter) <br> due 2/1/2030<sup>(2)</sup> |  | 50000 |  | 51720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.884% (5.884% fixed rate until 7/26/2034; 1 day USD SOFR + 1.99% thereafter) <br> due 7/26/2035<sup>(2)</sup> |  | 183000 |  | 188660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.051% (6.051% fixed rate until 2/1/2034; 1 day USD SOFR + 2.26% thereafter) <br> due 2/1/2035<sup>(2)</sup> |  | 117000 |  | 122077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.312% (6.312% fixed rate until 6/8/2028; 1 day USD SOFR + 2.64% thereafter) <br> due 6/8/2029<sup>(2)</sup> |  | 104000 |  | 109188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.624% (7.624% fixed rate until 10/30/2030; 1 day USD SOFR + 3.07% thereafter) <br> due 10/30/2031<sup>(2)</sup> |  | 13000 |  | 14687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.964% (7.964% fixed rate until 11/2/2033; 1 day USD SOFR + 3.37% thereafter) <br> due 11/2/2034<sup>(2)</sup> |  | 145000 |  | 168536 |
|  |  |  |  | **654868** |
| &nbsp;&nbsp;&nbsp;**Electric – 0.4%** | &nbsp;&nbsp;&nbsp;**Electric – 0.4%** | &nbsp;&nbsp;&nbsp;**Electric – 0.4%** | &nbsp;&nbsp;&nbsp;**Electric – 0.4%** | &nbsp;&nbsp;&nbsp;**Electric – 0.4%** |
| &nbsp;&nbsp;&nbsp; Alabama Power Co.<br>5.10% due 4/2/2035 |  | 20000 |  | 20160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20-A <br>1.45% due 9/15/2030 |  | 18000 |  | 15602 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% due 6/1/2029<sup>(5)</sup> |  | 34000 |  | 32790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 3/30/2026<sup>(5)</sup> |  | 5000 |  | 5012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 4/1/2028<sup>(5)</sup> |  | 10000 |  | 10203 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85% due 3/15/2031 |  | 95000 |  | 97103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 5/17/2033 |  | 166000 |  | 167413 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-C <br>4.75% due 9/1/2040 | $| 38000 | $| 35419 |
| &nbsp;&nbsp;&nbsp; Ohio Edison Co. <br>4.95% due 12/15/2029<sup>(5)</sup> |  | 20000 |  | 20275 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of Oklahoma <br>5.45% due 1/15/2036 |  | 175000 |  | 176333 |
| &nbsp;&nbsp;&nbsp; Texas Electric Market Stabilization Funding LLC <br>Series A-1 <br>4.265% due 8/1/2034<sup>(5)</sup> |  | 179063 |  | 177863 |
| &nbsp;&nbsp;&nbsp; Trans-Allegheny Interstate Line Co. <br>5.00% due 1/15/2031<sup>(5)</sup> |  | 20000 |  | 20348 |
|  |  |  |  | **778521** |
| &nbsp;&nbsp;&nbsp;**Food – 0.4%** | &nbsp;&nbsp;&nbsp;**Food – 0.4%** | &nbsp;&nbsp;&nbsp;**Food – 0.4%** | &nbsp;&nbsp;&nbsp;**Food – 0.4%** | &nbsp;&nbsp;&nbsp;**Food – 0.4%** |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. <br>6.375% due 4/15/2066<sup>(5)</sup> |  | 205000 |  | 206517 |
| &nbsp;&nbsp;&nbsp; Mars, Inc.<br>5.65% due 5/1/2045<sup>(5)</sup> |  | 50000 |  | 50045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 5/1/2055<sup>(5)</sup> |  | 152000 |  | 151618 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. <br>4.25% due 4/15/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;566000 |  | 545964 |
|  |  |  |  | **954144** |
| &nbsp;&nbsp;&nbsp;**Gas – 0.1%** | &nbsp;&nbsp;&nbsp;**Gas – 0.1%** | &nbsp;&nbsp;&nbsp;**Gas – 0.1%** | &nbsp;&nbsp;&nbsp;**Gas – 0.1%** | &nbsp;&nbsp;&nbsp;**Gas – 0.1%** |
| &nbsp;&nbsp;&nbsp; Boston Gas Co. <br>3.15% due 8/1/2027<sup>(5)</sup> |  | 35000 |  | 34078 |
| &nbsp;&nbsp;&nbsp; KeySpan Gas East Corp. <br>2.742% due 8/15/2026<sup>(5)</sup> |  | 162000 |  | 158201 |
|  |  |  |  | **192279** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.2%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.2%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.2%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.2%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.2%** |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 1/15/2031 |  | 231000 |  | 233058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 6/15/2035 |  | 244000 |  | 250166 |
|  |  |  |  | **483224** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.1%** |
| &nbsp;&nbsp;&nbsp; Providence St. Joseph Health Obligated Group <br>5.403% due 10/1/2033 |  | 110000 |  | 111194 |
| &nbsp;&nbsp;&nbsp; Sutter Health <br>Series 20A <br>2.294% due 8/15/2030 |  | 25000 |  | 22580 |
|  |  |  |  | **133774** |
| &nbsp;&nbsp;&nbsp;**Insurance – 1.3%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.3%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.3%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.3%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.3%** |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. <br>4.85% due 5/7/2030 |  | 50000 |  | 50785 |
| &nbsp;&nbsp;&nbsp; Athene Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 3/24/2028<sup>(5)</sup> |  | 382000 |  | 361418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.583% due 1/9/2029<sup>(5)</sup> |  | 175000 |  | 179805 |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd. <br>6.625% due 5/19/2055 |  | 60000 |  | 61674 |
| &nbsp;&nbsp;&nbsp; Beacon Funding Trust <br>6.266% due 8/15/2054<sup>(5)</sup> |  | 100000 |  | 98986 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Insurance** (continued) | &nbsp;&nbsp;&nbsp;**Insurance** (continued) | &nbsp;&nbsp;&nbsp;**Insurance** (continued) | &nbsp;&nbsp;&nbsp;**Insurance** (continued) | &nbsp;&nbsp;&nbsp;**Insurance** (continued) |
| &nbsp;&nbsp;&nbsp; Belrose Funding Trust II <br>6.792% due 5/15/2055<sup>(5)</sup> | $| 130000 | $| 132760 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial Global Funding <br>5.65% due 6/10/2029<sup>(5)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;266000 |  | 272022 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 6/23/2030 |  | 55000 |  | 55558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 6/23/2032 |  | 10000 |  | 10204 |
| &nbsp;&nbsp;&nbsp; GA Global Funding Trust <br>5.20% due 12/9/2031<sup>(5)</sup> |  | 230000 |  | 230580 |
| &nbsp;&nbsp;&nbsp; Henneman Trust <br>6.58% due 5/15/2055<sup>(5)</sup> |  | 175000 |  | 176239 |
| &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc. <br>4.569% due 2/1/2029<sup>(5)</sup> |  | 109000 |  | 109120 |
| &nbsp;&nbsp;&nbsp; Lincoln Financial Global Funding<br>4.625% due 5/28/2028<sup>(5)</sup> |  | 55000 |  | 55397 |
| &nbsp;&nbsp;&nbsp; Mutual of Omaha Cos Global Funding <br>5.00% due 4/1/2030<sup>(5)</sup> |  | 95000 |  | 96866 |
| &nbsp;&nbsp;&nbsp; Pricoa Global Funding I <br>5.35% due 5/28/2035<sup>(5)</sup> |  | 150000 |  | 152496 |
| &nbsp;&nbsp;&nbsp; Protective Life Global Funding <br>5.432% due 1/14/2032<sup>(5)</sup> |  | 185000 |  | 190972 |
| &nbsp;&nbsp;&nbsp; RGA Global Funding <br>5.25% due 1/9/2030<sup>(5)</sup> |  | 165000 |  | 169194 |
| &nbsp;&nbsp;&nbsp; Sammons Financial Group Global Funding <br>4.95% due 6/12/2030<sup>(5)</sup> |  | 260000 |  | 263076 |
|  |  |  |  | **2667152** |
| &nbsp;&nbsp;&nbsp;**Investment Companies – 0.1%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.1%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.1%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.1%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.1%** |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Developmental Holding Co. PJSC <br>4.375% due 10/2/2031<sup>(5)</sup> |  | 265000 |  | 260283 |
|  |  |  |  | **260283** |
| &nbsp;&nbsp;&nbsp;**Media – 0.1%** | &nbsp;&nbsp;&nbsp;**Media – 0.1%** | &nbsp;&nbsp;&nbsp;**Media – 0.1%** | &nbsp;&nbsp;&nbsp;**Media – 0.1%** | &nbsp;&nbsp;&nbsp;**Media – 0.1%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications<br>Operating Capital <br>3.90% due 6/1/2052 |  | 347000 |  | 237799 |
|  |  |  |  | **237799** |
| &nbsp;&nbsp;&nbsp;**Mining – 0.3%** | &nbsp;&nbsp;&nbsp;**Mining – 0.3%** | &nbsp;&nbsp;&nbsp;**Mining – 0.3%** | &nbsp;&nbsp;&nbsp;**Mining – 0.3%** | &nbsp;&nbsp;&nbsp;**Mining – 0.3%** |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.371% due 4/4/2029<sup>(5)</sup> |  | 110000 |  | 112709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.893% due 4/4/2054<sup>(5)</sup> |  | 92000 |  | 90177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.141% due 4/1/2055<sup>(5)</sup> |  | 35000 |  | 35355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 10/6/2030<sup>(5)</sup> |  | 309000 |  | 331248 |
|  |  |  |  | **569489** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.2%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.2%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.2%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.2%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.2%** |
| &nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 6/2/2035<sup>(5)</sup> |  | 240000 |  | 240972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 6/2/2055<sup>(5)</sup> |  | 200000 |  | 199518 |
|  |  |  |  | **440490** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 0.8%** | &nbsp;&nbsp;&nbsp;**Pipelines – 0.8%** | &nbsp;&nbsp;&nbsp;**Pipelines – 0.8%** |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.097% due 10/1/2031<sup>(5)</sup> | $75000 | $75344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.681% due 1/15/2034<sup>(5)</sup> | 40000 | 40434 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.927% due 8/15/2030<sup>(5)</sup> | 45000 | 47505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.497% due 8/15/2043<sup>(5)</sup> | 89000 | 91986 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 6/20/2030 | 50000 | 50526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 6/20/2035 | 50000 | 50885 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 6/15/2028 | 12000 | 12174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 4/1/2030 | 260000 | 265668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% due 4/1/2055 | 158000 | 155589 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC<br>5.20% due 1/15/2036 | 125000 | 126074 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60% due 10/15/2025<sup>(5)</sup> | 85000 | 84266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45% due 10/15/2027<sup>(5)</sup> | 15000 | 14688 |
| &nbsp;&nbsp;&nbsp; Greensaif Pipelines Bidco SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.853% due 2/23/2036<sup>(5)</sup> | 200000 | 201988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.103% due 8/23/2042<sup>(5)</sup> | 205000 | 204596 |
| &nbsp;&nbsp;&nbsp; Whistler Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 9/30/2029<sup>(5)</sup> | 193000 | 195357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 9/30/2031<sup>(5)</sup> | 130000 | 132632 |
|  |  | **1749712** |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 0.5%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 0.5%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 0.5%** |
| &nbsp;&nbsp;&nbsp; American Tower Trust I <br>5.49% due 3/15/2028<sup>(5)</sup> | 315000 | 320091 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10% due 4/1/2031 | 15000 | 12871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% due 1/15/2031 | 5000 | 4350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% due 7/1/2030 | 34000 | 31819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% due 2/15/2029 | 28000 | 27645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 9/1/2028 | 36000 | 36215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 9/1/2029 | 49000 | 49415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 5/1/2033 | 76000 | 75716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;106000 | 104978 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP <br>5.40% due 6/15/2035 | 308000 | 309672 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group LP <br>5.20% due 8/15/2032 | 25000 | 25264 |
| &nbsp;&nbsp;&nbsp; WEA Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 1/15/2027<sup>(5)</sup> | 20000 | 19467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 6/15/2029<sup>(5)</sup> | 45000 | 43078 |
|  |  | **1060581** |
| &nbsp;&nbsp;&nbsp;**Retail – 0.0%** | &nbsp;&nbsp;&nbsp;**Retail – 0.0%** | &nbsp;&nbsp;&nbsp;**Retail – 0.0%** |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. <br>4.80% due 5/15/2030 | 60000 | 60746 |
|  |  | **60746** |
| &nbsp;&nbsp;&nbsp;**Semiconductors – 0.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.4%** |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90% due 1/25/2033<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | 207380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% due 1/25/2032<sup>(5)</sup> | 200000 | 210294 |

---

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Semiconductors** (continued) | &nbsp;&nbsp;&nbsp;**Semiconductors** (continued) | &nbsp;&nbsp;&nbsp;**Semiconductors** (continued) | &nbsp;&nbsp;&nbsp;**Semiconductors** (continued) | &nbsp;&nbsp;&nbsp;**Semiconductors** (continued) |
| &nbsp;&nbsp;&nbsp; Intel Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60% due 3/25/2040 | $| 345000 | $| 303055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% due 2/21/2054 |  | 260000 |  | 238225 |
|  |  |  |  | **958954** |
| &nbsp;&nbsp;&nbsp;**Software – 0.4%** | &nbsp;&nbsp;&nbsp;**Software – 0.4%** | &nbsp;&nbsp;&nbsp;**Software – 0.4%** | &nbsp;&nbsp;&nbsp;**Software – 0.4%** | &nbsp;&nbsp;&nbsp;**Software – 0.4%** |
| &nbsp;&nbsp;&nbsp; Constellation Software, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.158% due 2/16/2029<sup>(5)</sup> |  | 30000 |  | 30570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.461% due 2/16/2034<sup>(5)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;232000 |  | 236617 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65% due 3/25/2041 |  | 215000 |  | 169231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% due 9/27/2034 |  | 101000 |  | 98076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 2/3/2032 |  | 85000 |  | 87207 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. <br>5.00% due 4/1/2032 |  | 160000 |  | 162038 |
|  |  |  |  | **783739** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 0.2%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.2%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.2%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.2%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.2%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 6/1/2041 |  | 100000 |  | 78430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65% due 6/1/2051 |  | 95000 |  | 67374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85% due 6/1/2060 |  | 19000 |  | 13284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% due 12/15/2042 |  | 242000 |  | 203888 |
|  |  |  |  | **362976** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $14,660,332) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $14,660,332) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $14,660,332) |  | **14886849** |
| &nbsp;&nbsp;&nbsp;**Municipals – 0.3%** | &nbsp;&nbsp;&nbsp;**Municipals – 0.3%** | &nbsp;&nbsp;&nbsp;**Municipals – 0.3%** | &nbsp;&nbsp;&nbsp;**Municipals – 0.3%** | &nbsp;&nbsp;&nbsp;**Municipals – 0.3%** |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales & Transfer Tax Receipts Revenue <br>Series A <br>6.899% due 12/1/2040 |  | 46927 |  | 51959 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport <br>Series A <br>4.087% due 11/1/2051 |  | 100000 |  | 80885 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br>Series C2 <br>5.175% due 11/15/2049 |  | 10000 |  | 8947 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia <br>Series A <br>6.637% due 4/1/2057 |  | 144000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155629 |
| &nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue <br>Series N <br>3.006% due 5/15/2050 |  | 125000 |  | 80387 |
| &nbsp;&nbsp;&nbsp; Texas Natural Gas Securitization Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.102% due 4/1/2035 |  | 105921 |  | 108219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.169% due 4/1/2041 |  | 35000 |  | 35333 |
| &nbsp;&nbsp;&nbsp;**Total Municipals** <br> (Cost $576,070) | &nbsp;&nbsp;&nbsp;**Total Municipals** <br> (Cost $576,070) | &nbsp;&nbsp;&nbsp;**Total Municipals** <br> (Cost $576,070) |  | **521359** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 0.8%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 0.8%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 0.8%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 0.8%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 0.8%** |
| &nbsp;&nbsp;&nbsp; Fannie Mae REMIC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-42, Class LA <br>3.00% due 8/25/2049 |  | 230958 |  | 213465 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-27, Class HC <br>1.50% due 10/25/2049 | $342819 | $| 269988 |
| &nbsp;&nbsp;&nbsp; Freddie Mac REMIC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3967, Class ZP <br>4.00% due 9/15/2041 | 220235 |  | 213314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5170, Class DP <br>2.00% due 7/25/2050 | 196372 |  | 171864 |
| &nbsp;&nbsp;&nbsp; Ginnie Mae REMIC <br>Series 2021-215, Class KA <br>2.50% due 10/20/2049 | 246546 |  | 216841 |
| &nbsp;&nbsp;&nbsp; PRET Trust <br>Series 2025-RPL2, Class A1 <br>4.00% due 8/25/2064<sup>(2)(3)(5)</sup> | 248308 |  | 238716 |
| &nbsp;&nbsp;&nbsp; RFR Trust <br>Series 2025-SGRM, Class A <br>5.562% due 3/11/2041<sup>(2)(3)(5)</sup> | 447317 |  | 455539 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities**<br> (Cost $1,818,896) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities**<br> (Cost $1,818,896) |  | **1779727** |
| &nbsp;&nbsp;&nbsp;**Foreign Government – 0.3%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 0.3%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 0.3%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 0.3%** |
| &nbsp;&nbsp;&nbsp; Israel Government International Bonds <br>5.375% due 3/12/2029  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 |  | 223997 |
| &nbsp;&nbsp;&nbsp; Mexico Government International Bonds <br>6.75% due 9/27/2034  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196000 |  | 208152 |
| &nbsp;&nbsp;&nbsp; Saudi Government International Bonds <br>5.375% due 1/13/2031<sup>(5)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 |  | 279164 |
| &nbsp;&nbsp;&nbsp;**Total Foreign Government** <br> (Cost $701,755) | &nbsp;&nbsp;&nbsp;**Total Foreign Government** <br> (Cost $701,755) |  | **711313** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 15.6%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 15.6%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 15.6%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 15.6%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% due 2/15/2052 | $566900 |  | 346429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 5/15/2051 | 358700 |  | 227494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/15/2045 | 207700 |  | 146234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 11/15/2044 | 70500 |  | 54274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 5/15/2042 | 25000 |  | 20680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 8/15/2042 | 29600 |  | 24841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 2/15/2053 | 385000 |  | 314377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 5/15/2053 | 232300 |  | 189506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 2/15/2043 | 544700 |  | 487592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 5/15/2043 | 536200 |  | 478977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/15/2042 | 976900 |  | 891116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/15/2052 | 389300 |  | 340516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 8/15/2044 | 334800 |  | 306813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 8/15/2053 | 268100 |  | 239531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 2/15/2054 | 38700 |  | 35314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 8/15/2043 | 478600 |  | 456315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 2/15/2044 | 392900 |  | 379701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/15/2054 | 211400 |  | 201557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 5/15/2044 | 478200 |  | 469010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2044 | 382000 |  | 374002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 5/15/2054 | 312700 |  | 303808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2055 | 269200 |  | 262134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 11/15/2043 | 435700 |  | 435223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 2/15/2045 | 427400 |  | 425196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 11/15/2053 | 377800 |  | 374494 |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities** (continued) | &nbsp;&nbsp;&nbsp;**U.S. Government Securities** (continued) | &nbsp;&nbsp;&nbsp;**U.S. Government Securities** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 5/15/2055 | $380500 | $378419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 5/15/2045 | 478100 | 491173 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% due 4/30/2027 | 373200 | 366582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 9/30/2029 | 479300 | 474544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/2029 | 554600 | 551914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 4/30/2027 | 698800 | 698745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 6/30/2027 | 1143200 | 1143914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 8/15/2027 | 282900 | 283033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 5/15/2028 | 686300 | 687426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 12/31/2028 | 539400 | 539906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 8/31/2031 | 29400 | 29127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 3/31/2027 | 1194900 | 1196907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 5/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;609300 | 610752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 10/15/2027 | 141500 | 141997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 12/31/2027 | 219600 | 220526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 12/31/2029 | 147100 | 147732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 4/30/2030 | 896900 | 900614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 6/30/2030 | 536600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 1/15/2027 | 197000 | 197477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 12/15/2027 | 46300 | 46629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 6/30/2028 | 155000 | 156332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 1/31/2029 | 337900 | 340989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/31/2029 | 310500 | 313435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/31/2029 | 441900 | 446146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 2/28/2030 | 906500 | 915494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 3/31/2030 | 738200 | 745178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 5/31/2030 | 860100 | 868567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/2026 | 488400 | 489774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 1/31/2027 | 401600 | 403483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 2/28/2027 | 993300 | 998577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 9/30/2027 | 373400 | 376813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 3/31/2029 | 324900 | 329342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/2029 | 24400 | 24753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/30/2029 | 429200 | 435537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/2031 | 41800 | 42241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 3/31/2032 | 341100 | 344191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 5/31/2032 | 277300 | 279683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 11/30/2026 | 405900 | 408025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 1/15/2028 | 279800 | 283451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 2/28/2029 | 546400 | 556133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 6/30/2029 | 494000 | 503262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 1/31/2030 | 535000 | 545658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 11/15/2034 | 269800 | 270727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 5/15/2035 | 951900 | 953536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 12/15/2026 | 250000 | 251875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 7/15/2027 | 280500 | 284006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 11/30/2028 | 410000 | 418616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 12/31/2029 | 340200 | 348705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/31/2029 | 468600 | 481450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 12/31/2031 | 235300 | 242653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2026 | 648000 | 654353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 9/30/2028 | 443200 | 455526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 4/30/2029 | 554400 | 571812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 4/30/2031 | 62600 | 65006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2035 | 755500 | 779700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 10/31/2028 | 140700 | 145767 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $33,458,883) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $33,458,883) | **33162043** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Share** | **Value** |
| &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 0.5%** | &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 0.5%** | &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 0.5%** |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 1601 | $989178 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds** <br> (Cost $964,360) | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds** <br> (Cost $964,360) | **989178** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.4%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.4%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.4%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $934,928, due 7/1/2025<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;934892 | 934892 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $934,892) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $934,892) | **934892** |
| &nbsp;&nbsp;&nbsp;**Total Investments Before TBA Sale Commitments – 101.1%** | &nbsp;&nbsp;&nbsp;**Total Investments Before TBA Sale Commitments – 101.1%** | &nbsp;&nbsp;&nbsp;**Total Investments Before TBA Sale Commitments – 101.1%** |
| &nbsp;&nbsp;&nbsp;(Cost $191,239,024) | &nbsp;&nbsp;&nbsp;(Cost $191,239,024) | **215196495** |
| &nbsp;&nbsp;&nbsp;**TBA Sale Commitments** | &nbsp;&nbsp;&nbsp;**TBA Sale Commitments** | &nbsp;&nbsp;&nbsp;**TBA Sale Commitments** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – (1.4)%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – (1.4)%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – (1.4)%** |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association <br>3.00% due 7/20/2054<sup>(4)</sup> | (128000) | (113144) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/20/2054<sup>(4)</sup> | (403000) | (374590) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 7/20/2054<sup>(4)</sup> | (293000) | (280395) |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security | &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security | &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 7/1/2039<sup>(4)</sup> | (359000) | (356775) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 7/1/2054<sup>(4)</sup> | (878000) | (694830) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 7/1/2054<sup>(4)</sup> | (486000) | (437568) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/1/2054<sup>(4)</sup> | (213000) | (198064) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 7/1/2054<sup>(4)</sup> | (534000) | (542720) |
| &nbsp;&nbsp;&nbsp;**Total TBA Sale Commitments** <br> (Proceeds $2,955,884) | &nbsp;&nbsp;&nbsp;**Total TBA Sale Commitments** <br> (Proceeds $2,955,884) | **(2998086)** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.3%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.3%** | **691188** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**212889597** |

---

<sup>(1)</sup> Non–income–producing security.

<sup>(2)</sup> Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2025.

<sup>(3)</sup> Variable coupon rate based on weighted average interest rate of underlying mortgages.

<sup>(4)</sup> TBA — To be announced.

<sup>(5)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2025, the aggregate market value of these securities amounted to $10,527,531, representing 4.9% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees. 

<sup>(6)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $937500 | $953637 |

---

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

#### Open futures contracts at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation** |
| &nbsp;&nbsp;&nbsp;U.S. 5-Year Treasury Note | September 2025 | 6 | Long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650793 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207 |

---

#### Legend:
ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;Investments in Securities | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $141625377 | $— | $— | $141625377 |
| &nbsp;&nbsp;&nbsp;Agency Mortgage-Backed Securities |  | 18064901 |  | 18064901 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 2520856 |  | 2520856 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 14886849 |  | 14886849 |
| &nbsp;&nbsp;&nbsp;Municipals |  | 521359 |  | 521359 |
| &nbsp;&nbsp;&nbsp;Non-Agency Mortgage-Backed Securities |  | 1779727 |  | 1779727 |
| &nbsp;&nbsp;&nbsp;Foreign Government |  | 711313 |  | 711313 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 33162043 |  | 33162043 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 989178 |  |  | 989178 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 934892 |  | 934892 |
| &nbsp;&nbsp;&nbsp;**Total** | $**142614555** | $**72581940** | $**—** | $**215196495** |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;TBA Sale Commitments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | $— | $(2998086) | $— | $(2998086) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | 3207 |  |  | 3207 |
| &nbsp;&nbsp;&nbsp;**Total** | $**3207** | $**(2998086)** | $**—** | $**(2994879)** |

---

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

------

#### FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215196495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 4872215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for TBA sale commitments | 2955884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 657016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash deposits with brokers for futures contracts | 8250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 3627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 2974 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **223696904** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 7322342 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA sale commitments, at value | 2998086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 276927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 82267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 42848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 29626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 20518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for variation margin on futures contracts | 7107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 27586 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **10807307** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**212889597** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $150277402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 62612195 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**212889597** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $191239024 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA Sale Commitments, Proceeds | $2955884 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **15926455** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$13.37** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 753437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (6164) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **2458179** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 497982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 259365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 61518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 41161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 37569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 26328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 10482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 7144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 6906 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **948455** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **1509724** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 10357412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | 18840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (1244772) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | 2259 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Derivative Contracts** | **9133739** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**10643463** |

---

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $1509724 | $3116532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and derivative contracts | 10376252 | 23158178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and derivative contracts | (1242513) | 2746156 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **10643463** | **29020866** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 680068 | 4729385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (17611362) | (36474915) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(16931294)** | **(31745530)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(6287831)** | **(2724664)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 219177428 | 221902092 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212889597 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219177428 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 54456 | 401623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1399115) | (3032921) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(1344659)** | **(2631298)** |

---

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

------

This Page Intentionally Left Blank

**11**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $12.69 | $0.09 | $0.59 | $0.68 | $13.37 | 5.36%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 11.15 | 0.17 | 1.37 | 1.54 | 12.69 | 13.81% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 9.46 | 0.14 | 1.55 | 1.69 | 11.15 | 17.86% |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/22<sup>(5)</sup> | 10.00 | 0.07 | (0.61) | (0.54) | 9.46 | (5.40)%<sup>(4)</sup> |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average Net<br>Assets** | **Portfolio<br>Turnover Rate** |
| $212890 | 0.91%<sup>(4)</sup> | 0.91%<sup>(4)</sup> | 1.46%<sup>(4)</sup> | 1.46%<sup>(4)</sup> | 87%<sup>(4)</sup> |
| 219177 | 0.89% | 0.89% | 1.39% | 1.39% | 82% |
| 221902 | 0.88% | 0.88% | 1.41% | 1.41% | 93% |
| 214197 | 0.86%<sup>(4)</sup> | 0.86%<sup>(4)</sup> | 1.17%<sup>(4)</sup> | 1.17%<sup>(4)</sup> | 59%<sup>(4)</sup> |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2022, certain non-recurring fees (i.e., audit fees) are not annualized. 

<sup>(5)</sup> Commenced operations on May 2, 2022.

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Balanced Allocation VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on May 2, 2022. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks to provide capital appreciation and moderate current income while seeking to manage volatility.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation

oversight, including but not limited to consideration of security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

The valuations of debt securities for which quoted bid prices are readily available are valued at the bid price by independent pricing services (each, a "Service"). Debt securities for which quoted bid prices are not readily available are valued by a Service at the evaluated bid price provided by the Service or the bid price provided by an independent broker-dealer or at a calculated price based on the spread to an appropriate benchmark provided by such broker-dealer.

Exchange-traded financial futures contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally

14.0 ------

determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment

portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have

**15**

------

inputs which can generally be corroborated by market data and are therefore classified within Level 2.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**c. Futures Contracts** The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

**d. Credit Derivatives** The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

The Fund may enter into credit default swap agreements either as a buyer or seller. The Fund may buy protection under a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell protection under a credit default swap in an attempt to gain exposure to an underlying issuer's credit quality characteristics without investing directly in that issuer.

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. In entering into swap contracts, the Fund is required to deposit with the broker (or for the benefit of the broker), either in cash or securities, an amount equal to a percentage of the notional value of the contract. Subsequent payments are received or made by the Fund

each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund.

The Fund may also enter into cleared swaps with a central clearinghouse. In a centrally cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty serving as the clearinghouse, and performance of the transaction is effectively guaranteed against default by such counterparty, thereby reducing or eliminating the Fund's exposure to the credit risk of the original counterparty. The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse. The margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction.

The Fund may not achieve the anticipated benefits of swap contracts and may realize a loss. There were no credit default swaps held as of June 30, 2025.

**e. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss)

16.0 ------

from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**f. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**g. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**h. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**i. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information

provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.48% of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.94% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 0.95%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue did not waive any fees or pay any Fund expenses.

Park Avenue has entered into a Sub-Advisory Agreement with Wellington Management Company LLP ("Wellington"). Wellington is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with

**17**

------

PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $259,365 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Other**<br> **Investments** | **U.S. Government and**<br> **Agency Obligations** |
| &nbsp;&nbsp;&nbsp;Purchases | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151048116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31191295 |
| &nbsp;&nbsp;&nbsp;Sales | 160905185 | 33484793 |

---

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund

may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Securities Purchased on a When-Issued or Delayed-Delivery Basis** The Fund may purchase securities on a when-issued or delayed-delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than at the trade date purchase price. Although the Fund will generally enter into these transactions with the intention of taking delivery of the securities, it may sell the securities before the settlement date. Assets will be segregated when a fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.

To-be-announced ("TBA") securities and purchase commitments are commitments to purchase mortgage-backed securities for a fixed price at a future date. At the time of purchase, the seller does not specify the particular mortgage-backed securities to be delivered. Instead, a Fund agrees to accept any mortgage-backed security that meets specified terms. Thus, a Fund and the seller would agree upon the issuer, interest rate and terms of the underlying mortgages, but the seller would not identify the specific underlying mortgages until shortly before it issues the mortgage-backed security. The principal risks are that the

18.0 ------

counterparty may not deliver the security as promised and/or that the value of the TBA security may decline prior to when the Fund receives the security. Also, the value of TBA securities on the delivery date may be more or less than the price paid by a Fund to purchase the securities. A Fund will lose money if the value of the TBA security declines below the purchase price and will not benefit if the value of the security appreciates above the sale price prior to delivery.

**f. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of June 30, 2025, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

**g. Below Investment Grade Securities** The Fund may invest in below investment grade securities (*i.e.* lower-quality, "junk" debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

**h. Mortgage- and Asset-Backed Securities** The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National

Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac"), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government. In addition, mortgage-backed and other asset-backed securities are subject to the risk that underlying obligations will be repaid sooner (known as "prepayment risk") or later (known as "extension risk") than expected because of changes in interest rates, either of which may result in lower than expected returns for the Fund. Because mortgage-backed securities are backed by mortgage loans, they also are subject to risks associated with the ownership of real estate and the real estate industry.

**i. Treasury Inflation Protected Securities** Treasury inflation protected securities ("TIPS") are debt securities issued by the U.S. Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index ("CPI"). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

**j. Derivative Instruments** Investments in derivatives (including short exposures through derivatives) pose risks in addition to, and potentially greater than, those associated with investing directly in other investments, including potentially heightened liquidity and valuation risk, counterparty risk, market risk, operational risk, and legal risk. In addition, certain derivatives result in leverage, which can result in losses substantially greater than the amount invested in the derivatives by the Fund. The Fund entered into U.S. Treasury futures contracts for the six months ended June 30, 2025 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures

**19**

------

contracts and realize a loss. With respect to exchange traded futures, the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees futures contracts against default.

As of June 30, 2025, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund's use of derivative instruments:

---

| | |
|:---|:---|
|  | **Interest Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Asset Derivatives** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $3207 |

---

<sup>1</sup> Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative investments for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  | **Interest Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>1</sup> | $18840 |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** | &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>2</sup> | $2259 |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>3</sup> | 8 |

---

<sup>1</sup> Statement of Operations location: Net realized gain/(loss) from futures contracts.

<sup>2</sup> Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

<sup>3</sup> Amount represents number of contracts. 

**k. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

20.0 ------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select

Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International

**21**

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend Sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement Sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

22.0 ------

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds.

The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would

**23**

------

be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive

because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a Sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an

24.0 ------

opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the

**25**

------

1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

26.0 ------

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection

with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

**27**

------

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee and the actual management fee were in the

2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group. <br>

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

28.0 ------

This Page Intentionally Left Blank

**29**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g81070g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB11738

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Equity Income VIP Fund
![LOGO](g21070g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian Equity Income VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin8toc21070_1)** |  |
| [Schedule of Investments](#fin8toc21070_2) | 1 |
| [Statement of Assets and Liabilities](#fin8toc21070_3) | 3 |
| [Statement of Operations](#fin8toc21070_4) | 3 |
| [Statements of Changes in Net Assets](#fin8toc21070_5) | 4 |
| [Financial Highlights](#fin8toc21070_6) | 6 |
| [Notes to Financial Statements](#fin8toc21070_7) | 8 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin8toc21070_8)** | 13 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin8toc21070_9)** | 13 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin8toc21070_10)** | 13 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin8toc21070_11)** | 13 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN EQUITY INCOME VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Common Stocks – 98.8% | &nbsp;&nbsp;&nbsp;Common Stocks – 98.8% | &nbsp;&nbsp;&nbsp;Common Stocks – 98.8% |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense – 3.1% | &nbsp;&nbsp;&nbsp;Aerospace & Defense – 3.1% | &nbsp;&nbsp;&nbsp;Aerospace & Defense – 3.1% |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 66980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16801263 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 24489 | 12244010 |
|  |  | **29045273** |
| &nbsp;&nbsp;&nbsp;**Banks – 8.4%** | &nbsp;&nbsp;&nbsp;**Banks – 8.4%** | &nbsp;&nbsp;&nbsp;**Banks – 8.4%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 611118 | 28918103 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 84032 | 24361717 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 70220 | 13621978 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 475367 | 11180632 |
|  |  | **78082430** |
| &nbsp;&nbsp;&nbsp;**Beverages – 3.6%** | &nbsp;&nbsp;&nbsp;**Beverages – 3.6%** | &nbsp;&nbsp;&nbsp;**Beverages – 3.6%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 60514 | 9844417 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 366084 | 12102737 |
| &nbsp;&nbsp;&nbsp; Pernod Ricard SA (France) | 114259 | 11413458 |
|  |  | **33360612** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 1.9%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.9%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.9%** |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 155807 | 17274322 |
|  |  | **17274322** |
| &nbsp;&nbsp;&nbsp;**Building Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Building Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Building Products – 1.3%** |
| &nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 39594 | 2038299 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 96993 | 10244401 |
|  |  | **12282700** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 6.8%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 6.8%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 6.8%** |
| &nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 53228 | 9219090 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 57020 | 10461459 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 118493 | 16690924 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 158405 | 14164575 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 83131 | 12749802 |
|  |  | **63285850** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 1.4%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.4%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.4%** |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 114640 | 13040300 |
|  |  | **13040300** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 1.5%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 1.5%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 1.5%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 197344 | 13691727 |
|  |  | **13691727** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 1.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 1.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 1.2%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 64894 | 11386950 |
|  |  | **11386950** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.9%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.9%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.9%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 141095 | 14640017 |
| &nbsp;&nbsp;&nbsp; PPL Corp. | 366285 | 12413399 |
|  |  | **27053416** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.7%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.7%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.7%** |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | 120878 | 16116664 |
|  |  | **16116664** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.4%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.4%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.4%** |
| &nbsp;&nbsp;&nbsp; TE Connectivity PLC | 78151 | 13181729 |
|  |  | **13181729** |
| &nbsp;&nbsp;&nbsp;**Food Products – 1.7%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.7%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.7%** |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 291047 | 15361461 |
|  |  | **15361461** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Gas Utilities – 1.3% | &nbsp;&nbsp;&nbsp;Gas Utilities – 1.3% | &nbsp;&nbsp;&nbsp;Gas Utilities – 1.3% |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 79272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12216608 |
|  |  | **12216608** |
| &nbsp;&nbsp;&nbsp;**Ground Transportation – 1.4%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 1.4%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 1.4%** |
| &nbsp;&nbsp;&nbsp; Canadian National Railway Co. (Canada) | 126300 | 13160057 |
|  |  | **13160057** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.9%** |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 34930 | 13586373 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 73022 | 22780673 |
|  |  | **36367046** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.0%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.0%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.0%** |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 42381 | 9237787 |
|  |  | **9237787** |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 1.7%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 1.7%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 1.7%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 67157 | 15639522 |
|  |  | **15639522** |
| &nbsp;&nbsp;&nbsp;**Insurance – 4.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.0%** |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | 214997 | 18401593 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 42176 | 9221361 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 114758 | 9228838 |
|  |  | **36851792** |
| &nbsp;&nbsp;&nbsp;**IT Services – 2.6%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.6%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.6%** |
| &nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 38308 | 11449878 |
| &nbsp;&nbsp;&nbsp; Amdocs Ltd. | 133032 | 12137840 |
|  |  | **23587718** |
| &nbsp;&nbsp;&nbsp;**Machinery – 3.0%** | &nbsp;&nbsp;&nbsp;**Machinery – 3.0%** | &nbsp;&nbsp;&nbsp;**Machinery – 3.0%** |
| &nbsp;&nbsp;&nbsp; IDEX Corp. | 52260 | 9175288 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | 195546 | 18588603 |
|  |  | **27763891** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 2.4%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 2.4%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 2.4%** |
| &nbsp;&nbsp;&nbsp; Anglo American PLC (United Kingdom) | 319581 | 9434435 |
| &nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 591772 | 12320693 |
|  |  | **21755128** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 4.4%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 4.4%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 4.4%** |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 268799 | 15192519 |
| &nbsp;&nbsp;&nbsp; Sempra | 209162 | 15848205 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 88485 | 9220137 |
|  |  | **40260861** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 8.8%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 8.8%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 8.8%** |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 241082 | 21634699 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 599775 | 15222289 |
| &nbsp;&nbsp;&nbsp; EQT Corp. | 267275 | 15587478 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 54582 | 9066616 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | 71635 | 12470221 |
| &nbsp;&nbsp;&nbsp; TotalEnergies SE (France) | 118639 | 7297170 |
|  |  | **81278473** |
| &nbsp;&nbsp;&nbsp;**Personal Care Products – 2.7%** | &nbsp;&nbsp;&nbsp;**Personal Care Products – 2.7%** | &nbsp;&nbsp;&nbsp;**Personal Care Products – 2.7%** |
| &nbsp;&nbsp;&nbsp; Kenvue, Inc. | 377405 | 7899087 |
| &nbsp;&nbsp;&nbsp; Unilever PLC, ADR | 275073 | 16826215 |
|  |  | **24725302** |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 8.7%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 8.7%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 8.7%** |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC, ADR | 159826 | $11168641 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 161918 | 24732975 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 261964 | 20737070 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 565655 | 13711477 |
| &nbsp;&nbsp;&nbsp; Roche Holding AG (Switzerland) | 30603 | 10004440 |
|  |  | **80354603** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.7%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 41188 | 11353472 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 64114 | 14008268 |
|  |  | **25361740** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs – 6.1%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 6.1%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 6.1%** |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 158919 | 16325749 |
| &nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 352464 | 16453020 |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 100920 | 12247651 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 427448 | 10981139 |
|  |  | **56007559** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.2%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.2%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.2%** |
| &nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 156644 | 8162634 |
| &nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA, ADR | 264478 | 3451438 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | 173689 | 9165569 |
|  |  | **20779641** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 0.9%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 0.9%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 0.9%** |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | 80512 | 8578554 |
|  |  | **8578554** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.8%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.8%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.8%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 101787 | 7230948 |
|  |  | **7230948** |
| &nbsp;&nbsp;&nbsp;**Tobacco – 1.5%** | &nbsp;&nbsp;&nbsp;**Tobacco – 1.5%** | &nbsp;&nbsp;&nbsp;**Tobacco – 1.5%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 78085 | 14221621 |
|  |  | **14221621** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.9%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.9%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.9%** |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 39335 | 8565196 |
|  |  | **8565196** |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.9%** |
| &nbsp;&nbsp;&nbsp; T-Mobile U.S., Inc. | 36601 | 8720554 |
|  |  | **8720554** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $870,346,587) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $870,346,587) | **915828035** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.8%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.8%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.8%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $7,806,256, due 7/1/2025<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7805961 | $7805961 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $7,805,961) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $7,805,961) | **7805961** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.6%** <br> (Cost $878,152,548) | &nbsp;&nbsp;&nbsp;**Total Investments – 99.6%** <br> (Cost $878,152,548) | **923633996** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.4%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.4%** | **3284288** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**926918284** |

---

<sup>(1)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $7827600 | $7962194 |

---

#### Legend:
ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $869515898 | $46312137 \* | $— | $915828035 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 7805961 |  | 7805961 |
| &nbsp;&nbsp;&nbsp;**Total** | $**869515898** | $**54118098** | $**—** | $**923633996** |

---

\* Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Note 2a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.

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

------

#### FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $923633996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 63888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 3408873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 1507669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 314993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 46365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 22460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **928999902** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 860946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 720445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 376867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 30297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 16628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 11857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 64578 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **2081618** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**926918284** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $846555481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 80362803 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**926918284** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878152548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $63844 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **71885749** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$12.89** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $6563751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 39532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (91919) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **6511364** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 986007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 56856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 56038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 38600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 27545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 7937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 6044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 7179 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1186206** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (46074) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1140132** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **5371232** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 10650528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 131626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 37799349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 8737 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **48590240** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**53961472** |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | | |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $5371232 | $3180750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 10782154 | 7465288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | 37808086 | 2358083 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **53961472** | **13004121** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 783580973<sup>1</sup> | 4493981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (34896584) | (32101112) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions** | **748684389** | **(27607131)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets** | **802645861** | **(14603010)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 124272423 | 138875433 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926918284 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124272423 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 64429596 | 393803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2791532) | (2748425) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease)** | **61638064** | **(2354622)** |

---

<sup>1</sup> Includes in-kind subscriptions of $738,248,836. The cost basis of the contributed securities is equal to the market value of the securities on the date of the subscription. 

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

------

This Page Intentionally Left Blank

**5**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | <br> **Net Realized<br>and Unrealized<br>Gain** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $12.13 | $0.17 | $0.59 | $0.76 | $12.89 | 6.27%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 11.02 | 0.28 | 0.83 | 1.11 | 12.13 | 10.07% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 10.26 | 0.27 | 0.49 | 0.76 | 11.02 | 7.41% |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/22<sup>(5)</sup> | 10.00 | 0.18 | 0.08 | 0.26 | 10.26 | 2.60%<sup>(4)</sup> |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $926918 | 0.58%<sup>(4)</sup> | 0.60%<sup>(4)</sup> | 2.72%<sup>(4)</sup> | 2.70%<sup>(4)</sup> | 158%<sup>(4)</sup> |
| 124272 | 0.63% | 0.67% | 2.38% | 2.34% | 37% |
| 138875 | 0.55% | 0.65% | 2.60% | 2.50% | 37% |
| 143109 | 0.54%<sup>(4)</sup> | 0.64%<sup>(4)</sup> | 2.68%<sup>(4)</sup> | 2.58%<sup>(4)</sup> | 36%<sup>(4)</sup> |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2022, certain non-recurring fees (i.e., audit fees) are not annualized. 

<sup>(5)</sup> Commenced operations on May 2, 2022.

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Equity Income VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on May 2, 2022. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks a high level of current income consistent with growth of capital.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation

oversight, including but not limited to consideration of security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

8.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2025, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**9**

------

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**g. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.50% of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.55% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1,

10.0 ------

2025, the expense limitation was 0.70%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $46,074.

Park Avenue has entered into a Sub-Advisory Agreement with Wellington Management Company LLP ("Wellington"). Wellington is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $759,101,227 and $709,270,375, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically

associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting

**11**

------

the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for

such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

12.0 ------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select

Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a

**13**

------

Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the

Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend Sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement Sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's organizational structure and resources, including investment, legal and administrative capabilities of the

14.0 ------

Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

**15**

------

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds' status under the tax laws as disregarded entities. In addition, the Trustees

considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a Sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

16.0 ------

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

**17**

------

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

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

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance

18.0 ------

universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an

opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

**19**

------

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup>

quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group. <br>

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

20.0 ------

This Page Intentionally Left Blank

**21**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g21070g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB11739

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Select Mid Cap Core VIP Fund
![LOGO](g81197g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian Select Mid Cap Core VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin9toc81197_1)** |  |
| [Schedule of Investments](#fin9toc81197_2) | 1 |
| [Statement of Assets and Liabilities](#fin9toc81197_3) | 5 |
| [Statement of Operations](#fin9toc81197_4) | 5 |
| [Statements of Changes in Net Assets](#fin9toc81197_5) | 6 |
| [Financial Highlights](#fin9toc81197_6) | 8 |
| [Notes to Financial Statements](#fin9toc81197_7) | 10 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin9toc81197_8)** | 16 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin9toc81197_9)** | 16 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin9toc81197_10)** | 16 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin9toc81197_11)** | 16 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 98.5%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.5%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.5%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 4.0%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 4.0%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 4.0%** |
| &nbsp;&nbsp;&nbsp; HEICO Corp., Class A | 10536 | $2726190 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 16090 | 2994832 |
| &nbsp;&nbsp;&nbsp; StandardAero, Inc.<sup>(1)</sup> | 1010 | 31966 |
| &nbsp;&nbsp;&nbsp; Woodward, Inc. | 5780 | 1416620 |
|  |  | **7169608** |
| &nbsp;&nbsp;&nbsp;**Automobile Components – 0.3%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.3%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.3%** |
| &nbsp;&nbsp;&nbsp; Lear Corp. | 6119 | 581183 |
|  |  | **581183** |
| &nbsp;&nbsp;&nbsp;**Banks – 7.7%** | &nbsp;&nbsp;&nbsp;**Banks – 7.7%** | &nbsp;&nbsp;&nbsp;**Banks – 7.7%** |
| &nbsp;&nbsp;&nbsp; Associated Banc-Corp | 31561 | 769773 |
| &nbsp;&nbsp;&nbsp; Bancorp, Inc.<sup>(1)</sup> | 50437 | 2873396 |
| &nbsp;&nbsp;&nbsp; Comerica, Inc. | 21983 | 1311286 |
| &nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 61341 | 936677 |
| &nbsp;&nbsp;&nbsp; First Horizon Corp. | 75303 | 1596424 |
| &nbsp;&nbsp;&nbsp; Hokuhoku Financial Group, Inc. (Japan) | 54260 | 1030752 |
| &nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 11202 | 886302 |
| &nbsp;&nbsp;&nbsp; Piraeus Financial Holdings SA (Greece) | 80288 | 557821 |
| &nbsp;&nbsp;&nbsp; Popular, Inc. | 23825 | 2625753 |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 22505 | 1164634 |
|  |  | **13752818** |
| &nbsp;&nbsp;&nbsp;**Beverages – 0.5%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.5%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.5%** |
| &nbsp;&nbsp;&nbsp; Celsius Holdings, Inc.<sup>(1)</sup> | 9565 | 443721 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 3628 | 405066 |
|  |  | **848787** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 1.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.3%** |
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp.<sup>(1)</sup> | 16400 | 871496 |
| &nbsp;&nbsp;&nbsp; Legend Biotech Corp., ADR<sup>(1)</sup> | 16000 | 567840 |
| &nbsp;&nbsp;&nbsp; Roivant Sciences Ltd.<sup>(1)</sup> | 14000 | 157780 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp.<sup>(1)</sup> | 400 | 114940 |
| &nbsp;&nbsp;&nbsp; Veracyte, Inc.<sup>(1)</sup> | 22800 | 616284 |
|  |  | **2328340** |
| &nbsp;&nbsp;&nbsp;**Building Products – 2.3%** | &nbsp;&nbsp;&nbsp;**Building Products – 2.3%** | &nbsp;&nbsp;&nbsp;**Building Products – 2.3%** |
| &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 6066 | 2265044 |
| &nbsp;&nbsp;&nbsp; Owens Corning | 4260 | 585835 |
| &nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 1850 | 287324 |
| &nbsp;&nbsp;&nbsp; Trex Co., Inc.<sup>(1)</sup> | 16560 | 900533 |
|  |  | **4038736** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.5%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.5%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.5%** |
| &nbsp;&nbsp;&nbsp; AllianceBernstein Holding LP | 20934 | 854735 |
| &nbsp;&nbsp;&nbsp; Blue Owl Capital, Inc. | 60238 | 1157172 |
| &nbsp;&nbsp;&nbsp; Etoro Group Ltd., Class A<sup>(1)</sup> | 214 | 14250 |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 6416 | 355511 |
| &nbsp;&nbsp;&nbsp; Marex Group PLC | 12342 | 487139 |
| &nbsp;&nbsp;&nbsp; Palmer Square Capital BDC, Inc. | 22768 | 317841 |
| &nbsp;&nbsp;&nbsp; Patria Investments Ltd., Class A | 60123 | 845329 |
| &nbsp;&nbsp;&nbsp; Virtu Financial, Inc., Class A | 11191 | 501245 |
|  |  | **4533222** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 1.4%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.4%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.4%** |
| &nbsp;&nbsp;&nbsp; Avient Corp. | 18493 | $597509 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc. | 13286 | 1459334 |
| &nbsp;&nbsp;&nbsp; Westlake Corp. | 7011 | 532345 |
|  |  | **2589188** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.8%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.8%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.8%** |
| &nbsp;&nbsp;&nbsp; Brink's Co. | 16196 | 1446141 |
|  |  | **1446141** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.6%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.6%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.6%** |
| &nbsp;&nbsp;&nbsp; Ciena Corp.<sup>(1)</sup> | 12200 | 992226 |
|  |  | **992226** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.5%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.5%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.5%** |
| &nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 3060 | 1636763 |
| &nbsp;&nbsp;&nbsp; WillScot Holdings Corp. | 35265 | 966261 |
|  |  | **2603024** |
| &nbsp;&nbsp;&nbsp;**Construction Materials – 0.6%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.6%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.6%** |
| &nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 5078 | 1026315 |
|  |  | **1026315** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.5%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.5%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.5%** |
| &nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 4895 | 661510 |
| &nbsp;&nbsp;&nbsp; OneMain Holdings, Inc. | 6224 | 354768 |
| &nbsp;&nbsp;&nbsp; SLM Corp. | 52710 | 1728361 |
|  |  | **2744639** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 3.6%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 3.6%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 3.6%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., Class A | 15843 | 340783 |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 9156 | 987292 |
| &nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 2519 | 1285370 |
| &nbsp;&nbsp;&nbsp; Maplebear, Inc.<sup>(1)</sup> | 7580 | 342919 |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co.<sup>(1)</sup> | 14377 | 1257556 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc.<sup>(1)</sup> | 5637 | 928076 |
| &nbsp;&nbsp;&nbsp; U.S. Foods Holding Corp.<sup>(1)</sup> | 16937 | 1304318 |
|  |  | **6446314** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 1.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 1.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 1.2%** |
| &nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 6446 | 1008348 |
| &nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 11163 | 1149565 |
|  |  | **2157913** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.9%** |
| &nbsp;&nbsp;&nbsp; Service Corp. International | 19787 | 1610662 |
|  |  | **1610662** |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 0.4%** |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc.<sup>(1)</sup> | 13595 | 494858 |
| &nbsp;&nbsp;&nbsp; Iridium Communications, Inc. | 8532 | 257410 |
|  |  | **752268** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.0%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.0%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.0%** |
| &nbsp;&nbsp;&nbsp; IDACORP, Inc. | 1507 | 173983 |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp. | 14868 | 659842 |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 3608 | 322808 |
| &nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 12726 | 716728 |
|  |  | **1873361** |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.3%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.3%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.3%** |
| &nbsp;&nbsp;&nbsp; Acuity, Inc. | 1450 | $432593 |
| &nbsp;&nbsp;&nbsp; nVent Electric PLC | 13440 | 984480 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 6852 | 993266 |
|  |  | **2410339** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.7%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.7%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.7%** |
| &nbsp;&nbsp;&nbsp; Belden, Inc. | 6386 | 739499 |
| &nbsp;&nbsp;&nbsp; Coherent Corp.<sup>(1)</sup> | 16335 | 1457245 |
| &nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.<sup>(1)</sup> | 2838 | 391885 |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. | 4907 | 1070217 |
| &nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 9395 | 1274902 |
|  |  | **4933748** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.5%** |
| &nbsp;&nbsp;&nbsp; Liberty Energy, Inc. | 23061 | 264740 |
| &nbsp;&nbsp;&nbsp; Weatherford International PLC | 11840 | 595671 |
|  |  | **860411** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.1%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.1%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.1%** |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 672 | 70224 |
| &nbsp;&nbsp;&nbsp; Warner Music Group Corp., Class A | 6264 | 170631 |
|  |  | **240855** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Financial Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Financial Services – 1.5%** |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | 12573 | 763558 |
| &nbsp;&nbsp;&nbsp; Mr. Cooper Group, Inc.<sup>(1)</sup> | 5770 | 860942 |
| &nbsp;&nbsp;&nbsp; UWM Holdings Corp. | 65251 | 270139 |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 12008 | 852568 |
|  |  | **2747207** |
| &nbsp;&nbsp;&nbsp;**Food Products – 0.7%** | &nbsp;&nbsp;&nbsp;**Food Products – 0.7%** | &nbsp;&nbsp;&nbsp;**Food Products – 0.7%** |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.<sup>(1)</sup> | 11717 | 444543 |
| &nbsp;&nbsp;&nbsp; Ingredion, Inc. | 3628 | 492030 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc.<sup>(1)</sup> | 3477 | 379097 |
|  |  | **1315670** |
| &nbsp;&nbsp;&nbsp;**Gas Utilities – 1.0%** | &nbsp;&nbsp;&nbsp;**Gas Utilities – 1.0%** | &nbsp;&nbsp;&nbsp;**Gas Utilities – 1.0%** |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 7668 | 649556 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 6615 | 492090 |
| &nbsp;&nbsp;&nbsp; UGI Corp. | 20041 | 729893 |
|  |  | **1871539** |
| &nbsp;&nbsp;&nbsp;**Ground Transportation – 2.1%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 2.1%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 2.1%** |
| &nbsp;&nbsp;&nbsp; Landstar System, Inc. | 9118 | 1267584 |
| &nbsp;&nbsp;&nbsp; XPO, Inc.<sup>(1)</sup> | 19871 | 2509509 |
|  |  | **3777093** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.9%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.9%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.9%** |
| &nbsp;&nbsp;&nbsp; Glaukos Corp.<sup>(1)</sup> | 5100 | 526779 |
| &nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc.<sup>(1)</sup> | 3930 | 509996 |
| &nbsp;&nbsp;&nbsp; Insulet Corp.<sup>(1)</sup> | 1900 | 596942 |
| &nbsp;&nbsp;&nbsp; Masimo Corp.<sup>(1)</sup> | 11800 | 1984996 |
| &nbsp;&nbsp;&nbsp; Penumbra, Inc.<sup>(1)</sup> | 6300 | 1616769 |
|  |  | **5235482** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.0%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.0%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.0%** |
| &nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc.<sup>(1)</sup> | 40000 | 943600 |
| &nbsp;&nbsp;&nbsp; Chemed Corp. | 1900 | 925167 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services** (continued) | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services** (continued) | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services** (continued) |
| &nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.<sup>(1)</sup> | 4600 | 229310 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.<sup>(1)</sup> | 1900 | 566010 |
| &nbsp;&nbsp;&nbsp; Privia Health Group, Inc.<sup>(1)</sup> | 25000 | 575000 |
| &nbsp;&nbsp;&nbsp; Surgery Partners, Inc.<sup>(1)</sup> | 15890 | 353235 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.<sup>(1)</sup> | 10200 | 1795200 |
|  |  | **5387522** |
| &nbsp;&nbsp;&nbsp;**Health Care REITs – 0.7%** | &nbsp;&nbsp;&nbsp;**Health Care REITs – 0.7%** | &nbsp;&nbsp;&nbsp;**Health Care REITs – 0.7%** |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | 19413 | 1225931 |
|  |  | **1225931** |
| &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.1%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.1%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.1%** |
| &nbsp;&nbsp;&nbsp; Doximity, Inc., Class A<sup>(1)</sup> | 3900 | 239226 |
|  |  | **239226** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.1%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.1%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.1%** |
| &nbsp;&nbsp;&nbsp; Aramark | 37584 | 1573642 |
| &nbsp;&nbsp;&nbsp; Brinker International, Inc.<sup>(1)</sup> | 3951 | 712484 |
| &nbsp;&nbsp;&nbsp; Cava Group, Inc.<sup>(1)</sup> | 8554 | 720503 |
| &nbsp;&nbsp;&nbsp; Dutch Bros, Inc., Class A<sup>(1)</sup> | 7270 | 497050 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc.<sup>(1)</sup> | 18602 | 772541 |
| &nbsp;&nbsp;&nbsp; Sportradar Group AG, Class A<sup>(1)</sup> | 11096 | 311576 |
| &nbsp;&nbsp;&nbsp; Wingstop, Inc. | 2691 | 906167 |
|  |  | **5493963** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 2.0%** | &nbsp;&nbsp;&nbsp;**Household Durables – 2.0%** | &nbsp;&nbsp;&nbsp;**Household Durables – 2.0%** |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc. | 27877 | 1897030 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp.<sup>(1)</sup> | 10542 | 647490 |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 9665 | 1103066 |
|  |  | **3647586** |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers – 0.5%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers – 0.5%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers – 0.5%** |
| &nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 3954 | 331187 |
| &nbsp;&nbsp;&nbsp; Talen Energy Corp.<sup>(1)</sup> | 1763 | 512628 |
|  |  | **843815** |
| &nbsp;&nbsp;&nbsp;**Industrial REITs – 1.1%** | &nbsp;&nbsp;&nbsp;**Industrial REITs – 1.1%** | &nbsp;&nbsp;&nbsp;**Industrial REITs – 1.1%** |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 25090 | 892451 |
| &nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 17670 | 990757 |
|  |  | **1883208** |
| &nbsp;&nbsp;&nbsp;**Insurance – 4.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.6%** |
| &nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 18496 | 2334380 |
| &nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc., Class A<sup>(1)</sup> | 38088 | 1630548 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.<sup>(1)</sup> | 12064 | 648681 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 8241 | 1634685 |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 7760 | 672404 |
| &nbsp;&nbsp;&nbsp; Unum Group | 16024 | 1294098 |
|  |  | **8214796** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 0.1%** |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc.<sup>(1)</sup> | 19339 | 195711 |
|  |  | **195711** |
| &nbsp;&nbsp;&nbsp;**IT Services – 2.0%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.0%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.0%** |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.<sup>(1)</sup> | 32772 | 1375113 |
| &nbsp;&nbsp;&nbsp; Okta, Inc.<sup>(1)</sup> | 16689 | 1668399 |
| &nbsp;&nbsp;&nbsp; Twilio, Inc., Class A<sup>(1)</sup> | 4679 | 581881 |
|  |  | **3625393** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 0.8%** |
| &nbsp;&nbsp;&nbsp; 10X Genomics, Inc., Class A<sup>(1)</sup> | 16000 | $185280 |
| &nbsp;&nbsp;&nbsp; Bruker Corp. | 10800 | 444960 |
| &nbsp;&nbsp;&nbsp; Repligen Corp.<sup>(1)</sup> | 6300 | 783594 |
|  |  | **1413834** |
| &nbsp;&nbsp;&nbsp;**Machinery – 5.7%** | &nbsp;&nbsp;&nbsp;**Machinery – 5.7%** | &nbsp;&nbsp;&nbsp;**Machinery – 5.7%** |
| &nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 8496 | 807035 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.<sup>(1)</sup> | 4330 | 712935 |
| &nbsp;&nbsp;&nbsp; Crane Co. | 9930 | 1885608 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | 5140 | 941802 |
| &nbsp;&nbsp;&nbsp; Esab Corp. | 17030 | 2052966 |
| &nbsp;&nbsp;&nbsp; Flowserve Corp. | 32795 | 1716818 |
| &nbsp;&nbsp;&nbsp; ITT, Inc. | 13151 | 2062471 |
|  |  | **10179635** |
| &nbsp;&nbsp;&nbsp;**Marine Transportation – 0.9%** | &nbsp;&nbsp;&nbsp;**Marine Transportation – 0.9%** | &nbsp;&nbsp;&nbsp;**Marine Transportation – 0.9%** |
| &nbsp;&nbsp;&nbsp; Kirby Corp.<sup>(1)</sup> | 14852 | 1684365 |
|  |  | **1684365** |
| &nbsp;&nbsp;&nbsp;**Media – 0.6%** | &nbsp;&nbsp;&nbsp;**Media – 0.6%** | &nbsp;&nbsp;&nbsp;**Media – 0.6%** |
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Class A<sup>(1)</sup> | 8386 | 232292 |
| &nbsp;&nbsp;&nbsp; New York Times Co., Class A | 8785 | 491784 |
| &nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. | 1500 | 259425 |
|  |  | **983501** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 2.0%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 2.0%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 2.0%** |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 4164 | 1150846 |
| &nbsp;&nbsp;&nbsp; Lundin Mining Corp. (Canada) | 73034 | 768017 |
| &nbsp;&nbsp;&nbsp; Reliance, Inc. | 5521 | 1733042 |
|  |  | **3651905** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.1%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.1%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.1%** |
| &nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 4777 | 245060 |
|  |  | **245060** |
| &nbsp;&nbsp;&nbsp;**Office REITs – 0.8%** | &nbsp;&nbsp;&nbsp;**Office REITs – 0.8%** | &nbsp;&nbsp;&nbsp;**Office REITs – 0.8%** |
| &nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | 36800 | 553472 |
| &nbsp;&nbsp;&nbsp; Postal Realty Trust, Inc., Class A | 63748 | 939008 |
|  |  | **1492480** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 3.2%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 3.2%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 3.2%** |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp.<sup>(1)</sup> | 38140 | 1536279 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. | 6979 | 816124 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 16961 | 696758 |
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 15626 | 442997 |
| &nbsp;&nbsp;&nbsp; Permian Resources Corp. | 82018 | 1117085 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP | 28826 | 528093 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | 3978 | 692490 |
|  |  | **5829826** |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Paper & Forest Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Paper & Forest Products – 0.5%** |
| &nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 10028 | 862308 |
|  |  | **862308** |
| &nbsp;&nbsp;&nbsp;**Personal Care Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Personal Care Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Personal Care Products – 0.5%** |
| &nbsp;&nbsp;&nbsp; BellRing Brands, Inc.<sup>(1)</sup> | 6718 | 389174 |
| &nbsp;&nbsp;&nbsp; e.l.f. Beauty, Inc.<sup>(1)</sup> | 3327 | 414012 |
|  |  | **803186** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.3%** |
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A | 15410 | $555222 |
|  |  | **555222** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Professional Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Professional Services – 1.5%** |
| &nbsp;&nbsp;&nbsp; CACI International, Inc., Class A<sup>(1)</sup> | 3620 | 1725654 |
| &nbsp;&nbsp;&nbsp; KBR, Inc. | 18690 | 895999 |
|  |  | **2621653** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.8%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.8%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.8%** |
| &nbsp;&nbsp;&nbsp; Compass, Inc., Class A<sup>(1)</sup> | 62420 | 391998 |
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.<sup>(1)</sup> | 4270 | 1092180 |
|  |  | **1484178** |
| &nbsp;&nbsp;&nbsp;**Residential REITs – 1.1%** | &nbsp;&nbsp;&nbsp;**Residential REITs – 1.1%** | &nbsp;&nbsp;&nbsp;**Residential REITs – 1.1%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 20940 | 755306 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | 3120 | 351593 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 6790 | 858867 |
|  |  | **1965766** |
| &nbsp;&nbsp;&nbsp;**Retail REITs – 0.9%** | &nbsp;&nbsp;&nbsp;**Retail REITs – 0.9%** | &nbsp;&nbsp;&nbsp;**Retail REITs – 0.9%** |
| &nbsp;&nbsp;&nbsp; Macerich Co. | 29800 | 482164 |
| &nbsp;&nbsp;&nbsp; Tanger, Inc. | 9080 | 277666 |
| &nbsp;&nbsp;&nbsp; Urban Edge Properties | 41810 | 780175 |
|  |  | **1540005** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.4%** |
| &nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc.<sup>(1)</sup> | 29754 | 1017289 |
| &nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 9097 | 1303509 |
| &nbsp;&nbsp;&nbsp; MKS, Inc. | 7306 | 725924 |
| &nbsp;&nbsp;&nbsp; Onto Innovation, Inc.<sup>(1)</sup> | 6137 | 619408 |
| &nbsp;&nbsp;&nbsp; Rambus, Inc.<sup>(1)</sup> | 10997 | 704028 |
|  |  | **4370158** |
| &nbsp;&nbsp;&nbsp;**Software – 3.5%** | &nbsp;&nbsp;&nbsp;**Software – 3.5%** | &nbsp;&nbsp;&nbsp;**Software – 3.5%** |
| &nbsp;&nbsp;&nbsp; Appfolio, Inc., Class A<sup>(1)</sup> | 2771 | 638106 |
| &nbsp;&nbsp;&nbsp; Cellebrite DI Ltd.<sup>(1)</sup> | 15993 | 255888 |
| &nbsp;&nbsp;&nbsp; Commvault Systems, Inc.<sup>(1)</sup> | 4485 | 781870 |
| &nbsp;&nbsp;&nbsp; CyberArk Software Ltd.<sup>(1)</sup> | 1140 | 463843 |
| &nbsp;&nbsp;&nbsp; Dynatrace, Inc.<sup>(1)</sup> | 27603 | 1523962 |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 15507 | 455906 |
| &nbsp;&nbsp;&nbsp; Guidewire Software, Inc.<sup>(1)</sup> | 6383 | 1502877 |
| &nbsp;&nbsp;&nbsp; Monday.com Ltd.<sup>(1)</sup> | 1084 | 340896 |
| &nbsp;&nbsp;&nbsp; PTC, Inc.<sup>(1)</sup> | 1588 | 273676 |
|  |  | **6237024** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.4%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.4%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.4%** |
| &nbsp;&nbsp;&nbsp; CubeSmart | 19429 | 825733 |
| &nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 38930 | 1047606 |
| &nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 43791 | 714669 |
|  |  | **2588008** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 4.8%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 4.8%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 4.8%** |
| &nbsp;&nbsp;&nbsp; Aritzia, Inc. (Canada)<sup>(1)</sup> | 14936 | 773809 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 39277 | 1176739 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc.<sup>(1)</sup> | 4913 | 1142960 |
| &nbsp;&nbsp;&nbsp; Chewy, Inc., Class A<sup>(1)</sup> | 20447 | 871451 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 7201 | 1424430 |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail** (continued) | &nbsp;&nbsp;&nbsp;**Specialty Retail** (continued) | &nbsp;&nbsp;&nbsp;**Specialty Retail** (continued) | &nbsp;&nbsp;&nbsp;**Specialty Retail** (continued) |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 12349 | $| 938030 |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 2395 |  | 974286 |
| &nbsp;&nbsp;&nbsp; Valvoline, Inc.<sup>(1)</sup> | 18543 |  | 702224 |
| &nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 3240 |  | 529319 |
|  |  |  | **8533248** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 0.4%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 0.4%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 0.4%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 0.4%** |
| &nbsp;&nbsp;&nbsp; Pure Storage, Inc., Class A<sup>(1)</sup> | 570 |  | 32821 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | 10679 |  | 683349 |
|  |  |  | **716170** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.8%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.8%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.8%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.8%** |
| &nbsp;&nbsp;&nbsp; Amer Sports, Inc.<sup>(1)</sup> | 12759 |  | 494539 |
| &nbsp;&nbsp;&nbsp; Birkenstock Holding PLC<sup>(1)</sup> | 11338 |  | 557603 |
| &nbsp;&nbsp;&nbsp; Capri Holdings Ltd.<sup>(1)</sup> | 27192 |  | 481298 |
| &nbsp;&nbsp;&nbsp; PVH Corp. | 10338 |  | 709187 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | 12225 |  | 1073477 |
|  |  |  | **3316104** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 2.3%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 2.3%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 2.3%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 2.3%** |
| &nbsp;&nbsp;&nbsp; Core & Main, Inc., Class A<sup>(1)</sup> | 16490 |  | 995171 |
| &nbsp;&nbsp;&nbsp; Watsco, Inc. | 2890 |  | 1276282 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. | 10399 |  | 1925895 |
|  |  |  | **4197348** |
| &nbsp;&nbsp;&nbsp;**Water Utilities – 0.1%** | &nbsp;&nbsp;&nbsp;**Water Utilities – 0.1%** | &nbsp;&nbsp;&nbsp;**Water Utilities – 0.1%** | &nbsp;&nbsp;&nbsp;**Water Utilities – 0.1%** |
| &nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 6087 |  | 226071 |
|  |  |  | **226071** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $141,176,480) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $141,176,480) |  | **177141295** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.2%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.2%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.2%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills <br>4.305% due 7/31/2025<sup>(2)</sup> | $290000 | $288998 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $288,984) | &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $288,984) | **288998** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.4%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.4%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.4%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $2,452,719, due 7/1/2025<sup>(3)</sup> | 2452627 | 2452627 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,452,627) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,452,627) | **2452627** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $143,918,091) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $143,918,091) | **179882920** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | **(152809)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**179730111** |

---

<sup>(1)</sup> Non-income–producing security.

<sup>(2)</sup> Interest rate shown reflects the discount rate at time of purchase.

<sup>(3)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $2459500 | $2501866 |

---

#### Legend:
ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $175552722 | $1588573 \* | $— | $177141295 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 288998 |  | 288998 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 2452627 |  | 2452627 |
| &nbsp;&nbsp;&nbsp;**Total** | $**175552722** | $**4330198** | $**—** | $**179882920** |

---

\* Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Note 2a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.

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

------

#### FINANCIAL INFORMATION — GUARDIAN SELECT MID CAP CORE VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179882920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 1039744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 164520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 4664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 2493 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **181094341** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 952047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 224764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 77101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 36369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 20115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 18547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency overdraft | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 35137 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **1364230** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**179730111** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $150377543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 29352568 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**179730111** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $143918091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Overdraft, at Cost | $147 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **15408570** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$11.66** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 19172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (5452) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1303850** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 467709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 220618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 45639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 35119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 31718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 23785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 10512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 8171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 6182 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **849453** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **454397** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Derivative Contracts and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 5156698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (34777) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (867) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 226513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | 10760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments, Derivative Contracts and Foreign Currency Transactions** | **5358903** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**5813300** |

---

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | | |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $454397 | $1538667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions | 5121054 | 10532840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies | 237849 | 12815751 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **5813300** | **24887258** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 6366167 | 3574721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (22184966) | (62649377) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(15818799)** | **(59074656)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(10005499)** | **(34187398)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 189735610 | 223923008 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179730111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189735610 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 584048 | 336885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1957923) | (5821766) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(1373875)** | **(5484881)** |

---

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

------

This Page Intentionally Left Blank

**7**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $11.31 | $0.03 | $0.32 | $0.35 | $11.66 | 3.09%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 10.06 | 0.08 | 1.17 | 1.25 | 11.31 | 12.43% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 8.65 | 0.06 | 1.35 | 1.41 | 10.06 | 16.30% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 10.08 | 0.06 | (1.49) | (1.43) | 8.65 | (14.19)% |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/21<sup>(5)</sup> | 10.00 | 0.02 | 0.06 | 0.08 | 10.08 | 0.80%<sup>(4)</sup> |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $179730 | 0.96%<sup>(4)</sup> | 0.96%<sup>(4)</sup> | 0.52%<sup>(4)</sup> | 0.52%<sup>(4)</sup> | 32%<sup>(4)</sup> |
| 189736 | 0.92% | 0.94% | 0.74% | 0.72% | 47% |
| 223923 | 0.87% | 0.92% | 0.64% | 0.59% | 56% |
| 218099 | 0.87% | 0.90% | 0.69% | 0.66% | 74% |
| 261849 | 0.82%<sup>(4)</sup> | 0.90%**<sup>(</sup>**<sup>4)</sup> | 0.96%<sup>(4)</sup> | 0.88%<sup>(4)</sup> | 93%<sup>(4)</sup> |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2021, certain non-recurring fees (i.e., audit fees) are not annualized. 

<sup>(5)</sup> Commenced operations on October 25, 2021.

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Select Mid Cap Core VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on October 25, 2021. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks long term growth of capital.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Exchange-traded financial futures contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market

10.0 ------

events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2.

**11**

------

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

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

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**g. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.53% of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

12.0 ------

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 1.12% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 1.06%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue did not waive any fees or pay any Fund expenses.

Park Avenue has entered into a Sub-Advisory Agreement with FIAM LLC ("FIAM"). FIAM is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $220,618 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

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

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $55,967,738 and $71,602,554, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked

**13**

------

to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Derivative Instruments** Investments in derivatives (including short exposures through derivatives) pose risks in addition to, and potentially greater than, those associated with investing directly in other investments, including potentially heightened liquidity and valuation risk, counterparty risk, market risk, operational risk, and legal risk. In addition, certain derivatives result in leverage, which can result in losses substantially greater than the amount invested in the derivatives by the Fund. The Fund entered into equity futures contracts for the six months ended June 30, 2025 to equitize cash and keep the Fund fully invested. Using futures contracts involves various risks, including market, interest rate and equity risks. Risks of entering into futures contracts include the possibility that there may be an illiquid market or that a change in the value of the contract may not correlate with the changes in the value of the underlying securities. To the extent that market prices move in an unexpected direction, there is a risk that a Fund will not achieve the anticipated benefits of the futures contract or may realize a loss. There were no futures contracts held as of June 30, 2025.

Transactions in derivative investments for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  | **Interest Rate<br>Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>1</sup> | $(34777) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>2</sup> | $10760 |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>3</sup> | 2 |

---

<sup>1</sup> Statement of Operations location: Net realized gain/(loss) from futures contracts.

<sup>2</sup> Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

<sup>3</sup> Amount represents number of contracts. 

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

**f. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

14.0 ------

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against

the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

**15**

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select

Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder

16.0 ------

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and

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

(vi) any other benefits derived by the Manager or the Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend Sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement Sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's

**17**

------

organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

18.0 ------

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to

the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a Sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

**19**

------

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

20.0 ------

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the

**21**

------

1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group. <br>

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

22.0 ------

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the

Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

**23**

------

This Page Intentionally Left Blank

24.0 ------

This Page Intentionally Left Blank

**25**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g81197g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB11408

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Small-Mid Cap Core VIP Fund
![LOGO](g21911g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian Small-Mid Cap Core VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin1021911_1)** |  |
| [Schedule of Investments](#fin1021911_2) | 1 |
| [Statement of Assets and Liabilities](#fin1021911_3) | 3 |
| [Statement of Operations](#fin1021911_4) | 3 |
| [Statements of Changes in Net Assets](#fin1021911_5) | 4 |
| [Financial Highlights](#fin1021911_6) | 6 |
| [Notes to Financial Statements](#fin1021911_7) | 8 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin1021911_8)** | 13 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin1021911_9)** | 13 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin1021911_10)** | 13 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin1021911_11)** | 13 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 98.5%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.5%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.5%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 3.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 3.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 3.3%** |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 23502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3385698 |
| &nbsp;&nbsp;&nbsp; Melrose Industries PLC<br>(United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572863 | 4175526 |
|  |  | **7561224** |
| &nbsp;&nbsp;&nbsp;**Automobile Components – 0.5%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.5%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.5%** |
| &nbsp;&nbsp;&nbsp; Gentherm, Inc.<sup>(1)</sup> | 41822 | 1183144 |
|  |  | **1183144** |
| &nbsp;&nbsp;&nbsp;**Banks – 6.3%** | &nbsp;&nbsp;&nbsp;**Banks – 6.3%** | &nbsp;&nbsp;&nbsp;**Banks – 6.3%** |
| &nbsp;&nbsp;&nbsp; Ameris Bancorp | 51735 | 3347254 |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 24265 | 2679099 |
| &nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 31991 | 2247048 |
| &nbsp;&nbsp;&nbsp; Webster Financial Corp. | 55195 | 3013647 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 25849 | 3204759 |
|  |  | **14491807** |
| &nbsp;&nbsp;&nbsp;**Building Products – 4.3%** | &nbsp;&nbsp;&nbsp;**Building Products – 4.3%** | &nbsp;&nbsp;&nbsp;**Building Products – 4.3%** |
| &nbsp;&nbsp;&nbsp; AAON, Inc. | 23739 | 1750751 |
| &nbsp;&nbsp;&nbsp; AZZ, Inc. | 31273 | 2954673 |
| &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 13785 | 5147319 |
|  |  | **9852743** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.7%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.7%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.7%** |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 10687 | 2492315 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 25066 | 3844373 |
|  |  | **6336688** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 1.8%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.8%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.8%** |
| &nbsp;&nbsp;&nbsp; Ashland, Inc. | 29480 | 1482254 |
| &nbsp;&nbsp;&nbsp; Westlake Corp. | 36564 | 2776305 |
|  |  | **4258559** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 1.4%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 1.4%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 1.4%** |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | 13506 | 3330715 |
|  |  | **3330715** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.9%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.9%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.9%** |
| &nbsp;&nbsp;&nbsp; API Group Corp.<sup>(1)</sup> | 86086 | 4394690 |
|  |  | **4394690** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 3.0%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 3.0%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 3.0%** |
| &nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 39464 | 4064003 |
| &nbsp;&nbsp;&nbsp; International Paper Co. | 61092 | 2860938 |
|  |  | **6924941** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.7%** |
| &nbsp;&nbsp;&nbsp; Service Corp. International | 18855 | 1534797 |
|  |  | **1534797** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 3.0%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 3.0%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 3.0%** |
| &nbsp;&nbsp;&nbsp; Allient, Inc. | 94880 | 3445093 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 23338 | 3383076 |
|  |  | **6828169** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 3.0%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 3.0%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 3.0%** |
| &nbsp;&nbsp;&nbsp; Littelfuse, Inc. | 11625 | 2635736 |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.<sup>(1)</sup> | 8224 | 4213238 |
|  |  | **6848974** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 1.3%** | &nbsp;&nbsp;&nbsp;**Financial Services – 1.3%** | &nbsp;&nbsp;&nbsp;**Financial Services – 1.3%** |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | 48887 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968908 |
|  |  | **2968908** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 3.1%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 3.1%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 3.1%** |
| &nbsp;&nbsp;&nbsp; Haemonetics Corp.<sup>(1)</sup> | 37213 | 2776462 |
| &nbsp;&nbsp;&nbsp; Integer Holdings Corp.<sup>(1)</sup> | 15305 | 1882056 |
| &nbsp;&nbsp;&nbsp; LivaNova PLC<sup>(1)</sup> | 55602 | 2503202 |
|  |  | **7161720** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.7%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.7%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.7%** |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc.<sup>(1)</sup> | 41243 | 4320617 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 7892 | 1929436 |
|  |  | **6250053** |
| &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.5%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.5%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.5%** |
| &nbsp;&nbsp;&nbsp; Schrodinger, Inc.<sup>(1)</sup> | 51759 | 1041391 |
|  |  | **1041391** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.7%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.7%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.7%** |
| &nbsp;&nbsp;&nbsp; DraftKings, Inc., Class A<sup>(1)</sup> | 59794 | 2564565 |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Inc., Class A<sup>(1)</sup> | 38788 | 4229831 |
| &nbsp;&nbsp;&nbsp; Portillo's, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141326 | 1649274 |
|  |  | **8443670** |
| &nbsp;&nbsp;&nbsp;**Household Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Household Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Household Products – 1.3%** |
| &nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 30307 | 2912806 |
|  |  | **2912806** |
| &nbsp;&nbsp;&nbsp;**Industrial REITs – 1.3%** | &nbsp;&nbsp;&nbsp;**Industrial REITs – 1.3%** | &nbsp;&nbsp;&nbsp;**Industrial REITs – 1.3%** |
| &nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 53592 | 3004903 |
|  |  | **3004903** |
| &nbsp;&nbsp;&nbsp;**Insurance – 8.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 8.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 8.2%** |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 33571 | 3056639 |
| &nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 28524 | 2961362 |
| &nbsp;&nbsp;&nbsp; First American Financial Corp. | 46956 | 2882629 |
| &nbsp;&nbsp;&nbsp; HCI Group, Inc. | 14109 | 2147390 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 20115 | 3990011 |
| &nbsp;&nbsp;&nbsp; Unum Group | 47514 | 3837231 |
|  |  | **18875262** |
| &nbsp;&nbsp;&nbsp;**IT Services – 1.7%** | &nbsp;&nbsp;&nbsp;**IT Services – 1.7%** | &nbsp;&nbsp;&nbsp;**IT Services – 1.7%** |
| &nbsp;&nbsp;&nbsp; Okta, Inc.<sup>(1)</sup> | 39406 | 3939418 |
|  |  | **3939418** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.4%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.4%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.4%** |
| &nbsp;&nbsp;&nbsp; Azenta, Inc.<sup>(1)</sup> | 89752 | 2762567 |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 13190 | 3183011 |
| &nbsp;&nbsp;&nbsp; Bruker Corp. | 47672 | 1964086 |
|  |  | **7909664** |
| &nbsp;&nbsp;&nbsp;**Marine Transportation – 1.7%** | &nbsp;&nbsp;&nbsp;**Marine Transportation – 1.7%** | &nbsp;&nbsp;&nbsp;**Marine Transportation – 1.7%** |
| &nbsp;&nbsp;&nbsp; Kirby Corp.<sup>(1)</sup> | 34021 | 3858322 |
|  |  | **3858322** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.0%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.0%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.0%** |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | 47942 | 2344843 |
|  |  | **2344843** |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 2.6%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 2.6%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 2.6%** |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp.<sup>(1)</sup> | 85975 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3463073 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 96189 | 2441277 |
|  |  | **5904350** |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products – 1.4%** | &nbsp;&nbsp;&nbsp;**Paper & Forest Products – 1.4%** | &nbsp;&nbsp;&nbsp;**Paper & Forest Products – 1.4%** |
| &nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 37806 | 3250938 |
|  |  | **3250938** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 3.3%** | &nbsp;&nbsp;&nbsp;**Professional Services – 3.3%** | &nbsp;&nbsp;&nbsp;**Professional Services – 3.3%** |
| &nbsp;&nbsp;&nbsp; TransUnion | 38218 | 3363184 |
| &nbsp;&nbsp;&nbsp; WNS Holdings Ltd.<sup>(1)</sup> | 68577 | 4336809 |
|  |  | **7699993** |
| &nbsp;&nbsp;&nbsp;**Residential REITs – 1.5%** | &nbsp;&nbsp;&nbsp;**Residential REITs – 1.5%** | &nbsp;&nbsp;&nbsp;**Residential REITs – 1.5%** |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 27376 | 3462790 |
|  |  | **3462790** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.3%** |
| &nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc.<sup>(1)</sup> | 93142 | 3184525 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 78180 | 6051132 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.<sup>(1)</sup> | 55050 | 2885171 |
|  |  | **12120828** |
| &nbsp;&nbsp;&nbsp;**Software – 6.6%** | &nbsp;&nbsp;&nbsp;**Software – 6.6%** | &nbsp;&nbsp;&nbsp;**Software – 6.6%** |
| &nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc.<sup>(1)</sup> | 357601 | 3365025 |
| &nbsp;&nbsp;&nbsp; Dynatrace, Inc.<sup>(1)</sup> | 79461 | 4387042 |
| &nbsp;&nbsp;&nbsp; Q2 Holdings, Inc.<sup>(1)</sup> | 31277 | 2927214 |
| &nbsp;&nbsp;&nbsp; Riskified Ltd., Class A<sup>(1)</sup> | 277334 | 1383897 |
| &nbsp;&nbsp;&nbsp; SPS Commerce, Inc.<sup>(1)</sup> | 23812 | 3240575 |
|  |  | **15303753** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs – 3.2%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 3.2%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 3.2%** |
| &nbsp;&nbsp;&nbsp; CubeSmart | 77717 | 3302972 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | 17708 | 4158547 |
|  |  | **7461519** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 7.3%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 7.3%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 7.3%** |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc.<sup>(1)</sup> | 15980 | 3174427 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc.<sup>(1)</sup> | 12954 | 3013619 |
| &nbsp;&nbsp;&nbsp; Chewy, Inc., Class A<sup>(1)</sup> | 68797 | 2932128 |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222837 | 5127479 |
| &nbsp;&nbsp;&nbsp; Revolve Group, Inc.<sup>(1)</sup> | 126317 | 2532656 |
|  |  | **16780309** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 5.5%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 5.5%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 5.5%** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp. | 98967 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5788580 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 17538 | 2309579 |
| &nbsp;&nbsp;&nbsp; QXO, Inc.<sup>(1)</sup> | 214439 | 4619016 |
|  |  | **12717175** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $198,373,548) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $198,373,548) | **226959066** |
| &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 1.2%** | &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 1.2%** | &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 1.2%** |
| &nbsp;&nbsp;&nbsp; SPDR S&P Biotech ETF | 33671 | 2792336 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds** <br> (Cost $2,679,849) | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds** <br> (Cost $2,679,849) | **2792336** |
|  | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.4%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.4%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.4%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $917,633, due 7/1/2025<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917599 | 917599 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $917,599) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $917,599) | **917599** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $201,970,996) |  | **230669001** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | **(255712)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** |  | $**230413289** |

---

<sup>(1)</sup> Non–income–producing security.

<sup>(2)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $920200 | $936081 |

---

#### Legend:
REITs — Real Estate Investment Trusts

**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $222783540 | $4175526 \* | $— | $226959066 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 2792336 |  |  | 2792336 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 917599 |  | 917599 |
| &nbsp;&nbsp;&nbsp;**Total** | $**225575876** | $**5093125** | $**—** | $**230669001** |

---

\* Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Note 2a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.

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

------

#### FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $230669001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 143587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 18147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 7806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3177 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **230841718** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 188667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 120329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 46713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 17062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 12799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 42859 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **428429** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**230413289** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $232919675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable loss | (2506386) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**230413289** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $201970996 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **22674674** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$10.16** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1266429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 12282 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1278711** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 712266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 276206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 39351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 36986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 27237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 22357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 13309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 8260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 9371 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1145343** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **133368** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (5995488) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 3634892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 2189 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments and Foreign Currency Transactions** | **(2357797)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(2224429)** |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | | |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $133368 | $202825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | (5994878) | (914671) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | 3637081 | 17531972 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(2224429)** | **16820126** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 17657088 | 5730953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (24180434) | (78799143) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(6523346)** | **(73068190)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(8747775)** | **(56248064)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 239161064 | 295409128 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230413289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239161064 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 1862567 | 578073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2465119) | (7874055) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(602552)** | **(7295982)** |

---

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

------

This Page Intentionally Left Blank

**5**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income/<br>(Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $10.27 | $0.01 | $(0.12) | $(0.11) | $10.16 | (1.07)%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 9.66 | 0.01 | 0.60 | 0.61 | 10.27 | 6.31% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 8.33 | 0.01 | 1.32 | 1.33 | 9.66 | 15.97% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 10.09 | (0.01) | (1.75) | (1.76) | 8.33 | (17.44)% |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/21<sup>(5)</sup> | 10.00 | (0.00)<sup>(6)</sup> | 0.09 | 0.09 | 10.09 | 0.90%<sup>(4)</sup> |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income/<br>(Loss) to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income/<br>(Loss) to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $230413 | 1.04%<sup>(4)</sup> | 1.04%<sup>(4)</sup> | 0.12%<sup>(4)</sup> | 0.12%<sup>(4)</sup> | 42%<sup>(4)</sup> |
| 239161 | 0.99% | 1.01% | 0.08% | 0.06% | 40% |
| 295409 | 0.93% | 0.99% | 0.07% | 0.01% | 49% |
| 290578 | 0.93% | 0.97% | (0.15)% | (0.19)% | 39% |
| 385128 | 0.90%<sup>(4)</sup> | 0.98%<sup>(4)</sup> | (0.12)%<sup>(4)</sup> | (0.20)%<sup>(4)</sup> | 59%<sup>(4)</sup> |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Loss to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2021, certain non-recurring fees (i.e., audit fees) are not annualized. 

<sup>(5)</sup> Commenced operations on October 25, 2021.

<sup>(6)</sup> Rounds to $(0.00) per share. 

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Small-Mid Cap Core VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on October 25, 2021. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks capital appreciation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

8.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2025, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**9**

------

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**g. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.65% of the first $200 million, and 0.60% in excess of $200 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 1.08% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions,

10.0 ------

litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 1.07%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue did not waive any fees or pay any Fund expenses.

Park Avenue has entered into a Sub-Advisory Agreement with Allspring Global Investments, LLC ("Allspring"). Allspring is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $276,206 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts

of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $93,865,029 and $99,917,850, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and

**11**

------

may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on

a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

12.0 ------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select

Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder

**13**

------

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and

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

(vi) any other benefits derived by the Manager or the Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend Sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement Sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's organizational structure and resources, including

14.0 ------

investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

**15**

------

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to

the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a Sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

16.0 ------

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that

**17**

------

the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group. <br>

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the

1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the

18.0 ------

1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

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

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

**19**

------

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup>

quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group. <br>

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

20.0 ------

This Page Intentionally Left Blank

**21**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g21911g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB11409

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Strategic Large Cap Core VIP Fund
![LOGO](g814861g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian Strategic Large Cap Core VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin11toc814861_1)** |  |
| [Schedule of Investments](#fin11toc814861_2) | 1 |
| [Statement of Assets and Liabilities](#fin11toc814861_3) | 3 |
| [Statement of Operations](#fin11toc814861_4) | 3 |
| [Statements of Changes in Net Assets](#fin11toc814861_5) | 4 |
| [Financial Highlights](#fin11toc814861_6) | 6 |
| [Notes to Financial Statements](#fin11toc814861_7) | 8 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin11toc814861_8)** | 13 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin11toc814861_9)** | 13 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin11toc814861_10)** | 13 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin11toc814861_11)** | 13 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 99.1%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.1%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.1%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.3%** |
| &nbsp;&nbsp;&nbsp; BAE Systems PLC, ADR | 22319 | $&nbsp;&nbsp;&nbsp;&nbsp;2345058 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 8661 | 2172525 |
|  |  | **4517583** |
| &nbsp;&nbsp;&nbsp;**Banks – 3.6%** | &nbsp;&nbsp;&nbsp;**Banks – 3.6%** | &nbsp;&nbsp;&nbsp;**Banks – 3.6%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 60260 | 2851503 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 10833 | 3140595 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 5231 | 1014762 |
|  |  | **7006860** |
| &nbsp;&nbsp;&nbsp;**Beverages – 1.6%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.6%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.6%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | 30006 | 2122924 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.<sup>(1)</sup> | 15940 | 998482 |
|  |  | **3121406** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 2.9%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 2.9%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 2.9%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 14149 | 2626337 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 28042 | 3109017 |
|  |  | **5735354** |
| &nbsp;&nbsp;&nbsp;**Broadline Retail – 2.7%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 2.7%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 2.7%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 24059 | 5278304 |
|  |  | **5278304** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.8%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.8%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.8%** |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 10060 | 2346093 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | 2475 | 682160 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. | 2306 | 1329962 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 2366 | 1247568 |
|  |  | **5605783** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.5%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.5%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.5%** |
| &nbsp;&nbsp;&nbsp; Veralto Corp. | 9850 | 994357 |
|  |  | **994357** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.6%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.6%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.6%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 17020 | 1180848 |
|  |  | **1180848** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.6%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.6%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.6%** |
| &nbsp;&nbsp;&nbsp; Stantec, Inc. | 11676 | 1268948 |
|  |  | **1268948** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 0.7%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 0.7%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 0.7%** |
| &nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV, ADR | 23074 | 962878 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 4951 | 484109 |
|  |  | **1446987** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.4%** |
| &nbsp;&nbsp;&nbsp; ADT, Inc. | 93460 | 791606 |
|  |  | **791606** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.5%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.5%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.5%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 27590 | 2862738 |
|  |  | **2862738** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.4%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.4%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.4%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 2178 | 777524 |
|  |  | **777524** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 1.1%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.1%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.1%** |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 6206 | $991098 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.<sup>(1)</sup> | 920 | 1232000 |
|  |  | **2223098** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 6.0%** | &nbsp;&nbsp;&nbsp;**Financial Services – 6.0%** | &nbsp;&nbsp;&nbsp;**Financial Services – 6.0%** |
| &nbsp;&nbsp;&nbsp; Corpay, Inc.<sup>(1)</sup> | 5962 | 1978311 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc.<sup>(1)</sup> | 16373 | 2822869 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 4550 | 2556827 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 12450 | 4420372 |
|  |  | **11778379** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.0%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.0%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.0%** |
| &nbsp;&nbsp;&nbsp; Medtronic PLC | 21751 | 1896035 |
|  |  | **1896035** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.9%** |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 5242 | 3841233 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 5726 | 1786340 |
|  |  | **5627573** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.3%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.3%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.3%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 423 | 2448848 |
| &nbsp;&nbsp;&nbsp; Compass Group PLC, ADR | 84832 | 2928401 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 7138 | 1057709 |
|  |  | **6434958** |
| &nbsp;&nbsp;&nbsp;**Household Products – 1.6%** | &nbsp;&nbsp;&nbsp;**Household Products – 1.6%** | &nbsp;&nbsp;&nbsp;**Household Products – 1.6%** |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 16855 | 1532119 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 9684 | 1542855 |
|  |  | **3074974** |
| &nbsp;&nbsp;&nbsp;**Industrial REITs – 0.3%** | &nbsp;&nbsp;&nbsp;**Industrial REITs – 0.3%** | &nbsp;&nbsp;&nbsp;**Industrial REITs – 0.3%** |
| &nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 14128 | 679981 |
|  |  | **679981** |
| &nbsp;&nbsp;&nbsp;**Insurance – 4.4%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.4%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.4%** |
| &nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 6864 | 866305 |
| &nbsp;&nbsp;&nbsp; Everest Group Ltd. | 1676 | 569589 |
| &nbsp;&nbsp;&nbsp; Hanover Insurance Group, Inc. | 5740 | 975054 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 8747 | 1912444 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 4817 | 955500 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. | 7464 | 1996919 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 4641 | 1422466 |
|  |  | **8698277** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 5.3%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 5.3%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 5.3%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 31507 | 5589027 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 6481 | 4783561 |
|  |  | **10372588** |
| &nbsp;&nbsp;&nbsp;**IT Services – 0.7%** | &nbsp;&nbsp;&nbsp;**IT Services – 0.7%** | &nbsp;&nbsp;&nbsp;**IT Services – 0.7%** |
| &nbsp;&nbsp;&nbsp; Amdocs Ltd. | 16163 | 1474712 |
|  |  | **1474712** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 0.4%** |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 2158 | 874983 |
|  |  | **874983** |
| &nbsp;&nbsp;&nbsp;**Media – 1.8%** | &nbsp;&nbsp;&nbsp;**Media – 1.8%** | &nbsp;&nbsp;&nbsp;**Media – 1.8%** |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 42044 | 1500550 |
| &nbsp;&nbsp;&nbsp; New York Times Co., Class A | 35145 | 1967417 |
|  |  | **3467967** |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.1%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.1%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.1%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 22949 | $&nbsp;&nbsp;&nbsp;&nbsp;2204022 |
|  |  | **2204022** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 1.9%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 1.9%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 1.9%** |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 10034 | 1081665 |
| &nbsp;&nbsp;&nbsp; Shell PLC, ADR | 36609 | 2577640 |
|  |  | **3659305** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.9%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.9%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.9%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 2654 | 2068873 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 37480 | 2966917 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | 5030 | 784428 |
|  |  | **5820218** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 7.1%** | &nbsp;&nbsp;&nbsp;**Professional Services – 7.1%** | &nbsp;&nbsp;&nbsp;**Professional Services – 7.1%** |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 9661 | 2979452 |
| &nbsp;&nbsp;&nbsp; Experian PLC, ADR | 38318 | 1968013 |
| &nbsp;&nbsp;&nbsp; Genpact Ltd. | 43846 | 1929663 |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 10602 | 1393633 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 13413 | 2116035 |
| &nbsp;&nbsp;&nbsp; RELX PLC, ADR | 34227 | 1859895 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 12010 | 994428 |
| &nbsp;&nbsp;&nbsp; Wolters Kluwer NV, ADR | 5090 | 849317 |
|  |  | **14090436** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 9.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 9.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 9.1%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 9280 | 2208826 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 24040 | 6626626 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 39844 | 6294954 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 12601 | 2854000 |
|  |  | **17984406** |
| &nbsp;&nbsp;&nbsp;**Software – 18.5%** | &nbsp;&nbsp;&nbsp;**Software – 18.5%** | &nbsp;&nbsp;&nbsp;**Software – 18.5%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc.<sup>(1)</sup> | 4543 | 1757596 |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 32886 | 966848 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 5010 | 3946026 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 34165 | 16994013 |
| &nbsp;&nbsp;&nbsp; Nice Ltd., ADR<sup>(1)</sup> | 11833 | 1998712 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 14780 | 3231351 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 2500 | 1417100 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | 10087 | 2750624 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc.<sup>(1)</sup> | 3432 | 3528371 |
|  |  | **36590641** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.6%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.6%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.6%** |
| &nbsp;&nbsp;&nbsp; Public Storage | 4080 | $1197154 |
|  |  | **1197154** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.1%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.1%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.1%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc.<sup>(1)</sup> | 879 | 3263050 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.<sup>(1)</sup> | 10785 | 972052 |
|  |  | **4235102** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 4.3%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 4.3%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 4.3%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 40968 | 8405404 |
|  |  | **8405404** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.7%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.7%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.7%** |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.<sup>(1)</sup> | 6075 | 1443298 |
|  |  | **1443298** |
| &nbsp;&nbsp;&nbsp;**Tobacco – 1.4%** | &nbsp;&nbsp;&nbsp;**Tobacco – 1.4%** | &nbsp;&nbsp;&nbsp;**Tobacco – 1.4%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 15543 | 2830847 |
|  |  | **2830847** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $144,781,500) |  | **195652656** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.7%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.7%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.7%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $1,413,781, due 7/1/2025<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413727 | 1413727 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,413,727) |  | **1413727** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.8%** <br> (Cost $146,195,227) | &nbsp;&nbsp;&nbsp;**Total Investments – 99.8%** <br> (Cost $146,195,227) | **197066383** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.2%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.2%** | **392726** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**197459109** |

---

<sup>(1)</sup> Non–income–producing security.

<sup>(2)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $1417700 | $1442131 |

---

#### Legend:
ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $195652656 | $— | $— | $195652656 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1413727 |  | 1413727 |
| &nbsp;&nbsp;&nbsp;**Total** | $**195652656** | $**1413727** | $**—** | $**197066383** |

---

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

------

#### FINANCIAL INFORMATION — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197066383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 5076660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 180102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 26117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 5098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 2689 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **202357049** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 4528152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 178860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 88241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 40109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 14924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 6835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 40819 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **4897940** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**197459109** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $117472577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 79986532 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**197459109** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $146195227 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **13846205** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$14.26** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1489410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 14159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (10136) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1493433** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 545293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 248346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 35919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 33406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 25310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 16011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 12526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 9562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 6974 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **933347** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (20445) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **912902** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **580531** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 13636418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (1327225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **12309244** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**12889775** |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | | |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $580531 | $1428601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 13636472 | 30035114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | (1327228) | 12512144 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **12889775** | **43975859** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 298606 | 4017351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (27570831) | (88029905) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(27272225)** | **(84012554)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(14382450)** | **(40036695)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 211841559 | 251878254 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197459109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211841559 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 22218 | 337350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2039045) | (7062923) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(2016827)** | **(6725573)** |

---

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

------

This Page Intentionally Left Blank

**5**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $13.35 | $0.04 | $0.87 | $0.91 | $14.26 | 6.82%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 11.15 | 0.07 | 2.13 | 2.20 | 13.35 | 19.73% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 9.28 | 0.08 | 1.79 | 1.87 | 11.15 | 20.15% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 10.32 | 0.08 | (1.12) | (1.04) | 9.28 | (10.08)% |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/21<sup>(5)</sup> | 10.00 | 0.01 | 0.31 | 0.32 | 10.32 | 3.20%<sup>(4)</sup> |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $197459 | 0.92%<sup>(4)</sup> | 0.94%<sup>(4)</sup> | 0.58%<sup>(4)</sup> | 0.56%<sup>(4)</sup> | 22%<sup>(4)</sup> |
| 211842 | 0.89% | 0.92% | 0.60% | 0.57% | 33% |
| 251878 | 0.84% | 0.90% | 0.78% | 0.72% | 38% |
| 270461 | 0.84% | 0.87% | 0.80% | 0.77% | 45% |
| 372001 | 0.81%<sup>(4)</sup> | 0.89%<sup>(4)</sup> | 0.82%<sup>(4)</sup> | 0.74%<sup>(4)</sup> | 80%<sup>(4)</sup> |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2021, certain non-recurring fees (i.e., audit fees) are not annualized. 

<sup>(5)</sup> Commenced operations on October 25, 2021.

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Strategic Large Cap Core VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on October 25, 2021. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks capital appreciation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of security specific events, market events, and pricing

vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

8.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2025, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**9**

------

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**g. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.55% of the first $200 million, and 0.50% in excess of $200 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.94% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions,

10.0 ------

litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 0.91%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $20,445.

Park Avenue has entered into a Sub-Advisory Agreement with AllianceBernstein L.P. ("AllianceBernstein"). AllianceBernstein is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $248,346 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts

of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $44,887,514 and $69,320,226, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented

**11**

------

or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder

redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

12.0 ------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond

VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a

**13**

------

Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the

Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend Sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement Sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's organizational structure and resources, including investment, legal and administrative capabilities of the

14.0 ------

Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

**15**

------

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to

the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a Sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

16.0 ------

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that

**17**

------

the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

18.0 ------

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

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

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

**19**

------

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

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

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

20.0 ------

This Page Intentionally Left Blank

**21**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g814861g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB11410

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Integrated Research VIP Fund
![LOGO](g28023g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian Integrated Research VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin1228023_1)** |  |
| [Schedule of Investments](#fin1228023_2) | 1 |
| [Statement of Assets and Liabilities](#fin1228023_3) | 4 |
| [Statement of Operations](#fin1228023_4) | 4 |
| [Statements of Changes in Net Assets](#fin1228023_5) | 5 |
| [Financial Highlights](#fin1228023_6) | 6 |
| [Notes to Financial Statements](#fin1228023_7) | 8 |
| **[Item 8. Changes in and Disagreements with <br>Accountants for Open-End Management <br>Investment Companies](#fin1228023_8)** | 13 |
| **[Item 9. Proxy Disclosures for Open-End <br>Management Investment Companies](#fin1228023_9)** | 13 |
| **[Item 10. Remuneration Paid to Directors, Officers, <br>and Others of Open-End Management Investment <br>Companies](#fin1228023_10)** | 13 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin1228023_11)** | 13 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS – GUARDIAN INTEGRATED RESEARCH VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 99.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Boeing Co.<sup>(1)</sup> | 12578 | $2635468 |
| &nbsp;&nbsp;&nbsp; General Electric Co. | 12775 | 3288157 |
| &nbsp;&nbsp;&nbsp; RTX Corp. | 19974 | 2916604 |
|  |  | **8840229** |
| &nbsp;&nbsp;&nbsp;**Automobiles – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.<sup>(1)</sup> | 4913 | 1560664 |
|  |  | **1560664** |
| &nbsp;&nbsp;&nbsp;**Banks – 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 82342 | 3896423 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 23344 | 6767659 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 54579 | 4372870 |
|  |  | **15036952** |
| &nbsp;&nbsp;&nbsp;**Beverages – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.<sup>(1)</sup> | 39156 | 2452732 |
|  |  | **2452732** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 24390 | 2704120 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 6181 | 2751781 |
|  |  | **5455901** |
| &nbsp;&nbsp;&nbsp;**Broadline Retail – 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 61845 | 13568175 |
|  |  | **13568175** |
| &nbsp;&nbsp;&nbsp;**Building Products – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.<sup>(1)</sup> | 11424 | 1333067 |
|  |  | **1333067** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 1015 | 718366 |
| &nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 20553 | 2734165 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 31961 | 2857953 |
|  |  | **6310484** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Linde PLC | 5734 | 2690278 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 7861 | 2699153 |
|  |  | **5389431** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | 6099 | 1504074 |
|  |  | **1504074** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp; American Express Co. | 12097 | 3858701 |
|  |  | **3858701** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 2.7%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 2.7%** |  |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 20409 | 2200702 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 51710 | 5056204 |
|  |  | **7256906** |
| &nbsp;&nbsp;&nbsp;**Distributors – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp; Pool Corp. | 7384 | 2152288 |
|  |  | **2152288** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | 10943 | $1980246 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | 16525 | 2203278 |
| &nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 4794 | 2536745 |
|  |  | **6720269** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 17818 | 1861981 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.<sup>(1)</sup> | 4071 | 5451598 |
|  |  | **7313579** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 10381 | 5833499 |
|  |  | **5833499** |
| &nbsp;&nbsp;&nbsp;**Gas Utilities – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 14728 | 2269732 |
|  |  | **2269732** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 3.5%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 3.5%** |  |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 26519 | 3606849 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.<sup>(1)</sup> | 32933 | 3537333 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.<sup>(1)</sup> | 27493 | 2150228 |
|  |  | **9294410** |
| &nbsp;&nbsp;&nbsp;**Health Care REITs – 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 21310 | 3275986 |
|  |  | **3275986** |
| &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A<sup>(1)</sup> | 7165 | 2063377 |
|  |  | **2063377** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 11082 | 3027713 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 31043 | 2844470 |
|  |  | **5872183** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 13630 | 1507614 |
|  |  | **1507614** |
| &nbsp;&nbsp;&nbsp;**Household Products – 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 21710 | 3458837 |
|  |  | **3458837** |
| &nbsp;&nbsp;&nbsp;**Insurance – 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 13605 | 1238735 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 8539 | 2473919 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. | 11798 | 3148415 |
|  |  | **6861069** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 61627 | 10860526 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 12472 | 9205459 |
|  |  | **20065985** |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Machinery – 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 33453 | $| 2782621 |
| &nbsp;&nbsp;&nbsp; ITT, Inc. | 10774 |  | 1689686 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 4143 |  | 2893761 |
|  |  |  | **7366068** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 26198 |  | 2729832 |
|  |  |  | **2729832** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 16216 |  | 1455224 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 8170 |  | 1122558 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. | 11607 |  | 1357323 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 35263 |  | 3801351 |
|  |  |  | **7736456** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 7114 |  | 5545576 |
|  |  |  | **5545576** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 13.9%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 13.9%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 13.9%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 13.9%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 35147 |  | 9688270 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 3595 |  | 3220185 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 141042 |  | 22283226 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 9579 |  | 1988792 |
|  |  |  | **37180473** |
| &nbsp;&nbsp;&nbsp;**Software – 12.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 4346 |  | 3423040 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 42638 |  | 21208567 |
| &nbsp;&nbsp;&nbsp; PTC, Inc.<sup>(1)</sup> | 10946 |  | 1886434 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | 8814 |  | 2403490 |
| &nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.<sup>(1)</sup> | 2969 |  | 1760142 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A<sup>(1)</sup> | 6678 |  | 1602720 |
|  |  |  | **32284393** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc.<sup>(1)</sup> | 750 |  | 2784173 |
|  |  |  | **2784173** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 6.5%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 6.5%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 6.5%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 84813 | $17401083 |
|  |  | **17401083** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.4%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.4%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.4%** |
| &nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | 10443 | 1201363 |
|  |  | **1201363** |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 1.0%** |
| &nbsp;&nbsp;&nbsp; T-Mobile U.S., Inc. | 10903 | 2597749 |
|  |  | **2597749** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.4%** <br> (Cost $177,791,985) | &nbsp;&nbsp;&nbsp;**Total Investments – 99.4%** <br> (Cost $177,791,985) | **266083310** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.6%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.6%** | **1591693** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**267675003** |

---

<sup>(1)</sup> Non–income–producing security.

#### Legend:
REITs — Real Estate Investment Trusts

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

------

#### SCHEDULE OF INVESTMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.**  | **The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.**  | **The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.**  | **The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.**  | **The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.**  |
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266083310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266083310 |
| &nbsp;&nbsp;&nbsp;**Total** | $**266083310** | $**—** | $**—** | $**266083310** |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

#### FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266083310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 54228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 2761379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 14692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 2548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3622 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **268919889** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 779203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 231112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 104283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 53940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 15192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 13400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 47756 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **1244886** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**267675003** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $153280254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 114394749 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**267675003** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $177791985 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **9482410** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$28.23** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025(unaudited) | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1291717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-cash dividends | 69999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 11541 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1373257** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 630802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 326382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 47052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 39209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 30123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 25128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 14239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 9200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 9340 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1131475** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (6009) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1125466** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **247791** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 6720284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 4914192 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments** | **11634476** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**11882267** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $247791 | $710249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 6720284 | 37006227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 4914192 | 37295870 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **11882267** | **75012346** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 7233391 | 1376880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (37365119) | (133472999) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(30131728)** | **(132096119)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(18249461)** | **(57083773)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 285924464 | 343008237 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267675003 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285924464 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 280280 | 56820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1399583) | (5460277) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(1119303)** | **(5403457)** |

---

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **Net Asset Value,<br>Beginning of**<br> **Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized**<br> **Gain/(Loss)** | **Total<br>Operations** | **Net Asset**<br> **Value, End of**<br> **Period** | **Total**<br> **Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $26.97 | $0.02 | $1.24 | $1.26 | $28.23 | 4.67%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 21.43 | 0.05 | 5.49 | 5.54 | 26.97 | 25.85% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 17.24 | 0.11 | 4.08 | 4.19 | 21.43 | 24.30% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 21.86 | 0.12 | (4.74) | (4.62) | 17.24 | (21.13)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 17.06 | 0.11 | 4.69 | 4.80 | 21.86 | 28.14% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 14.31 | 0.20<sup>(6)</sup> | 2.55 | 2.75 | 17.06 | 19.22% |

---

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

------

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End**<br> **of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average**<br> **Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average** <br> **Net Assets** | **Portfolio<br>Turnover Rate** |
| $267675 | 0.86%<sup>(4)</sup> | 0.87%<sup>(4)</sup> | 0.19%<sup>(4)</sup> | 0.18%<sup>(4)</sup> | 16%<sup>(4)</sup> |
| 285924 | 0.85% | 0.85% | 0.22% | 0.22% | 30% |
| 343008 | 0.84% | 0.84% | 0.59% | 0.59% | 28% |
| 353901 | 0.84% | 0.84% | 0.68% | 0.68% | 24% |
| 321218 | 0.86% | 0.91% | 0.53% | 0.48% | 274%<sup>(5)</sup> |
| 12432 | 0.96% | 2.08% | 1.36%<sup>(6)</sup> | 0.24%<sup>(6)</sup> | 61% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers, expense limitations, and recoupments, if any.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. 

<sup>(5)</sup> The Fund's portfolio turnover rate during the year reflects higher purchase and sale activities due to a significant inflow of assets into the Fund.

<sup>(6)</sup> Reflects a special dividend paid out during the year by one of the Fund's holdings. Had the Fund not received the special dividend, the Net Investment Income per share would have been $0.11, the Net Ratio of Net Investment Income to Average Net Assets would have been 0.76%, and the Gross Ratio of Net Investment Income to Average Net Assets would have been (0.36)%. 

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Integrated Research VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks capital appreciation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

8.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2025, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**9**

------

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/

discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**g. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.50% up to $200 million, 0.43% from $200 to $300 million, and 0.40% in excess of $300 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.84% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions,

10.0 ------

litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 0.97%. The limitation

may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $6,009.

Park Avenue has entered into a Sub-Advisory Agreement with Wellington Management Company LLP ("Wellington"). Wellington is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $326,382 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead

be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $43,353,705 and $74,410,917, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day.

**11**

------

If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change

due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder

redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund.

In addition, in the normal course of business, the Fund

enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

12.0 ------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select

Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder

**13**

------

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and

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

(vi) any other benefits derived by the Manager or the Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend Sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement Sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's organizational structure and resources, including

14.0 ------

investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

**15**

------

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds' status under the tax laws as disregarded

entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a Sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500

16.0 ------

Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period. <br>

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

**17**

------

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

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

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance

18.0 ------

universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

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

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

**19**

------

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

20.0 ------

This Page Intentionally Left Blank

**21**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g28023g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB8170

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian International Equity VIP Fund
![LOGO](g29767g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian International Equity VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin13toc29767_1)** |  |
| [Schedule of Investments](#fin13toc29767_2) | 1 |
| [Statement of Assets and Liabilities](#fin13toc29767_3) | 4 |
| [Statement of Operations](#fin13toc29767_4) | 4 |
| [Statements of Changes in Net Assets](#fin13toc29767_5) | 5 |
| [Financial Highlights](#fin13toc29767_6) | 6 |
| [Notes to Financial Statements](#fin13toc29767_7) | 8 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin13toc29767_8)** | 14 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin13toc29767_9)** | 14 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin13toc29767_10)** | 14 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin13toc29767_11)** | 14 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 99.4%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.4%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.4%** |
| &nbsp;&nbsp;&nbsp;**Australia – 0.6%** | &nbsp;&nbsp;&nbsp;**Australia – 0.6%** | &nbsp;&nbsp;&nbsp;**Australia – 0.6%** |
| &nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | 20014 | $1411286 |
|  |  | **1411286** |
| &nbsp;&nbsp;&nbsp;**Austria – 1.6%** | &nbsp;&nbsp;&nbsp;**Austria – 1.6%** | &nbsp;&nbsp;&nbsp;**Austria – 1.6%** |
| &nbsp;&nbsp;&nbsp; Erste Group Bank AG | 39868 | 3388594 |
|  |  | **3388594** |
| &nbsp;&nbsp;&nbsp;**Belgium – 0.8%** | &nbsp;&nbsp;&nbsp;**Belgium – 0.8%** | &nbsp;&nbsp;&nbsp;**Belgium – 0.8%** |
| &nbsp;&nbsp;&nbsp; UCB SA | 8718 | 1712740 |
|  |  | **1712740** |
| &nbsp;&nbsp;&nbsp;**Canada – 1.7%** | &nbsp;&nbsp;&nbsp;**Canada – 1.7%** | &nbsp;&nbsp;&nbsp;**Canada – 1.7%** |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. | 29595 | 1724519 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 25297 | 1860655 |
|  |  | **3585174** |
| &nbsp;&nbsp;&nbsp;**Cayman Islands – 0.8%** | &nbsp;&nbsp;&nbsp;**Cayman Islands – 0.8%** | &nbsp;&nbsp;&nbsp;**Cayman Islands – 0.8%** |
| &nbsp;&nbsp;&nbsp; NU Holdings Ltd., Class A<sup>(1)</sup> | 47619 | 653333 |
| &nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group, ADR | 53070 | 1034334 |
|  |  | **1687667** |
| &nbsp;&nbsp;&nbsp;**China – 0.3%** | &nbsp;&nbsp;&nbsp;**China – 0.3%** | &nbsp;&nbsp;&nbsp;**China – 0.3%** |
| &nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd., Class A | 19300 | 679430 |
|  |  | **679430** |
| &nbsp;&nbsp;&nbsp;**Denmark – 2.7%** | &nbsp;&nbsp;&nbsp;**Denmark – 2.7%** | &nbsp;&nbsp;&nbsp;**Denmark – 2.7%** |
| &nbsp;&nbsp;&nbsp; Novo Nordisk AS, Class B | 49237 | 3435658 |
| &nbsp;&nbsp;&nbsp; Pandora AS | 5497 | 964839 |
| &nbsp;&nbsp;&nbsp; Vestas Wind Systems AS | 89972 | 1351933 |
|  |  | **5752430** |
| &nbsp;&nbsp;&nbsp;**France – 7.5%** | &nbsp;&nbsp;&nbsp;**France – 7.5%** | &nbsp;&nbsp;&nbsp;**France – 7.5%** |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | 33277 | 2997236 |
| &nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA | 7593 | 893226 |
| &nbsp;&nbsp;&nbsp; EssilorLuxottica SA | 7104 | 1951545 |
| &nbsp;&nbsp;&nbsp; Legrand SA | 21618 | 2887597 |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 2291 | 1201519 |
| &nbsp;&nbsp;&nbsp; Sanofi SA | 26173 | 2532436 |
| &nbsp;&nbsp;&nbsp; Schneider Electric SE | 13701 | 3653484 |
|  |  | **16117043** |
| &nbsp;&nbsp;&nbsp;**Germany – 10.7%** | &nbsp;&nbsp;&nbsp;**Germany – 10.7%** | &nbsp;&nbsp;&nbsp;**Germany – 10.7%** |
| &nbsp;&nbsp;&nbsp; Allianz SE, Reg S | 10364 | 4199185 |
| &nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 29420 | 2613688 |
| &nbsp;&nbsp;&nbsp; Beiersdorf AG | 15573 | 1956181 |
| &nbsp;&nbsp;&nbsp; Infineon Technologies AG | 71939 | 3061058 |
| &nbsp;&nbsp;&nbsp; SAP SE | 22616 | 6879509 |
| &nbsp;&nbsp;&nbsp; Siemens AG, Reg S | 11986 | 3074113 |
| &nbsp;&nbsp;&nbsp; Siemens Healthineers AG<sup>(2)</sup> | 22169 | 1229779 |
|  |  | **23013513** |
| &nbsp;&nbsp;&nbsp;**Hong Kong – 1.0%** | &nbsp;&nbsp;&nbsp;**Hong Kong – 1.0%** | &nbsp;&nbsp;&nbsp;**Hong Kong – 1.0%** |
| &nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. | 299500 | 1302815 |
| &nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | 71500 | 787611 |
|  |  | **2090426** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**India – 0.4%** | &nbsp;&nbsp;&nbsp;**India – 0.4%** | &nbsp;&nbsp;&nbsp;**India – 0.4%** |
| &nbsp;&nbsp;&nbsp; HDFC Bank Ltd., ADR | 12508 | $958988 |
|  |  | **958988** |
| &nbsp;&nbsp;&nbsp;**Indonesia – 0.5%** | &nbsp;&nbsp;&nbsp;**Indonesia – 0.5%** | &nbsp;&nbsp;&nbsp;**Indonesia – 0.5%** |
| &nbsp;&nbsp;&nbsp; Bank Central Asia Tbk. PT | 1963500 | 1052044 |
|  |  | **1052044** |
| &nbsp;&nbsp;&nbsp;**Ireland – 0.9%** | &nbsp;&nbsp;&nbsp;**Ireland – 0.9%** | &nbsp;&nbsp;&nbsp;**Ireland – 0.9%** |
| &nbsp;&nbsp;&nbsp; Kingspan Group PLC | 24024 | 2042986 |
|  |  | **2042986** |
| &nbsp;&nbsp;&nbsp;**Israel – 1.1%** | &nbsp;&nbsp;&nbsp;**Israel – 1.1%** | &nbsp;&nbsp;&nbsp;**Israel – 1.1%** |
| &nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd.<sup>(1)</sup> | 4865 | 1076381 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries Ltd., ADR<sup>(1)</sup> | 75676 | 1268330 |
|  |  | **2344711** |
| &nbsp;&nbsp;&nbsp;**Italy – 1.2%** | &nbsp;&nbsp;&nbsp;**Italy – 1.2%** | &nbsp;&nbsp;&nbsp;**Italy – 1.2%** |
| &nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | 119202 | 2645820 |
|  |  | **2645820** |
| &nbsp;&nbsp;&nbsp;**Japan – 21.5%** | &nbsp;&nbsp;&nbsp;**Japan – 21.5%** | &nbsp;&nbsp;&nbsp;**Japan – 21.5%** |
| &nbsp;&nbsp;&nbsp; Bridgestone Corp. | 33100 | 1351673 |
| &nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | 51900 | 1208526 |
| &nbsp;&nbsp;&nbsp; Daikin Industries Ltd. | 11100 | 1311336 |
| &nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | 5300 | 1816171 |
| &nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | 101200 | 2199049 |
| &nbsp;&nbsp;&nbsp; Hitachi Ltd. | 114200 | 3308242 |
| &nbsp;&nbsp;&nbsp; ITOCHU Corp. | 40900 | 2149492 |
| &nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. | 160800 | 1630507 |
| &nbsp;&nbsp;&nbsp; KDDI Corp. | 133500 | 2293576 |
| &nbsp;&nbsp;&nbsp; Keyence Corp. | 4500 | 1806924 |
| &nbsp;&nbsp;&nbsp; Lasertec Corp. | 11200 | 1509071 |
| &nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 69400 | 1298476 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 390700 | 5349320 |
| &nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. | 131600 | 2935500 |
| &nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 31300 | 3002203 |
| &nbsp;&nbsp;&nbsp; Nitori Holdings Co. Ltd. | 13300 | 1286244 |
| &nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 24500 | 1442542 |
| &nbsp;&nbsp;&nbsp; Shimano, Inc. | 5300 | 769302 |
| &nbsp;&nbsp;&nbsp; SMC Corp. | 2700 | 972332 |
| &nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 24300 | 1761873 |
| &nbsp;&nbsp;&nbsp; Sony Group Corp. | 162200 | 4228476 |
| &nbsp;&nbsp;&nbsp; Terumo Corp. | 81200 | 1490446 |
| &nbsp;&nbsp;&nbsp; Unicharm Corp. | 165300 | 1197249 |
|  |  | **46318530** |
| &nbsp;&nbsp;&nbsp;**Luxembourg – 1.5%** | &nbsp;&nbsp;&nbsp;**Luxembourg – 1.5%** | &nbsp;&nbsp;&nbsp;**Luxembourg – 1.5%** |
| &nbsp;&nbsp;&nbsp; Spotify Technology SA<sup>(1)</sup> | 4258 | 3267334 |
|  |  | **3267334** |
| &nbsp;&nbsp;&nbsp;**Netherlands – 5.0%** | &nbsp;&nbsp;&nbsp;**Netherlands – 5.0%** | &nbsp;&nbsp;&nbsp;**Netherlands – 5.0%** |
| &nbsp;&nbsp;&nbsp; Airbus SE | 12043 | 2519924 |
| &nbsp;&nbsp;&nbsp; ASM International NV | 1597 | 1022506 |
| &nbsp;&nbsp;&nbsp; ASML Holding NV | 5356 | 4288267 |
| &nbsp;&nbsp;&nbsp; Heineken NV | 34010 | 2977819 |
|  |  | **10808516** |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**New Zealand – 0.4%** | &nbsp;&nbsp;&nbsp;**New Zealand – 0.4%** | &nbsp;&nbsp;&nbsp;**New Zealand – 0.4%** |
| &nbsp;&nbsp;&nbsp; Xero Ltd.<sup>(1)</sup> | 6618 | $783254 |
|  |  | **783254** |
| &nbsp;&nbsp;&nbsp;**Norway – 1.8%** | &nbsp;&nbsp;&nbsp;**Norway – 1.8%** | &nbsp;&nbsp;&nbsp;**Norway – 1.8%** |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA | 100280 | 2774770 |
| &nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 180637 | 1029459 |
|  |  | **3804229** |
| &nbsp;&nbsp;&nbsp;**Portugal – 0.9%** | &nbsp;&nbsp;&nbsp;**Portugal – 0.9%** | &nbsp;&nbsp;&nbsp;**Portugal – 0.9%** |
| &nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS SA | 74714 | 1891947 |
|  |  | **1891947** |
| &nbsp;&nbsp;&nbsp;**Republic of Korea – 0.7%** | &nbsp;&nbsp;&nbsp;**Republic of Korea – 0.7%** | &nbsp;&nbsp;&nbsp;**Republic of Korea – 0.7%** |
| &nbsp;&nbsp;&nbsp; Kia Corp. | 14890 | 1066109 |
| &nbsp;&nbsp;&nbsp; Samsung SDI Co. Ltd. | 3395 | 434833 |
|  |  | **1500942** |
| &nbsp;&nbsp;&nbsp;**Singapore – 0.9%** | &nbsp;&nbsp;&nbsp;**Singapore – 0.9%** | &nbsp;&nbsp;&nbsp;**Singapore – 0.9%** |
| &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | 57100 | 2019016 |
|  |  | **2019016** |
| &nbsp;&nbsp;&nbsp;**Spain – 5.0%** | &nbsp;&nbsp;&nbsp;**Spain – 5.0%** | &nbsp;&nbsp;&nbsp;**Spain – 5.0%** |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | 245985 | 3783273 |
| &nbsp;&nbsp;&nbsp; Bankinter SA | 129189 | 1686326 |
| &nbsp;&nbsp;&nbsp; Iberdrola SA | 158115 | 3039519 |
| &nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | 43418 | 2262489 |
|  |  | **10771607** |
| &nbsp;&nbsp;&nbsp;**Sweden – 0.7%** | &nbsp;&nbsp;&nbsp;**Sweden – 0.7%** | &nbsp;&nbsp;&nbsp;**Sweden – 0.7%** |
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class A | 118832 | 1589206 |
|  |  | **1589206** |
| &nbsp;&nbsp;&nbsp;**Switzerland – 6.9%** | &nbsp;&nbsp;&nbsp;**Switzerland – 6.9%** | &nbsp;&nbsp;&nbsp;**Switzerland – 6.9%** |
| &nbsp;&nbsp;&nbsp; Alcon AG | 26776 | 2377313 |
| &nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG | 131 | 2204148 |
| &nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA, Reg S, Class A | 18014 | 3406830 |
| &nbsp;&nbsp;&nbsp; Lonza Group AG, Reg S | 2938 | 2099219 |
| &nbsp;&nbsp;&nbsp; Roche Holding AG | 14666 | 4794469 |
|  |  | **14881979** |
| &nbsp;&nbsp;&nbsp;**Taiwan – 0.6%** | &nbsp;&nbsp;&nbsp;**Taiwan – 0.6%** | &nbsp;&nbsp;&nbsp;**Taiwan – 0.6%** |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 36000 | 1299816 |
|  |  | **1299816** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**United Kingdom – 19.2%** | &nbsp;&nbsp;&nbsp;**United Kingdom – 19.2%** | &nbsp;&nbsp;&nbsp;**United Kingdom – 19.2%** |
| &nbsp;&nbsp;&nbsp; Antofagasta PLC | 58474 | $1452819 |
| &nbsp;&nbsp;&nbsp; ARM Holdings PLC, ADR<sup>(1)</sup> | 6954 | 1124740 |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC | 30521 | 4256391 |
| &nbsp;&nbsp;&nbsp; BAE Systems PLC | 119583 | 3095912 |
| &nbsp;&nbsp;&nbsp; Bunzl PLC | 44539 | 1418570 |
| &nbsp;&nbsp;&nbsp; Diageo PLC | 61690 | 1551722 |
| &nbsp;&nbsp;&nbsp; GSK PLC | 76529 | 1458853 |
| &nbsp;&nbsp;&nbsp; Haleon PLC | 587483 | 3022604 |
| &nbsp;&nbsp;&nbsp; Kingfisher PLC | 458701 | 1832847 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC | 3241690 | 3413805 |
| &nbsp;&nbsp;&nbsp; National Grid PLC | 134383 | 1964865 |
| &nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 34633 | 2355978 |
| &nbsp;&nbsp;&nbsp; RELX PLC | 61624 | 3342784 |
| &nbsp;&nbsp;&nbsp; Sage Group PLC | 62790 | 1079134 |
| &nbsp;&nbsp;&nbsp; Shell PLC | 141159 | 4956648 |
| &nbsp;&nbsp;&nbsp; Unilever PLC | 61053 | 3718686 |
| &nbsp;&nbsp;&nbsp; Whitbread PLC | 34779 | 1349602 |
|  |  | **41395960** |
| &nbsp;&nbsp;&nbsp;**United States – 2.5%** | &nbsp;&nbsp;&nbsp;**United States – 2.5%** | &nbsp;&nbsp;&nbsp;**United States – 2.5%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 362 | 2095705 |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 3215 | 700067 |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 16812 | 1756854 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc.<sup>(1)</sup> | 298 | 778862 |
|  |  | **5331488** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $167,766,372) |  | **214146676** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.4%** <br> (Cost $167,766,372) |  | **214146676** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.6%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.6%** | **1270465** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** |  | $**215417141** |

---

<sup>(1)</sup> Non–income–producing security.

<sup>(2)</sup> Security that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2025, the aggregate market value of this security amounted to $1,229,779, representing 0.6% of net assets. This security has been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees. 

#### Legend:
ADR — American Depositary Receipt

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

------

#### SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND
**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $1411286 \* | $— | $1411286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 3388594 \* |  | 3388594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 1712740 \* |  | 1712740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 3585174 |  |  | 3585174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands | 1687667 |  |  | 1687667 |
| &nbsp;&nbsp;&nbsp;&nbsp; China |  | 679430 \* |  | 679430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 5752430 \* |  | 5752430 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 16117043 \* |  | 16117043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 23013513 \* |  | 23013513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 2090426 \* |  | 2090426 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 958988 |  |  | 958988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 1052044 \* |  | 1052044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland |  | 2042986 \* |  | 2042986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel | 2344711 |  |  | 2344711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 2645820 \* |  | 2645820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 46318530 \* |  | 46318530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 3267334 |  |  | 3267334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 10808516 \* |  | 10808516 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 783254 \* |  | 783254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 3804229 \* |  | 3804229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 1891947 \* |  | 1891947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea |  | 1500942 \* |  | 1500942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 2019016 \* |  | 2019016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 10771607 \* |  | 10771607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 1589206 \* |  | 1589206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 14881979 \* |  | 14881979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 1299816 \* |  | 1299816 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1124740 | 40271220 \* |  | 41395960 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 5331488 |  |  | 5331488 |
| &nbsp;&nbsp;&nbsp;**Total** | $**18300102** | $**195846574** | $**—** | $**214146676** |

---

\* Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Note 2a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

#### FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL EQUITY VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214146676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 293393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 1045838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 268738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 221828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 7932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3217 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **215987622** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 204102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 136624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 69580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 48066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 44172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 16062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 51875 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **570481** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**215417141** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $154448780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 60968361 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**215417141** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $167766372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $303294 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **13331267** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$16.16** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $4264771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 6745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (467018) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **3804498** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 863793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 279666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 68506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 40374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 36488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 27667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 12347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 7482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 10412 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1346735** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (75400) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1271335** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **2533163** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Foreign Currency Transactions and Foreign Capital Gains Tax** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 6891912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 29203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes paid | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 27331015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 127411 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments, Foreign Currency Transactions and Foreign Capital Gains Tax** | **34379524** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**36912687** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $2533163 | $4013501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments, foreign currency transactions and foreign capital gains tax | 6921098 | 5520426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies | 27458426 | 4644671 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **36912687** | **14178598** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 1930460 | 15398424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (48994634) | (97618778) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(47064174)** | **(82220354)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(10151487)** | **(68041756)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 225568628 | 293610384 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215417141 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225568628 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 133142 | 1134673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3239743) | (7003003) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(3106601)** | **(5868330)** |

---

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **Net Asset Value,**<br> **Beginning of**<br> **Period** | **Net Investment**<br> **Income<sup>(1)</sup>** | **Net Realized**<br> **and Unrealized**<br> **Gain/(Loss)** | **Total**<br> **Operations** | **Net Asset<br>Value, End of<br>Period** | **Total**<br> **Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $13.72 | $0.17 | $2.27 | $2.44 | $16.16 | 17.78%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 13.16 | 0.21 | 0.35 | 0.56 | 13.72 | 4.26% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 11.39 | 0.18 | 1.59 | 1.77 | 13.16 | 15.54% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 13.87 | 0.15 | (2.63) | (2.48) | 11.39 | (17.88)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 13.16 | 0.30<sup>(5)</sup> | 0.41 | 0.71 | 13.87 | 5.40% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 12.15 | 0.12 | 0.89 | 1.01 | 13.16 | 8.31% |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End**<br> **of Period (000s)** | **Net Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets<sup>(3)</sup>** | **Gross Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets** | **Net Ratio of Net**<br> **Investment Income**<br> **to Average**<br> **Net Assets<sup>(3)</sup>** | **Gross Ratio of Net**<br> **Investment Income**<br> **to Average**<br> **Net Assets** | **Portfolio**<br> **Turnover Rate** |
| $215417 | 1.14%<sup>(4)</sup> | 1.20%<sup>(4)</sup> | 2.26%<sup>(4)</sup> | 2.20%<sup>(4)</sup> | 14%<sup>(4)</sup> |
| 225569 | 1.11% | 1.18% | 1.51% | 1.44% | 32% |
| 293610 | 1.08% | 1.15% | 1.47% | 1.40% | 29% |
| 325012 | 1.08% | 1.12% | 1.30% | 1.26% | 136% |
| 411907 | 1.06% | 1.13% | 2.20%<sup>(5)</sup> | 2.13%<sup>(5)</sup> | 40% |
| 234233 | 1.00% | 1.18% | 1.03% | 0.85% | 38% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. 

<sup>(5)</sup> Reflects a special dividend paid out during the year by one of the Fund's holdings. Had the Fund not received the special dividend, the Net Investment Income per share would have been $0.19, the Net Ratio of Net Investment Income to Average Net Assets would have been 1.37%, and the Gross Ratio of Net Investment Income to Average Net Assets would have been 1.30%. 

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian International Equity VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks long-term capital appreciation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

8.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2025, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**9**

------

**c. Futures Contracts** The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. There were no futures contracts held as of June 30, 2025.

**d. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on

translation of assets and liabilities in foreign currencies on the Statement of Operations.

**e. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**f. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**g. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**h. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

10.0 ------

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.80% of the first $100 million, and 0.75% in excess of $100 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 1.15% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 1.13%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $75,400.

Park Avenue has entered into a Sub-Advisory Agreement with Schroder Investment Management North America, Inc. ("Schroder Inc."). Schroder Inc. is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund. Schroder Inc. also entered into a Sub-subadvisory Agreement with its affiliate, Schroder Investment Management North America Limited (''Schroder Limited''). The sub-subadvisory fees under the Sub-subadvisory Agreement are paid by Schroder Inc. to Schroder Limited and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer,

receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $279,666 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $32,087,608 and $77,042,047, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**11**

------

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of June 30, 2025, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

**f. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be

magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this

12.0 ------

would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial

statements were issued and has determined that no additional items require disclosure in these financial statements.

**13**

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select

Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder

14.0 ------

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and

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

(vi) any other benefits derived by the Manager or the Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend Sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement Sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's organizational structure and resources, including

**15**

------

investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

16.0 ------

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to

the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a Sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

**17**

------

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that

18.0 ------

the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

**19**

------

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

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

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

20.0 ------

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

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

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

**21**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g29767g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB8172

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian International Growth VIP Fund
![LOGO](g85293g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian International Growth VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin1485293_1)** |  |
| [Schedule of Investments](#fin1485293_2) | 1 |
| [Statement of Assets and Liabilities](#fin1485293_3) | 3 |
| [Statement of Operations](#fin1485293_4) | 3 |
| [Statements of Changes in Net Assets](#fin1485293_5) | 4 |
| [Financial Highlights](#fin1485293_6) | 6 |
| [Notes to Financial Statements](#fin1485293_7) | 8 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin1485293_8)** | 13 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin1485293_9)** | 13 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin1485293_10)** | 13 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin1485293_11)** | 13 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 99.0%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.0%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.0%** |
| &nbsp;&nbsp;&nbsp;**Australia – 2.8%** | &nbsp;&nbsp;&nbsp;**Australia – 2.8%** | &nbsp;&nbsp;&nbsp;**Australia – 2.8%** |
| &nbsp;&nbsp;&nbsp; Goodman Group REITs | 28551 | $643527 |
| &nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. | 47412 | 729972 |
| &nbsp;&nbsp;&nbsp; Telstra Group Ltd. | 239936 | 764320 |
|  |  | **2137819** |
| &nbsp;&nbsp;&nbsp;**Denmark – 5.1%** | &nbsp;&nbsp;&nbsp;**Denmark – 5.1%** | &nbsp;&nbsp;&nbsp;**Denmark – 5.1%** |
| &nbsp;&nbsp;&nbsp; DSV A/S | 3223 | 774227 |
| &nbsp;&nbsp;&nbsp; Novo Nordisk AS, Class B | 24744 | 1726586 |
| &nbsp;&nbsp;&nbsp; Novonesis (Novozymes) B | 18534 | 1330849 |
|  |  | **3831662** |
| &nbsp;&nbsp;&nbsp;**France – 14.4%** | &nbsp;&nbsp;&nbsp;**France – 14.4%** | &nbsp;&nbsp;&nbsp;**France – 14.4%** |
| &nbsp;&nbsp;&nbsp; Air Liquide SA | 14766 | 3049855 |
| &nbsp;&nbsp;&nbsp; Hermes International SCA | 144 | 390674 |
| &nbsp;&nbsp;&nbsp; Legrand SA | 8161 | 1090095 |
| &nbsp;&nbsp;&nbsp; Safran SA | 10479 | 3412842 |
| &nbsp;&nbsp;&nbsp; Sanofi SA | 7464 | 722199 |
| &nbsp;&nbsp;&nbsp; Schneider Electric SE | 6948 | 1852741 |
| &nbsp;&nbsp;&nbsp; SPIE SA | 7310 | 411263 |
|  |  | **10929669** |
| &nbsp;&nbsp;&nbsp;**Germany – 8.2%** | &nbsp;&nbsp;&nbsp;**Germany – 8.2%** | &nbsp;&nbsp;&nbsp;**Germany – 8.2%** |
| &nbsp;&nbsp;&nbsp; Bilfinger SE | 4213 | 405569 |
| &nbsp;&nbsp;&nbsp; Deutsche Boerse AG | 3781 | 1233749 |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom AG | 17583 | 643753 |
| &nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG | 1550 | 1005231 |
| &nbsp;&nbsp;&nbsp; Rheinmetall AG | 176 | 372366 |
| &nbsp;&nbsp;&nbsp; SAP SE | 7576 | 2304526 |
| &nbsp;&nbsp;&nbsp; Scout24 SE<sup>(1)</sup> | 1813 | 250019 |
|  |  | **6215213** |
| &nbsp;&nbsp;&nbsp;**Hong Kong – 2.2%** | &nbsp;&nbsp;&nbsp;**Hong Kong – 2.2%** | &nbsp;&nbsp;&nbsp;**Hong Kong – 2.2%** |
| &nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 31000 | 1658668 |
|  |  | **1658668** |
| &nbsp;&nbsp;&nbsp;**Ireland – 1.4%** | &nbsp;&nbsp;&nbsp;**Ireland – 1.4%** | &nbsp;&nbsp;&nbsp;**Ireland – 1.4%** |
| &nbsp;&nbsp;&nbsp; Ryanair Holdings PLC, ADR | 18343 | 1057841 |
|  |  | **1057841** |
| &nbsp;&nbsp;&nbsp;**Japan – 22.9%** | &nbsp;&nbsp;&nbsp;**Japan – 22.9%** | &nbsp;&nbsp;&nbsp;**Japan – 22.9%** |
| &nbsp;&nbsp;&nbsp; Advantest Corp. | 16200 | 1200028 |
| &nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. | 13300 | 354964 |
| &nbsp;&nbsp;&nbsp; Azbil Corp. | 82000 | 778020 |
| &nbsp;&nbsp;&nbsp; Cosmos Pharmaceutical Corp. | 6200 | 393664 |
| &nbsp;&nbsp;&nbsp; Hamamatsu Photonics KK | 23800 | 288579 |
| &nbsp;&nbsp;&nbsp; Hitachi Ltd. | 70800 | 2050994 |
| &nbsp;&nbsp;&nbsp; Hoya Corp. | 8600 | 1020948 |
| &nbsp;&nbsp;&nbsp; IHI Corp. | 9700 | 1053169 |
| &nbsp;&nbsp;&nbsp; Kao Corp. | 21000 | 939939 |
| &nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 13600 | 1304471 |
| &nbsp;&nbsp;&nbsp; Obic Co. Ltd. | 12400 | 483175 |
| &nbsp;&nbsp;&nbsp; Rakuten Bank Ltd.<sup>(2)</sup> | 21400 | 976873 |
| &nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 20500 | 1207025 |
| &nbsp;&nbsp;&nbsp; Sony Group Corp. | 121200 | 3159625 |
| &nbsp;&nbsp;&nbsp; Terumo Corp. | 48100 | 882887 |
| &nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 30000 | 1265538 |
|  |  | **17359899** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Luxembourg – 0.9%** | &nbsp;&nbsp;&nbsp;**Luxembourg – 0.9%** | &nbsp;&nbsp;&nbsp;**Luxembourg – 0.9%** |
| &nbsp;&nbsp;&nbsp; Spotify Technology SA<sup>(2)</sup> | 855 | $656076 |
|  |  | **656076** |
| &nbsp;&nbsp;&nbsp;**Netherlands – 6.0%** | &nbsp;&nbsp;&nbsp;**Netherlands – 6.0%** | &nbsp;&nbsp;&nbsp;**Netherlands – 6.0%** |
| &nbsp;&nbsp;&nbsp; Adyen NV<sup>(1)(2)</sup> | 448 | 822578 |
| &nbsp;&nbsp;&nbsp; Argenx SE<sup>(2)</sup> | 396 | 218318 |
| &nbsp;&nbsp;&nbsp; ASML Holding NV | 2222 | 1779038 |
| &nbsp;&nbsp;&nbsp; Ferrovial SE | 18008 | 960154 |
| &nbsp;&nbsp;&nbsp; Heineken NV | 8966 | 785038 |
|  |  | **4565126** |
| &nbsp;&nbsp;&nbsp;**Singapore – 1.8%** | &nbsp;&nbsp;&nbsp;**Singapore – 1.8%** | &nbsp;&nbsp;&nbsp;**Singapore – 1.8%** |
| &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | 39540 | 1398107 |
|  |  | **1398107** |
| &nbsp;&nbsp;&nbsp;**Spain – 2.5%** | &nbsp;&nbsp;&nbsp;**Spain – 2.5%** | &nbsp;&nbsp;&nbsp;**Spain – 2.5%** |
| &nbsp;&nbsp;&nbsp; Indra Sistemas SA | 25776 | 1122577 |
| &nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | 14320 | 746208 |
|  |  | **1868785** |
| &nbsp;&nbsp;&nbsp;**Sweden – 2.2%** | &nbsp;&nbsp;&nbsp;**Sweden – 2.2%** | &nbsp;&nbsp;&nbsp;**Sweden – 2.2%** |
| &nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A | 57683 | 934434 |
| &nbsp;&nbsp;&nbsp; Volvo AB, Class B | 26051 | 731424 |
|  |  | **1665858** |
| &nbsp;&nbsp;&nbsp;**Switzerland – 5.6%** | &nbsp;&nbsp;&nbsp;**Switzerland – 5.6%** | &nbsp;&nbsp;&nbsp;**Switzerland – 5.6%** |
| &nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA, Reg S, Class A | 10078 | 1905964 |
| &nbsp;&nbsp;&nbsp; Lonza Group AG, Reg S | 1554 | 1110343 |
| &nbsp;&nbsp;&nbsp; Nestle SA, Reg S | 12289 | 1220566 |
|  |  | **4236873** |
| &nbsp;&nbsp;&nbsp;**Taiwan – 1.3%** | &nbsp;&nbsp;&nbsp;**Taiwan – 1.3%** | &nbsp;&nbsp;&nbsp;**Taiwan – 1.3%** |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4410 | 998821 |
|  |  | **998821** |
| &nbsp;&nbsp;&nbsp;**United Kingdom – 20.8%** | &nbsp;&nbsp;&nbsp;**United Kingdom – 20.8%** | &nbsp;&nbsp;&nbsp;**United Kingdom – 20.8%** |
| &nbsp;&nbsp;&nbsp; 3i Group PLC | 26322 | 1488947 |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC | 5081 | 708585 |
| &nbsp;&nbsp;&nbsp; Compass Group PLC | 41785 | 1415265 |
| &nbsp;&nbsp;&nbsp; Diageo PLC | 20306 | 510768 |
| &nbsp;&nbsp;&nbsp; Haleon PLC | 225998 | 1162761 |
| &nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC | 10114 | 1154820 |
| &nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | 12657 | 1849424 |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC | 111086 | 779989 |
| &nbsp;&nbsp;&nbsp; Next PLC | 4025 | 687635 |
| &nbsp;&nbsp;&nbsp; RELX PLC | 35568 | 1924107 |
| &nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC | 134327 | 1784705 |
| &nbsp;&nbsp;&nbsp; Sage Group PLC | 64463 | 1107887 |
| &nbsp;&nbsp;&nbsp; SSE PLC | 46842 | 1177477 |
|  |  | **15752370** |
| &nbsp;&nbsp;&nbsp;**United States – 0.9%** | &nbsp;&nbsp;&nbsp;**United States – 0.9%** | &nbsp;&nbsp;&nbsp;**United States – 0.9%** |
| &nbsp;&nbsp;&nbsp; Yum China Holdings, Inc. | 15546 | 695062 |
|  |  | **695062** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $51,261,492) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $51,261,492) | **75027849** |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.7%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.7%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.7%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $510,049, due 7/1/2025<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510030 | $510030 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $510,030) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $510,030) | **510030** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.7%** <br> (Cost $51,771,522) | &nbsp;&nbsp;&nbsp;**Total Investments – 99.7%** <br> (Cost $51,771,522) | **75537879** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.3%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.3%** | **205377** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**75743256** |

---

<sup>(1)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2025, the aggregate market value of these securities amounted to $1,072,597, representing 1.4% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees. 

<sup>(2)</sup> Non–income–producing security.

<sup>(3)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**<br>Security** | **<br>Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $511500 | $520352 |

---

#### Legend:
ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $2137819 \* | $— | $2137819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 3831662 \* |  | 3831662 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 10929669 \* |  | 10929669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 6215213 \* |  | 6215213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 1658668 \* |  | 1658668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 1057841 |  |  | 1057841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 17359899 \* |  | 17359899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 656076 |  |  | 656076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 4565126 \* |  | 4565126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 1398107 \* |  | 1398107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 1868785 \* |  | 1868785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 1665858 \* |  | 1665858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 4236873 \* |  | 4236873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 998821 |  |  | 998821 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 15752370 \* |  | 15752370 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 695062 |  |  | 695062 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 510030 |  | 510030 |
| &nbsp;&nbsp;&nbsp;**Total** | $**3407800** | $**72130079** | $**—** | $**75537879** |

---

\* Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Note 2a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.

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

------

#### FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75537879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 15615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 395623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 39094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 11979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **76001319** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 113287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 49441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 31612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 16062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 15450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued shareholder reports fees | 14276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 17935 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **258063** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**75743256** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $17655803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 58087453 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**75743256** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $51771522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $15521 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **3851817** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$19.66** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $946134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 6029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (89213) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **862950** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 308709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 96471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 44432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 23110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 16061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 14047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 9400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 7276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 4474 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **523980** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (75013) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **448967** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **413983** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 8834752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 30982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 2647846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 46133 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **11559713** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**11973696** |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited |
|  | **For the**<br> **Six Months Ended<br>6/30/25** | **For the**<br> **Year Ended**<br> **12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $413983 | $354422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 8865734 | 10662818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | 2693979 | (5058878) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **11973696** | **5958362** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 9841 | 3269660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (15221896) | (34109699) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(15212055)** | **(30840039)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(3238359)** | **(24881677)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 78981615 | 103863292 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $75743256 | $78981615 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 554 | 195991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (834343) | (1995821) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(833789)** | **(1799830)** |

---

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

------

This Page Intentionally Left Blank

**5**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income/(Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $16.86 | $0.10 | $2.70 | $2.80 | $19.66 | 16.61%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 16.01 | 0.06 | 0.79 | 0.85 | 16.86 | 5.31% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 13.78 | 0.10 | 2.13 | 2.23 | 16.01 | 16.18% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 19.21 | 0.05 | (5.48) | (5.43) | 13.78 | (28.27)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 17.34 | (0.01) | 1.88 | 1.87 | 19.21 | 10.78% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 13.53 | (0.00)<sup>(5)</sup> | 3.81 | 3.81 | 17.34 | 28.16% |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End**<br> **of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income/<br>(Loss) to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income/<br>(Loss) to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $75743 | 1.16%<sup>(4)</sup> | 1.36%<sup>(4)</sup> | 1.08%<sup>(4)</sup> | 0.88%<sup>(4)</sup> | 25%<sup>(4)</sup> |
| 78982 | 1.17% | 1.32% | 0.38% | 0.23% | 27% |
| 103863 | 1.18% | 1.26% | 0.68% | 0.60% | 50% |
| 114662 | 1.18% | 1.21% | 0.35% | 0.32% | 40% |
| 148827 | 1.17% | 1.17% | (0.05)% | (0.05)% | 31% |
| 146998 | 1.18% | 1.24% | (0.00)%<sup>(6)</sup> | (0.06)% | 25% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income/(Loss) to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. 

<sup>(5)</sup> Rounds to $(0.00) per share. 

<sup>(6)</sup> Rounds to (0.00)%. 

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian International Growth VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks total return consisting of long-term capital growth and current income.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

8.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2025, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**9**

------

**c. Futures Contracts** The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

**d. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

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

**e. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**f. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**g. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**h. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is

10.0 ------

a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.80% of the first $100 million, and 0.75% in excess of $100 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 1.15% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1,

2025, the expense limitation was 1.17%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $75,013.

Park Avenue has entered into a Sub-Advisory Agreement with J.P. Morgan Investment Management Inc. ("J.P. Morgan"). J.P. Morgan is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months

ended June 30, 2025, the Fund incurred distribution fees in the amount of $96,471 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $19,140,399 and $33,463,201, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**11**

------

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a

$10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

12.0 ------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund;

Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment

**13**

------

Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of

economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend Sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement Sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's

14.0 ------

organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

**15**

------

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to

the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a Sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

16.0 ------

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that

**17**

------

the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group. <br>

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

18.0 ------

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

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

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

**19**

------

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

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

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

20.0 ------

This Page Intentionally Left Blank

**21**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g85293g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB8171

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Large Cap Disciplined Growth VIP Fund
![LOGO](g43181g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian Large Cap Disciplined Growth VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin15toc43181_1)** |  |
| [Schedule of Investments](#fin15toc43181_2) | 1 |
| [Statement of Assets and Liabilities](#fin15toc43181_3) | 3 |
| [Statement of Operations](#fin15toc43181_4) | 3 |
| [Statements of Changes in Net Assets](#fin15toc43181_5) | 4 |
| [Financial Highlights](#fin15toc43181_6) | 6 |
| [Notes to Financial Statements](#fin15toc43181_7) | 8 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin15toc43181_8)** | 13 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin15toc43181_9)** | 13 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin15toc43181_10)** | 13 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin15toc43181_11)** | 13 |

---

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

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 99.7%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.7%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.7%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.5%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.5%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.5%** |
| &nbsp;&nbsp;&nbsp; General Electric Co. | 21671 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5577899 |
|  |  | **5577899** |
| &nbsp;&nbsp;&nbsp;**Automobiles – 1.4%** | &nbsp;&nbsp;&nbsp;**Automobiles – 1.4%** | &nbsp;&nbsp;&nbsp;**Automobiles – 1.4%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.<sup>(1)</sup> | 16787 | 5332558 |
|  |  | **5332558** |
| &nbsp;&nbsp;&nbsp;**Banks – 0.6%** | &nbsp;&nbsp;&nbsp;**Banks – 0.6%** | &nbsp;&nbsp;&nbsp;**Banks – 0.6%** |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 28582 | 2289990 |
|  |  | **2289990** |
| &nbsp;&nbsp;&nbsp;**Beverages – 0.6%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.6%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.6%** |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.<sup>(1)</sup> | 37282 | 2335344 |
|  |  | **2335344** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 1.0%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.0%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.0%** |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 8132 | 3620366 |
|  |  | **3620366** |
| &nbsp;&nbsp;&nbsp;**Broadline Retail – 6.4%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 6.4%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 6.4%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 107628 | 23612507 |
|  |  | **23612507** |
| &nbsp;&nbsp;&nbsp;**Building Products – 0.4%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.4%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.4%** |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.<sup>(1)</sup> | 13262 | 1547543 |
|  |  | **1547543** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.1%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.1%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.1%** |
| &nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 14792 | 2561974 |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 44016 | 2438927 |
| &nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 19922 | 2650224 |
|  |  | **7651125** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 1.0%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.0%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.0%** |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 10827 | 3717559 |
|  |  | **3717559** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.5%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.5%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.5%** |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | 7893 | 1946493 |
|  |  | **1946493** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.8%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.8%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.8%** |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.<sup>(1)</sup> | 30188 | 3088534 |
|  |  | **3088534** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 0.9%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 0.9%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 0.9%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | 10362 | 3305271 |
|  |  | **3305271** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 1.5%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 1.5%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 1.5%** |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 21215 | 2287614 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 34245 | 3348476 |
|  |  | **5636090** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.9%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.9%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.9%** |
| &nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 6122 | 3239456 |
|  |  | **3239456** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 5.5%** | &nbsp;&nbsp;&nbsp;**Entertainment – 5.5%** | &nbsp;&nbsp;&nbsp;**Entertainment – 5.5%** |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 23960 | 2503820 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.<sup>(1)</sup> | 21512 | 3254335 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.<sup>(1)</sup> | 7502 | 10046153 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Entertainment** (continued) | &nbsp;&nbsp;&nbsp;**Entertainment** (continued) | &nbsp;&nbsp;&nbsp;**Entertainment** (continued) |
| &nbsp;&nbsp;&nbsp; Spotify Technology SA<sup>(1)</sup> | 6035 | 4630897 |
|  |  | **20435205** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 3.6%** | &nbsp;&nbsp;&nbsp;**Financial Services – 3.6%** | &nbsp;&nbsp;&nbsp;**Financial Services – 3.6%** |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 18037 | 10135712 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 8735 | 3101362 |
|  |  | **13237074** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.3%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.3%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.3%** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.<sup>(1)</sup> | 25837 | 2775152 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.<sup>(1)</sup> | 26267 | 2054342 |
|  |  | **4829494** |
| &nbsp;&nbsp;&nbsp;**Health Care Technology – 1.0%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 1.0%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 1.0%** |
| &nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A<sup>(1)</sup> | 12626 | 3636035 |
|  |  | **3636035** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.7%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.7%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.7%** |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 64905 | 3644416 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A<sup>(1)</sup> | 12295 | 3030841 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 11857 | 3157993 |
|  |  | **9833250** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 9.9%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 9.9%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 9.9%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 104871 | 18481416 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 25015 | 18463322 |
|  |  | **36944738** |
| &nbsp;&nbsp;&nbsp;**IT Services – 1.1%** | &nbsp;&nbsp;&nbsp;**IT Services – 1.1%** | &nbsp;&nbsp;&nbsp;**IT Services – 1.1%** |
| &nbsp;&nbsp;&nbsp; Gartner, Inc.<sup>(1)</sup> | 3756 | 1518251 |
| &nbsp;&nbsp;&nbsp; Shopify, Inc., Class A<sup>(1)</sup> | 23272 | 2684425 |
|  |  | **4202676** |
| &nbsp;&nbsp;&nbsp;**Machinery – 0.7%** | &nbsp;&nbsp;&nbsp;**Machinery – 0.7%** | &nbsp;&nbsp;&nbsp;**Machinery – 0.7%** |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 30107 | 2504300 |
|  |  | **2504300** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.7%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.7%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.7%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 13087 | 10201709 |
|  |  | **10201709** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 19.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 19.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 19.7%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 67829 | 18697064 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 5139 | 4603208 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 314920 | 49754210 |
|  |  | **73054482** |
| &nbsp;&nbsp;&nbsp;**Software – 18.8%** | &nbsp;&nbsp;&nbsp;**Software – 18.8%** | &nbsp;&nbsp;&nbsp;**Software – 18.8%** |
| &nbsp;&nbsp;&nbsp; AppLovin Corp., Class A<sup>(1)</sup> | 3244 | 1135660 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.<sup>(1)</sup> | 10036 | 3092593 |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc.<sup>(1)</sup> | 2775 | 1544648 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 6700 | 5277121 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 80931 | 40255889 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 30149 | 6591476 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A<sup>(1)</sup> | 15298 | 2085423 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.<sup>(1)</sup> | 16581 | 3393136 |
| &nbsp;&nbsp;&nbsp; PTC, Inc.<sup>(1)</sup> | 12842 | 2213190 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc.<sup>(1)</sup> | 4273 | 4392986 |
|  |  | **69982122** |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.8%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.8%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.8%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp. | 13860 | $3063337 |
|  |  | **3063337** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.1%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.1%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.1%** |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.<sup>(1)</sup> | 44070 | 3972029 |
|  |  | **3972029** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 10.8%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 10.8%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 10.8%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 195907 | 40194239 |
|  |  | **40194239** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.4%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.4%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.4%** |
| &nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | 13240 | 1523130 |
|  |  | **1523130** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $214,193,996) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $214,193,996) | **370514555** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.4%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.4%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.4%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $1,527,198, due 7/1/2025<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527140 | 1527140 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,527,140) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,527,140) | **1527140** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $215,721,136) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $215,721,136) | **372041695** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | **(206615)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**371835080** |

---

<sup>(1)</sup> Non–income–producing security.

<sup>(2)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $1531400 | $1557759 |

---

#### Legend:
REITs — Real Estate Investment Trusts

**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;Investments in Securities | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $370514555 | $— | $— | $370514555 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1527140 |  | 1527140 |
| &nbsp;&nbsp;&nbsp;**Total** | $**370514555** | $**1527140** | $**—** | $**372041695** |

---

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

------

#### FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $372041695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 844512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 28539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 17350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 5385 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **372937481** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 665722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 171354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 111262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 74479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 14924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 11639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 53021 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **1102401** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**371835080** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $(136201236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 508036316 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**371835080** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $215721136 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **9817239** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$37.88** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $819419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 13107 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **832526** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1017041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 441322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 63765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 47947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 37281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 22186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 16348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 9849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 12848 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1668587** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (132786) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1535801** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **(703275)** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 30952235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (10789699) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments** | **20162536** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**19459261** |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited |
|  | **For the**<br> **Six Months Ended**<br> **6/30/25** | **For the**<br> **Year Ended**<br> **12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $(703275) | $(1348829) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30952235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110591240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (10789699) | 1526116 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **19459261** | **110768527** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 16778107 | 11282613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (56179994) | (181260766) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(39401887)** | **(169978153)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(19942626)** | **(59209626)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 391777706 | 450987332 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $371835080 | $391777706 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 499764 | 357736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1590958) | (5624527) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(1091194)** | **(5266791)** |

---

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

------

This Page Intentionally Left Blank

**5**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **Net Asset Value,<br>Beginning of**<br> **Period** | **Net Investment**<br> **Loss<sup>(1)</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset**<br> **Value, End of**<br> **Period** | **Total**<br> **Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $35.92 | $(0.07) | $2.03 | $1.96 | $37.88 | 5.46%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 27.88 | (0.10) | 8.14 | 8.04 | 35.92 | 28.84% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 19.65 | (0.04) | 8.27 | 8.23 | 27.88 | 41.88% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 28.69 | (0.03) | (9.01) | (9.04) | 19.65 | (31.51)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 23.83 | (0.09) | 4.95 | 4.86 | 28.69 | 20.39% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 17.47 | (0.02) | 6.38 | 6.36 | 23.83 | 36.41% |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End**<br> **of Period (000s)** | **Net Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets<sup>(3)</sup>** | **Gross Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets** | **Net Ratio of Net**<br> **Investment Loss**<br> **to Average**<br> **Net Assets<sup>(3)</sup>** | **Gross Ratio of Net**<br> **Investment Loss**<br> **to Average**<br> **Net Assets** | **Portfolio**<br> **Turnover Rate** |
| $371835 | 0.87%<sup>(4)</sup> | 0.95%<sup>(4)</sup> | (0.40)%<sup>(4)</sup> | (0.48)%<sup>(4)</sup> | 30%<sup>(4)</sup> |
| 391778 | 0.87% | 0.92% | (0.31)% | (0.36)% | 33% |
| 450987 | 0.87% | 0.91% | (0.16)% | (0.20)% | 37% |
| 439541 | 0.87% | 0.89% | (0.15)% | (0.17)% | 38% |
| 622763 | 0.87% | 0.87% | (0.34)% | (0.34)% | 28% |
| 621402 | 0.87% | 0.89% | (0.12)% | (0.14)% | 24% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Loss to Average Net Assets include the effect of fee waivers, expense limitations, and recoupments, if any.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. 

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Large Cap Disciplined Growth VIP Fund (the "Fund") is a series of the Trust. The Fund is a non-diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks to maximize long-term growth.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation

oversight, including but not limited to consideration of security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

8.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2025, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**9**

------

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**g. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.62% up to $100 million, 0.57% from $100 to $300 million, 0.52% from $300 to $500 million, and 0.50% in excess of $500 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.87% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions,

10.0 ------

litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $132,786.

Park Avenue has entered into a Sub-Advisory Agreement with Wellington Management Company LLP ("Wellington"). Wellington is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $441,322 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same

character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $107,911,145 and $149,171,518, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the

**11**

------

seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable

Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

12.0 ------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund;

Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment

**13**

------

Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of

economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend Sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement Sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of

14.0 ------

the Manager's key personnel and the Manager's organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each

Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and

**15**

------

variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted

pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a Sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

16.0 ------

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

**17**

------

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the

actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group. <br>

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

18.0 ------

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

**19**

------

Guardian Strategic Large Cap Core VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

&nbsp;&nbsp;&nbsp;&nbsp;• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

&nbsp;&nbsp;&nbsp;&nbsp;• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

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

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

20.0 ------

This Page Intentionally Left Blank

**21**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g43181g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB8173

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Large Cap Disciplined Value VIP Fund
![LOGO](g943904g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian Large Cap Disciplined Value VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin16toc943904_1a)** |  |
| [Schedule of Investments](#fin16toc943904_1) | 1 |
| [Statement of Assets and Liabilities](#fin16toc943904_2) | 4 |
| [Statement of Operations](#fin16toc943904_3) | 4 |
| [Statements of Changes in Net Assets](#fin16toc943904_4) | 5 |
| [Financial Highlights](#fin16toc943904_5) | 6 |
| [Notes to Financial Statements](#fin16toc943904_6) | 8 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin16toc943904_7)** | 13 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin16toc943904_8)** | 13 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin16toc943904_9)** | 13 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin16toc943904_10)** | 13 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 99.5%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.5%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.5%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.1%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 3474 | $1013227 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 3101 | 777855 |
|  |  | **1791082** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.7%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.7%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.7%** |
| &nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | 6593 | 632598 |
|  |  | **632598** |
| &nbsp;&nbsp;&nbsp;**Automobile Components – 0.6%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.6%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.6%** |
| &nbsp;&nbsp;&nbsp; Aptiv PLC<sup>(1)</sup> | 7387 | 503941 |
|  |  | **503941** |
| &nbsp;&nbsp;&nbsp;**Banks – 7.4%** | &nbsp;&nbsp;&nbsp;**Banks – 7.4%** | &nbsp;&nbsp;&nbsp;**Banks – 7.4%** |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 72244 | 1210809 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 13109 | 3800430 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 16163 | 1294980 |
|  |  | **6306219** |
| &nbsp;&nbsp;&nbsp;**Beverages – 2.4%** | &nbsp;&nbsp;&nbsp;**Beverages – 2.4%** | &nbsp;&nbsp;&nbsp;**Beverages – 2.4%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | 20168 | 1426886 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC | 6402 | 593594 |
|  |  | **2020480** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 1.8%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.8%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.8%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 8220 | 1525796 |
|  |  | **1525796** |
| &nbsp;&nbsp;&nbsp;**Broadline Retail – 2.2%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 2.2%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 2.2%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 8413 | 1845728 |
|  |  | **1845728** |
| &nbsp;&nbsp;&nbsp;**Building Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.5%** |
| &nbsp;&nbsp;&nbsp; Allegion PLC | 3045 | 438845 |
|  |  | **438845** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 6.0%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 6.0%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 6.0%** |
| &nbsp;&nbsp;&nbsp; Blue Owl Capital, Inc. | 12233 | 234996 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 9540 | 870430 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 1123 | 794803 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 2765 | 507295 |
| &nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 3984 | 1493880 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 8547 | 1203930 |
|  |  | **5105334** |
| &nbsp;&nbsp;&nbsp;**Construction Materials – 1.8%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 1.8%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 1.8%** |
| &nbsp;&nbsp;&nbsp; CRH PLC | 17007 | 1561243 |
|  |  | **1561243** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 2.9%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 2.9%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 2.9%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | 4696 | 1497930 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 4569 | 972101 |
|  |  | **2470031** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 3.4%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 3.4%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 3.4%** |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | 16487 | 1248725 |
| &nbsp;&nbsp;&nbsp; U.S. Foods Holding Corp.<sup>(1)</sup> | 21755 | 1675353 |
|  |  | **2924078** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 3.5%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 3.5%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 3.5%** |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | 9354 | 777505 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 27582 | 1110451 |
| &nbsp;&nbsp;&nbsp; PPL Corp. | 31725 | 1075160 |
|  |  | **2963116** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.4%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.4%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.4%** |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | 4864 | $648517 |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc. | 1288 | 526032 |
|  |  | **1174549** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 3.6%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 3.6%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 3.6%** |
| &nbsp;&nbsp;&nbsp; Flex Ltd.<sup>(1)</sup> | 25014 | 1248699 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.<sup>(1)</sup> | 5931 | 971854 |
| &nbsp;&nbsp;&nbsp; Ralliant Corp.<sup>(1)</sup> | 2900 | 140637 |
| &nbsp;&nbsp;&nbsp; Trimble, Inc.<sup>(1)</sup> | 9390 | 713452 |
|  |  | **3074642** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.4%** |
| &nbsp;&nbsp;&nbsp; Schlumberger NV | 11363 | 384069 |
|  |  | **384069** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 1.9%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.9%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.9%** |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 12804 | 1587824 |
|  |  | **1587824** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 3.5%** | &nbsp;&nbsp;&nbsp;**Financial Services – 3.5%** | &nbsp;&nbsp;&nbsp;**Financial Services – 3.5%** |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 3421 | 485337 |
| &nbsp;&nbsp;&nbsp; Corpay, Inc.<sup>(1)</sup> | 3360 | 1114915 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 17130 | 1394554 |
|  |  | **2994806** |
| &nbsp;&nbsp;&nbsp;**Ground Transportation – 3.3%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 3.3%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 3.3%** |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 4149 | 1062019 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.<sup>(1)</sup> | 18382 | 1715041 |
|  |  | **2777060** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.1%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.1%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.1%** |
| &nbsp;&nbsp;&nbsp; Medtronic PLC | 10671 | 930191 |
|  |  | **930191** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 6.8%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 6.8%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 6.8%** |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. | 5320 | 1595202 |
| &nbsp;&nbsp;&nbsp; Centene Corp.<sup>(1)</sup> | 5412 | 293763 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 1592 | 619224 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 1929 | 1413533 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 5017 | 901204 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 2927 | 913136 |
|  |  | **5736062** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.0%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.0%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.0%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 144 | 833651 |
|  |  | **833651** |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 1.9%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 1.9%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 1.9%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 7032 | 1637612 |
|  |  | **1637612** |
| &nbsp;&nbsp;&nbsp;**Insurance – 3.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.6%** |
| &nbsp;&nbsp;&nbsp; Allstate Corp. | 4875 | 981386 |
| &nbsp;&nbsp;&nbsp; Aon PLC, Class A | 2982 | 1063858 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 1648 | 527558 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 1563 | 452833 |
|  |  | **3025635** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 1.3%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 1.3%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 1.3%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 6218 | 1095798 |
|  |  | **1095798** |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Machinery – 1.9%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.9%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.9%** |
| &nbsp;&nbsp;&nbsp; Flowserve Corp. | 6372 | $333574 |
| &nbsp;&nbsp;&nbsp; Fortive Corp. | 8701 | 453583 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 4092 | 856661 |
|  |  | **1643818** |
| &nbsp;&nbsp;&nbsp;**Media – 0.5%** | &nbsp;&nbsp;&nbsp;**Media – 0.5%** | &nbsp;&nbsp;&nbsp;**Media – 0.5%** |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 5901 | 424518 |
|  |  | **424518** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 3.8%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 3.8%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 3.8%** |
| &nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 95477 | 1492306 |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 10611 | 618197 |
| &nbsp;&nbsp;&nbsp; Reliance, Inc. | 1705 | 535199 |
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B | 13932 | 562574 |
|  |  | **3208276** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.0%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.0%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.0%** |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 22995 | 844836 |
|  |  | **844836** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 6.2%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 6.2%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 6.2%** |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | 12537 | 393662 |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. | 40602 | 552187 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 12017 | 1078405 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 8337 | 1145504 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 8302 | 1379045 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. | 9106 | 743323 |
|  |  | **5292126** |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines – 0.5%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines – 0.5%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines – 0.5%** |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.<sup>(1)</sup> | 5223 | 415908 |
|  |  | **415908** |
| &nbsp;&nbsp;&nbsp;**Personal Care Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Personal Care Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Personal Care Products – 0.5%** |
| &nbsp;&nbsp;&nbsp; Kenvue, Inc. | 20766 | 434632 |
|  |  | **434632** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.9%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.9%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.9%** |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC, ADR | 11470 | 801524 |
|  |  | **801524** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 2.1%** | &nbsp;&nbsp;&nbsp;**Professional Services – 2.1%** | &nbsp;&nbsp;&nbsp;**Professional Services – 2.1%** |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 6451 | 847984 |
| &nbsp;&nbsp;&nbsp; KBR, Inc. | 8602 | 412380 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 3439 | 542537 |
|  |  | **1802901** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.3%** |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 5576 | 1020799 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 19703 | 1386500 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 8364 | 1030863 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 4772 | 1042634 |
|  |  | **4480796** |
| &nbsp;&nbsp;&nbsp;**Software – 1.9%** | &nbsp;&nbsp;&nbsp;**Software – 1.9%** | &nbsp;&nbsp;&nbsp;**Software – 1.9%** |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 7461 | 1631198 |
|  |  | **1631198** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 3.2%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 3.2%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 3.2%** |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc.<sup>(1)</sup> | 3858 | $766392 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc.<sup>(1)</sup> | 349 | 1295568 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | 1785 | 654452 |
|  |  | **2716412** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 1.3%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 1.3%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 1.3%** |
| &nbsp;&nbsp;&nbsp; Dell Technologies, Inc., Class C | 8817 | 1080964 |
|  |  | **1080964** |
| &nbsp;&nbsp;&nbsp;**Tobacco – 3.0%** | &nbsp;&nbsp;&nbsp;**Tobacco – 3.0%** | &nbsp;&nbsp;&nbsp;**Tobacco – 3.0%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 13865 | 2525233 |
|  |  | **2525233** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.3%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.3%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.3%** |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc. | 1413 | 1064554 |
|  |  | **1064554** |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 1.0%** |
| &nbsp;&nbsp;&nbsp; T-Mobile U.S., Inc. | 3408 | 811990 |
|  |  | **811990** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $62,161,446) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $62,161,446) | **84520076** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.5%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.5%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.5%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $424,870, due 7/1/2025<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424854 | 424854 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $424,854) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $424,854) | **424854** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.0%** <br> (Cost $62,586,300) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.0%** <br> (Cost $62,586,300) | **84944930** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.0)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.0)%** | **(15922)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**84929008** |

---

<sup>(1)</sup> Non-income–producing security.

<sup>(2)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $426100 | $433496 |

---

#### Legend:
ADR — American Depositary Receipt

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

------

#### SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND
**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $84520076 | $— | $— | $84520076 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 424854 |  | 424854 |
| &nbsp;&nbsp;&nbsp;**Total** | $**84520076** | $**424854** | $**—** | $**84944930** |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

#### FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $84944930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 704243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 103635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 73147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 9692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **85836648** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 714778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 71507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 44899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 18767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 17269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 14924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 25496 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **907640** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**84929008** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $(44585933) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129514941 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**84929008** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $62586300 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **3445518** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$24.65** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $793892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 6908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (2815) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **797985** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 278592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 107151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 30711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 21943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 16336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 15308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 6821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 6513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 3222 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **486597** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (70851) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **415746** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **382239** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 4898093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 146544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **5044604** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**5426843** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | | |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $382239 | $829444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4898016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30504280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies | 146588 | (12735933) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **5426843** | **18597791** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 2361180 | 2172459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (14806124) | (65914940) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(12444944)** | **(63742481)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(7018101)** | **(45144690)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 91947109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137091799 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84929008 | $91947109 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 102372 | 99265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (628457) | (2969888) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(526085)** | **(2870623)** |

---

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $23.15 | $0.10 | $1.40 | $1.50 | $24.65 | 6.48%**<sup>(</sup>**<sup>4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 20.04 | 0.16 | 2.95 | 3.11 | 23.15 | 15.52% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 17.66 | 0.16 | 2.22 | 2.38 | 20.04 | 13.48% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 18.57 | 0.18 | (1.09) | (0.91) | 17.66 | (4.90)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 14.30 | 0.12 | 4.15 | 4.27 | 18.57 | 29.86% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 14.13 | 0.19<sup>(5)</sup> | (0.02) | 0.17 | 14.30 | 1.20% |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $84929 | 0.97%<sup>(4)</sup> | 1.14%<sup>(4)</sup> | 0.89%**<sup>(</sup>**<sup>4)</sup> | 0.72%<sup>(4)</sup> | 27%<sup>(4)</sup> |
| 91947 | 0.97% | 1.08% | 0.70% | 0.59% | 56% |
| 137092 | 0.97% | 1.02% | 0.88% | 0.83% | 56% |
| 153193 | 0.97% | 0.98% | 1.01% | 1.00% | 33% |
| 219108 | 0.97% | 0.97% | 0.71% | 0.71% | 45% |
| 223410 | 0.97% | 1.02% | 1.53%**<sup>(</sup>**<sup>5)</sup> | 1.48%<sup>(5)</sup> | 73% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. 

<sup>(5)</sup> Reflects a special dividend paid out during the year by one of the Fund's holdings. Had the Fund not received the special dividend, the Net Investment Income per share would have been $0.14, the Net Ratio of Net Investment Income to Average Net Assets would have been 1.15%, and the Gross Ratio of Net Investment Income to Average Net Assets would have been 1.10%. 

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Large Cap Disciplined Value VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks to provide long-term growth of capital primarily through investment in equity securities. Current income is a secondary objective.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation

oversight, including but not limited to consideration of security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

8.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2025, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**9**

------

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**g. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.65% up to $100 million, 0.60% from $100 to $300 million, 0.55% from $300 to $500 million, and 0.53% in excess of $500 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.97% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes,

10.0 ------

interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $70,851.

Park Avenue has entered into a Sub-Advisory Agreement with Boston Partners Global Investors, Inc. ("Boston Partners"). Boston Partners is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $107,151 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts

of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $23,440,541 and $35,162,892, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and

**11**

------

may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on

a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

12.0 ------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund;

Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder

**13**

------

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and

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

(vi) any other benefits derived by the Manager or the Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend Sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement Sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's

14.0 ------

organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe.

For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their

**15**

------

consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates

may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a Sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

16.0 ------

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

**17**

------

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the

actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group. <br>

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

18.0 ------

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

**19**

------

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the

Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

20.0 ------

This Page Intentionally Left Blank

**21**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g943904g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB8174

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Large Cap Fundamental Growth VIP Fund
![LOGO](g36683g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian Large Cap Fundamental Growth VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin17toc36683_1)** |  |
| [Schedule of Investments](#fin17toc36683_1a) | 1 |
| [Statement of Assets and Liabilities](#fin17toc36683_2) | 4 |
| [Statement of Operations](#fin17toc36683_3) | 4 |
| [Statements of Changes in Net Assets](#fin17toc36683_4) | 5 |
| [Financial Highlights](#fin17toc36683_5) | 6 |
| [Notes to Financial Statements](#fin17toc36683_6) | 8 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin17toc36683_7)** | 13 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin17toc36683_8)** | 13 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin17toc36683_9)** | 13 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin17toc36683_10)** | 13 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and FinancialHighlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 99.6%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.6%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.6%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.5%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.5%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.5%** |
| &nbsp;&nbsp;&nbsp; General Electric Co. | 10623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734254 |
| &nbsp;&nbsp;&nbsp; Loar Holdings, Inc.<sup>(1)</sup> | 200 | 17234 |
|  |  | **2751488** |
| &nbsp;&nbsp;&nbsp;**Automobiles – 0.9%** | &nbsp;&nbsp;&nbsp;**Automobiles – 0.9%** | &nbsp;&nbsp;&nbsp;**Automobiles – 0.9%** |
| &nbsp;&nbsp;&nbsp; BYD Co. Ltd., Class H (China) | 107803 | 1687216 |
|  |  | **1687216** |
| &nbsp;&nbsp;&nbsp;**Banks – 0.4%** | &nbsp;&nbsp;&nbsp;**Banks – 0.4%** | &nbsp;&nbsp;&nbsp;**Banks – 0.4%** |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 22498 | 377067 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 1899 | 368387 |
|  |  | **745454** |
| &nbsp;&nbsp;&nbsp;**Beverages – 1.0%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.0%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.0%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | 11867 | 839590 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 7000 | 1138760 |
|  |  | **1978350** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 4.2%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 4.2%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 4.2%** |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 6722 | 2191977 |
| &nbsp;&nbsp;&nbsp; Arcellx, Inc.<sup>(1)</sup> | 1052 | 69274 |
| &nbsp;&nbsp;&nbsp; Beam Therapeutics, Inc.<sup>(1)</sup> | 13796 | 234670 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc.<sup>(1)</sup> | 3915 | 491685 |
| &nbsp;&nbsp;&nbsp; BioNTech SE, ADR<sup>(1)</sup> | 7086 | 754446 |
| &nbsp;&nbsp;&nbsp; Blueprint Medicines Corp.<sup>(1)</sup> | 653 | 83701 |
| &nbsp;&nbsp;&nbsp; Cytokinetics, Inc.<sup>(1)</sup> | 3266 | 107909 |
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp.<sup>(1)</sup> | 27278 | 1449553 |
| &nbsp;&nbsp;&nbsp; Galapagos NV, ADR<sup>(1)</sup> | 6794 | 190164 |
| &nbsp;&nbsp;&nbsp; Gamida Cell Ltd.<sup>(1)(2)(3)</sup> | 59800 | 1 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 14763 | 1636774 |
| &nbsp;&nbsp;&nbsp; Hookipa Pharma, Inc.<sup>(1)</sup> | 2270 | 2849 |
| &nbsp;&nbsp;&nbsp; Immunocore Holdings PLC, ADR<sup>(1)</sup> | 3803 | 119338 |
| &nbsp;&nbsp;&nbsp; Janux Therapeutics, Inc.<sup>(1)</sup> | 2300 | 53130 |
| &nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.<sup>(1)</sup> | 839 | 115329 |
| &nbsp;&nbsp;&nbsp; Legend Biotech Corp., ADR<sup>(1)</sup> | 5400 | 191646 |
| &nbsp;&nbsp;&nbsp; Moderna, Inc.<sup>(1)</sup> | 5813 | 160381 |
| &nbsp;&nbsp;&nbsp; Vor BioPharma, Inc.<sup>(1)</sup> | 6333 | 10259 |
| &nbsp;&nbsp;&nbsp; XOMA Royalty Corp.<sup>(1)</sup> | 4503 | 113476 |
|  |  | **7976562** |
| &nbsp;&nbsp;&nbsp;**Broadline Retail – 12.1%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 12.1%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 12.1%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 92444 | 20281289 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc.<sup>(1)</sup> | 941 | 2459426 |
| &nbsp;&nbsp;&nbsp; Savers Value Village, Inc.<sup>(1)</sup> | 18170 | 185334 |
|  |  | **22926049** |
| &nbsp;&nbsp;&nbsp;**Building Products – 0.0%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.0%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.0%** |
| &nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 487 | 75636 |
|  |  | **75636** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 1.7%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 1.7%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 1.7%** |
| &nbsp;&nbsp;&nbsp; Evercore, Inc., Class A | 2202 | 594584 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 11243 | 2062753 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 3738 | 526535 |
|  |  | **3183872** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Construction Materials – 0.5%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.5%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.5%** |
| &nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 332 | $67100 |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 1482 | 813559 |
|  |  | **880659** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.0%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.0%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.0%** |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 8933 | 1900585 |
|  |  | **1900585** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.6%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.6%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.6%** |
| &nbsp;&nbsp;&nbsp; International Paper Co. | 22182 | 1038783 |
|  |  | **1038783** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.2%** |
| &nbsp;&nbsp;&nbsp; Duolingo, Inc.<sup>(1)</sup> | 931 | 381729 |
|  |  | **381729** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.3%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.3%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.3%** |
| &nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 4759 | 2518225 |
|  |  | **2518225** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.0%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.0%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.0%** |
| &nbsp;&nbsp;&nbsp; Flex Ltd.<sup>(1)</sup> | 17118 | 854531 |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. | 4575 | 997807 |
|  |  | **1852338** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 2.1%** | &nbsp;&nbsp;&nbsp;**Entertainment – 2.1%** | &nbsp;&nbsp;&nbsp;**Entertainment – 2.1%** |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.<sup>(1)</sup> | 10121 | 1531105 |
| &nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A<sup>(1)</sup> | 22784 | 2396877 |
|  |  | **3927982** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 6.0%** | &nbsp;&nbsp;&nbsp;**Financial Services – 6.0%** | &nbsp;&nbsp;&nbsp;**Financial Services – 6.0%** |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 8409 | 4725353 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc., Class A | 38043 | 539450 |
| &nbsp;&nbsp;&nbsp; Toast, Inc., Class A<sup>(1)</sup> | 36723 | 1626462 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 12676 | 4500614 |
|  |  | **11391879** |
| &nbsp;&nbsp;&nbsp;**Ground Transportation – 0.7%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 0.7%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 0.7%** |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.<sup>(1)</sup> | 13353 | 1245835 |
|  |  | **1245835** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 3.3%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 3.3%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 3.3%** |
| &nbsp;&nbsp;&nbsp; Align Technology, Inc.<sup>(1)</sup> | 4919 | 931314 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.<sup>(1)</sup> | 40128 | 4310149 |
| &nbsp;&nbsp;&nbsp; Ceribell, Inc.<sup>(1)</sup> | 1339 | 25079 |
| &nbsp;&nbsp;&nbsp; Glaukos Corp.<sup>(1)</sup> | 3861 | 398803 |
| &nbsp;&nbsp;&nbsp; Penumbra, Inc.<sup>(1)</sup> | 2010 | 515826 |
| &nbsp;&nbsp;&nbsp; Pulmonx Corp.<sup>(1)</sup> | 3191 | 8265 |
| &nbsp;&nbsp;&nbsp; RxSight, Inc.<sup>(1)</sup> | 716 | 9308 |
|  |  | **6198744** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.8%** |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc.<sup>(1)</sup> | 14136 | 1480887 |
|  |  | **1480887** |
| &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.3%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.3%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.3%** |
| &nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A<sup>(1)</sup> | 2285 | 658034 |
|  |  | **658034** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.7%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.7%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.7%** |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A<sup>(1)</sup> | 13384 | 1771239 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 343 | 1985709 |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure** (continued) | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure** (continued) | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure** (continued) |
| &nbsp;&nbsp;&nbsp; Carnival Corp.<sup>(1)</sup> | 15800 | 444296 |
| &nbsp;&nbsp;&nbsp; Kura Sushi USA, Inc., Class A<sup>(1)</sup> | 3244 | 279243 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 7790 | 713798 |
|  |  | **5194285** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 0.5%** | &nbsp;&nbsp;&nbsp;**Household Durables – 0.5%** | &nbsp;&nbsp;&nbsp;**Household Durables – 0.5%** |
| &nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 3200 | 412544 |
| &nbsp;&nbsp;&nbsp; TopBuild Corp.<sup>(1)</sup> | 1757 | 568811 |
|  |  | **981355** |
| &nbsp;&nbsp;&nbsp;**Insurance – 1.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.0%** |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 5714 | 1829166 |
|  |  | **1829166** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 8.3%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 8.3%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 8.3%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 50286 | 8861902 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 6256 | 4617491 |
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (Cayman Islands) | 33278 | 2137349 |
|  |  | **15616742** |
| &nbsp;&nbsp;&nbsp;**IT Services – 1.9%** | &nbsp;&nbsp;&nbsp;**IT Services – 1.9%** | &nbsp;&nbsp;&nbsp;**IT Services – 1.9%** |
| &nbsp;&nbsp;&nbsp; Gartner, Inc.<sup>(1)</sup> | 400 | 161688 |
| &nbsp;&nbsp;&nbsp; Shopify, Inc., Class A<sup>(1)</sup> | 20839 | 2403778 |
| &nbsp;&nbsp;&nbsp; Wix.com Ltd.<sup>(1)</sup> | 6371 | 1009549 |
|  |  | **3575015** |
| &nbsp;&nbsp;&nbsp;**Leisure Products – 0.2%** | &nbsp;&nbsp;&nbsp;**Leisure Products – 0.2%** | &nbsp;&nbsp;&nbsp;**Leisure Products – 0.2%** |
| &nbsp;&nbsp;&nbsp; Games Workshop Group PLC (United Kingdom) | 2012 | 448066 |
|  |  | **448066** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 0.3%** |
| &nbsp;&nbsp;&nbsp; 10X Genomics, Inc., Class A<sup>(1)</sup> | 8189 | 94829 |
| &nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 1203 | 61894 |
| &nbsp;&nbsp;&nbsp; Chemometec AS (Denmark) | 2449 | 225930 |
| &nbsp;&nbsp;&nbsp; Codexis, Inc.<sup>(1)</sup> | 30200 | 73688 |
| &nbsp;&nbsp;&nbsp; MaxCyte, Inc.<sup>(1)</sup> | 7867 | 17150 |
|  |  | **473491** |
| &nbsp;&nbsp;&nbsp;**Machinery – 2.3%** | &nbsp;&nbsp;&nbsp;**Machinery – 2.3%** | &nbsp;&nbsp;&nbsp;**Machinery – 2.3%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | 4879 | 2480923 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 10517 | 874804 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 4900 | 1025815 |
|  |  | **4381542** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.0%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.0%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.0%** |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 4756 | 1314463 |
| &nbsp;&nbsp;&nbsp; Vale SA, ADR | 59069 | 573560 |
|  |  | **1888023** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 1.5%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 1.5%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 1.5%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 7185 | 1749691 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp. | 25034 | 1018133 |
|  |  | **2767824** |
| &nbsp;&nbsp;&nbsp;**Personal Care Products – 1.2%** | &nbsp;&nbsp;&nbsp;**Personal Care Products – 1.2%** | &nbsp;&nbsp;&nbsp;**Personal Care Products – 1.2%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc., Class A | 27873 | 2252139 |
|  |  | **2252139** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 5.1%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 5.1%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 5.1%** |
| &nbsp;&nbsp;&nbsp; Aclaris Therapeutics, Inc.<sup>(1)</sup> | 4400 | 6248 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. (Japan) | 14603 | $| 763351 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 5927 |  | 4620274 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A | 62006 |  | 2234076 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries Ltd., ADR<sup>(1)</sup> | 50170 |  | 840849 |
| &nbsp;&nbsp;&nbsp; UCB SA (Belgium) | 5143 |  | 1010395 |
| &nbsp;&nbsp;&nbsp; Zevra Therapeutics, Inc.<sup>(1)</sup> | 10840 |  | 95501 |
|  |  |  | **9570694** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 2.5%** | &nbsp;&nbsp;&nbsp;**Professional Services – 2.5%** | &nbsp;&nbsp;&nbsp;**Professional Services – 2.5%** | &nbsp;&nbsp;&nbsp;**Professional Services – 2.5%** |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | 11702 |  | 3035148 |
| &nbsp;&nbsp;&nbsp; KBR, Inc. | 6014 |  | 288311 |
| &nbsp;&nbsp;&nbsp; RELX PLC, ADR | 10927 |  | 593773 |
| &nbsp;&nbsp;&nbsp; UL Solutions, Inc., Class A | 11400 |  | 830604 |
|  |  |  | **4747836** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.8%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.8%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.8%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.8%** |
| &nbsp;&nbsp;&nbsp; Zillow Group, Inc., Class A<sup>(1)</sup> | 3901 |  | 267179 |
| &nbsp;&nbsp;&nbsp; Zillow Group, Inc., Class C<sup>(1)</sup> | 17998 |  | 1260760 |
|  |  |  | **1527939** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 15.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 15.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 15.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 15.5%** |
| &nbsp;&nbsp;&nbsp; Astera Labs, Inc.<sup>(1)</sup> | 260 |  | 23509 |
| &nbsp;&nbsp;&nbsp; BE Semiconductor Industries NV (Netherlands) | 11420 |  | 1709543 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 139656 |  | 22064251 |
| &nbsp;&nbsp;&nbsp; SiTime Corp.<sup>(1)</sup> | 2944 |  | 627308 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 21733 |  | 4922307 |
|  |  |  | **29346918** |
| &nbsp;&nbsp;&nbsp;**Software – 8.7%** | &nbsp;&nbsp;&nbsp;**Software – 8.7%** | &nbsp;&nbsp;&nbsp;**Software – 8.7%** | &nbsp;&nbsp;&nbsp;**Software – 8.7%** |
| &nbsp;&nbsp;&nbsp; Appfolio, Inc., Class A<sup>(1)</sup> | 395 |  | 90961 |
| &nbsp;&nbsp;&nbsp; Circle Internet Group, Inc.<sup>(1)</sup> | 300 |  | 54387 |
| &nbsp;&nbsp;&nbsp; CyberArk Software Ltd.<sup>(1)</sup> | 900 |  | 366192 |
| &nbsp;&nbsp;&nbsp; Docusign, Inc.<sup>(1)</sup> | 7808 |  | 608165 |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc.<sup>(1)</sup> | 2373 |  | 1320883 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 22651 |  | 11266834 |
| &nbsp;&nbsp;&nbsp; Monday.com Ltd.<sup>(1)</sup> | 3500 |  | 1100680 |
| &nbsp;&nbsp;&nbsp; Nutanix, Inc., Class A<sup>(1)</sup> | 6444 |  | 492579 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.<sup>(1)</sup> | 2892 |  | 591819 |
| &nbsp;&nbsp;&nbsp; SailPoint, Inc.<sup>(1)</sup> | 1000 |  | 22860 |
| &nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp., Class A<sup>(1)</sup> | 17718 |  | 274452 |
| &nbsp;&nbsp;&nbsp; Zscaler, Inc.<sup>(1)</sup> | 800 |  | 251152 |
|  |  |  | **16440964** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.0%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.0%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.0%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.0%** |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 4246 |  | 322526 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 15184 |  | 3368874 |
|  |  |  | **3691400** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 3.9%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 3.9%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 3.9%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 3.9%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 36258 |  | 7439054 |
|  |  |  | **7439054** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.6%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.6%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.6%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.6%** |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. (United Kingdom) | 5259 |  | 1149443 |
|  |  |  | **1149443** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $138,348,950) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $138,348,950) |  | **188122203** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.6%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.6%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.6%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.36%, dated 6/30/2025,<br>proceeds at maturity value of $1,162,245, due 7/1/2025<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162201 | $1162201 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,162,201) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,162,201) | **1162201** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.2%** <br> (Cost $139,511,151) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.2%** <br> (Cost $139,511,151) | **189284404** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.2)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.2)%** | **(293175)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** |  | $**188991229** |

---

<sup>(1)</sup> Non–income–producing security.

<sup>(2)</sup> Fair valued security. See Note 2a in Notes to Financial Statements.

<sup>(3)</sup> The table below presents the security deemed illiquid by the investment adviser.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Shares** | **Cost** | **Value** | **Acquisition<br>Date** | **% of Fund's<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;Gamida Cell Ltd. | 59800 | $90298 | $1 | 7/18/2023 | 0.00% |

---

<sup>(4)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $1165500 | $1185619 |

---

#### Legend:
ADR — American Depositary Receipt

**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $178990909 | $9131293 \* | $1 | $188122203 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1162201 |  | 1162201 |
| &nbsp;&nbsp;&nbsp;**Total** | $**178990909** | $**10293494** | $**1** | $**189284404** |

---

\* Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Note 2a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

#### FINANCIAL INFORMATION — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Statement of Assets and Liabilities** As of June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp;**Statement of Assets and Liabilities** As of June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189284404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 133815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 66056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 9985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 2834 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **189498963** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 292933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 90596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 37933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 31830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 15914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency overdraft | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 38144 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **507734** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**188991229** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $(100409609) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 289400838 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**188991229** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $139511151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Overdraft, at Cost | $386 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **5399270** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$35.00** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $585823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 18133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (13833) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **590123** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 539883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 225916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 47452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 32403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 32048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 23788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 10367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 7858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 6969 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **926684** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (23098) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **903586** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **(313463)** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 14562814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (821) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (4455881) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **10106337** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**9792874** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $(313463) | $(1164554) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 14561993 | 85851020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies | (4455656) | (22579625) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **9792874** | **62106841** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 7324612 | 1014798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (25799460) | (112366805) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(18474848)** | **(111352007)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(8681974)** | **(49245166)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 197673203 | 246918369 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $188991229 | $197673203 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 233280 | 33952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (792996) | (3757221) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(559716)** | **(3723269)** |

---

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Loss<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $33.17 | $(0.06) | $1.89 | $1.83 | $35.00 | 5.52%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 25.50 | (0.16) | 7.83 | 7.67 | 33.17 | 30.08% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 17.64 | (0.07) | 7.93 | 7.86 | 25.50 | 44.56% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 26.23 | (0.05) | (8.54) | (8.59) | 17.64 | (32.75)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 21.57 | (0.08) | 4.74 | 4.66 | 26.23 | 21.60% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 16.50 | (0.03) | 5.10 | 5.07 | 21.57 | 30.73% |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Loss<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Loss<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $188991 | 1.00%<sup>(4)</sup> | 1.03%<sup>(4)</sup> | (0.35)%<sup>(4)</sup> | (0.38)%<sup>(4)</sup> | 23%<sup>(4)</sup> |
| 197673 | 0.99% | 0.99% | (0.51)% | (0.51)% | 56% |
| 246918 | 0.96% | 0.96% | (0.31)% | (0.31)% | 98% |
| 253603 | 0.93% | 0.93% | (0.25)% | (0.25)% | 31% |
| 348302 | 0.91% | 0.91% | (0.34)% | (0.34)% | 21% |
| 339890 | 1.00% | 1.00% | (0.18)% | (0.18)% | 20% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Loss to Average Net Assets include the effect of fee waivers, expense limitations, and recoupments, if any.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. 

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Large Cap Fundamental Growth VIP Fund (the "Fund") is a series of the Trust. The Fund is a non-diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks long-term growth of capital.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

8.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had one security classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2025, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**9**

------

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**g. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.62% up to $100 million, 0.57% from $100 to $300 million, 0.52% from $300 to $500 million, and 0.50% in excess of $500 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.98% of the Fund's average daily net assets (excluding, if

10.0 ------

applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 1.01%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $23,098.

Park Avenue has entered into a Sub-Advisory Agreement with FIAM LLC ("FIAM"). FIAM is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $225,916 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead

be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $41,889,840 and $60,421,994, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented

**11**

------

or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of June 30, 2025, the Fund held one illiquid security.

**f. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

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

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

12.0 ------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select

Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International

**13**

------

Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend Sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement Sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

14.0 ------

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds.

The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would

**15**

------

be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive

because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a Sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an

16.0 ------

opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the

**17**

------

1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

18.0 ------

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection

with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

**19**

------

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee and the actual management fee were in the

2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group. <br>

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

20.0 ------

This Page Intentionally Left Blank

**21**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g36683g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB8175

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Mid Cap Relative Value VIP Fund
![LOGO](g96718g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian Mid Cap Relative Value VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin18toc96718_1)** |  |
| [Schedule of Investments](#fin18toc96718_1a) | 1 |
| [Statement of Assets and Liabilities](#fin18toc96718_2) | 4 |
| [Statement of Operations](#fin18toc96718_3) | 4 |
| [Statements of Changes in Net Assets](#fin18toc96718_4) | 5 |
| [Financial Highlights](#fin18toc96718_5) | 6 |
| [Notes to Financial Statements](#fin18toc96718_6) | 8 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin18toc96718_7)** | 13 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin18toc96718_8)** | 13 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin18toc96718_9)** | 13 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin18toc96718_10)** | 13 |

---

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

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 99.4%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.4%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.4%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 3.8%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 3.8%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 3.8%** |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 8663 | $2173027 |
| &nbsp;&nbsp;&nbsp; StandardAero, Inc.<sup>(1)</sup> | 56410 | 1785376 |
|  |  | **3958403** |
| &nbsp;&nbsp;&nbsp;**Automobile Components – 1.2%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 1.2%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 1.2%** |
| &nbsp;&nbsp;&nbsp; Aptiv PLC<sup>(1)</sup> | 17869 | 1219023 |
|  |  | **1219023** |
| &nbsp;&nbsp;&nbsp;**Banks – 3.4%** | &nbsp;&nbsp;&nbsp;**Banks – 3.4%** | &nbsp;&nbsp;&nbsp;**Banks – 3.4%** |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 52743 | 2169320 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 54727 | 1287179 |
|  |  | **3456499** |
| &nbsp;&nbsp;&nbsp;**Beverages – 3.3%** | &nbsp;&nbsp;&nbsp;**Beverages – 3.3%** | &nbsp;&nbsp;&nbsp;**Beverages – 3.3%** |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 91685 | 3031106 |
| &nbsp;&nbsp;&nbsp; Primo Brands Corp. | 11235 | 332781 |
|  |  | **3363887** |
| &nbsp;&nbsp;&nbsp;**Building Products – 2.6%** | &nbsp;&nbsp;&nbsp;**Building Products – 2.6%** | &nbsp;&nbsp;&nbsp;**Building Products – 2.6%** |
| &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 7137 | 2664956 |
|  |  | **2664956** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.4%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.4%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.4%** |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 45429 | 2484512 |
|  |  | **2484512** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 1.7%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.7%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.7%** |
| &nbsp;&nbsp;&nbsp; Ashland, Inc. | 11270 | 566655 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc. | 10782 | 1184295 |
|  |  | **1750950** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 1.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 1.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 1.6%** |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | 6601 | 1627873 |
|  |  | **1627873** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.0%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.0%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.0%** |
| &nbsp;&nbsp;&nbsp; API Group Corp.<sup>(1)</sup> | 20014 | 1021715 |
|  |  | **1021715** |
| &nbsp;&nbsp;&nbsp;**Construction Materials – 2.8%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 2.8%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 2.8%** |
| &nbsp;&nbsp;&nbsp; Amrize Ltd.<sup>(1)</sup> | 8121 | 402396 |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 9626 | 2510653 |
|  |  | **2913049** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 3.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 3.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 3.2%** |
| &nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 5248 | 820945 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 115730 | 2438431 |
|  |  | **3259376** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 5.3%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 5.3%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 5.3%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 28769 | 2985071 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 61450 | 2473977 |
|  |  | **5459048** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 1.5%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 41026 | 1572937 |
|  |  | **1572937** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Financial Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Financial Services – 1.5%** |
| &nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.<sup>(1)</sup> | 15411 | 1562367 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Financial Services** (continued) | &nbsp;&nbsp;&nbsp;**Financial Services** (continued) | &nbsp;&nbsp;&nbsp;**Financial Services** (continued) |
| &nbsp;&nbsp;&nbsp; Pershing Square Tontine Holdings Ltd.<sup>(1)(2)(3)</sup> | 125172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  |  | **1562367** |
| &nbsp;&nbsp;&nbsp;**Ground Transportation – 4.0%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 4.0%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 4.0%** |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 27164 | 2153290 |
| &nbsp;&nbsp;&nbsp; CSX Corp. | 28497 | 929857 |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 23295 | 1030338 |
|  |  | **4113485** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.0%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.0%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.0%** |
| &nbsp;&nbsp;&nbsp; Alcon AG | 16230 | 1432785 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc.<sup>(1)</sup> | 10170 | 662677 |
|  |  | **2095462** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.8%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.8%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.8%** |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 4506 | 1101627 |
| &nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 10767 | 2826445 |
|  |  | **3928072** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 3.5%** | &nbsp;&nbsp;&nbsp;**Household Durables – 3.5%** | &nbsp;&nbsp;&nbsp;**Household Durables – 3.5%** |
| &nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 14547 | 1875399 |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc. | 15043 | 1023676 |
| &nbsp;&nbsp;&nbsp; TopBuild Corp.<sup>(1)</sup> | 2057 | 665933 |
|  |  | **3565008** |
| &nbsp;&nbsp;&nbsp;**Household Products – 2.3%** | &nbsp;&nbsp;&nbsp;**Household Products – 2.3%** | &nbsp;&nbsp;&nbsp;**Household Products – 2.3%** |
| &nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 18557 | 1783513 |
| &nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. | 27562 | 590378 |
|  |  | **2373891** |
| &nbsp;&nbsp;&nbsp;**Insurance – 7.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 7.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 7.0%** |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 28297 | 2576442 |
| &nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 4100 | 425662 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 22104 | 2450670 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | 19030 | 1744290 |
|  |  | **7197064** |
| &nbsp;&nbsp;&nbsp;**IT Services – 1.9%** | &nbsp;&nbsp;&nbsp;**IT Services – 1.9%** | &nbsp;&nbsp;&nbsp;**IT Services – 1.9%** |
| &nbsp;&nbsp;&nbsp; Amdocs Ltd. | 21094 | 1924616 |
|  |  | **1924616** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.9%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.9%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.9%** |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.<sup>(1)</sup> | 14290 | 2168222 |
| &nbsp;&nbsp;&nbsp; ICON PLC<sup>(1)</sup> | 6819 | 991823 |
| &nbsp;&nbsp;&nbsp; Qiagen NV | 17777 | 854363 |
|  |  | **4014408** |
| &nbsp;&nbsp;&nbsp;**Machinery – 3.6%** | &nbsp;&nbsp;&nbsp;**Machinery – 3.6%** | &nbsp;&nbsp;&nbsp;**Machinery – 3.6%** |
| &nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | 6257 | 433923 |
| &nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC<sup>(1)</sup> | 74615 | 1718384 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 10556 | 878048 |
| &nbsp;&nbsp;&nbsp; Toro Co. | 9274 | 655486 |
|  |  | **3685841** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.7%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.7%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.7%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 31752 | 1376449 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 2757 | 357142 |
|  |  | **1733591** |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Mortgage REITs – 2.1%** | &nbsp;&nbsp;&nbsp;**Mortgage REITs – 2.1%** | &nbsp;&nbsp;&nbsp;**Mortgage REITs – 2.1%** |
| &nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 114060 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146609 |
|  |  | **2146609** |
| &nbsp;&nbsp;&nbsp;**Office REITs – 1.7%** | &nbsp;&nbsp;&nbsp;**Office REITs – 1.7%** | &nbsp;&nbsp;&nbsp;**Office REITs – 1.7%** |
| &nbsp;&nbsp;&nbsp; BXP, Inc. | 26559 | 1791936 |
|  |  | **1791936** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 4.4%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 4.4%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 4.4%** |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 12193 | 1458405 |
| &nbsp;&nbsp;&nbsp; EQT Corp. | 30418 | 1773978 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 9334 | 1254676 |
|  |  | **4487059** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 3.1%** | &nbsp;&nbsp;&nbsp;**Professional Services – 3.1%** | &nbsp;&nbsp;&nbsp;**Professional Services – 3.1%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 10462 | 1089408 |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 16416 | 2157883 |
|  |  | **3247291** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 2.9%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 2.9%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 2.9%** |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A<sup>(1)</sup> | 21096 | 2955971 |
|  |  | **2955971** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 3.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 3.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 3.5%** |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.<sup>(1)</sup> | 33125 | 1736081 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 20642 | 1856129 |
|  |  | **3592210** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs – 4.3%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 4.3%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 4.3%** |
| &nbsp;&nbsp;&nbsp; CubeSmart | 29836 | 1268030 |
| &nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 31965 | 1492126 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 64456 | 1655875 |
|  |  | **4416031** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 0.8%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 0.8%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 0.8%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc.<sup>(1)</sup> | 139 | 516000 |
| &nbsp;&nbsp;&nbsp; RH<sup>(1)</sup> | 1670 | 315647 |
|  |  | **831647** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.9%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.9%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.9%** |
| &nbsp;&nbsp;&nbsp; PVH Corp. | 13400 | 919240 |
|  |  | **919240** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 4.8%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 4.8%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 4.8%** |
| &nbsp;&nbsp;&nbsp; AerCap Holdings NV | 25747 | 3012399 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. | 10409 | 1927747 |
|  |  | **4940146** |
| &nbsp;&nbsp;&nbsp;**Water Utilities – 1.9%** | &nbsp;&nbsp;&nbsp;**Water Utilities – 1.9%** | &nbsp;&nbsp;&nbsp;**Water Utilities – 1.9%** |
| &nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 14083 | 1959086 |
|  |  | **1959086** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $78,195,435) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $78,195,435) | **102233259** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Warrants – 0.0%** | &nbsp;&nbsp;&nbsp;**Warrants – 0.0%** | &nbsp;&nbsp;&nbsp;**Warrants – 0.0%** |
| &nbsp;&nbsp;&nbsp; Pershing Square Tontine Holdings Ltd.<sup>(1)(2)</sup> | 14344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;**Total Warrants** <br> (Cost $0) | &nbsp;&nbsp;&nbsp;**Total Warrants** <br> (Cost $0) | **0** |
| &nbsp;&nbsp;&nbsp;**Rights – 0.0%** | &nbsp;&nbsp;&nbsp;**Rights – 0.0%** | &nbsp;&nbsp;&nbsp;**Rights – 0.0%** |
| &nbsp;&nbsp;&nbsp; Pershing Square Tontine Holdings Ltd.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38465 | 0 |
| &nbsp;&nbsp;&nbsp;**Total Rights** <br> (Cost $0) | &nbsp;&nbsp;&nbsp;**Total Rights** <br> (Cost $0) | **0** |
|  | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.1%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $1,156,354, due 7/1/2025<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156311 | 1156311 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,156,311) |  | **1156311** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.5%** <br> (Cost $79,351,746) |  | **103389570** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.5)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.5)%** | **(529550)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** |  | $**102860020** |

---

<sup>(1)</sup> Non–income–producing security.

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

------

<sup>(2)</sup> The table below presents securities deemed illiquid by the investment adviser.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**<br>Security** | **Shares** | **Cost** | **Value** | **Acquisition<br>Date** | **% of Fund's<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;Pershing Square Tontine Holdings Ltd. | 125172 | $0 | $0 | 7/26/2022 | 0.00% |
| &nbsp;&nbsp;&nbsp;Pershing Square Tontine Holdings Ltd. | 14344 | 0 | 0 | 7/26/2022 | 0.00 |
| &nbsp;&nbsp;&nbsp;Pershing Square Tontine Holdings Ltd. | 38465 | 0 | 0 | 12/19/2023 | 0.00 |

---

<sup>(3)</sup> Escrow interests represent beneficial interests in bankruptcy reorganizations or liquidation proceedings and may be subject to resale, redemption or transferability restrictions. The amount and timing of future payments, if any, cannot be predicted with certainty. 

<sup>(4)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**<br>Security** | **<br>Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $1159600 | $1179624 |

---

#### Legend:
REITs — Real Estate Investment Trusts

**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $102233259 | $0 | $— | $102233259 |
| &nbsp;&nbsp;&nbsp;Warrants |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;Rights |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1156311 |  | 1156311 |
| &nbsp;&nbsp;&nbsp;**Total** | $**102233259** | $**1156311** | $**—** | $**103389570** |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

#### FINANCIAL INFORMATION — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103389570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 201108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 56833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 45644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 9351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 5126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **103708887** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 566689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 148087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 60707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 21118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 14924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 10395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 26947 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **848867** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**102860020** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $(38327738) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 141187758 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**102860020** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $79351746 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **4772401** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$21.55** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 10522 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1098840** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 377203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 131523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 23964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 19182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 19001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 18043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 7827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 7248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 3789 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **607780** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (37880) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **569900** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **528940** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 7720845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (7643384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **77557** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**606497** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | | |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $528940 | $1354530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 7720935 | 22025685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies | (7643378) | (7118772) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **606497** | **16261443** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 4446315 | 2702047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (14789824) | (60172262) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(10343509)** | **(57470215)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(9737012)** | **(41208772)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 112597032 | 153805804 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102860020 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112597032 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 209002 | 134943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (701278) | (2898166) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(492276)** | **(2763223)** |

---

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Net Asset Value,**<br> **Beginning of**<br> **Period** | **Net Investment**<br> **Income<sup>(1)</sup>** | **Net Realized**<br> **and Unrealized**<br> **Gain/(Loss)** | **Total**<br> **Operations** | **Net Asset**<br> **Value, End of<br>Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $21.39 | $0.10 | $0.06 | $0.16 | $21.55 | 0.75%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 19.16 | 0.21 | 2.02 | 2.23 | 21.39 | 11.64% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 17.56 | 0.17 | 1.43 | 1.60 | 19.16 | 9.11% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 18.45 | 0.14 | (1.03) | (0.89) | 17.56 | (4.82)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 14.32 | 0.05 | 4.08 | 4.13 | 18.45 | 28.84% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 13.93 | 0.09 | 0.30 | 0.39 | 14.32 | 2.80% |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net**<br> **Investment Income<br>to Average**<br> **Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average**<br> **Net Assets** | **Portfolio<br>Turnover Rate** |
| $102860 | 1.08%<sup>(4)</sup> | 1.16%<sup>(4)</sup> | 1.01%<sup>(4)</sup> | 0.93%**<sup>(</sup>**<sup>4)</sup> | 17%<sup>(4)</sup> |
| 112597 | 1.08% | 1.12% | 0.99% | 0.95% | 14% |
| 153806 | 1.08% | 1.08% | 0.97% | 0.97% | 23% |
| 173859 | 1.05% | 1.05% | 0.83% | 0.83% | 24% |
| 237063 | 1.05% | 1.05% | 0.32% | 0.32% | 31% |
| 244930 | 1.06% | 1.11% | 0.70% | 0.65% | 56% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers, expense limitations, and recoupments, if any.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Mid Cap Relative Value VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks long-term capital appreciation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of security specific events, market events, and pricing

vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

8.0 ------

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency

securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2025, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities

**9**

------

of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

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

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**g. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.72% up to $100 million, 0.67% from $100 to $300 million, 0.62% from $300 to $500 million, and 0.60% in excess of $500 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 1.09% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 1.08%. The limitation

10.0 ------

may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $37,880.

Park Avenue has entered into a Sub-Advisory Agreement with Allspring Global Investments, LLC ("Allspring"). Allspring is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $131,523 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable

income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $17,900,203 and $27,566,873, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**11**

------

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of June 30, 2025, the Fund held three illiquid securities.

**f. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from

State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

12.0 ------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund;

Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment

**13**

------

Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of

economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend Sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement Sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of

14.0 ------

the Manager's key personnel and the Manager's organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe.

For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and

**15**

------

their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity

administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a Sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

16.0 ------

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

**17**

------

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

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

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the

18.0 ------

3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile

**19**

------

of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index

for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion*

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

20.0 ------

This Page Intentionally Left Blank

**21**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g96718g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB8176

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Mid Cap Traditional Growth VIP Fund
![LOGO](g72260g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian Mid Cap Traditional Growth VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin19toc72260_100)** |  |
| [Schedule of Investments](#fin19toc72260_1) | 1 |
| [Statement of Assets and Liabilities](#fin19toc72260_2) | 3 |
| [Statement of Operations](#fin19toc72260_3) | 3 |
| [Statements of Changes in Net Assets](#fin19toc72260_4) | 4 |
| [Financial Highlights](#fin19toc72260_5) | 6 |
| [Notes to Financial Statements](#fin19toc72260_6) | 8 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin19toc72260_7)** | 13 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin19toc72260_8)** | 13 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin19toc72260_9)** | 13 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin19toc72260_10)** | 13 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 100.0%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 100.0%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 100.0%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.5%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.5%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.5%** |
| &nbsp;&nbsp;&nbsp; StandardAero, Inc.<sup>(1)</sup> | 7236 | $229019 |
|  |  | **229019** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 2.4%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 2.4%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 2.4%** |
| &nbsp;&nbsp;&nbsp; Argenx SE, ADR<sup>(1)</sup> | 662 | 364908 |
| &nbsp;&nbsp;&nbsp; Ascendis Pharma AS, ADR<sup>(1)</sup> | 2026 | 349687 |
| &nbsp;&nbsp;&nbsp; Revolution Medicines, Inc.<sup>(1)</sup> | 4853 | 178542 |
| &nbsp;&nbsp;&nbsp; Vaxcyte, Inc.<sup>(1)</sup> | 6212 | 201952 |
|  |  | **1095089** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 4.0%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 4.0%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 4.0%** |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 1273 | 296876 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 4506 | 411128 |
| &nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 2970 | 1113661 |
|  |  | **1821665** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 1.6%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.6%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.6%** |
| &nbsp;&nbsp;&nbsp; Corteva, Inc. | 9878 | 736207 |
|  |  | **736207** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 5.1%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 5.1%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 5.1%** |
| &nbsp;&nbsp;&nbsp; Cimpress PLC<sup>(1)</sup> | 5833 | 274151 |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc.<sup>(1)</sup> | 2528 | 584423 |
| &nbsp;&nbsp;&nbsp; RB Global, Inc. | 6164 | 654555 |
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC (United Kingdom) | 31229 | 151144 |
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC, ADR | 13195 | 316680 |
| &nbsp;&nbsp;&nbsp; Veralto Corp. | 3593 | 362714 |
|  |  | **2343667** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.5%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.5%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.5%** |
| &nbsp;&nbsp;&nbsp; API Group Corp.<sup>(1)</sup> | 13690 | 698874 |
|  |  | **698874** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 0.6%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 0.6%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 0.6%** |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc.<sup>(1)</sup> | 2816 | 278897 |
|  |  | **278897** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.0%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.0%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.0%** |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 15200 | 919144 |
|  |  | **919144** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.4%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.4%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.4%** |
| &nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 21470 | 646462 |
|  |  | **646462** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 7.8%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 7.8%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 7.8%** |
| &nbsp;&nbsp;&nbsp; CDW Corp. | 2756 | 492194 |
| &nbsp;&nbsp;&nbsp; Flex Ltd.<sup>(1)</sup> | 32764 | 1635579 |
| &nbsp;&nbsp;&nbsp; Ralliant Corp.<sup>(1)</sup> | 1847 | 89577 |
| &nbsp;&nbsp;&nbsp; TE Connectivity PLC | 1633 | 275438 |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.<sup>(1)</sup> | 2126 | 1089171 |
|  |  | **3581959** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 2.6%** | &nbsp;&nbsp;&nbsp;**Entertainment – 2.6%** | &nbsp;&nbsp;&nbsp;**Entertainment – 2.6%** |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One, Class A<sup>(1)</sup> | 1444 | 137122 |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 10269 | 1073111 |
|  |  | **1210233** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 2.5%** | &nbsp;&nbsp;&nbsp;**Financial Services – 2.5%** | &nbsp;&nbsp;&nbsp;**Financial Services – 2.5%** |
| &nbsp;&nbsp;&nbsp; Chime Financial, Inc., Class A<sup>(1)</sup> | 840 | $28988 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 3035 | 242921 |
| &nbsp;&nbsp;&nbsp; WEX, Inc.<sup>(1)</sup> | 6123 | 899408 |
|  |  | **1171317** |
| &nbsp;&nbsp;&nbsp;**Ground Transportation – 2.4%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 2.4%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 2.4%** |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 5402 | 775727 |
| &nbsp;&nbsp;&nbsp; TFI International, Inc. | 3835 | 343885 |
|  |  | **1119612** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 6.4%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 6.4%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 6.4%** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.<sup>(1)</sup> | 11241 | 1207396 |
| &nbsp;&nbsp;&nbsp; Cooper Cos., Inc.<sup>(1)</sup> | 3544 | 252191 |
| &nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A<sup>(1)</sup> | 3510 | 207160 |
| &nbsp;&nbsp;&nbsp; ICU Medical, Inc.<sup>(1)</sup> | 2714 | 358655 |
| &nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc.<sup>(1)</sup> | 2319 | 189833 |
| &nbsp;&nbsp;&nbsp; Teleflex, Inc. | 6138 | 726494 |
|  |  | **2941729** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.9%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.9%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.9%** |
| &nbsp;&nbsp;&nbsp; Aramark | 20260 | 848286 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A<sup>(1)</sup> | 2604 | 641912 |
| &nbsp;&nbsp;&nbsp; Entain PLC (United Kingdom) | 23810 | 295119 |
|  |  | **1785317** |
| &nbsp;&nbsp;&nbsp;**Industrial REITs – 0.5%** | &nbsp;&nbsp;&nbsp;**Industrial REITs – 0.5%** | &nbsp;&nbsp;&nbsp;**Industrial REITs – 0.5%** |
| &nbsp;&nbsp;&nbsp; Lineage, Inc. | 4757 | 207025 |
|  |  | **207025** |
| &nbsp;&nbsp;&nbsp;**Insurance – 6.3%** | &nbsp;&nbsp;&nbsp;**Insurance – 6.3%** | &nbsp;&nbsp;&nbsp;**Insurance – 6.3%** |
| &nbsp;&nbsp;&nbsp; Intact Financial Corp. (Canada) | 6942 | 1614235 |
| &nbsp;&nbsp;&nbsp; W.R. Berkley Corp. | 12320 | 905150 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 1240 | 380060 |
|  |  | **2899445** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 0.2%** |
| &nbsp;&nbsp;&nbsp; Ziff Davis, Inc.<sup>(1)</sup> | 3276 | 99164 |
|  |  | **99164** |
| &nbsp;&nbsp;&nbsp;**IT Services – 3.9%** | &nbsp;&nbsp;&nbsp;**IT Services – 3.9%** | &nbsp;&nbsp;&nbsp;**IT Services – 3.9%** |
| &nbsp;&nbsp;&nbsp; Amdocs Ltd. | 8853 | 807748 |
| &nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A<sup>(1)</sup> | 5400 | 972324 |
|  |  | **1780072** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 4.4%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 4.4%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 4.4%** |
| &nbsp;&nbsp;&nbsp; Avantor, Inc.<sup>(1)</sup> | 16699 | 224768 |
| &nbsp;&nbsp;&nbsp; Illumina, Inc.<sup>(1)</sup> | 2426 | 231465 |
| &nbsp;&nbsp;&nbsp; Revvity, Inc. | 10778 | 1042448 |
| &nbsp;&nbsp;&nbsp; Waters Corp.<sup>(1)</sup> | 1473 | 514136 |
|  |  | **2012817** |
| &nbsp;&nbsp;&nbsp;**Machinery – 2.7%** | &nbsp;&nbsp;&nbsp;**Machinery – 2.7%** | &nbsp;&nbsp;&nbsp;**Machinery – 2.7%** |
| &nbsp;&nbsp;&nbsp; Fortive Corp. | 9766 | 509101 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 8876 | 738306 |
|  |  | **1247407** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 2.7%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 2.7%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 2.7%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 7232 | 694561 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | 4249 | 562823 |
|  |  | **1257384** |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 0.4%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 0.4%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 0.4%** |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. | 2393 | $195341 |
|  |  | **195341** |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines – 1.5%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines – 1.5%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines – 1.5%** |
| &nbsp;&nbsp;&nbsp; Ryanair Holdings PLC, ADR | 12136 | 699883 |
|  |  | **699883** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 8.3%** | &nbsp;&nbsp;&nbsp;**Professional Services – 8.3%** | &nbsp;&nbsp;&nbsp;**Professional Services – 8.3%** |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 3700 | 899211 |
| &nbsp;&nbsp;&nbsp; Dayforce, Inc.<sup>(1)</sup> | 11800 | 653602 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 20402 | 1689285 |
| &nbsp;&nbsp;&nbsp; TransUnion | 4281 | 376728 |
| &nbsp;&nbsp;&nbsp; UL Solutions, Inc., Class A | 2959 | 215593 |
|  |  | **3834419** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 1.4%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 1.4%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 1.4%** |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc.<sup>(1)</sup> | 6099 | 490360 |
| &nbsp;&nbsp;&nbsp; FirstService Corp. | 912 | 159253 |
|  |  | **649613** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.7%** |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 545 | 488178 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 3974 | 868279 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.<sup>(1)</sup> | 15474 | 810993 |
|  |  | **2167450** |
| &nbsp;&nbsp;&nbsp;**Software – 10.4%** | &nbsp;&nbsp;&nbsp;**Software – 10.4%** | &nbsp;&nbsp;&nbsp;**Software – 10.4%** |
| &nbsp;&nbsp;&nbsp; AppLovin Corp., Class A<sup>(1)</sup> | 3450 | 1207776 |
| &nbsp;&nbsp;&nbsp; Constellation Software, Inc. (Canada) | 638 | 2339388 |
| &nbsp;&nbsp;&nbsp; Dynatrace, Inc.<sup>(1)</sup> | 5326 | 294049 |
| &nbsp;&nbsp;&nbsp; PTC, Inc.<sup>(1)</sup> | 3921 | 675745 |
| &nbsp;&nbsp;&nbsp; Topicus.com, Inc. (Canada)<sup>(1)</sup> | 2141 | 268240 |
|  |  | **4785198** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.2%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.2%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.2%** |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 4353 | $528280 |
|  |  | **528280** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.2%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.2%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.2%** |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc.<sup>(1)</sup> | 1218 | 283356 |
| &nbsp;&nbsp;&nbsp; CarMax, Inc.<sup>(1)</sup> | 7596 | 510527 |
| &nbsp;&nbsp;&nbsp; Wayfair, Inc., Class A<sup>(1)</sup> | 4292 | 219493 |
|  |  | **1013376** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.7%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.7%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.7%** |
| &nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. | 16265 | 800889 |
|  |  | **800889** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 2.8%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 2.8%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 2.8%** |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 5998 | 1306064 |
|  |  | **1306064** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.0%** <br> (Cost $31,068,843) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.0%** <br> (Cost $31,068,843) | **46063018** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.0)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.0)%** | **(16656)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**46046362** |

---

<sup>(1)</sup> Non–income–producing security.

#### Legend:
ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**  | |
| &nbsp;&nbsp;&nbsp;Investments in Securities | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $45616755 | $446263 \* | $— | $46063018 |
| &nbsp;&nbsp;&nbsp;**Total** | $**45616755** | $**446263** | $**—** | $**46063018** |

---

\* Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Note 2a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.

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

------

#### FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $46063018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 9261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 5844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 67828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 27306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 11222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **46185018** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 42244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 30122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 17062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 13644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 9413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued shareholder reports fees | 9337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative fees | 8800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 3652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 4382 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **138656** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**46046362** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $(36237124) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 82283486 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**46046362** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $31068843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $5809 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **1725174** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$26.69** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $207069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (5783) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **203858** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 185255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 57892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 28333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 20702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 13323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 8172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 6179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 6172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **327789** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (76144) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **251645** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **(47787)** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 3574400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (160) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (1942957) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **1631327** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**1583540** |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $(47787) | $(133260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 3574240 | 12642492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | (1942913) | (3501862) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **1583540** | **9007370** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 1906159 | 496474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (8244557) | (36673307) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(6338398)** | **(36176833)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(4754858)** | **(27169463)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 50801220 | 77970683 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46046362 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50801220 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 76816 | 21120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (320721) | (1504920) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(243905)** | **(1483800)** |

---

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

------

This Page Intentionally Left Blank

**5**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **<br>Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Loss<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $25.80 | $(0.03) | $0.92 | $0.89 | $26.69 | 3.45%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 22.58 | (0.05) | 3.27 | 3.22 | 25.80 | 14.26% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 19.30 | (0.02)<sup>(5)</sup> | 3.30 | 3.28 | 22.58 | 16.99% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 23.32 | (0.06) | (3.96) | (4.02) | 19.30 | (17.24)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 19.91 | (0.05) | 3.46 | 3.41 | 23.32 | 17.13% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 16.71 | (0.04) | 3.24 | 3.20 | 19.91 | 19.15% |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Loss<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Loss<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $46046 | 1.09%<sup>(4)</sup> | 1.42%<sup>(4)</sup> | (0.21)%<sup>(4)</sup> | (0.54)%<sup>(4)</sup> | 10%<sup>(4)</sup> |
| 50801 | 1.09% | 1.33% | (0.21)% | (0.45)% | 13% |
| 77971 | 1.09% | 1.24% | (0.11)%<sup>(5)</sup> | (0.26)%<sup>(5)</sup> | 19% |
| 88420 | 1.10% | 1.21% | (0.29)% | (0.40)% | 16% |
| 123102 | 1.10% | 1.17% | (0.24)% | (0.31)% | 10% |
| 130558 | 1.10% | 1.23% | (0.25)% | (0.38)% | 19% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Loss to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. 

<sup>(5)</sup> Reflects a special dividend paid out during the year by one of the Fund's holdings. Had the Fund not received the special dividend, the Net Investment Loss per share would have been $(0.04), the Net Ratio of Net Investment Loss to Average Net Assets would have been (0.17)%, and the Gross Ratio of Net Investment Loss to Average Net Assets would have been (0.32)%. 

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Mid Cap Traditional Growth VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks long-term growth of capital.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

8.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2025, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**9**

------

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**g. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.80% up to $100 million, 0.75% from $100 to $300 million, and 0.73% in excess of $300 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 1.08% of the Fund's average daily net assets (excluding, if

10.0 ------

applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 1.09%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $76,144.

Park Avenue has entered into a Sub-Advisory Agreement with Janus Henderson Investors US LLC ("Janus"). Janus is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $57,892 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead

be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $4,915,797 and $10,731,346, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented

**11**

------

or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on

a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

12.0 ------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select

Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder

**13**

------

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and

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

(vi) any other benefits derived by the Manager or the Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend Sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement Sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's organizational structure and resources, including

14.0 ------

investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

**15**

------

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to

the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a Sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

16.0 ------

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that

**17**

------

the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group. <br>

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

18.0 ------

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

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

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

**19**

------

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

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

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

20.0 ------

This Page Intentionally Left Blank

**21**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g72260g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB8177

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Multi-Sector Bond VIP Fund
![LOGO](g14119g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian Multi-Sector Bond VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin20toc14119_1a)** |  |
| [Schedule of Investments](#fin20toc14119_1) | 1 |
| [Statement of Assets and Liabilities](#fin20toc14119_2) | 13 |
| [Statement of Operations](#fin20toc14119_3) | 13 |
| [Statements of Changes in Net Assets](#fin20toc14119_4) | 14 |
| [Financial Highlights](#fin20toc14119_5) | 16 |
| [Notes to Financial Statements](#fin20toc14119_6) | 18 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin20toc14119_7)** | 26 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin20toc14119_8)** | 26 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin20toc14119_9)** | 26 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin20toc14119_10)** | 26 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 0.3%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 0.3%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 0.3%** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.1%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.1%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.1%** |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | 2527 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139819 |
|  |  | **139819** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.1%** |
| &nbsp;&nbsp;&nbsp; Surgery Partners, Inc.<sup>(1)</sup> | 9459 | 210273 |
|  |  | **210273** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 0.1%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 0.1%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 0.1%** |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 1550 | 156550 |
|  |  | **156550** |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** <br> (Cost $507,134) | &nbsp;&nbsp;&nbsp; **Total Common Stocks** <br> (Cost $507,134) | **506642** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 7.2%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 7.2%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 7.2%** |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association<br>3.50% due 7/20/2054<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013000 | 920720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/20/2054<sup>(2)</sup> | 166000 | 154298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/20/2054<sup>(2)</sup> | 76000 | 74648 |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security | &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/1/2055<sup>(2)</sup> | 83000 | 68827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 7/1/2054<sup>(2)</sup> | 1768000 | 1529345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 7/1/2054<sup>(2)</sup> | 2271000 | 2044684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/1/2054<sup>(2)</sup> | 690000 | 641617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 7/1/2054<sup>(2)</sup> | 1239000 | 1185044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/1/2054<sup>(2)</sup> | 1186000 | 1162495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/1/2054<sup>(2)</sup> | 2918000 | 2917880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 7/1/2054<sup>(2)</sup> | 1270000 | 1290739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 7/1/2054<sup>(2)</sup> | 100000 | 103233 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities**<br> (Cost $12,048,693) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities**<br> (Cost $12,048,693) | **12093530** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 17.6%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 17.6%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 17.6%** |
| &nbsp;&nbsp;&nbsp; ACHV ABS Trust<br>Series 2023-1PL, Class D<br>8.47% due 3/18/2030<sup>(3)</sup> | 768411 | 778523 |
| &nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust<br>Series 2024-A, Class 1C<br>6.16% due 2/15/2029<sup>(3)</sup> | 1793000 | 1801305 |
| &nbsp;&nbsp;&nbsp; AGL CLO 14 Ltd.<br>Series 2021-14A, Class DR<br>7.12% (3 mo. USD Term<br>SOFR + 2.85%)<br> due 12/2/2034<sup>(3)(4)</sup> | 500000 | 499098 |
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables XV LLC<br>Series 2025-1A, Class D<br>5.68% due 8/20/2032<sup>(3)</sup> | 346000 | 350610 |
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC<br>Series 2023-4A, Class D<br>7.31% due 6/20/2029<sup>(3)</sup> | 1046000 | 1052367 |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd.<br>Series 2024-4A, Class D1<br>7.379% (3 mo. USD Term<br>SOFR + 3.10%)<br> due 10/23/2037<sup>(3)(4)</sup> | 1000000 | 997400 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 21 Ltd.<br>Series 2022-21A, Class BR<br>6.22% (3 mo. USD Term<br>SOFR + 1.95%)<br> due 10/20/2037<sup>(3)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000705 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXVIII Ltd.<br>Series 2022-28A, Class CR<br>6.17% (3 mo. USD Term<br>SOFR + 1.90%)<br> due 10/20/2037<sup>(3)(4)</sup> | 1000000 | 1004769 |
| &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd.<br>Series 2021-7A, Class D1R<br>7.256% (3 mo. USD Term<br>SOFR + 3.00%)<br> due 4/15/2040<sup>(3)(4)</sup> | 500000 | 500813 |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust<br>Series 2021-N3, Class E<br>3.16% due 6/12/2028<sup>(3)</sup> | 1330227 | 1297098 |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd.<br>Series 2018-2A, Class CR<br>6.27% (3 mo. USD Term<br>SOFR + 2.00%)<br> due 10/20/2037<sup>(3)(4)</sup> | 1000000 | 1004163 |
| &nbsp;&nbsp;&nbsp; Coinstar Funding LLC<br>Series 2017-1A, Class A2<br>5.216% due 4/25/2047<sup>(3)</sup> | 920000 | 850962 |
| &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer II LLC<br>Series 2025-1A, Class B1<br>5.756% due 5/25/2050<sup>(3)</sup> | 557000 | 571778 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 36 Ltd.<br>Series 2024-12RA, Class CR<br>6.27% (3 mo. USD Term<br>SOFR + 2.00%)<br> due 10/20/2037<sup>(3)(4)</sup> | 1300000 | 1302664 |
| &nbsp;&nbsp;&nbsp; Empower CLO Ltd.<br>Series 2022-1A, Class CR<br>6.22% (3 mo. USD Term<br>SOFR + 1.95%)<br> due 10/20/2037<sup>(3)(4)</sup> | 1000000 | 1000718 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust<br>Series 2024-3A, Class E<br>7.84% due 10/15/2031<sup>(3)</sup> | 230000 | 239368 |
| &nbsp;&nbsp;&nbsp; FHF Issuer Trust | &nbsp;&nbsp;&nbsp; FHF Issuer Trust | &nbsp;&nbsp;&nbsp; FHF Issuer Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C<br>5.69% due 8/15/2031<sup>(3)</sup> | 741000 | 750440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D<br>5.95% due 6/15/2032<sup>(3)</sup> | 467000 | 473941 |
| &nbsp;&nbsp;&nbsp; Fora Financial Asset Securitization LLC<br>Series 2024-1A, Class A<br>6.33% due 8/15/2029<sup>(3)</sup> | 416000 | 417856 |
| &nbsp;&nbsp;&nbsp; Foundation Finance Trust<br>Series 2023-2A, Class D<br>9.10% due 6/15/2049<sup>(3)</sup> | 729318 | 775682 |
| &nbsp;&nbsp;&nbsp; Generate CLO 8 Ltd.<br>Series 8A, Class CR2<br>6.37% (3 mo. USD Term<br>SOFR + 2.10%)<br> due 1/20/2038<sup>(3)(4)</sup> | 1000000 | 1002077 |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust<br>Series 2025-1A, Class C<br>5.52% due 5/27/2042<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432158 |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes | &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes | &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C<br>6.552% (30 day<br>SOFR + 2.25%)<br> due 3/21/2033<sup>(3)(4)</sup> | 242120 | 242036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D<br>7.802% (30 day<br>SOFR + 3.50%)<br> due 3/21/2033<sup>(3)(4)</sup> | 448370 | 448216 |
| &nbsp;&nbsp;&nbsp; LL ABS Trust<br>Series 2022-2A, Class D<br>9.00% due 5/15/2030<sup>(3)</sup> | 1769000 | 1786072 |
| &nbsp;&nbsp;&nbsp; MVW LLC<br>Series 2025-1A, Class C<br>5.75% due 9/22/2042<sup>(3)</sup> | 385029 | 391666 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 49 Ltd.<br>Series 2022-49A, Class DR<br>7.082% (3 mo. USD Term<br>SOFR + 2.80%)<br> due 7/25/2035<sup>(3)(4)</sup> | 1000000 | 996400 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 3 Ltd.<br>Series 2019-3A, Class CR2<br>6.02% (3 mo. USD Term<br>SOFR + 1.75%)<br> due 1/20/2038<sup>(3)(4)</sup> | 1000000 | 1002137 |
| &nbsp;&nbsp;&nbsp; OnDeck Asset Securitization IV LLC | &nbsp;&nbsp;&nbsp; OnDeck Asset Securitization IV LLC | &nbsp;&nbsp;&nbsp; OnDeck Asset Securitization IV LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B<br>5.52% due 4/19/2032<sup>(3)</sup> | 500000 | 498932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C<br>6.64% due 4/19/2032<sup>(3)</sup> | 250000 | 248373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D<br>8.77% due 4/19/2032<sup>(3)</sup> | 200000 | 200799 |
| &nbsp;&nbsp;&nbsp; PRET LLC<br>Series 2025-NPL4, Class A1<br>6.368% due 4/25/2055<sup>(3)(4)(5)</sup> | 687843 | 686507 |
| &nbsp;&nbsp;&nbsp; QTS Issuer ABS I LLC<br>Series 2025-1A, Class B<br>5.928% due 5/25/2055<sup>(3)</sup> | 310000 | 314050 |
| &nbsp;&nbsp;&nbsp; RAD CLO 27 Ltd.<br>Series 2024-27A, Class D1<br>7.091% (3 mo. USD Term<br>SOFR + 2.80%)<br> due 1/15/2038<sup>(3)(4)</sup> | 1000000 | 995800 |
| &nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC<br>Series 2025-1A, Class D<br>6.86% due 1/21/2042<sup>(3)</sup> | 770126 | 743255 |
| &nbsp;&nbsp;&nbsp; Sotheby's Artfi Master Trust<br>Series 2024-1A, Class D<br>7.91% due 12/22/2031<sup>(3)</sup> | 832000 | 838192 |
| &nbsp;&nbsp;&nbsp; Tricolor Auto Securitization Trust | &nbsp;&nbsp;&nbsp; Tricolor Auto Securitization Trust | &nbsp;&nbsp;&nbsp; Tricolor Auto Securitization Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C<br>5.72% due 10/15/2029<sup>(3)</sup> | 906000 | 922188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D<br>6.84% due 4/15/2031<sup>(3)</sup> | 370000 | 378968 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class E<br>10.37% due 4/15/2032<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405277 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust<br>Series 2025-P1, Class D<br>5.59% due 7/15/2032<sup>(3)</sup> | 346000 |  | 351163 |
| &nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** <br> (Cost $29,508,897) | &nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** <br> (Cost $29,508,897) |  | **29554526** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 33.6%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 33.6%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 33.6%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 33.6%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc.<br>7.45% due 5/1/2034<sup>(3)</sup> | 524000 |  | 569153 |
|  |  |  | **569153** |
| &nbsp;&nbsp;&nbsp;**Airlines – 0.6%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.6%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.6%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.6%** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc.<br>8.50% due 5/15/2029<sup>(3)</sup> | 517000 |  | 541723 |
| &nbsp;&nbsp;&nbsp; Latam Airlines Group SA<br>7.625% due 1/7/2031<sup>(3)</sup> | 382000 |  | 383723 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust<br>Series 2014-2, Class A<br>3.75% due 9/3/2026 | 159117 |  | 156860 |
|  |  |  | **1082306** |
| &nbsp;&nbsp;&nbsp;**Apparel – 0.2%** | &nbsp;&nbsp;&nbsp;**Apparel – 0.2%** | &nbsp;&nbsp;&nbsp;**Apparel – 0.2%** | &nbsp;&nbsp;&nbsp;**Apparel – 0.2%** |
| &nbsp;&nbsp;&nbsp; Champ Acquisition Corp.<br>8.375% due 12/1/2031<sup>(3)</sup> | 366000 |  | 390251 |
|  |  |  | **390251** |
| &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.9%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.9%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.9%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.9%** |
| &nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd.<br>10.00% due 3/31/2029<sup>(3)</sup> | 342000 |  | 324719 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC<br>7.35% due 11/4/2027 | 415000 |  | 430982 |
| &nbsp;&nbsp;&nbsp; General Motors Co.<br>6.25% due 4/15/2035 | 200000 |  | 205750 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc.<br>Series A<br>5.75% due 9/30/2027<sup>(4)</sup> | 471000 |  | 464566 |
| &nbsp;&nbsp;&nbsp; New Flyer Holdings, Inc.<br>9.25% due 7/1/2030<sup>(3)</sup> | 84000 |  | 88774 |
|  |  |  | **1514791** |
| &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment – 0.3%** |
| &nbsp;&nbsp;&nbsp; Forvia SE<br>8.00% due 6/15/2030<sup>(3)</sup> | 465000 |  | 476797 |
|  |  |  | **476797** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 0.1%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.1%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.1%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.1%** |
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC<br>5.40% due 9/2/2034 | 185000 |  | 187431 |
|  |  |  | **187431** |
| &nbsp;&nbsp;&nbsp;**Building Materials – 0.5%** | &nbsp;&nbsp;&nbsp;**Building Materials – 0.5%** | &nbsp;&nbsp;&nbsp;**Building Materials – 0.5%** | &nbsp;&nbsp;&nbsp;**Building Materials – 0.5%** |
| &nbsp;&nbsp;&nbsp; JH North America Holdings, Inc.<br>6.125% due 7/31/2032<sup>(3)</sup> | 200000 |  | 203518 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc.<br>6.75% due 3/1/2033<sup>(3)</sup> | 163000 |  | 168139 |
| &nbsp;&nbsp;&nbsp; Wilsonart LLC<br>11.00% due 8/15/2032<sup>(3)</sup> | 458000 |  | 417916 |
|  |  |  | **789573** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.6%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.6%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.6%** |
| &nbsp;&nbsp;&nbsp; Celanese U.S. Holdings LLC<br>7.20% due 11/15/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274009 |
| &nbsp;&nbsp;&nbsp; Olympus Water U.S. Holding Corp.<br>7.25% due 6/15/2031<sup>(3)</sup> | 261000 | 266296 |
| &nbsp;&nbsp;&nbsp; Olympus Water U.S. Holding Corp., Reg S<br>5.375% due 10/1/2029 | 148000 | 159359 |
| &nbsp;&nbsp;&nbsp; Tronox, Inc.<br>4.625% due 3/15/2029<sup>(3)</sup> | 422000 | 364009 |
|  |  | **1063673** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 1.2%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 1.2%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 1.2%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.<br>1.898% (1.898% fixed rate until 7/23/2030; 1 day<br>USD SOFR + 1.53% thereafter)<br> due 7/23/2031<sup>(4)</sup> | 608000 | 534007 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA<br>9.25% (9.25% fixed rate until 11/17/2027; 5 yr.<br>CMT rate + 4.97% thereafter)<br> due 11/17/2027<sup>(3)(4)</sup> | 200000 | 214190 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp;&nbsp; Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W<br>4.00% (4.00% fixed rate until 12/10/2025; 5 yr.<br>CMT rate + 3.60% thereafter)<br> due 12/10/2025<sup>(4)</sup> | 187000 | 185639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X<br>3.875% (3.875% fixed rate until 2/18/2026; 5 yr.<br>CMT rate + 3.42% thereafter)<br> due 2/18/2026<sup>(4)</sup> | 187000 | 184563 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co.<br>Series KK<br>3.65% (3.65% fixed rate until 6/1/2026; 5 yr.<br>CMT rate + 2.85% thereafter)<br> due 6/1/2026<sup>(4)</sup> | 188000 | 185071 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley<br>4.431% (4.431% fixed rate until 1/23/2029; 3 mo. USD Term<br>SOFR + 1.89% thereafter)<br> due 1/23/2030<sup>(4)</sup> | 183000 | 182581 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp<br>5.678% (5.678% fixed rate until 1/23/2034; 1 day USD<br>SOFR + 1.86% thereafter)<br> due 1/23/2035<sup>(4)</sup> | 183000 | 190049 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.<br>2.879% (2.879% fixed rate until 10/30/2029; 3 mo. USD Term<br>SOFR + 1.43% thereafter)<br> due 10/30/2030<sup>(4)</sup> | 294000 | 274690 |
|  |  | **1950790** |
| &nbsp;&nbsp;&nbsp;**Commercial Services – 2.0%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 2.0%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 2.0%** |
| &nbsp;&nbsp;&nbsp; Albion Financing 1 SARL/Aggreko Holdings, Inc.<br>5.375% due 5/21/2030<sup>(3)</sup> | 160000 | 192577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 5/21/2030<sup>(3)</sup> | 228000 | 233255 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Services** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Services** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Services** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Services** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Services** (continued) |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp.<br>6.875% due 6/15/2030<sup>(3)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421204 |
| &nbsp;&nbsp;&nbsp; Currenta Group Holdings SARL 6.143% (1 mo. EURIBOR + 4.00%)<br> due 5/15/2032<sup>(3)(4)</sup> |  | 270000 |  | 320880 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp.<br>6.00% due 6/1/2029<sup>(3)</sup> |  | 448000 |  | 437091 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 6/15/2030<sup>(3)</sup> |  | 227000 |  | 237669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 6/15/2033<sup>(3)</sup> |  | 163000 |  | 170829 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC<br>6.875% due 11/15/2031<sup>(3)</sup> |  | 520000 |  | 519636 |
| &nbsp;&nbsp;&nbsp; Rentokil Terminix Funding LLC<br>5.625% due 4/28/2035<sup>(3)</sup> |  | 201000 |  | 203913 |
| &nbsp;&nbsp;&nbsp; Veritiv Operating Co.<br>10.50% due 11/30/2030<sup>(3)</sup> |  | 584000 |  | 632525 |
|  |  |  |  | **3369579** |
| &nbsp;&nbsp;&nbsp;**Computers – 0.7%** | &nbsp;&nbsp;&nbsp;**Computers – 0.7%** | &nbsp;&nbsp;&nbsp;**Computers – 0.7%** | &nbsp;&nbsp;&nbsp;**Computers – 0.7%** | &nbsp;&nbsp;&nbsp;**Computers – 0.7%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc.<br>5.95% due 4/15/2035 |  | 284000 |  | 289745 |
| &nbsp;&nbsp;&nbsp; CA Magnum Holdings<br>5.375% due 10/31/2026<sup>(3)</sup> |  | 223000 |  | 221100 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc.<br>3.00% due 2/15/2029 |  | 219000 |  | 206810 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc.<br>3.75% due 10/1/2030<sup>(3)</sup> |  | 145000 |  | 135752 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp.<br>2.85% due 2/1/2029 |  | 257000 |  | 238725 |
|  |  |  |  | **1092132** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.6%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.6%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.6%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.6%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.6%** |
| &nbsp;&nbsp;&nbsp; American Express Co.<br>Series D<br>3.55% (3.55% fixed rate until 9/15/2026; 5 yr.<br>CMT rate + 2.85% thereafter)<br> due 9/15/2026<sup>(4)</sup> |  | 190000 |  | 185731 |
| &nbsp;&nbsp;&nbsp; Aretec Group, Inc.<br>10.00% due 8/15/2030<sup>(3)</sup> |  | 135000 |  | 148319 |
| &nbsp;&nbsp;&nbsp; Atlas Warehouse Lending Co. LP<br>6.25% due 1/15/2030<sup>(3)</sup> |  | 250000 |  | 252565 |
| &nbsp;&nbsp;&nbsp; Blue Owl Finance LLC<br>6.25% due 4/18/2034 |  | 250000 |  | 257088 |
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC<br>6.875% due 4/15/2030<sup>(3)</sup> |  | 200000 |  | 199814 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp; Capital One Financial Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.183% (6.183% fixed rate until 1/30/2035; 1 day USD<br>SOFR + 2.04% thereafter)<br> due 1/30/2036<sup>(4)</sup> |  | 358000 |  | 363868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.964% (7.964% fixed rate until 11/2/2033; 1 day USD<br>SOFR + 3.37% thereafter)<br> due 11/2/2034<sup>(4)</sup> |  | 154000 |  | 178997 |
| &nbsp;&nbsp;&nbsp; Citadel Securities Global Holdings LLC<br>6.20% due 6/18/2035<sup>(3)</sup> |  | 250000 |  | 256663 |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services** (continued) | &nbsp;&nbsp;&nbsp;**Diversified Financial Services** (continued) | &nbsp;&nbsp;&nbsp;**Diversified Financial Services** (continued) | &nbsp;&nbsp;&nbsp;**Diversified Financial Services** (continued) | &nbsp;&nbsp;&nbsp;**Diversified Financial Services** (continued) |
| &nbsp;&nbsp;&nbsp; GGAM Finance Ltd. | &nbsp;&nbsp;&nbsp; GGAM Finance Ltd. | &nbsp;&nbsp;&nbsp; GGAM Finance Ltd. | &nbsp;&nbsp;&nbsp; GGAM Finance Ltd. | &nbsp;&nbsp;&nbsp; GGAM Finance Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 3/15/2030<sup>(3)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 6/15/2028<sup>(3)</sup> |  | 174000 |  | 184078 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc.<br>6.75% due 5/1/2033<sup>(3)</sup> |  | 331000 |  | 341158 |
| &nbsp;&nbsp;&nbsp; LPL Holdings, Inc. | &nbsp;&nbsp;&nbsp; LPL Holdings, Inc. | &nbsp;&nbsp;&nbsp; LPL Holdings, Inc. | &nbsp;&nbsp;&nbsp; LPL Holdings, Inc. | &nbsp;&nbsp;&nbsp; LPL Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 6/15/2035 |  | 222000 |  | 224495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/20/2034 |  | 133000 |  | 137764 |
| &nbsp;&nbsp;&nbsp; Marex Group PLC<br>6.404% due 11/4/2029 |  | 281000 |  | 289171 |
| &nbsp;&nbsp;&nbsp; Navient Corp. | &nbsp;&nbsp;&nbsp; Navient Corp. | &nbsp;&nbsp;&nbsp; Navient Corp. | &nbsp;&nbsp;&nbsp; Navient Corp. | &nbsp;&nbsp;&nbsp; Navient Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 3/15/2028 |  | 190000 |  | 187179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/15/2029 |  | 191000 |  | 187109 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc. | &nbsp;&nbsp;&nbsp; Rocket Cos., Inc. | &nbsp;&nbsp;&nbsp; Rocket Cos., Inc. | &nbsp;&nbsp;&nbsp; Rocket Cos., Inc. | &nbsp;&nbsp;&nbsp; Rocket Cos., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 8/1/2030<sup>(3)</sup> |  | 152000 |  | 155004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 8/1/2033<sup>(3)</sup> |  | 194000 |  | 198739 |
| &nbsp;&nbsp;&nbsp; Stonex Escrow Issuer LLC<br>6.875% due 7/15/2032<sup>(3)</sup> |  | 388000 |  | 392326 |
|  |  |  |  | **4326182** |
| &nbsp;&nbsp;&nbsp;**Electric – 1.9%** | &nbsp;&nbsp;&nbsp;**Electric – 1.9%** | &nbsp;&nbsp;&nbsp;**Electric – 1.9%** | &nbsp;&nbsp;&nbsp;**Electric – 1.9%** | &nbsp;&nbsp;&nbsp;**Electric – 1.9%** |
| &nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp.<br>4.75% (4.75% fixed rate until 1/18/2027; 5 yr.<br>CMT rate + 3.25% thereafter)<br> due 1/18/2082<sup>(4)</sup> |  | 287000 |  | 278935 |
| &nbsp;&nbsp;&nbsp; Alpha Generation LLC<br>6.75% due 10/15/2032<sup>(3)</sup> |  | 207000 |  | 213583 |
| &nbsp;&nbsp;&nbsp; Ameren Corp.<br>5.375% due 3/15/2035 |  | 615000 |  | 618905 |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc.<br>3.875% (3.875% fixed rate until 11/15/2026; 5 yr.<br>CMT rate + 2.68% thereafter)<br> due 2/15/2062<sup>(4)</sup> |  | 391000 |  | 375028 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp.<br>4.75% (4.75% fixed rate until 3/1/2030; 5 yr.<br>CMT rate + 4.12% thereafter)<br> due 6/1/2050<sup>(4)</sup> |  | 193000 |  | 186602 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp.<br>6.45% (6.45% fixed rate until 6/3/2034; 5 yr.<br>CMT rate + 2.59% thereafter)<br> due 9/1/2054<sup>(4)</sup> |  | 181000 |  | 186785 |
| &nbsp;&nbsp;&nbsp; Lightning Power LLC<br>7.25% due 8/15/2032<sup>(3)</sup> |  | 441000 |  | 464139 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | &nbsp;&nbsp;&nbsp; NRG Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 11/1/2034<sup>(3)</sup> |  | 98000 |  | 100036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 3/15/2033<sup>(3)</sup> |  | 266000 |  | 291916 |
| &nbsp;&nbsp;&nbsp; PSEG Power LLC<br>5.20% due 5/15/2030<sup>(3)</sup> |  | 285000 |  | 291005 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC<br>5.70% due 12/30/2034<sup>(3)</sup> |  | 230000 |  | 234163 |
|  |  |  |  | **3241097** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electrical Components & Equipment – 0.1%** | &nbsp;&nbsp;&nbsp;**Electrical Components & Equipment – 0.1%** | &nbsp;&nbsp;&nbsp;**Electrical Components & Equipment – 0.1%** |
| &nbsp;&nbsp;&nbsp; Molex Electronic Technologies LLC<br>5.25% due 4/30/2032<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148110 |
|  |  | **148110** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 1.5%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.5%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.5%** |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.<br>6.00% due 10/15/2032<sup>(3)</sup> | 474000 | 464572 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC<br>8.25% due 4/15/2030<sup>(3)</sup> | 455000 | 469487 |
| &nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.<br>4.125% due 7/1/2029<sup>(3)</sup> | 607000 | 562574 |
| &nbsp;&nbsp;&nbsp; Starz Capital Holdings 1, Inc.<br>5.50% due 4/15/2029<sup>(3)</sup> | 495000 | 430363 |
| &nbsp;&nbsp;&nbsp; Voyager Parent LLC<br>9.25% due 7/1/2032<sup>(3)</sup> | 347000 | 361664 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc.<br>5.141% due 3/15/2052 | 44000 | 27142 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<br>6.25% due 3/15/2033<sup>(3)</sup> | 274000 | 275808 |
|  |  | **2591610** |
| &nbsp;&nbsp;&nbsp;**Food – 0.6%** | &nbsp;&nbsp;&nbsp;**Food – 0.6%** | &nbsp;&nbsp;&nbsp;**Food – 0.6%** |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL<br>5.75% due 4/1/2033 | 200000 | 205658 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co.<br>5.50% due 1/15/2036<sup>(3)</sup> | 406000 | 406885 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp.<br>6.25% due 7/1/2033 | 298000 | 315141 |
|  |  | **927684** |
| &nbsp;&nbsp;&nbsp;**Gas – 0.4%** | &nbsp;&nbsp;&nbsp;**Gas – 0.4%** | &nbsp;&nbsp;&nbsp;**Gas – 0.4%** |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. | &nbsp;&nbsp;&nbsp; NiSource, Inc. | &nbsp;&nbsp;&nbsp; NiSource, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% (6.375% fixed rate until 12/31/2034; 5 yr.<br>CMT rate + 2.53% thereafter)<br> due 3/31/2055<sup>(4)</sup> | 294000 | 296032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% (6.95% fixed rate until 8/30/2029; 5 yr.<br>CMT rate + 2.45% thereafter)<br> due 11/30/2054<sup>(4)</sup> | 394000 | 410603 |
|  |  | **706635** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.2%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.2%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.2%** |
| &nbsp;&nbsp;&nbsp; Solventum Corp.<br>5.60% due 3/23/2034 | 265000 | 272669 |
|  |  | **272669** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services – 1.6%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 1.6%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 1.6%** |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc.<br>6.875% due 4/15/2029<sup>(3)</sup> | 105000 | 83710 |
| &nbsp;&nbsp;&nbsp; Heartland Dental LLC/Heartland Dental Finance Corp.<br>10.50% due 4/30/2028<sup>(3)</sup> | 664000 | 701403 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) |
| &nbsp;&nbsp;&nbsp; Humana, Inc.<br>5.875% due 3/1/2033 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339539 |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc.<br>6.25% due 6/1/2032<sup>(3)</sup> |  | 402000 |  | 413389 |
| &nbsp;&nbsp;&nbsp; LifePoint Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% due 6/1/2032<sup>(3)</sup> |  | 201000 |  | 207181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00% due 10/15/2030<sup>(3)</sup> |  | 217000 |  | 239807 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc.<br>5.30% due 6/15/2035 |  | 72000 |  | 73454 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc.<br>2.65% due 10/15/2030 |  | 641000 |  | 571259 |
|  |  |  |  | **2629742** |
| &nbsp;&nbsp;&nbsp;**Home Builders – 0.7%** | &nbsp;&nbsp;&nbsp;**Home Builders – 0.7%** | &nbsp;&nbsp;&nbsp;**Home Builders – 0.7%** | &nbsp;&nbsp;&nbsp;**Home Builders – 0.7%** | &nbsp;&nbsp;&nbsp;**Home Builders – 0.7%** |
| &nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc.<br>7.50% due 3/15/2031<sup>(3)</sup> |  | 466000 |  | 472906 |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/15/2029<sup>(3)</sup> |  | 202000 |  | 180615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 11/15/2032<sup>(3)</sup> |  | 259000 |  | 246573 |
| &nbsp;&nbsp;&nbsp; New Home Co., Inc.<br>8.50% due 11/1/2030<sup>(3)</sup> |  | 331000 |  | 337547 |
|  |  |  |  | **1237641** |
| &nbsp;&nbsp;&nbsp;**Insurance – 0.3%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.3%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.3%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.3%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.3%** |
| &nbsp;&nbsp;&nbsp; Athene Global Funding<br>2.646% due 10/4/2031<sup>(3)</sup> |  | 158000 |  | 136868 |
| &nbsp;&nbsp;&nbsp; BroadStreet Partners, Inc.<br>5.875% due 4/15/2029<sup>(3)</sup> |  | 357000 |  | 352862 |
|  |  |  |  | **489730** |
| &nbsp;&nbsp;&nbsp;**Investment Companies – 0.5%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.5%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.5%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.5%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.5%** |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund<br>6.25% due 1/25/2031 |  | 147000 |  | 151178 |
| &nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund<br>5.875% due 11/15/2027 |  | 100000 |  | 102142 |
| &nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp.<br>5.80% due 3/15/2030 |  | 408000 |  | 409187 |
| &nbsp;&nbsp;&nbsp; Sixth Street Lending Partners<br>6.50% due 3/11/2029 |  | 99000 |  | 102220 |
|  |  |  |  | **764727** |
| &nbsp;&nbsp;&nbsp;**Iron & Steel – 0.2%** | &nbsp;&nbsp;&nbsp;**Iron & Steel – 0.2%** | &nbsp;&nbsp;&nbsp;**Iron & Steel – 0.2%** | &nbsp;&nbsp;&nbsp;**Iron & Steel – 0.2%** | &nbsp;&nbsp;&nbsp;**Iron & Steel – 0.2%** |
| &nbsp;&nbsp;&nbsp; Mineral Resources Ltd.<br>9.25% due 10/1/2028<sup>(3)</sup> |  | 248000 |  | 253198 |
|  |  |  |  | **253198** |
| &nbsp;&nbsp;&nbsp;**Leisure Time – 0.3%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.3%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.3%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.3%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.3%** |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd.<br>7.75% due 2/15/2029<sup>(3)</sup> |  | 294000 |  | 312637 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.<br>5.625% due 9/30/2031<sup>(3)</sup> |  | 186000 |  | 187149 |
|  |  |  |  | **499786** |
| &nbsp;&nbsp;&nbsp;**Lodging – 1.1%** | &nbsp;&nbsp;&nbsp;**Lodging – 1.1%** | &nbsp;&nbsp;&nbsp;**Lodging – 1.1%** | &nbsp;&nbsp;&nbsp;**Lodging – 1.1%** | &nbsp;&nbsp;&nbsp;**Lodging – 1.1%** |
| &nbsp;&nbsp;&nbsp; Choice Hotels International, Inc.<br>5.85% due 8/1/2034 |  | 302000 |  | 304482 |
| &nbsp;&nbsp;&nbsp; Full House Resorts, Inc.<br>8.25% due 2/15/2028<sup>(3)</sup> |  | 512000 |  | 496276 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Lodging** (continued) | &nbsp;&nbsp;&nbsp;**Lodging** (continued) | &nbsp;&nbsp;&nbsp;**Lodging** (continued) |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<br>4.875% due 7/1/2031<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576778 |
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd.<br>5.125% due 12/15/2029<sup>(3)</sup> | 408000 | 387902 |
|  |  | **1765438** |
| &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.2%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.2%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.2%** |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp.<br>6.40% due 4/15/2033 | 324000 | 342300 |
|  |  | **342300** |
| &nbsp;&nbsp;&nbsp;**Media – 1.6%** | &nbsp;&nbsp;&nbsp;**Media – 1.6%** | &nbsp;&nbsp;&nbsp;**Media – 1.6%** |
| &nbsp;&nbsp;&nbsp; AMC Networks, Inc.<br>10.50% due 7/15/2032<sup>(3)</sup> | 341000 | 345948 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital<br>5.50% due 4/1/2063 | 141000 | 119187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% due 6/1/2034 | 388000 | 413756 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC<br>11.25% due 5/15/2028<sup>(3)</sup> | 277000 | 275665 |
| &nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc. | &nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc. | &nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 9/1/2031<sup>(3)</sup> | 412000 | 429761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 8/1/2029<sup>(3)</sup> | 115000 | 116995 |
| &nbsp;&nbsp;&nbsp; Midcontinent Communications<br>8.00% due 8/15/2032<sup>(3)</sup> | 520000 | 551330 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc. | &nbsp;&nbsp;&nbsp; Univision Communications, Inc. | &nbsp;&nbsp;&nbsp; Univision Communications, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/1/2029<sup>(3)</sup> | 203000 | 184720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 7/31/2031<sup>(3)</sup> | 258000 | 258325 |
|  |  | **2695687** |
| &nbsp;&nbsp;&nbsp;**Mining – 1.2%** | &nbsp;&nbsp;&nbsp;**Mining – 1.2%** | &nbsp;&nbsp;&nbsp;**Mining – 1.2%** |
| &nbsp;&nbsp;&nbsp; Capstone Copper Corp.<br>6.75% due 3/31/2033<sup>(3)</sup> | 456000 | 466976 |
| &nbsp;&nbsp;&nbsp; Compass Minerals International, Inc.<br>8.00% due 7/1/2030<sup>(3)</sup> | 448000 | 463815 |
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. | &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. | &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 3/1/2033<sup>(3)</sup> | 255000 | 261538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375% due 3/1/2029<sup>(3)</sup> | 200000 | 212382 |
| &nbsp;&nbsp;&nbsp; FMG Resources August 2006<br>Pty. Ltd.<br>4.375% due 4/1/2031<sup>(3)</sup> | 127000 | 118321 |
| &nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc.<br>4.50% due 4/1/2026<sup>(3)</sup> | 307000 | 305210 |
| &nbsp;&nbsp;&nbsp; Novelis Corp.<br>3.25% due 11/15/2026<sup>(3)</sup> | 208000 | 204595 |
|  |  | **2032837** |
| &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.3%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.3%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.3%** |
| &nbsp;&nbsp;&nbsp; Maxam Prill SARL<br>7.75% due 7/15/2030<sup>(3)</sup> | 565000 | 565644 |
|  |  | **565644** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.3%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.3%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.3%** |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp; Civitas Resources, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% due 7/1/2031<sup>(3)</sup> | 453000 | 458572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% due 6/15/2033<sup>(3)</sup> | 183000 | 187560 |

---

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas** (continued) | &nbsp;&nbsp;&nbsp;**Oil & Gas** (continued) | &nbsp;&nbsp;&nbsp;**Oil & Gas** (continued) | &nbsp;&nbsp;&nbsp;**Oil & Gas** (continued) | &nbsp;&nbsp;&nbsp;**Oil & Gas** (continued) |
| &nbsp;&nbsp;&nbsp; Long Ridge Energy LLC<br>8.75% due 2/15/2032<sup>(3)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933031 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp.<br>5.55% due 10/1/2034 |  | 316000 |  | 310107 |
| &nbsp;&nbsp;&nbsp; Sunoco LP<br>6.25% due 7/1/2033<sup>(3)</sup> |  | 332000 |  | 337481 |
|  |  |  |  | **2226751** |
| &nbsp;&nbsp;&nbsp;**Packaging & Containers – 0.7%** | &nbsp;&nbsp;&nbsp;**Packaging & Containers – 0.7%** | &nbsp;&nbsp;&nbsp;**Packaging & Containers – 0.7%** | &nbsp;&nbsp;&nbsp;**Packaging & Containers – 0.7%** | &nbsp;&nbsp;&nbsp;**Packaging & Containers – 0.7%** |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Reg S<br>3.00% due 9/1/2029 |  | 728000 |  | 767994 |
| &nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV | &nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV | &nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV | &nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV | &nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% due 7/15/2030<sup>(3)</sup> |  | 206000 |  | 217699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.25% due 1/15/2031<sup>(3)</sup> |  | 200000 |  | 214566 |
|  |  |  |  | **1200259** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.4%** |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp;&nbsp; CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% due 3/25/2038 |  | 206000 |  | 188995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% (7.00% fixed rate until 12/10/2029; 5 yr.<br>CMT rate + 2.89% thereafter) due 3/10/2055<sup>(4)</sup> |  | 236000 |  | 243911 |
| &nbsp;&nbsp;&nbsp; Herbalife Ltd.<br>4.25% due 6/15/2028 |  | 275000 |  | 250750 |
| &nbsp;&nbsp;&nbsp; HLF Financing SARL LLC/Herbalife International, Inc.<br>4.875% due 6/1/2029<sup>(3)</sup> |  | 118000 |  | 100115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.25% due 4/15/2029<sup>(3)</sup> |  | 169000 |  | 184994 |
| &nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV<br>5.125% due 4/30/2031<sup>(3)</sup> |  | 527000 |  | 457520 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance<br>Co. LLC<br>6.15% due 2/1/2036 |  | 867000 |  | 888016 |
|  |  |  |  | **2314301** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 1.8%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.8%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.8%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.8%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.8%** |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance Corp.<br>7.25% due 7/15/2032<sup>(3)</sup> |  | 92000 |  | 97498 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC<br>5.097% due 10/1/2031<sup>(3)</sup> |  | 179000 |  | 179822 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 6/15/2029<sup>(3)</sup> |  | 115000 |  | 111148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 12/15/2034<sup>(3)</sup> |  | 375000 |  | 382500 |
| &nbsp;&nbsp;&nbsp; FTAI Infra Escrow Holdings LLC<br>10.50% due 6/1/2027<sup>(3)</sup> |  | 539000 |  | 560598 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP<br>4.25% due 2/15/2030<sup>(3)</sup> |  | 505000 |  | 485618 |
| &nbsp;&nbsp;&nbsp; ITT Holdings LLC<br>6.50% due 8/1/2029<sup>(3)</sup> |  | 454000 |  | 431908 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 12/31/2030<sup>(3)</sup> |  | 532000 |  | 522376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 9/1/2031<sup>(3)</sup> |  | 247000 |  | 240921 |
|  |  |  |  | **3012389** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.0%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.0%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.0%** |
| &nbsp;&nbsp;&nbsp; Broadstone Net Lease LLC<br>2.60% due 9/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119923 |
| &nbsp;&nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc.<br>4.00% due 1/15/2031 | 217000 | 204668 |
| &nbsp;&nbsp;&nbsp; Rithm Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 4/1/2029<sup>(3)</sup> | 343000 | 346516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 7/15/2030<sup>(3)</sup> | 165000 | 165904 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.<br>6.50% due 10/15/2030<sup>(3)</sup> | 342000 | 353122 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC<br>6.00% due 1/15/2030<sup>(3)</sup> | 184000 | 172347 |
| &nbsp;&nbsp;&nbsp; VICI Properties LP<br>5.625% due 4/1/2035 | 298000 | 300402 |
|  |  | **1662882** |
| &nbsp;&nbsp;&nbsp;**Retail – 1.2%** | &nbsp;&nbsp;&nbsp;**Retail – 1.2%** | &nbsp;&nbsp;&nbsp;**Retail – 1.2%** |
| &nbsp;&nbsp;&nbsp; Carvana Co.<br>9.00% (9.00% Cash or<br>13.00% PIK)<br> due 6/1/2030<sup>(3)(6)</sup> | 398000 | 418545 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 6/1/2029<sup>(3)</sup> | 105000 | 100209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 1/15/2031<sup>(3)</sup> | 199000 | 189137 |
| &nbsp;&nbsp;&nbsp; Patrick Industries, Inc.<br>6.375% due 11/1/2032<sup>(3)</sup> | 351000 | 351997 |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc.<br>6.75% due 4/30/2032<sup>(3)</sup> | 258000 | 266367 |
| &nbsp;&nbsp;&nbsp; Victra Holdings LLC/Victra Finance Corp.<br>8.75% due 9/15/2029<sup>(3)</sup> | 612000 | 640954 |
|  |  | **1967209** |
| &nbsp;&nbsp;&nbsp;**Semiconductors – 0.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.1%** |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 7/15/2030 | 114000 | 114576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 7/15/2035 | 113000 | 113881 |
|  |  | **228457** |
| &nbsp;&nbsp;&nbsp;**Software – 1.3%** | &nbsp;&nbsp;&nbsp;**Software – 1.3%** | &nbsp;&nbsp;&nbsp;**Software – 1.3%** |
| &nbsp;&nbsp;&nbsp; AppLovin Corp.<br>5.50% due 12/1/2034 | 393000 | 399131 |
| &nbsp;&nbsp;&nbsp; Capstone Borrower, Inc.<br>Series JUN<br>8.00% due 6/15/2030<sup>(3)</sup> | 272000 | 283459 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc.<br>9.00% due 9/30/2029<sup>(3)</sup> | 436000 | 452036 |
| &nbsp;&nbsp;&nbsp; CoreWeave, Inc.<br>9.25% due 6/1/2030<sup>(3)</sup> | 501000 | 512212 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc.<br>5.15% due 8/12/2034 | 136000 | 136320 |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc.<br>6.50% due 2/15/2029<sup>(3)</sup> | 456000 | 443223 |
|  |  | **2226381** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 0.9%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.9%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.9%** |
| &nbsp;&nbsp;&nbsp; Frontier Communications<br>Holdings LLC<br>8.625% due 3/15/2031<sup>(3)</sup> | 361000 | 383682 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Telecommunications** (continued) | &nbsp;&nbsp;&nbsp;**Telecommunications** (continued) | &nbsp;&nbsp;&nbsp;**Telecommunications** (continued) | &nbsp;&nbsp;&nbsp;**Telecommunications** (continued) | &nbsp;&nbsp;&nbsp;**Telecommunications** (continued) |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 7/15/2029<sup>(3)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 6/30/2033<sup>(3)</sup> |  | 226859 |  | 231140 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 4/15/2029<sup>(3)</sup> |  | 201000 |  | 195921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% due 10/15/2032<sup>(3)</sup> |  | 184000 |  | 187974 |
| &nbsp;&nbsp;&nbsp; Vmed O2 U.K. Financing I PLC<br>4.75% due 7/15/2031<sup>(3)</sup> |  | 379000 |  | 350522 |
|  |  |  |  | **1551115** |
| &nbsp;&nbsp;&nbsp;**Toys, Games & Hobbies – 0.3%** | &nbsp;&nbsp;&nbsp;**Toys, Games & Hobbies – 0.3%** | &nbsp;&nbsp;&nbsp;**Toys, Games & Hobbies – 0.3%** | &nbsp;&nbsp;&nbsp;**Toys, Games & Hobbies – 0.3%** | &nbsp;&nbsp;&nbsp;**Toys, Games & Hobbies – 0.3%** |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc.<br>6.05% due 5/14/2034 |  | 420000 |  | 433104 |
| &nbsp;&nbsp;&nbsp; Mattel, Inc.<br>5.45% due 11/1/2041 |  | 117000 |  | 104129 |
|  |  |  |  | **537233** |
| &nbsp;&nbsp;&nbsp;**Transportation – 0.9%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.9%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.9%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.9%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.9%** |
| &nbsp;&nbsp;&nbsp; Beacon Mobility Corp.<br>7.25% due 8/1/2030<sup>(3)</sup> |  | 171000 |  | 174825 |
| &nbsp;&nbsp;&nbsp; Rand Parent LLC<br>8.50% due 2/15/2030<sup>(3)</sup> |  | 681000 |  | 683227 |
| &nbsp;&nbsp;&nbsp; Stonepeak Nile Parent LLC<br>7.25% due 3/15/2032<sup>(3)</sup> |  | 620000 |  | 657572 |
|  |  |  |  | **1515624** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes**<br> (Cost $55,483,372) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes**<br> (Cost $55,483,372) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes**<br> (Cost $55,483,372) |  | **56419794** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 34.5%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 34.5%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 34.5%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 34.5%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 34.5%** |
| &nbsp;&nbsp;&nbsp; 1211 Avenue of the Americas Trust<br>Series 2015-1211, Class A1A2<br>3.901% due 8/10/2035<sup>(3)</sup> |  | 1100000 |  | 1096535 |
| &nbsp;&nbsp;&nbsp; ALA Trust<br>Series 2025-OANA, Class D<br>7.391% due 6/15/2040<sup>(3)(4)(5)</sup> |  | 221000 |  | 221219 |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust<br>Series 2024-6, Class A1<br>4.65% due 11/25/2067<sup>(3)(4)(5)</sup> |  | 640328 |  | 631168 |
| &nbsp;&nbsp;&nbsp; BANK<br>Series 2022-BNK43, Class B<br>5.326% due 8/15/2055<sup>(4)(5)</sup> |  | 500000 |  | 475303 |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust<br>Series 2024-5C29, Class B<br>5.858% due 9/15/2057<sup>(4)(5)</sup> |  | 500000 |  | 505722 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust<br>Series 2024-V5, Class B<br>6.059% due 1/10/2057<sup>(4)(5)</sup> |  | 300000 |  | 306320 |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class F<br>6.826% due 9/15/2036<sup>(3)(4)(5)</sup> |  | 1453242 |  | 1446439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIR2, Class D<br>7.103% due 10/15/2041<sup>(3)(4)(5)</sup> |  | 502610 |  | 504374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class A<br>6.003% due 8/15/2039<sup>(3)(4)(5)</sup> |  | 1456079 |  | 1459483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BIO2, Class D<br>7.97% due 8/13/2041<sup>(3)(4)(5)</sup> |  | 780000 |  | 777184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GPA3, Class C<br>6.204% due 12/15/2039<sup>(3)(4)(5)</sup> |  | 456667 |  | 457120 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; BX Trust | &nbsp;&nbsp;&nbsp; BX Trust | &nbsp;&nbsp;&nbsp; BX Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A<br>3.202% due 12/9/2041<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ARIA, Class E<br>6.671% due 10/15/2036<sup>(3)(4)(5)</sup> | 1500000 | 1496261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FOX2, Class A2<br>5.061% due 4/15/2039<sup>(3)(4)(5)</sup> | 1023494 | 1022215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class D<br>7.002% due 4/15/2041<sup>(3)(4)(5)</sup> | 1426714 | 1428062 |
| &nbsp;&nbsp;&nbsp; BXHPP Trust | &nbsp;&nbsp;&nbsp; BXHPP Trust | &nbsp;&nbsp;&nbsp; BXHPP Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FILM, Class A<br>5.077% due 8/15/2036<sup>(3)(4)(5)</sup> | 290000 | 277749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FILM, Class B<br>5.327% due 8/15/2036<sup>(3)(4)(5)</sup> | 480000 | 445157 |
| &nbsp;&nbsp;&nbsp; BXP Trust<br>Series 2017-GM, Class D<br>3.539% due 6/13/2039<sup>(3)(4)(5)</sup> | 580000 | 546352 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust<br>Series 2016-C3, Class AS<br>3.366% due 11/15/2049<sup>(4)(5)</sup> | 1000000 | 969349 |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust | &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust | &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1<br>7.405% due 10/25/2041<sup>(3)(4)(5)</sup> | 1500000 | 1536086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R04, Class 1B1<br>6.505% due 5/25/2044<sup>(3)(4)(5)</sup> | 690000 | 693774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2B1<br>6.305% due 7/25/2044<sup>(3)(4)(5)</sup> | 1800000 | 1806734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2<br>6.005% due 7/25/2044<sup>(3)(4)(5)</sup> | 910000 | 913128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R06, Class 1M2<br>5.905% due 9/25/2044<sup>(3)(4)(5)</sup> | 900000 | 902812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01, Class 1B1<br>6.006% due 1/25/2045<sup>(3)(4)(5)</sup> | 1827000 | 1825833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01, Class 1M2<br>5.806% due 1/25/2045<sup>(3)(4)(5)</sup> | 900000 | 900392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1B1<br>6.256% due 2/25/2045<sup>(3)(4)(5)</sup> | 1920000 | 1918889 |
| &nbsp;&nbsp;&nbsp; COOPR Residential Mortgage Trust<br>Series 2025-CES1, Class A1A<br>5.654% due 5/25/2060<sup>(3)(4)(5)</sup> | 1046964 | 1052513 |
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust | &nbsp;&nbsp;&nbsp; Extended Stay America Trust | &nbsp;&nbsp;&nbsp; Extended Stay America Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH, Class E<br>7.277% due 7/15/2038<sup>(3)(4)(5)</sup> | 1286592 | 1289804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH, Class F<br>8.127% due 7/15/2038<sup>(3)(4)(5)</sup> | 1286592 | 1285633 |
| &nbsp;&nbsp;&nbsp; Fashion Show Mall LLC<br>Series 2024-SHOW, Class B<br>5.826% due 10/10/2041<sup>(3)(4)(5)</sup> | 1100000 | 1115159 |
| &nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust | &nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust | &nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class M2<br>6.105% due 11/25/2041<sup>(3)(4)(5)</sup> | 1850000 | 1863297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M2<br>8.055% due 2/25/2042<sup>(3)(4)(5)</sup> | 1280000 | 1330104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA3, Class M2<br>5.755% due 10/25/2044<sup>(3)(4)(5)</sup> | 1820000 | 1822519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA1, Class M2<br>5.655% due 1/25/2045<sup>(3)(4)(5)</sup> | 1284000 | 1282496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M2<br>5.955% due 2/25/2045<sup>(3)(4)(5)</sup> | 1818000 | 1813907 |

---

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; FS Commercial Mortgage Trust<br>Series 2023-4SZN, Class D<br>9.383% due 11/10/2039<sup>(3)(4)(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782384 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust<br>Series 2025-800D, Class A<br>6.965% due 11/25/2041<sup>(3)(4)(5)</sup> | 760000 | 758690 |
| &nbsp;&nbsp;&nbsp; GWT Trust<br>Series 2024-WLF2, Class D<br>7.251% due 5/15/2041<sup>(3)(4)(5)</sup> | 1120000 | 1122599 |
| &nbsp;&nbsp;&nbsp; Homeward Opportunities Fund Trust<br>Series 2025-RRTL1, Class A1<br>5.476% due 3/25/2040<sup>(3)(4)(5)</sup> | 1850000 | 1842030 |
| &nbsp;&nbsp;&nbsp; Jackson Park Trust | &nbsp;&nbsp;&nbsp; Jackson Park Trust | &nbsp;&nbsp;&nbsp; Jackson Park Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-LIC, Class A<br>2.766% due 10/14/2039<sup>(3)</sup> | 1000000 | 913906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-LIC, Class B<br>2.914% due 10/14/2039<sup>(3)</sup> | 640000 | 578936 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank NA | &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank NA | &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-CL1, Class M1<br>6.684% due 10/25/2057<sup>(3)(4)(5)</sup> | 1256495 | 1296620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-CL1, Class M2<br>6.934% due 10/25/2057<sup>(3)(4)(5)</sup> | 953552 | 991509 |
| &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust<br>Series 2021-MHC, Class F<br>7.027% due 4/15/2038<sup>(3)(4)(5)</sup> | 240000 | 240006 |
| &nbsp;&nbsp;&nbsp; MTN Commercial Mortgage Trust<br>Series 2022-LPFL, Class F<br>9.605% due 3/15/2039<sup>(3)(4)(5)</sup> | 807000 | 806694 |
| &nbsp;&nbsp;&nbsp; NRM FHT1 Excess Owner LLC<br>Series 2025-FHT1, Class A<br>6.545% due 3/25/2032<sup>(3)(4)(5)</sup> | 1540341 | 1538415 |
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust | &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust | &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-909, Class C<br>3.312% due 4/10/2043<sup>(3)(4)(5)</sup> | 385000 | 306647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1155, Class A<br>5.833% due 6/10/2042<sup>(3)</sup> | 1651000 | 1638105 |
| &nbsp;&nbsp;&nbsp; PRPM LLC<br>Series 2025-2, Class A1<br>6.469% due 5/25/2030<sup>(3)(4)(5)</sup> | 862723 | 869780 |
| &nbsp;&nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust<br>Series 2023-RTL3, Class A1<br>7.00% due 4/25/2029<sup>(3)(4)(5)</sup> | 1294636 | 1292145 |
| &nbsp;&nbsp;&nbsp; Taurus CMBS | &nbsp;&nbsp;&nbsp; Taurus CMBS | &nbsp;&nbsp;&nbsp; Taurus CMBS |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK3A, Class C<br>0.00% due 7/20/2035<sup>(3)(4)(5)</sup> | 140000 | 192171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK3A, Class D<br>0.00% due 7/20/2035<sup>(3)(4)(5)</sup> | 200000 | 274530 |
| &nbsp;&nbsp;&nbsp; Toorak Mortgage Trust<br>Series 2025-RRTL1, Class A1<br>5.524% due 2/25/2040<sup>(3)(4)(5)</sup> | 730000 | 726421 |
| &nbsp;&nbsp;&nbsp; Vontive Mortgage Trust<br>Series 2025-RTL1, Class A1<br>6.507% due 3/25/2030<sup>(3)(4)(5)</sup> | 897000 | 904100 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VTT, Class D<br>6.382% due 3/15/2038<sup>(3)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VTT, Class E<br>7.138% due 3/15/2038<sup>(3)(4)(5)</sup> | 459000 |  | 460397 |
| &nbsp;&nbsp;&nbsp; Worldwide Plaza Trust<br>Series 2017-WWP, Class A<br>3.526% due 11/10/2036<sup>(3)</sup> | 220000 |  | 154143 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities**<br> (Cost $57,819,940) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities**<br> (Cost $57,819,940) |  | **57780119** |
| &nbsp;&nbsp;&nbsp;**Senior Secured Loans – 10.5%** | &nbsp;&nbsp;&nbsp;**Senior Secured Loans – 10.5%** | &nbsp;&nbsp;&nbsp;**Senior Secured Loans – 10.5%** | &nbsp;&nbsp;&nbsp;**Senior Secured Loans – 10.5%** |
| &nbsp;&nbsp;&nbsp;**Airlines – 0.1%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.1%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.1%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.1%** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc.<br>2025 Term Loan B<br>7.546% (3 mo. USD Term<br>SOFR + 3.25%)<br> due 5/28/2032<sup>(4)</sup> | 92000 |  | 92506 |
|  |  |  | **92506** |
| &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment – 0.3%** |
| &nbsp;&nbsp;&nbsp; Clarios Global LP 2025<br>USD Term Loan B<br>0.00% due 1/28/2032<sup>(4)(7)</sup> | 430000 |  | 430271 |
|  |  |  | **430271** |
| &nbsp;&nbsp;&nbsp;**Beverages – 0.2%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.2%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.2%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.2%** |
| &nbsp;&nbsp;&nbsp; Celsius Holdings, Inc.<br>Term Loan<br>7.492% (3 mo. USD Term<br>SOFR + 3.25%)<br> due 4/1/2032<sup>(4)</sup> | 371000 |  | 372762 |
|  |  |  | **372762** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.4%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.4%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.4%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.4%** |
| &nbsp;&nbsp;&nbsp; Lonza Group AG<br>USD Term Loan B<br>0.00% due 7/3/2028<sup>(4)(7)</sup> | 670000 |  | 609399 |
|  |  |  | **609399** |
| &nbsp;&nbsp;&nbsp;**Commercial Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.7%** |
| &nbsp;&nbsp;&nbsp; House of HR Group BV<br>2024 EUR Term Loan B<br>7.211% (1 mo. EURIBOR + 5.25%)<br> due 11/3/2029<sup>(4)</sup> | 500000 |  | 558643 |
| &nbsp;&nbsp;&nbsp; Inspired Finco Holdings Ltd.<br>2025 EUR Term Loan B6<br>5.179% (1 mo. EURIBOR + 3.25%) due 2/28/2031<sup>(4)</sup> | 500000 |  | 586201 |
|  |  |  | **1144844** |
| &nbsp;&nbsp;&nbsp;**Computers – 0.4%** | &nbsp;&nbsp;&nbsp;**Computers – 0.4%** | &nbsp;&nbsp;&nbsp;**Computers – 0.4%** | &nbsp;&nbsp;&nbsp;**Computers – 0.4%** |
| &nbsp;&nbsp;&nbsp; Nielsen Consumer, Inc.<br>2025 USD Term Loan<br>7.827% (1 mo. USD Term<br>SOFR + 3.50%)<br> due 3/6/2028<sup>(4)</sup> | 369075 |  | 368883 |
| &nbsp;&nbsp;&nbsp; Twitter, Inc.<br>Term Loan<br>10.927% (1 mo. USD Term<br>SOFR + 6.50%)<br> due 10/26/2029<sup>(4)</sup> | 368112 |  | 359256 |
|  |  |  | **728139** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.2%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.2%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.2%** |
| &nbsp;&nbsp;&nbsp; Journey Personal Care Corp.<br>2024 Term Loan B<br>0.00% due 3/1/2028<sup>(4)(7)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367685 |
|  |  | **367685** |
| &nbsp;&nbsp;&nbsp;**Distribution/Wholesale – 0.8%** | &nbsp;&nbsp;&nbsp;**Distribution/Wholesale – 0.8%** | &nbsp;&nbsp;&nbsp;**Distribution/Wholesale – 0.8%** |
| &nbsp;&nbsp;&nbsp; Barentz International BV<br>2025 USD Term Loan B<br>7.646% (3 mo. USD Term<br>SOFR + 3.25%)<br> due 3/3/2031<sup>(4)</sup> | 648375 | 645944 |
| &nbsp;&nbsp;&nbsp; Gloves Buyer, Inc.<br>2025 Term Loan<br>8.321% (1 mo. USD Term<br>SOFR + 4.00%)<br> due 1/17/2032<sup>(4)</sup> | 650000 | 636187 |
|  |  | **1282131** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.6%** |
| &nbsp;&nbsp;&nbsp; Colossus Acquireco LLC<br>Term Loan B<br>0.00% due 6/11/2032<sup>(4)(7)</sup> | 552000 | 547998 |
| &nbsp;&nbsp;&nbsp; Mermaid Bidco, Inc.<br>2024 USD Term Loan B<br>7.51% (3 mo. USD Term<br>SOFR + 3.25%)<br> due 7/3/2031<sup>(4)</sup> | 505216 | 505216 |
|  |  | **1053214** |
| &nbsp;&nbsp;&nbsp;**Electric – 0.1%** | &nbsp;&nbsp;&nbsp;**Electric – 0.1%** | &nbsp;&nbsp;&nbsp;**Electric – 0.1%** |
| &nbsp;&nbsp;&nbsp; Long Ridge Energy LLC<br>Term Loan B<br>8.796% (3 mo. USD Term<br>SOFR + 4.50%)<br> due 2/19/2032<sup>(4)</sup> | 85785 | 84391 |
|  |  | **84391** |
| &nbsp;&nbsp;&nbsp;**Electronics – 0.4%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.4%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.4%** |
| &nbsp;&nbsp;&nbsp; II-VI, Inc.<br>2024 1st Lien Term Loan B<br>6.327% (1 mo. USD Term<br>SOFR + 2.00%)<br> due 7/2/2029<sup>(4)</sup> | 634900 | 635167 |
|  |  | **635167** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.8%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.8%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.8%** |
| &nbsp;&nbsp;&nbsp; CE Intermediate I LLC<br>2025 Term Loan B<br>7.45% (3 mo. USD Term<br>SOFR + 3.00%) due 3/25/2032<sup>(4)</sup> | 646750 | 645942 |
| &nbsp;&nbsp;&nbsp; Flutter Financing BV<br>2025 Term Loan B<br>6.296% (3 mo. USD Term<br>SOFR + 2.00%)<br> due 6/4/2032<sup>(4)</sup> | 90700 | 90587 |
| &nbsp;&nbsp;&nbsp; International Entertainment JJCO 3 Ltd.<br>USD Term Loan B<br>8.046% (3 mo. USD Term<br>SOFR + 3.75%)<br> due 4/29/2032<sup>(4)</sup> | 233000 | 233291 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Entertainment** (continued) | &nbsp;&nbsp;&nbsp;**Entertainment** (continued) | &nbsp;&nbsp;&nbsp;**Entertainment** (continued) | &nbsp;&nbsp;&nbsp;**Entertainment** (continued) | &nbsp;&nbsp;&nbsp;**Entertainment** (continued) |
| &nbsp;&nbsp;&nbsp; River Rock Entertainment Authority Term Loan<br>0.00% due 6/13/2031<sup>(4)(7)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252200 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.<br>2024 Term Loan B<br>0.00% due 5/1/2031<sup>(4)(7)</sup> |  | 148333 |  | 148333 |
|  |  |  |  | **1370353** |
| &nbsp;&nbsp;&nbsp;**Food Service – 0.1%** | &nbsp;&nbsp;&nbsp;**Food Service – 0.1%** | &nbsp;&nbsp;&nbsp;**Food Service – 0.1%** | &nbsp;&nbsp;&nbsp;**Food Service – 0.1%** | &nbsp;&nbsp;&nbsp;**Food Service – 0.1%** |
| &nbsp;&nbsp;&nbsp; Gategroup Fin Luxembourg SA<br>USD Term Loan B<br>0.00% due 5/28/2032<sup>(4)(7)</sup> |  | 138000 |  | 138259 |
|  |  |  |  | **138259** |
| &nbsp;&nbsp;&nbsp;**Forest Products & Paper – 0.2%** | &nbsp;&nbsp;&nbsp;**Forest Products & Paper – 0.2%** | &nbsp;&nbsp;&nbsp;**Forest Products & Paper – 0.2%** | &nbsp;&nbsp;&nbsp;**Forest Products & Paper – 0.2%** | &nbsp;&nbsp;&nbsp;**Forest Products & Paper – 0.2%** |
| &nbsp;&nbsp;&nbsp; SpA Holdings 3 Oy<br>2025 USD Term Loan B<br>0.00% due 5/23/2030<sup>(4)(7)</sup> |  | 362061 |  | 360703 |
|  |  |  |  | **360703** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.6%** |
| &nbsp;&nbsp;&nbsp; Dermatology Intermediate Holdings III, Inc.<br>2022 Term Loan B<br>8.53% (3 mo. USD Term<br>SOFR + 4.25%)<br> due 3/30/2029<sup>(4)</sup> |  | 378051 |  | 341822 |
| &nbsp;&nbsp;&nbsp; Star Parent, Inc.<br>Term Loan B<br>8.296% (3 mo. USD Term<br>SOFR + 4.00%)<br> due 9/27/2030<sup>(4)</sup> |  | 646725 |  | 640058 |
|  |  |  |  | **981880** |
| &nbsp;&nbsp;&nbsp;**Insurance – 0.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.6%** |
| &nbsp;&nbsp;&nbsp; Asurion LLC<br>2025 Term Loan B13<br>8.577% (1 mo. USD Term<br>SOFR + 4.25%)<br> due 9/19/2030<sup>(4)</sup> |  | 443750 |  | 430660 |
| &nbsp;&nbsp;&nbsp; USI, Inc.<br>2024 Term Loan C<br>6.546% (3 mo. USD Term<br>SOFR + 2.25%)<br> due 9/29/2030<sup>(4)</sup> |  | 646742 |  | 644517 |
|  |  |  |  | **1075177** |
| &nbsp;&nbsp;&nbsp;**Internet – 1.0%** | &nbsp;&nbsp;&nbsp;**Internet – 1.0%** | &nbsp;&nbsp;&nbsp;**Internet – 1.0%** | &nbsp;&nbsp;&nbsp;**Internet – 1.0%** | &nbsp;&nbsp;&nbsp;**Internet – 1.0%** |
| &nbsp;&nbsp;&nbsp; Getty Images, Inc.<br>2025 USD Term Loan B<br>0.00% due 2/21/2030<sup>(4)(7)</sup> |  | 360000 |  | 355950 |
| &nbsp;&nbsp;&nbsp; Hoya Midco LLC<br>2025 Term Loan B<br>6.53% (3 mo. USD Term<br>SOFR + 2.25%)<br> due 2/3/2029<sup>(4)</sup> |  | 174290 |  | 150815 |
| &nbsp;&nbsp;&nbsp; Hunter Holdco 3 Ltd.<br>USD Term Loan B<br>8.646% (3 mo. USD Term<br>SOFR + 4.25%)<br> due 8/19/2028<sup>(4)</sup> |  | 660000 |  | 627000 |

---

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Internet** (continued) | &nbsp;&nbsp;&nbsp;**Internet** (continued) | &nbsp;&nbsp;&nbsp;**Internet** (continued) | &nbsp;&nbsp;&nbsp;**Internet** (continued) | &nbsp;&nbsp;&nbsp;**Internet** (continued) |
| &nbsp;&nbsp;&nbsp; Proofpoint, Inc.<br>2024 Term Loan<br>7.327% (1 mo. USD Term<br>SOFR + 3.00%)<br> due 8/31/2028<sup>(4)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572103 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Fungible Term Loan<br>0.00% due 8/31/2028<sup>(4)(7)</sup> |  | 22000 |  | 22002 |
|  |  |  |  | **1727933** |
| &nbsp;&nbsp;&nbsp;**Lodging – 0.3%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.3%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.3%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.3%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.3%** |
| &nbsp;&nbsp;&nbsp; Motel One GmbH EUR<br>Term Loan B<br>0.00% due 5/3/2032<sup>(4)(7)</sup> |  | 500000 |  | 590171 |
|  |  |  |  | **590171** |
| &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.1%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.1%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.1%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.1%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.1%** |
| &nbsp;&nbsp;&nbsp; Arcline FM Holdings LLC<br>2025 Term Loan<br>7.578% (6 mo. USD Term<br>SOFR + 3.50%) due 6/24/2030<sup>(4)</sup> |  | 162916 |  | 163556 |
|  |  |  |  | **163556** |
| &nbsp;&nbsp;&nbsp;**Media – 0.4%** | &nbsp;&nbsp;&nbsp;**Media – 0.4%** | &nbsp;&nbsp;&nbsp;**Media – 0.4%** | &nbsp;&nbsp;&nbsp;**Media – 0.4%** | &nbsp;&nbsp;&nbsp;**Media – 0.4%** |
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC<br>2024 Term Loan<br>9.791% (3 mo. USD Term<br>SOFR + 5.25%)<br> due 8/2/2029<sup>(4)</sup> |  | 617857 |  | 611957 |
|  |  |  |  | **611957** |
| &nbsp;&nbsp;&nbsp;**Retail – 0.8%** | &nbsp;&nbsp;&nbsp;**Retail – 0.8%** | &nbsp;&nbsp;&nbsp;**Retail – 0.8%** | &nbsp;&nbsp;&nbsp;**Retail – 0.8%** | &nbsp;&nbsp;&nbsp;**Retail – 0.8%** |
| &nbsp;&nbsp;&nbsp; Foundation Building Materials Holding Co. LLC<br>2025 Term Loan<br>9.546% (3 mo. USD Term<br>SOFR + 5.25%)<br> due 1/29/2031<sup>(4)</sup> |  | 64000 |  | 63000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B2<br>8.28% (3 mo. USD Term<br>SOFR + 4.00%)<br> due 1/29/2031<sup>(4)</sup> |  | 666625 |  | 651386 |
| &nbsp;&nbsp;&nbsp; White Cap Buyer LLC<br>2024 Term Loan B<br>7.577% (1 mo. USD Term<br>SOFR + 3.25%) due 10/19/2029<sup>(4)</sup> |  | 648371 |  | 643832 |
|  |  |  |  | **1358218** |
| &nbsp;&nbsp;&nbsp;**Software – 1.2%** | &nbsp;&nbsp;&nbsp;**Software – 1.2%** | &nbsp;&nbsp;&nbsp;**Software – 1.2%** | &nbsp;&nbsp;&nbsp;**Software – 1.2%** | &nbsp;&nbsp;&nbsp;**Software – 1.2%** |
| &nbsp;&nbsp;&nbsp; Clearwater Analytics LLC<br>2025 Term Loan B<br>6.529% (3 mo. USD Term<br>SOFR + 3.25%) due 4/21/2032<sup>(4)</sup> |  | 370000 |  | 369538 |
| &nbsp;&nbsp;&nbsp; Darktrace PLC<br>1st Lien Term Loan<br>7.458% (3 mo. USD Term<br>SOFR + 3.25%) due 10/9/2031<sup>(4)</sup> |  | 359100 |  | 359236 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Software** (continued) | &nbsp;&nbsp;&nbsp;**Software** (continued) | &nbsp;&nbsp;&nbsp;**Software** (continued) |
| &nbsp;&nbsp;&nbsp; Modena Buyer LLC<br>Term Loan<br>8.78% (3 mo. USD Term<br>SOFR + 4.50%) due 7/1/2031<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648371 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623247 |
| &nbsp;&nbsp;&nbsp; Zuora, Inc.<br>Term Loan B<br>7.827% (1 mo. USD Term<br>SOFR + 3.50%) due 2/14/2032<sup>(4)</sup> | 640000 | 636531 |
|  |  | **1988552** |
| &nbsp;&nbsp;&nbsp;**Transportation – 0.2%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.2%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.2%** |
| &nbsp;&nbsp;&nbsp; Van Pool Transportation LLC | &nbsp;&nbsp;&nbsp; Van Pool Transportation LLC | &nbsp;&nbsp;&nbsp; Van Pool Transportation LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan<br>0.00% due 6/17/2030<sup>(4)(7)</sup> | 352607 | 352166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Delayed Draw Term Loan<br>0.00% due 6/17/2030<sup>(4)(7)</sup> | 48302 | 48242 |
|  |  | **400408** |
| &nbsp;&nbsp;&nbsp;**Total Senior Secured Loans**<br> (Cost $17,572,989) | &nbsp;&nbsp;&nbsp;**Total Senior Secured Loans**<br> (Cost $17,572,989) | **17567676** |
|  | **<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 4.6%** | &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 4.6%** | &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 4.6%** |
| &nbsp;&nbsp;&nbsp; Janus Henderson Emerging Markets Debt Hard Currency ETF | 148216 | 7670059 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds**<br> (Cost $7,556,000) | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds**<br> (Cost $7,556,000) | **7670059** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.7%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.7%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.7%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp.,<br>1.36%, dated 6/30/2025, proceeds at maturity value of $1,208,976, due 7/1/2025<sup>(8)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208931 | 1208931 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements**<br> (Cost $1,208,931) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements**<br> (Cost $1,208,931) | **1208931** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 109.0%**<br> (Cost $181,705,956) | &nbsp;&nbsp;&nbsp;**Total Investments – 109.0%**<br> (Cost $181,705,956) | **182801277** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (9.0)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (9.0)%** | **(15073776)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**167727501** |

---

<sup>(1)</sup> Non–income–producing security.

<sup>(2)</sup> TBA — To be announced.

<sup>(3)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2025, the aggregate market value of these securities amounted to $124,457,395, representing 74.2% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees. 

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

------

<sup>(4)</sup> Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2025.

<sup>(5)</sup> Variable coupon rate based on weighted average interest rate of underlying mortgages.

<sup>(6)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

<sup>(7)</sup> Represents an unsettled loan commitment. The coupon rate will be determined at time of settlement.

<sup>(8)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 3.375% | 9/15/2027 | $1230500 | $1233199 |

---

#### Open forward foreign currency contracts at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br>Date** | **Amount and<br>Description of<br>Currency to be<br>Purchased** | **Amount and<br>Description of<br>Currency to be<br>Purchased** | **Amount and<br>Description of<br>Currency to be<br>Sold** | **Amount and<br>Description of<br>Currency to be<br>Sold** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;BNP Paribas Securities Services | 7/3/2025 | 10920 | EUR | 12216 | USD | $648 |
| &nbsp;&nbsp;&nbsp;BNP Paribas Securities Services | 7/3/2025 | 2153398 | EUR | 2521815 | USD | 14949 |
| &nbsp;&nbsp;&nbsp;BNP Paribas Securities Services | 7/3/2025 | 144378 | USD | 126871 | EUR | (5080) |
| &nbsp;&nbsp;&nbsp;BNP Paribas Securities Services | 7/3/2025 | 160421 | USD | 140479 | EUR | (5067) |
| &nbsp;&nbsp;&nbsp;BNP Paribas Securities Services | 7/3/2025 | 178982 | USD | 160000 | EUR | (9502) |
| &nbsp;&nbsp;&nbsp;BNP Paribas Securities Services | 7/3/2025 | 206673 | USD | 180968 | EUR | (6513) |
| &nbsp;&nbsp;&nbsp;BNP Paribas Securities Services | 7/3/2025 | 300959 | USD | 270000 | EUR | (17108) |
| &nbsp;&nbsp;&nbsp;BNP Paribas Securities Services | 7/3/2025 | 339941 | USD | 297965 | EUR | (11070) |
| &nbsp;&nbsp;&nbsp;BNP Paribas Securities Services | 7/3/2025 | 567085 | USD | 489206 | EUR | (9214) |
| &nbsp;&nbsp;&nbsp;BNP Paribas Securities Services | 7/3/2025 | 567213 | USD | 498828 | EUR | (20421) |
| &nbsp;&nbsp;&nbsp;BNP Paribas Securities Services | 9/19/2025 | 2534759 | USD | 2153398 | EUR | (15071) |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** |  |  | $**(83449)** |

---

#### Open futures contracts at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional**<br> **Value** | **Unrealized<br>Appreciation** |
| &nbsp;&nbsp;&nbsp;U.S. 2-Year Treasury Note | September 2025 | 140 | Long | $28999819 | $29123281 | $123462 |
| &nbsp;&nbsp;&nbsp;U.S. 5-Year Treasury Note | September 2025 | 314 | Long | 33861614 | 34226000 | 364386 |
| &nbsp;&nbsp;&nbsp;U.S. 10-Year Treasury Note | September 2025 | 15 | Long | 1653559 | 1681875 | 28316 |
| &nbsp;&nbsp;&nbsp;U.S. Long Bond | September 2025 | 45 | Long | 5040419 | 5196094 | 155675 |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | $**69555411** | $**70227250** | $**671839** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional**<br> **Amount** | **Notional**<br> **Value** | **Unrealized<br>Depreciation** |
| &nbsp;&nbsp;&nbsp;U.S. Ultra 10-Year Treasury Note | September 2025 | 99 | Short | $(10860520) | $(11312297) | $(451777) |
| &nbsp;&nbsp;&nbsp;U.S. Ultra Bond | September 2025 | 23 | Short | (2669321) | (2739875) | (70554) |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | $**(13529841)** | $**(14052172)** | $**(522331)** |

---

#### Legend:
CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

EUR — Euro

EURIBOR — Euro Interbank Offered Rate

PIK — Payment–In–Kind

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

STACR — Structured Agency Credit Risk

USD — United States Dollar

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

#### SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND
**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $506642 | $— | $— | $506642 |
| &nbsp;&nbsp;&nbsp;Agency Mortgage-Backed Securities |  | 12093530 |  | 12093530 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 29554526 |  | 29554526 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 56419794 |  | 56419794 |
| &nbsp;&nbsp;&nbsp;Non-Agency Mortgage-Backed Securities |  | 57780119 |  | 57780119 |
| &nbsp;&nbsp;&nbsp;Senior Secured Loans |  | 17567676 |  | 17567676 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 7670059 |  |  | 7670059 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1208931 |  | 1208931 |
| &nbsp;&nbsp;&nbsp;**Total** | $**8176701** | $**174624576** | $**—** | $**182801277** |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | $— | $15597 | $— | $15597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99046) |  | (99046) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | 671839 |  |  | 671839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(522331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(522331) |
| &nbsp;&nbsp;&nbsp;**Total** | $**149508** | $**(83449)** | $**—** | $**66059** |

---

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

------

#### FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182801277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 24497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 3761594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 1294221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash deposits with brokers for futures contracts | 514040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on futures contracts | 216144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward foreign currency contracts | 15597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 2242 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **188632400** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 20505355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 107890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward foreign currency contracts | 99046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 71674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 34459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 26892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 18194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 41389 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **20904899** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**167727501** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $173887393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable loss | (6159892) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**167727501** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $181705956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $1096 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **16718103** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$10.03** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5061331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 104054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **5165312** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 456789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 219610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 45139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 34580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 31788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 26816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 12910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 6865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 5912 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **840409** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (2972) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **837437** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **4327875** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Derivative Contracts and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (844401) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (612941) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (57592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 3729915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | 1584910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts | (83449) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | (23086) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments, Derivative Contracts and Foreign Currency Transactions** | **3693356** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**8021231** |

---

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $4327875 | $9330172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions | (1514934) | 2088461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies | 5208290 | (8232762) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **8021231** | **3185871** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 3893476 | 25594627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (27497155) | (64269080) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(23603679)** | **(38674453)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(15582448)** | **(35488582)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 183309949 | 218798531 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167727501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183309949 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 402081 | 2711481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2815887) | (6749508) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(2413806)** | **(4038027)** |

---

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

------

This Page Intentionally Left Blank

**15**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $9.58 | $0.24 | $0.21 | $0.45 | $10.03 | 4.70%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 9.44 | 0.44 | (0.30) | 0.14 | 9.58 | 1.48% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 9.00 | 0.35 | 0.09 | 0.44 | 9.44 | 4.89% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 10.74 | 0.26 | (2.00) | (1.74) | 9.00 | (16.20)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 10.74 | 0.21 | (0.21) | 0.00 | 10.74 | 0.00% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 10.03 | 0.14 | 0.57 | 0.71 | 10.74 | 7.08% |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $167728 | 0.95%<sup>(4)</sup> | 0.96%<sup>(4)</sup> | 4.93%<sup>(4)</sup> | 4.92%<sup>(4)</sup> | 138%<sup>(4)</sup> |
| 183310 | 0.94% | 0.94% | 4.61% | 4.61% | 186% |
| 218799 | 0.91% | 0.91% | 3.88% | 3.88% | 343% |
| 232593 | 0.88% | 0.88% | 2.68% | 2.68% | 182% |
| 315505 | 0.87% | 0.87% | 1.99% | 1.99% | 172% |
| 306696 | 0.89% | 0.89% | 1.38% | 1.38% | 163% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. 

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Multi-Sector Bond VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks to provide a high current income with a secondary objective of capital appreciation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

The valuations of debt securities for which quoted bid prices are readily available are valued at the bid price by independent pricing services (each, a "Service"). Debt securities for which quoted bid prices are not readily available are valued by a Service at the evaluated bid price provided by the Service or the bid price provided by an independent broker-dealer or at a calculated price based on the spread to an appropriate benchmark provided by such broker-dealer.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5c). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE").

Exchange-traded financial futures and swap contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

18.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**c. Forward Foreign Currency Contracts** The Fund may enter into forward foreign currency contracts. A forward

**19**

------

foreign currency contract involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. These contracts may be used to gain exposure to a particular currency or to hedge against the risk of loss due to changing currency exchange rates. Forward contracts to purchase or sell a foreign currency may also be used by the Fund in anticipation of future purchases (or in settlement of such purchases) or sales of securities denominated in foreign currency, or to exchange one currency for another. Upon entering into a forward foreign currency contract, the Fund may be required to post margin equal to its outstanding exposure thereunder. Forward foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the forward foreign currency contract is settled.

**d. Futures Contracts** The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

**e. Credit Derivatives** The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve positioning, (iii) manage risk, (iv) enhance potential returns, or (v) as substitutes for permitted Fund investments. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

The Fund may enter into credit default swap agreements either as a buyer or seller. The Fund may buy protection under a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell protection under a credit default swap in an attempt to

gain exposure to an underlying issuer's credit quality characteristics without investing directly in that issuer.

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. In entering into swap contracts, the Fund is required to deposit with the broker (or for the benefit of the broker), either in cash or securities, an amount equal to a percentage of the notional value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund.

The Fund may also enter into cleared swaps with a central clearinghouse. In a centrally cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty serving as the clearinghouse, and performance of the transaction is effectively guaranteed against default by such counterparty, thereby reducing or eliminating the Fund's exposure to the credit risk of the original counterparty. The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse. The margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction.

The Fund may not achieve the anticipated benefits of swap contracts and may realize a loss. There were no credit default swaps held as of June 30, 2025.

**f. Options Transactions** The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of its investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund's Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain.

20.0 ------

The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of June 30, 2025.

**g. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**h. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**i. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The

financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.52% of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.96% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 0.97%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $2,972.

Park Avenue has entered into a Sub-Advisory Agreement with Janus Henderson Investors US LLC ("Janus"), effective March 3, 2025. Prior to this date, the Fund did not have a sub-adviser. Janus is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**21**

------

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $219,610 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Other**<br> **Investments** | **U.S. Government and**<br> **Agency Obligations** |
| &nbsp;&nbsp;&nbsp;Purchases | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195943245 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46739265 |
| &nbsp;&nbsp;&nbsp;Sales | 184860016 | 66837562 |

---

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

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

**c. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**d. Securities Purchased on a When-Issued or Delayed-Delivery Basis** The Fund may purchase securities on a when-issued or delayed-delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than at the trade date purchase price. Although the Fund will generally enter into these transactions with the intention of taking delivery of the securities, it may sell the securities before the settlement date. Assets will be segregated when a fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.

To-be-announced ("TBA") securities and purchase commitments are commitments to purchase mortgage-backed securities for a fixed price at a future date. At the time of purchase, the seller does not specify the particular mortgage-backed securities to be delivered. Instead, a Fund agrees to accept any mortgage-backed security that meets specified terms. Thus, a Fund and the seller would agree upon the issuer, interest rate and terms of the underlying mortgages, but the seller would not identify the specific underlying mortgages until shortly before it issues the mortgage-backed security. The principal risks are that the counterparty may not deliver the security as promised and/or that the value of the TBA security may decline prior to when the Fund receives the security. Also, the value of TBA securities on the delivery date may be more or less than the price paid by a Fund to purchase the securities. A Fund will lose money if the value of the TBA security declines below the purchase price and will not benefit if the value of the security appreciates above the sale price prior to delivery.

22.0 ------

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of June 30, 2025, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

**f. Below Investment Grade Securities** The Fund may invest in below investment grade securities (*i.e.* lower-quality, "junk" debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

**g. Mortgage- and Asset-Backed Securities** The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac"), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

In addition, mortgage-backed and other asset-backed securities are subject to the risk that underlying obligations will be repaid sooner (known as "prepayment risk") or later (known as "extension risk") than expected because of changes in interest rates, either of which may result in lower than expected returns for the Fund. Because mortgage-backed securities are backed by mortgage loans, they also are subject to risks associated with the ownership of real estate and the real estate industry.

**h. Treasury Inflation Protected Securities** Treasury inflation protected securities ("TIPS") are debt securities issued by the U.S. Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index ("CPI"). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

**i. Derivative Instruments** Investments in derivatives (including short exposures through derivatives) pose risks in addition to, and potentially greater than, those associated with investing directly in other investments, including potentially heightened liquidity and valuation risk, counterparty risk, market risk, operational risk, and legal risk. In addition, certain derivatives result in leverage, which can result in losses substantially greater than the amount invested in the derivatives by the Fund. The Fund entered into U.S. Treasury futures contracts for the six months ended June 30, 2025 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. With respect to exchange traded futures, the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees futures contracts against default.

Although forward foreign currency contracts are intended, when used for hedging purposes, to minimize the risk of loss due to a decline in the value of the hedged currencies, they also tend to limit any potential gain which might result should the value of such currencies increase.

**23**

------

In addition, these contracts are subject to the risk that the counterparty may not be able to meet the terms of the contracts as well as the risk of unanticipated movements in the value of foreign currencies relative to the U.S. dollar. Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. The Fund used forward foreign currency contracts during the period ended June 30, 2025.

Under certain market conditions, the Fund may use credit default swaps to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve exposure, (iii) manage risk, (iv) enhance returns, or (v) as substitutes for permitted Fund investments. Credit default swaps involve the exchange of a floating or fixed rate payment in return for assuming potential credit losses of an underlying security or pool of securities.

The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," *i.e.*, the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency or security, or in a "basket" of securities representing a particular index. Cleared swaps are transacted through futures commission merchants ("FCM"s) that are members of central clearinghouses with the clearinghouse serving as a central counterparty similar to transactions in futures contracts. Funds post initial and variation margin by making payments to their clearing member FCMs.

Generally, the Fund will enter into credit default swaps on a net basis, which means that the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the net amount of the two payments. Credit default swaps do not normally involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to credit default swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to a credit default swap defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

In addition to the risks generally applicable to derivatives, risks associated with credit default swap agreements include adverse changes in the returns of the underlying instruments, failure of the counterparties to perform under the agreement's terms and the possible lack of liquidity with respect to the agreements.

As of June 30, 2025, the Fund had the following derivatives at fair value, grouped into appropriate risk

categories that illustrate the Fund's use of derivative instruments:

---

| | | |
|:---|:---|:---|
|  | **Interest Rate**<br> **Contracts** | **Foreign Currency**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Asset Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts<sup>1</sup> | $— | $15597 |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>2</sup> | 671839 |  |
| &nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts<sup>3</sup> | $— | $(99046) |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>2</sup> | (522331) |  |

---

<sup>1</sup> Statement of Assets and Liabilities location: Unrealized appreciation on open forward foreign currency contracts.

<sup>2</sup> Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

<sup>3</sup> Statement of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts.

Transactions in derivative investments for the six months ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Interest Rate**<br> **Contracts** | **Foreign Currency**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>1</sup> | $(612941) | $— |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** | &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** | &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts<sup>2</sup> | $— | $(83449) |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>3</sup> | 1584910 |  |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** | &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** | &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $— | $1568982 |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>4</sup> | 534 |  |

---

<sup>1</sup> Statement of Operations location: Net realized gain/(loss) from futures contracts.

<sup>2</sup> Statement of Operations location: Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts.

<sup>3</sup> Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

<sup>4</sup> Amount represents number of contracts. 

**j. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting

24.0 ------

the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

**k. Loans** Investments in loans are particularly subject to, among other risks, credit risk, interest rate risk, and counterparty risk. The Fund's investments in loans can be difficult to value accurately and may be more susceptible to liquidity risk than fixed income (or debt) investments of similar credit quality and/or maturity. Investments or transactions in loans are often subject to long settlement periods (potentially longer than seven days), which could limit the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. As a result, the Fund may be forced to sell other, more desirable, liquid investments, sell illiquid investments at a loss or take other measures to raise cash. Loans often are rated below investment-grade and may be unrated and subject the Fund to the risk that the value of the collateral for the loan may be insufficient to cover the borrower's obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants (if any) more difficult for the Fund as legal action may have to go through the issuer of the participations. Investments in loans that lack or possess fewer or contingent contractual restrictive covenants are particularly susceptible to the risks associated with these investments. In addition, loans and other similar investments may not be considered "securities" and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a

$10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

**25**

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

#### Board of Trustees Meeting held February 27, 2025
At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on February 27, 2025 (the "February Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees") considered proposed sub-advisory agreements between Park Avenue Institutional Advisers LLC (the "Manager") and each of (i) Boston Partners Global Investors, Inc. ("Boston Partners") engaged to serve as sub-adviser to the Guardian Small Cap Core VIP Fund; (ii) FIAM LLC ("FIAM") engaged to serve as sub-adviser to the Guardian Core Fixed Income VIP Fund; (iii) Janus Henderson Investors US LLC ("Janus") engaged to serve as sub-adviser to the Guardian Multi-Sector Bond VIP Fund; (iv) Allspring Global Investments, LLC ("Allspring") engaged to serve as sub-adviser to the Guardian Short Duration Bond VIP Fund; (v) Massachusetts Financial Services Company ("MFS") engaged to serve as

sub-adviser to the Guardian Total Return Bond VIP Fund; and (vi) Lord, Abbett & Co. LLC ("Lord Abbett") engaged to serve as sub-adviser to the Guardian U.S. Government Securities VIP Fund. Boston Partners, FIAM, Janus, Allspring, MFS and Lord Abbett are each referred to as a "Sub-adviser" and are collectively referred to as the "Sub-advisers." The sub-advisory agreements with the Sub-advisers are each referred to as an Agreement and are collectively referred to as the "Agreements." Guardian Small Cap Core VIP Fund, Guardian Core Fixed Income VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Short Duration Bond VIP Fund, Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund are each referred to as a "Fund" and are collectively referred to as the "Funds." The Board, including the Independent Trustees voting separately, unanimously approved the Agreements for an initial term of two years. The Trustees also considered and approved modifications to certain Funds' investment objectives, principal investment strategies and principal risks to reflect the Sub-advisers' investment processes.

The Board is responsible for overseeing the management of the Funds. In determining whether to approve the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the February Meeting and at a meeting held on February 3, 2025, the Trustees received materials and information designed to assist in their consideration of the Agreements. At its February 3, 2025 Board meeting, the Trustees received a presentation from representatives of the Sub-advisers regarding the services to be rendered to the Funds. The Manager also discussed proposed changes to certain Funds' investment objectives, principal investment strategies and principal risks to reflect the Sub-advisers' investment processes. In light of the proposed changes to the investment strategies and risks, the Trustees considered and approved the change of the name of the Guardian U.S. Government Securities VIP Fund to the Guardian U.S. Government/Credit VIP Fund. The Trustees received written responses from the Sub-advisers to a series of questions and requests for information covering a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Trustees also received materials and information regarding the legal standards applicable to

26.0 ------

their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-advisers.

During the course of their deliberations, the Independent Trustees met to discuss and evaluate the Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager and the Sub-advisers.

In reaching its decisions to approve the Agreements, the Trustees took into account the materials and information described above as well as other materials and information provided to the Trustees and discussed with and among the Trustees. Individual Trustees may have given different weight to different factors and information with respect to the Agreements, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Trustees' decision to approve the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services to be provided to the Funds by the Sub-advisers; (ii) the investment performance of accounts managed by the Sub-advisers with strategies similar to the Funds; (iii) the fees to be charged and estimated profitability; (iv) the extent to which economies of scale may in the future exist for the Funds, and the extent to which the Funds may benefit from future economies of scale; and (v) any other benefits anticipated to be derived by the Sub-advisers (or their affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services to be provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Agreements and the range of investment advisory services to be provided to the Funds by the Sub-advisers under the oversight of the Manager. In evaluating the investment advisory services, the Trustees considered, among other things, each Sub-adviser's investment philosophy, style and process and approach to managing risk. The Trustees also considered information regarding funds or accounts managed by the Sub-advisers with similar strategies as the Funds, including performance and portfolio characteristics. The Trustees received and evaluated information regarding the background, education,

expertise and/or experience of the investment professionals that would serve as portfolio managers for the Funds and the capabilities, resources and reputation of the Sub-advisers.

The Trustees considered that the Sub-advisers' compliance programs had been reviewed by the Funds' Chief Compliance Officer and that he determined each Sub-adviser's program to be reasonably designed to prevent violation of the federal securities laws by a Fund. The Trustees also considered the information presented regarding the capabilities and financial condition of each Sub-adviser and its ability to carry out its responsibilities under its Agreement. The Trustees also considered the information provided by management regarding the personnel, potential benefits and risks, philosophy, and investment processes of the Sub-advisers. The Trustees also considered the presentations by the Sub-advisers to the Board.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services to be provided to the Funds by the Sub-advisers were appropriate.

*Investment Performance* 

The Trustees considered the Sub-advisers' performance history with respect to similarly-managed investment accounts. While there was no historical Sub-adviser performance information with respect to the Funds for review, the Board noted that it would have an opportunity to review such information in connection with future annual reviews of the Agreements.

*Costs and Profitability* 

The Trustees considered the proposed sub-advisory fees to be paid under the Agreements and evaluated the reasonableness of the fees. The Trustees considered information regarding the fees charged to funds and accounts managed by the Sub-advisers with similar strategies as the Funds. The Trustees also considered that the fees to be paid to each Sub-adviser would be paid by the Manager. The Trustees considered that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

The Trustees did not request or consider any projected profitability information from the Sub-advisers because the Manager, not the Fund, would be responsible for payment of the fees and the Manager had negotiated the fees with the Sub-advisers at arm's-length.

**27**

------

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Trustees concluded that the proposed sub-advisory fees were reasonable in light of the nature, extent and quality of services expected to be rendered to the Funds by the Sub-advisers.

*Economies of Scale* 

The Trustees noted that for three of six Funds, the sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Trustees concluded that it was appropriate to revisit potential economies of scale in connection with future reviews of the Agreements or earlier, if appropriate, and that they were satisfied with the extent to which economies of scale would be shared for the benefit of shareholders based on current and anticipated asset levels.

*Ancillary Benefits* 

The Trustees considered the potential benefits, other than the sub-advisory fee, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds. The Trustees concluded that the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the Funds.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

#### Board of Trustees Meeting held March 26-27, 2025
At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International

Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

28.0 ------

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the

Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of

**29**

------

the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data,

which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that

30.0 ------

the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and

operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

**31**

------

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that

32.0 ------

the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group. <br>

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

**33**

------

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

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

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

34.0 ------

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

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

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

**35**

------

This Page Intentionally Left Blank

36.0 ------

This Page Intentionally Left Blank

**37**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g14119g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB10525

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Short Duration Bond VIP Fund
![LOGO](g35392g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian Short Duration Bond VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin2135392_1)** |  |
| [Schedule of Investments](#fin2135392_2) | 1 |
| [Statement of Assets and Liabilities](#fin2135392_3) | 5 |
| [Statement of Operations](#fin2135392_4) | 5 |
| [Statements of Changes in Net Assets](#fin2135392_5) | 6 |
| [Financial Highlights](#fin2135392_6) | 8 |
| [Notes to Financial Statements](#fin2135392_7) | 10 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin2135392_8)** | 18 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin2135392_9)** | 18 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin2135392_10)** | 18 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin2135392_11)** | 18 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 25.9%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 25.9%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 25.9%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br>3.00% due 5/1/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6668063 | $6503645 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association<br>3.00% due 4/1/2033 | 5407758 | 5316205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 9/1/2034 | 6757930 | 6552008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/1/2037 | 6498526 | 6305169 |
| &nbsp;&nbsp;&nbsp; Freddie Mac<br>Multifamily Structured<br>Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K065, Class A2 <br>3.243% due 4/25/2027 | 2900000 | 2854342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class A2 <br>3.244% due 8/25/2027 | 7000000 | 6879362 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $34,324,446) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $34,324,446) | **34410731** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 26.3%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 26.3%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 26.3%** |
| &nbsp;&nbsp;&nbsp; Aligned Data Centers Issuer LLC <br>Series 2021-1A, Class A2 <br>1.937% due 8/15/2046<sup>(1)</sup> | 900000 | 869845 |
| &nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust <br>Series 2022-3, Class A <br>3.75% due 8/15/2027 | 2000000 | 1998111 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXII Ltd. <br>Series 2015-22A, Class A2R <br>6.031% (3 mo. USD Term SOFR + 1.76%) <br> due 4/20/2031<sup>(1)(2)</sup> | 1000000 | 1000647 |
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC <br>Series 2021-2A, Class A <br>1.66% due 2/20/2028<sup>(1)</sup> | 1100000 | 1056639 |
| &nbsp;&nbsp;&nbsp; CARDS II Trust <br>Series 2025-1A, Class A <br>4.63% due 3/15/2031<sup>(1)</sup> | 3000000 | 3029720 |
| &nbsp;&nbsp;&nbsp; Citizens Auto Receivables Trust <br>Series 2024-1, Class A3 <br>5.11% due 4/17/2028<sup>(1)</sup> | 905000 | 909730 |
| &nbsp;&nbsp;&nbsp; CNH Equipment Trust <br>Series 2024-A, Class A3 <br>4.77% due 6/15/2029 | 1000000 | 1005246 |
| &nbsp;&nbsp;&nbsp; CyrusOne Data Centers<br>Issuer I LLC <br>Series 2024-2A, Class A2 <br>4.50% due 5/20/2049<sup>(1)</sup> | 450000 | 438257 |
| &nbsp;&nbsp;&nbsp; DLLMT LLC <br>Series 2024-1A, Class A3 <br>4.84% due 8/21/2028<sup>(1)</sup> | 1000000 | 1008035 |
| &nbsp;&nbsp;&nbsp; Dryden 53 CLO Ltd. <br>Series 2017-53A, Class B <br>5.918% (3 mo. USD Term SOFR + 1.66%) <br> due 1/15/2031<sup>(1)(2)</sup> | 1100000 | 1098900 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **<br>Value** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust <br>Series 2020-2, Class A <br>1.06% due 9/15/2027 | $| 1100000 | $| 1091908 |
| &nbsp;&nbsp;&nbsp; GMF Floorplan Owner Revolving Trust <br>Series 2025-1A, Class C <br>4.88% due 3/15/2029<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 |  | 2914784 |
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing III LLC <br>Series 2025-1A, Class A <br>4.91% due 9/25/2029<sup>(1)</sup> |  | 2900000 |  | 2909282 |
| &nbsp;&nbsp;&nbsp; HPEFS Equipment Trust <br>Series 2023-1A, Class C <br>5.91% due 4/20/2028<sup>(1)</sup> |  | 495000 |  | 495893 |
| &nbsp;&nbsp;&nbsp; Kubota Credit Owner Trust | &nbsp;&nbsp;&nbsp; Kubota Credit Owner Trust | &nbsp;&nbsp;&nbsp; Kubota Credit Owner Trust | &nbsp;&nbsp;&nbsp; Kubota Credit Owner Trust | &nbsp;&nbsp;&nbsp; Kubota Credit Owner Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A3 <br>4.67% due 6/15/2029<sup>(1)</sup> |  | 405000 |  | 408953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A4 <br>4.87% due 7/15/2030<sup>(1)</sup> |  | 405000 |  | 413778 |
| &nbsp;&nbsp;&nbsp; NextGear Floorplan Master Owner Trust | &nbsp;&nbsp;&nbsp; NextGear Floorplan Master Owner Trust | &nbsp;&nbsp;&nbsp; NextGear Floorplan Master Owner Trust | &nbsp;&nbsp;&nbsp; NextGear Floorplan Master Owner Trust | &nbsp;&nbsp;&nbsp; NextGear Floorplan Master Owner Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2 <br>5.12% due 3/15/2029<sup>(1)</sup> |  | 1000000 |  | 1012930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B <br>4.89% due 2/15/2030<sup>(1)</sup> |  | 3000000 |  | 3022335 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners 36 Ltd. <br>Series 2018-1A, Class B <br>5.908% (3 mo. USD Term SOFR + 1.65%) <br> due 4/15/2031<sup>(1)(2)</sup> |  | 1209375 |  | 1208166 |
| &nbsp;&nbsp;&nbsp; Oscar U.S. Funding XV LLC <br>Series 2023-1A, Class A3 <br>5.81% due 12/10/2027<sup>(1)</sup> |  | 600000 |  | 604093 |
| &nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust <br>Series 2021-1A, Class A 1.07% due 2/27/2034<sup>(1)</sup> |  | 1735000 |  | 1696724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust <br>Series 2025-3, Class C<br> 4.90% due 3/20/2030 |  | 2900000 |  | 2910009 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust <br>Series 2023-4A, Class A3 <br>6.24% due 7/15/2027<sup>(1)</sup> |  | 1000000 |  | 1005750 |
| &nbsp;&nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC | &nbsp;&nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC | &nbsp;&nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC | &nbsp;&nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC | &nbsp;&nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A1 <br>4.80% due 9/19/2039<sup>(1)</sup> |  | 240000 |  | 241206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class B <br>5.07% due 9/19/2039<sup>(1)</sup> |  | 195000 |  | 198084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C <br>5.08% due 1/18/2040<sup>(1)</sup> |  | 2500000 |  | 2512953 |
| &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $34,857,644) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $34,857,644) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $34,857,644) |  | **35061978** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 36.5%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 36.5%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 36.5%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 36.5%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 36.5%** |
| &nbsp;&nbsp;&nbsp;**Airlines – 1.0%** | &nbsp;&nbsp;&nbsp;**Airlines – 1.0%** | &nbsp;&nbsp;&nbsp;**Airlines – 1.0%** | &nbsp;&nbsp;&nbsp;**Airlines – 1.0%** | &nbsp;&nbsp;&nbsp;**Airlines – 1.0%** |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. <br>4.95% due 7/10/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353258 |
|  |  |  |  | **1353258** |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 0.4%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.4%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.4%** |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. <br>5.15% due 3/2/2028 | $500000 | $510805 |
|  |  | **510805** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 15.1%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 15.1%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 15.1%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.<br>3.419% (3.419% fixed rate until 12/20/2027; 3 mo. USD Term SOFR + 1.30% thereafter) <br> due 12/20/2028<sup>(2)</sup> | 500000 | 488645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.559% (3.559% fixed rate until 4/23/2026; 3 mo. USD Term SOFR + 1.32% thereafter) <br> due 4/23/2027<sup>(2)</sup> | 1000000 | 992810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.979% (4.979% fixed rate until 1/24/2028; 1 day USD<br>SOFR + 0.83% thereafter) <br> due 1/24/2029<sup>(2)</sup> | 940000 | 953649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08% (5.08% fixed rate until 1/20/2026; 1 day USD<br>SOFR + 1.29% thereafter) <br> due 1/20/2027<sup>(2)</sup> | 500000 | 501460 |
| &nbsp;&nbsp;&nbsp; Citibank NA <br>4.576% due 5/29/2027 | 2570000 | 2583595 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. <br>6.484% (6.484% fixed rate until 10/24/2028; 1 day USD<br>SOFR + 1.77% thereafter) <br> due 10/24/2029<sup>(2)</sup> | 2700000 | 2864808 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co.<br>1.47% (1.47% fixed rate until 9/22/2026; 1 day USD<br>SOFR + 0.77% thereafter) <br> due 9/22/2027<sup>(2)</sup> | 1000000 | 964760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.915% (4.915% fixed rate until 1/24/2028; 1 day USD<br>SOFR + 0.80% thereafter) <br> due 1/24/2029<sup>(2)</sup> | 1400000 | 1418634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.299% (5.299% fixed rate until 7/24/2028; 1 day USD<br>SOFR + 1.45% thereafter) <br> due 7/24/2029<sup>(2)</sup> | 500000 | 513365 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. <br>5.354% (5.354% fixed rate until 9/13/2027; 1 yr.<br>CMT rate + 1.90% thereafter) <br> due 9/13/2028<sup>(2)</sup> | 300000 | 306525 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley <br>5.164% (5.164% fixed rate until 4/20/2028; 1 day USD<br>SOFR + 1.59% thereafter) <br> due 4/20/2029<sup>(2)</sup> | 1900000 | 1937354 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA <br>4.968% (4.968% fixed rate until 7/14/2027; 1 day USD<br>SOFR + 0.93% thereafter) <br> due 7/14/2028<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | 1012140 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **<br>Value** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada <br>5.069% (5.069% fixed rate until 7/23/2026; 1 day USD<br>SOFR + 0.79% thereafter) <br> due 7/23/2027<sup>(2)</sup> | $| 750000 | $| 755460 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. <br>4.45% due 9/10/2027<sup>(1)</sup> |  | 1000000 |  | 1003710 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp <br>4.548% (4.548% fixed rate until 7/22/2027; 1 day USD<br>SOFR + 1.66% thereafter) <br> due 7/22/2028<sup>(2)</sup> |  | 900000 |  | 902223 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. <br>5.574% (5.574% fixed rate until 7/25/2028; 1 day USD<br>SOFR + 2.04% thereafter) <br> due 7/25/2029<sup>(2)</sup> |  | 2800000 |  | 2890804 |
|  |  |  |  | **20089942** |
| &nbsp;&nbsp;&nbsp;**Computers – 1.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp. 4.75% due 4/1/2028 |  | 1450000 |  | 1467255 |
|  |  |  |  | **1467255** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 4.8%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 4.8%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 4.8%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 4.8%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 4.8%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust <br>4.45% due 4/3/2026 |  | 1400000 |  | 1396584 |
| &nbsp;&nbsp;&nbsp; American Express Co. <br>5.098% (5.098% fixed rate until 2/16/2027; 1 day USD<br>SOFR + 1.00% thereafter) <br> due 2/16/2028<sup>(2)</sup> |  | 1100000 |  | 1112595 |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC <br>6.75% due 10/25/2028<sup>(1)</sup> |  | 1300000 |  | 1382602 |
| &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. <br>5.20% due 3/27/2028<sup>(1)</sup> |  | 1380000 |  | 1395387 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp. <br>3.875% due 9/15/2028 |  | 1100000 |  | 1053943 |
|  |  |  |  | **6341111** |
| &nbsp;&nbsp;&nbsp;**Electrical Components & Equipment – 1.1%** | &nbsp;&nbsp;&nbsp;**Electrical Components & Equipment – 1.1%** | &nbsp;&nbsp;&nbsp;**Electrical Components & Equipment – 1.1%** | &nbsp;&nbsp;&nbsp;**Electrical Components & Equipment – 1.1%** | &nbsp;&nbsp;&nbsp;**Electrical Components & Equipment – 1.1%** |
| &nbsp;&nbsp;&nbsp; Molex Electronic Technologies LLC <br>4.75% due 4/30/2028<sup>(1)</sup> |  | 1400000 |  | 1408358 |
|  |  |  |  | **1408358** |
| &nbsp;&nbsp;&nbsp;**Food – 2.2%** | &nbsp;&nbsp;&nbsp;**Food – 2.2%** | &nbsp;&nbsp;&nbsp;**Food – 2.2%** | &nbsp;&nbsp;&nbsp;**Food – 2.2%** | &nbsp;&nbsp;&nbsp;**Food – 2.2%** |
| &nbsp;&nbsp;&nbsp; Mars, Inc. <br>4.55% due 4/20/2028<sup>(1)</sup> |  | 2870000 |  | 2898557 |
|  |  |  |  | **2898557** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.9%** |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. <br>4.90% due 2/8/2026 |  | 200000 |  | 200018 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. <br>5.20% due 6/1/2028 |  | 1000000 |  | 1021800 |
|  |  |  |  | **1221818** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Insurance – 1.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.2%** |
| &nbsp;&nbsp;&nbsp; Aspen Insurance Holdings Ltd. <br>5.75% due 7/1/2030 | $830000 | $844699 |
| &nbsp;&nbsp;&nbsp; Athene Global Funding <br>5.516% due 3/25/2027<sup>(1)</sup> | 700000 | 712033 |
|  |  | **1556732** |
| &nbsp;&nbsp;&nbsp;**Leisure Time – 0.4%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.4%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.4%** |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. <br>5.375% due 7/15/2027<sup>(1)</sup> | 500000 | 503085 |
|  |  | **503085** |
| &nbsp;&nbsp;&nbsp;**Lodging – 0.9%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.9%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.9%** |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. <br>5.90% due 6/1/2027 | 1000000 | 1021050 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. <br>Series R <br>3.125% due 6/15/2026 | 200000 | 197578 |
|  |  | **1218628** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.5%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.5%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.5%** |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. <br>3.25% due 12/1/2026 | 200000 | 197128 |
| &nbsp;&nbsp;&nbsp; Hess Corp. <br>4.30% due 4/1/2027 | 500000 | 498970 |
|  |  | **696098** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 1.5%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.5%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.5%** |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC <br>4.15% due 10/16/2028 | 1000000 | 999980 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. <br>5.30% due 8/15/2028 | 1000000 | 1027660 |
|  |  | **2027640** |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 2.4%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 2.4%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 2.4%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp. <br>5.80% due 11/15/2028 | 500000 | 521695 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP <br>3.50% due 7/1/2026 | 500000 | 494915 |
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<br>5.50% due 8/1/2030 | 670000 | 675119 |
| &nbsp;&nbsp;&nbsp; VICI Properties LP <br>4.75% due 4/1/2028 | 1450000 | 1462165 |
|  |  | **3153894** |
| &nbsp;&nbsp;&nbsp;**Software – 0.7%** | &nbsp;&nbsp;&nbsp;**Software – 0.7%** | &nbsp;&nbsp;&nbsp;**Software – 0.7%** |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc. <br>4.20% due 10/1/2028 | 500000 | 497415 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. <br>2.30% due 3/25/2028 | 500000 | 474700 |
|  |  | **972115** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 2.3%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 2.3%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 2.3%** |
| &nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC <br>5.152% due 3/20/2028<sup>(1)</sup> | 2585000 | 2602139 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. <br>3.75% due 4/15/2027 | 500000 | 494955 |
|  |  | **3097094** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $48,012,956) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $48,012,956) | **48516390** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 1.5%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 1.5%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 1.5%** |
| &nbsp;&nbsp;&nbsp; Brean Asset-Backed Securities Trust <br>Series 2025-RM11, Class A1 4.75% due 5/25/2065<sup>(1)(2)(3)</sup> | $2095040 | $2039687 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $2,015,839) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $2,015,839) | **2039687** |
| &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 7.5%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 7.5%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 7.5%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills <br>5.511% due 7/3/2025<sup>(4)</sup> | 10000000 | 9997685 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $9,997,689) | &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $9,997,689) | **9997685** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.4%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.4%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.4%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $3,157,751, due 7/1/2025<sup>(5)</sup> | 3157631 | 3157631 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $3,157,631) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $3,157,631) | **3157631** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $132,366,205) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $132,366,205) | **133184**,**102** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | **(85137)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** |  | $**133098965** |

---

<sup>(1)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2025, the aggregate market value of these securities amounted to $42,002,262, representing 31.6% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees. 

<sup>(2)</sup> Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2025.

<sup>(3)</sup> Variable coupon rate based on weighted average interest rate of underlying mortgages.

<sup>(4)</sup> Interest rate shown reflects the discount rate at time of purchase.

<sup>(5)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $3166400 | $3220861 |

---

#### Legend:
CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

#### SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.**  | **The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.**  | **The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.**  | **The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.**  | **The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.**  |
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Agency Mortgage-Backed Securities | $— | $34410731 | $— | $34410731 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 35061978 |  | 35061978 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 48516390 |  | 48516390 |
| &nbsp;&nbsp;&nbsp;Non-Agency Mortgage-Backed Securities |  | 2039687 |  | 2039687 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 9997685 |  | 9997685 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 3157631 |  | 3157631 |
| &nbsp;&nbsp;&nbsp;**Total** | $**—** | $**133184102** | $**—** | $**133184102** |

---

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

------

#### FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $133184102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 746173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 27163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 19064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **133978154** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 669049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 77146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 49480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 24501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 21129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 37773 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **879189** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**133098965** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $119367729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 13731236 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**133098965** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $132366205 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **12144484** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$10.96** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $3303651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 7028 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **3310679** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 319066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 32335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 29195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 25867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 24116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 11884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 9542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 4670 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **456675** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (123135) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **333540** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **2977139** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 539789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (8431) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 568060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | 45760 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Derivative Contracts** | **1145178** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**4122317** |

---

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

#### FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND V I P FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited |
|  | **For the<br>Six Months Ended**<br> **6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $2977139 | $7848688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and derivative contracts | 531358 | (728045) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and derivative contracts | 613820 | 269063 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **4122317** | **7389706** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 3204350 | 21089751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (23431189) | (49327524) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(20226839)** | **(28237773)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(16104522)** | **(20848067)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 149203487 | 170051554 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133098965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149203487 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 298894 | 2045915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2169283) | (4748203) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(1870389)** | **(2702288)** |

---

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

------

This Page Intentionally Left Blank

**7**

------

#### FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND
The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Net Asset Value,<br>Beginning of**<br> **Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized**<br> **and Unrealized**<br> **Gain/(Loss)** | **Total**<br> **Operations** | **Net Asset**<br> **Value, End of**<br> **Period** | **Total**<br> **Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $10.65 | $0.22 | $0.09 | $0.31 | $10.96 | 2.91%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 10.17 | 0.50 | (0.02) | 0.48 | 10.65 | 4.72% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 9.77 | 0.40 | (0.00)<sup>(5)</sup> | 0.40 | 10.17 | 4.09% |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/22<sup>(6)</sup> | 10.00 | 0.20 | (0.43) | (0.23) | 9.77 | (2.30)%<sup>(4)</sup> |

---

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

------

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net**<br> **Investment Income**<br> **to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income**<br> **to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $133099 | 0.47%<sup>(4)</sup> | 0.64%<sup>(4)</sup> | 4.20%<sup>(4)</sup> | 4.03%<sup>(4)</sup> | 137%<sup>(4)</sup> |
| 149203 | 0.49% | 0.63% | 4.82% | 4.68% | 185% |
| 170052 | 0.50% | 0.59% | 4.07% | 3.98% | 274% |
| 186598 | 0.49%<sup>(4)</sup> | 0.58%<sup>(4)</sup> | 3.00%<sup>(4)</sup> | 2.91%<sup>(4)</sup> | 61%<sup>(4)</sup> |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2022, certain non-recurring fees (i.e., audit fees) are not annualized. 

<sup>(5)</sup> Rounds to $(0.00) per share. 

<sup>(6)</sup> Commenced operations on May 2, 2022.

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Short Duration Bond VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on May 2, 2022. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks to preserve principal and meet liquidity needs while maximizing total return.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

The valuations of debt securities for which quoted bid prices are readily available are valued at the bid price by independent pricing services (each, a "Service"). Debt securities for which quoted bid prices are not readily available are valued by a Service at the evaluated bid price provided by the Service or the bid price provided by an independent broker-dealer or at a calculated price based on the spread to an appropriate benchmark provided by such broker-dealer.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5c). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE").

Exchange-traded financial futures and swap contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

10.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**11**

------

**c. Futures Contracts** The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. There were no futures contracts held as of June 30, 2025.

**d. Credit Derivatives** The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve positioning, (iii) manage risk, (iv) enhance potential returns, or (v) as substitutes for permitted Fund investments. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

The Fund may enter into credit default swap agreements either as a buyer or seller. The Fund may buy protection under a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell protection under a credit default swap in an attempt to gain exposure to an underlying issuer's credit quality characteristics without investing directly in that issuer.

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. In entering into swap contracts, the Fund is required to deposit with the broker (or for the benefit of the broker), either in cash or securities, an amount equal to a percentage of the notional value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial

statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund.

The Fund may also enter into cleared swaps with a central clearinghouse. In a centrally cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty serving as the clearinghouse, and performance of the transaction is effectively guaranteed against default by such counterparty, thereby reducing or eliminating the Fund's exposure to the credit risk of the original counterparty. The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse. The margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction.

The Fund may not achieve the anticipated benefits of swap contracts and may realize a loss. There were no credit default swaps held as of June 30, 2025.

**e. Options Transactions** The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of its investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund's Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of June 30, 2025.

12.0 ------

**f. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**g. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**h. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.45% of the first $300 million, and 0.40% in excess of $300 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.45% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 0.48%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $123,135.

Park Avenue has entered into a Sub-Advisory Agreement with Allspring Global Investments, LLC ("Allspring"), effective March 3, 2025. Prior to this date, the Fund did not have a sub-adviser. Allspring is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

**13**

------

5. Investments

**a. Investment Purchases and Sales** The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Other**<br> **Investments** | **U.S. Government and**<br> **Agency Obligations** |
| &nbsp;&nbsp;&nbsp;Purchases | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65796628 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116136242 |
| &nbsp;&nbsp;&nbsp;Sales | 85544286 | 123611358 |

---

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**d. Securities Purchased on a When-Issued or Delayed-Delivery Basis** The Fund may purchase securities on a when-issued or delayed-delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than at the trade date purchase price. Although the Fund will generally enter into these transactions with the intention of taking delivery of the securities, it may sell the securities before the settlement date. Assets

will be segregated when a fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.

To-be-announced ("TBA") securities and purchase commitments are commitments to purchase mortgage-backed securities for a fixed price at a future date. At the time of purchase, the seller does not specify the particular mortgage-backed securities to be delivered. Instead, a Fund agrees to accept any mortgage-backed security that meets specified terms. Thus, a Fund and the seller would agree upon the issuer, interest rate and terms of the underlying mortgages, but the seller would not identify the specific underlying mortgages until shortly before it issues the mortgage-backed security. The principal risks are that the counterparty may not deliver the security as promised and/or that the value of the TBA security may decline prior to when the Fund receives the security. Also, the value of TBA securities on the delivery date may be more or less than the price paid by a Fund to purchase the securities. A Fund will lose money if the value of the TBA security declines below the purchase price and will not benefit if the value of the security appreciates above the sale price prior to delivery.

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of June 30, 2025, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

**f. Below Investment Grade Securities** The Fund may invest in below investment grade securities (*i.e.* lower-quality, "junk" debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

14.0 ------

**g. Mortgage- and Asset-Backed Securities** The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac"), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government. In addition, mortgage-backed and other asset-backed securities are subject to the risk that underlying obligations will be repaid sooner (known as "prepayment risk") or later (known as "extension risk") than expected because of changes in interest rates, either of which may result in lower than expected returns for the Fund. Because mortgage-backed securities are backed by mortgage loans, they also are subject to risks associated with the ownership of real estate and the real estate industry.

**h. Treasury Inflation Protected Securities** Treasury inflation protected securities ("TIPS") are debt securities issued by the U.S. Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index ("CPI"). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

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

**i. Derivative Instruments** Investments in derivatives (including short exposures through derivatives) pose risks in addition to, and potentially greater than, those associated with investing directly in other investments, including potentially heightened liquidity and valuation risk, counterparty risk, market risk, operational risk, and legal risk. In addition, certain derivatives result in leverage, which can result in losses substantially greater than the amount invested in the derivatives by the Fund. The Fund entered into U.S. Treasury futures contracts for the six months ended June 30, 2025 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. With respect to exchange traded futures, the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees futures contracts against default.

Under certain market conditions, the Fund may use credit default swaps to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve exposure, (iii) manage risk, (iv) enhance returns, or (v) as substitutes for permitted Fund investments. Credit default swaps involve the exchange of a floating or fixed rate payment in return for assuming potential credit losses of an underlying security or pool of securities.

The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," *i.e.*, the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency or security, or in a "basket" of securities representing a particular index. Cleared swaps are transacted through futures commission merchants ("FCM"s) that are members of central clearinghouses with the clearinghouse serving as a central counterparty similar to transactions in futures contracts. Funds post initial and variation margin by making payments to their clearing member FCMs.

Generally, the Fund will enter into credit default swaps on a net basis, which means that the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the net amount of the two payments. Credit default swaps do not normally involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to credit default swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to a credit default swap defaults, a Fund's risk of loss consists of the net

**15**

------

amount of payments that the Fund is contractually entitled to receive, if any.

In addition to the risks generally applicable to derivatives, risks associated with credit default swap agreements include adverse changes in the returns of the underlying instruments, failure of the counterparties to perform under the agreement's terms and the possible lack of liquidity with respect to the agreements.

Transactions in derivative investments for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  | **Interest Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>1</sup> | $(8431) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** | &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>2</sup> | $45760 |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>3</sup> | 65 |

---

<sup>1</sup> Statement of Operations location: Net realized gain/(loss) from futures contracts.

<sup>2</sup> Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

<sup>3</sup> Amount represents number of contracts. 

**j. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

**k. Loans** Investments in loans are particularly subject to, among other risks, credit risk, interest rate risk, and counterparty risk. The Fund's investments in loans can be difficult to value accurately and may be more susceptible to liquidity risk than fixed income (or debt) investments of similar credit quality and/or maturity. Investments or transactions in loans are often subject to long settlement periods (potentially longer than seven days), which could limit the ability of the Fund to invest

sale proceeds in other investments and to use proceeds to meet its current redemption obligations. As a result, the Fund may be forced to sell other, more desirable, liquid investments, sell illiquid investments at a loss or take other measures to raise cash. Loans often are rated below investment-grade and may be unrated and subject the Fund to the risk that the value of the collateral for the loan may be insufficient to cover the borrower's obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants (if any) more difficult for the Fund as legal action may have to go through the issuer of the participations. Investments in loans that lack or possess fewer or contingent contractual restrictive covenants are particularly susceptible to the risks associated with these investments. In addition, loans and other similar investments may not be considered "securities" and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

16.0 ------

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against

the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

**17**

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

#### Board of Trustees Meeting held February 27, 2025
At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on February 27, 2025 (the "February Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees") considered proposed sub-advisory agreements between Park Avenue Institutional Advisers LLC (the "Manager") and each of (i) Boston Partners Global Investors, Inc. ("Boston Partners") engaged to serve as sub-adviser to the Guardian Small Cap Core VIP Fund; (ii) FIAM LLC ("FIAM") engaged to serve as sub-adviser to the Guardian Core Fixed Income VIP Fund; (iii) Janus Henderson Investors US LLC ("Janus") engaged to serve as sub-adviser to the Guardian Multi-Sector Bond VIP Fund; (iv) Allspring Global Investments, LLC ("Allspring") engaged to serve as sub-adviser to the Guardian Short Duration Bond VIP Fund; (v) Massachusetts Financial Services Company ("MFS") engaged to serve as sub-adviser to the Guardian Total Return Bond VIP

Fund; and (vi) Lord, Abbett & Co. LLC ("Lord Abbett")

engaged to serve as sub-adviser to the Guardian U.S. Government Securities VIP Fund. Boston Partners, FIAM, Janus, Allspring, MFS and Lord Abbett are each referred to as a "Sub-adviser" and are collectively referred to as the "Sub-advisers." The sub-advisory agreements with the Sub-advisers are each referred to as an Agreement and are collectively referred to as the "Agreements." Guardian Small Cap Core VIP Fund, Guardian Core Fixed Income VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Short Duration Bond VIP Fund, Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund are each referred to as a "Fund" and are collectively referred to as the "Funds." The Board, including the Independent Trustees voting separately, unanimously approved the Agreements for an initial term of two years. The Trustees also considered and approved modifications to certain Funds' investment objectives, principal investment strategies and principal risks to reflect the Sub-advisers' investment processes.

The Board is responsible for overseeing the management of the Funds. In determining whether to approve the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the February Meeting and at a meeting held on February 3, 2025, the Trustees received materials and information designed to assist in their consideration of the Agreements. At its February 3, 2025 Board meeting, the Trustees received a presentation from representatives of the Sub-advisers regarding the services to be rendered to the Funds. The Manager also discussed proposed changes to certain Funds' investment objectives, principal investment strategies and principal risks to reflect the Sub-advisers' investment processes. In light of the proposed changes to the investment strategies and risks, the Trustees considered and approved the change of the name of the Guardian U.S. Government Securities VIP Fund to the Guardian U.S. Government/Credit VIP Fund. The Trustees received written responses from the Sub-advisers to a series of questions and requests for information covering a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-advisers.

18.0 ------

During the course of their deliberations, the Independent Trustees met to discuss and evaluate the Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager and the Sub-advisers.

In reaching its decisions to approve the Agreements, the Trustees took into account the materials and information described above as well as other materials and information provided to the Trustees and discussed with and among the Trustees. Individual Trustees may have given different weight to different factors and information with respect to the Agreements, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Trustees' decision to approve the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services to be provided to the Funds by the Sub-advisers; (ii) the investment performance of accounts managed by the Sub-advisers with strategies similar to the Funds; (iii) the fees to be charged and estimated profitability; (iv) the extent to which economies of scale may in the future exist for the Funds, and the extent to which the Funds may benefit from future economies of scale; and (v) any other benefits anticipated to be derived by the Sub-advisers (or their affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services to be provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Agreements and the range of investment advisory services to be provided to the Funds by the Sub-advisers under the oversight of the Manager. In evaluating the investment advisory services, the Trustees considered, among other things, each Sub-adviser's investment philosophy, style and process and approach to managing risk. The Trustees also considered information regarding funds or accounts managed by the Sub-advisers with similar strategies as the Funds, including performance and portfolio characteristics. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals that would serve as portfolio managers for the Funds and the capabilities, resources and reputation of the Sub-advisers.

The Trustees considered that the Sub-advisers' compliance programs had been reviewed by the Funds' Chief Compliance Officer and that he determined each Sub-adviser's program to be reasonably designed to prevent violation of the federal securities laws by a Fund. The Trustees also considered the information presented regarding the capabilities and financial condition of each Sub-adviser and its ability to carry out its responsibilities under its Agreement. The Trustees also considered the information provided by management regarding the personnel, potential benefits and risks, philosophy, and investment processes of the Sub-advisers. The Trustees also considered the presentations by the Sub-advisers to the Board.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services to be provided to the Funds by the Sub-advisers were appropriate.

*Investment Performance* 

The Trustees considered the Sub-advisers' performance history with respect to similarly-managed investment accounts. While there was no historical Sub-adviser performance information with respect to the Funds for review, the Board noted that it would have an opportunity to review such information in connection with future annual reviews of the Agreements.

*Costs and Profitability* 

The Trustees considered the proposed sub-advisory fees to be paid under the Agreements and evaluated the reasonableness of the fees. The Trustees considered information regarding the fees charged to funds and accounts managed by the Sub-advisers with similar strategies as the Funds. The Trustees also considered that the fees to be paid to each Sub-adviser would be paid by the Manager. The Trustees considered that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

The Trustees did not request or consider any projected profitability information from the Sub-advisers because the Manager, not the Fund, would be responsible for payment of the fees and the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Trustees concluded that the proposed sub-advisory fees were reasonable in light of the nature, extent and quality of services expected to be rendered to the Funds by the Sub-advisers.

**19**

------

*Economies of Scale* 

The Trustees noted that for three of six Funds, the sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Trustees concluded that it was appropriate to revisit potential economies of scale in connection with future reviews of the Agreements or earlier, if appropriate, and that they were satisfied with the extent to which economies of scale would be shared for the benefit of shareholders based on current and anticipated asset levels.

*Ancillary Benefits* 

The Trustees considered the potential benefits, other than the sub-advisory fee, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds. The Trustees concluded that the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the Funds.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

#### Board of Trustees Meeting held March 26-27, 2025
At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select

Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a

20.0 ------

Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive.

These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the

Manager or the Sub-advisers (or their respective

affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use

**21**

------

resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the

Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the

22.0 ------

reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the

potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500

**23**

------

Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period. <br>

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

24.0 ------

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the

**25**

------

1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

26.0 ------

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

**27**

------

This Page Intentionally Left Blank

28.0 ------

This Page Intentionally Left Blank

**29**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g35392g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB11741

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Small Cap Value Diversified VIP Fund
(formerly, Guardian Small Cap Core VIP Fund)

![LOGO](g77566g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian Small Cap Value Diversified VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin22toc77566_1)** |  |
| [Schedule of Investments](#fin22toc77566_2) | 1 |
| [Statement of Assets and Liabilities](#fin22toc77566_3) | 4 |
| [Statement of Operations](#fin22toc77566_4) | 4 |
| [Statements of Changes in Net Assets](#fin22toc77566_5) | 5 |
| [Financial Highlights](#fin22toc77566_6) | 6 |
| [Notes to Financial Statements](#fin22toc77566_7) | 8 |
| **[Item 8. Changes in and Disagreements with <br>Accountants for Open-End Management <br>Investment Companies](#fin22toc77566_8)** | 14 |
| **[Item 9. Proxy Disclosures for Open-End <br>Management Investment Companies](#fin22toc77566_9)** | 14 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin22toc77566_10)** | 14 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin22toc77566_11)** | 14 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 97.8%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 97.8%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 97.8%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.0%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.0%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.0%** |
| &nbsp;&nbsp;&nbsp; Leonardo DRS, Inc. | 39491 | $1835542 |
|  |  | **1835542** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 1.7%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 1.7%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 1.7%** |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc.<sup>(1)</sup> | 61678 | 3003719 |
|  |  | **3003719** |
| &nbsp;&nbsp;&nbsp;**Automobile Components – 0.6%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.6%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.6%** |
| &nbsp;&nbsp;&nbsp; Gentherm, Inc.<sup>(1)</sup> | 35397 | 1001381 |
|  |  | **1001381** |
| &nbsp;&nbsp;&nbsp;**Banks – 11.0%** | &nbsp;&nbsp;&nbsp;**Banks – 11.0%** | &nbsp;&nbsp;&nbsp;**Banks – 11.0%** |
| &nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | 61015 | 3361927 |
| &nbsp;&nbsp;&nbsp; First BanCorp | 82241 | 1713080 |
| &nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | 139655 | 2266601 |
| &nbsp;&nbsp;&nbsp; National Bank Holdings Corp., Class A | 60538 | 2276834 |
| &nbsp;&nbsp;&nbsp; Popular, Inc. | 19054 | 2099941 |
| &nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 39600 | 2781504 |
| &nbsp;&nbsp;&nbsp; Webster Financial Corp. | 60457 | 3300952 |
| &nbsp;&nbsp;&nbsp; WesBanco, Inc. | 54270 | 1716560 |
|  |  | **19517399** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 0.5%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.5%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.5%** |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.<sup>(1)</sup> | 18021 | 937452 |
|  |  | **937452** |
| &nbsp;&nbsp;&nbsp;**Building Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.5%** |
| &nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 9395 | 933487 |
|  |  | **933487** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.4%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.4%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.4%** |
| &nbsp;&nbsp;&nbsp; BGC Group, Inc., Class A | 412434 | 4219200 |
|  |  | **4219200** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 2.4%** | &nbsp;&nbsp;&nbsp;**Chemicals – 2.4%** | &nbsp;&nbsp;&nbsp;**Chemicals – 2.4%** |
| &nbsp;&nbsp;&nbsp; Ashland, Inc. | 31720 | 1594882 |
| &nbsp;&nbsp;&nbsp; Huntsman Corp. | 132064 | 1376107 |
| &nbsp;&nbsp;&nbsp; Mosaic Co. | 35623 | 1299527 |
|  |  | **4270516** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 5.0%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 5.0%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 5.0%** |
| &nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 60779 | 2869376 |
| &nbsp;&nbsp;&nbsp; BrightView Holdings, Inc.<sup>(1)</sup> | 230760 | 3842154 |
| &nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc.<sup>(1)</sup> | 125344 | 2201041 |
|  |  | **8912571** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.3%** |
| &nbsp;&nbsp;&nbsp; Calix, Inc.<sup>(1)</sup> | 9682 | 514986 |
|  |  | **514986** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 3.0%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 3.0%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 3.0%** |
| &nbsp;&nbsp;&nbsp; Arcosa, Inc. | 19105 | 1656594 |
| &nbsp;&nbsp;&nbsp; MasTec, Inc.<sup>(1)</sup> | 9942 | 1694415 |
| &nbsp;&nbsp;&nbsp; MYR Group, Inc.<sup>(1)</sup> | 11106 | 2015184 |
|  |  | **5366193** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.5%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.5%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.5%** |
| &nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 6489 | 876924 |
| &nbsp;&nbsp;&nbsp; SLM Corp. | 53875 | 1766561 |
|  |  | **2643485** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 0.4%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 0.4%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 0.4%** |
| &nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.<sup>(1)</sup> | 58808 | $730395 |
|  |  | **730395** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.9%** |
| &nbsp;&nbsp;&nbsp; ADT, Inc. | 198323 | 1679796 |
|  |  | **1679796** |
| &nbsp;&nbsp;&nbsp;**Diversified REITs – 1.2%** | &nbsp;&nbsp;&nbsp;**Diversified REITs – 1.2%** | &nbsp;&nbsp;&nbsp;**Diversified REITs – 1.2%** |
| &nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | 137130 | 2200937 |
|  |  | **2200937** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.7%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.7%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.7%** |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | 72191 | 2933120 |
|  |  | **2933120** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.4%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.4%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.4%** |
| &nbsp;&nbsp;&nbsp; Coherent Corp.<sup>(1)</sup> | 21502 | 1918194 |
| &nbsp;&nbsp;&nbsp; Crane NXT Co. | 44776 | 2413426 |
|  |  | **4331620** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 1.5%** |
| &nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc. | 26527 | 354666 |
| &nbsp;&nbsp;&nbsp; Expro Group Holdings NV<sup>(1)</sup> | 100061 | 859524 |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services, Inc. | 25375 | 869601 |
| &nbsp;&nbsp;&nbsp; Liberty Energy, Inc. | 55397 | 635958 |
|  |  | **2719749** |
| &nbsp;&nbsp;&nbsp;**Food Products – 0.9%** | &nbsp;&nbsp;&nbsp;**Food Products – 0.9%** | &nbsp;&nbsp;&nbsp;**Food Products – 0.9%** |
| &nbsp;&nbsp;&nbsp; Nomad Foods Ltd. | 91867 | 1560820 |
|  |  | **1560820** |
| &nbsp;&nbsp;&nbsp;**Gas Utilities – 1.4%** | &nbsp;&nbsp;&nbsp;**Gas Utilities – 1.4%** | &nbsp;&nbsp;&nbsp;**Gas Utilities – 1.4%** |
| &nbsp;&nbsp;&nbsp; Spire, Inc. | 34557 | 2522315 |
|  |  | **2522315** |
| &nbsp;&nbsp;&nbsp;**Ground Transportation – 1.4%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 1.4%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 1.4%** |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 55880 | 2471572 |
|  |  | **2471572** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 3.8%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 3.8%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 3.8%** |
| &nbsp;&nbsp;&nbsp; Enovis Corp.<sup>(1)</sup> | 106781 | 3348652 |
| &nbsp;&nbsp;&nbsp; Teleflex, Inc. | 28984 | 3430546 |
|  |  | **6779198** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.9%** |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.<sup>(1)</sup> | 8870 | 1561120 |
|  |  | **1561120** |
| &nbsp;&nbsp;&nbsp;**Health Care Technology – 1.2%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 1.2%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 1.2%** |
| &nbsp;&nbsp;&nbsp; Phreesia, Inc.<sup>(1)</sup> | 73540 | 2092948 |
|  |  | **2092948** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 0.8%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 0.8%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 0.8%** |
| &nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc. (United States)<sup>(1)</sup> | 20764 | 624581 |
| &nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 9141 | 742341 |
|  |  | **1366922** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 0.5%** | &nbsp;&nbsp;&nbsp;**Household Durables – 0.5%** | &nbsp;&nbsp;&nbsp;**Household Durables – 0.5%** |
| &nbsp;&nbsp;&nbsp; Century Communities, Inc. | 15024 | 846152 |
|  |  | **846152** |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Insurance – 7.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 7.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 7.0%** |
| &nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 16644 | $1727980 |
| &nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 48710 | 1879232 |
| &nbsp;&nbsp;&nbsp; Hanover Insurance Group, Inc. | 19721 | 3350006 |
| &nbsp;&nbsp;&nbsp; Kemper Corp. (United States) | 65101 | 4201618 |
| &nbsp;&nbsp;&nbsp; Primerica, Inc. | 1545 | 422820 |
| &nbsp;&nbsp;&nbsp; Slide Insurance Holdings, Inc.<sup>(1)</sup> | 35057 | 759335 |
|  |  | **12340991** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 1.5%** |
| &nbsp;&nbsp;&nbsp; Cargurus, Inc.<sup>(1)</sup> | 77060 | 2579198 |
|  |  | **2579198** |
| &nbsp;&nbsp;&nbsp;**Machinery – 1.4%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.4%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.4%** |
| &nbsp;&nbsp;&nbsp; Hillman Solutions Corp.<sup>(1)</sup> | 224886 | 1605686 |
| &nbsp;&nbsp;&nbsp; Timken Co. | 13123 | 952074 |
|  |  | **2557760** |
| &nbsp;&nbsp;&nbsp;**Marine Transportation – 0.9%** | &nbsp;&nbsp;&nbsp;**Marine Transportation – 0.9%** | &nbsp;&nbsp;&nbsp;**Marine Transportation – 0.9%** |
| &nbsp;&nbsp;&nbsp; Star Bulk Carriers Corp. | 94210 | 1625123 |
|  |  | **1625123** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 7.4%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 7.4%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 7.4%** |
| &nbsp;&nbsp;&nbsp; Alcoa Corp. | 49552 | 1462280 |
| &nbsp;&nbsp;&nbsp; Capstone Copper Corp. (Canada)<sup>(1)</sup> | 363605 | 2232229 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | 29517 | 1443676 |
| &nbsp;&nbsp;&nbsp; Constellium SE<sup>(1)</sup> | 161041 | 2141845 |
| &nbsp;&nbsp;&nbsp; ERO Copper Corp.<sup>(1)</sup> | 112967 | 1903494 |
| &nbsp;&nbsp;&nbsp; thyssenkrupp AG (Germany) | 155174 | 1666342 |
| &nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 48070 | 2203048 |
|  |  | **13052914** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 2.4%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 2.4%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 2.4%** |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. | 36555 | 2050735 |
| &nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 42702 | 2190613 |
|  |  | **4241348** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 6.0%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 6.0%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 6.0%** |
| &nbsp;&nbsp;&nbsp; BKV Corp.<sup>(1)</sup> | 100874 | 2433081 |
| &nbsp;&nbsp;&nbsp; DHT Holdings, Inc. | 168223 | 1818491 |
| &nbsp;&nbsp;&nbsp; Infinity Natural Resources, Inc., Class A<sup>(1)</sup> | 89685 | 1642132 |
| &nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. | 68350 | 2674536 |
| &nbsp;&nbsp;&nbsp; SM Energy Co. | 51916 | 1282844 |
| &nbsp;&nbsp;&nbsp; Viper Energy, Inc. | 21930 | 836191 |
|  |  | **10687275** |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines – 0.5%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines – 0.5%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines – 0.5%** |
| &nbsp;&nbsp;&nbsp; Allegiant Travel Co.<sup>(1)</sup> | 17350 | 953383 |
|  |  | **953383** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 2.5%** | &nbsp;&nbsp;&nbsp;**Professional Services – 2.5%** | &nbsp;&nbsp;&nbsp;**Professional Services – 2.5%** |
| &nbsp;&nbsp;&nbsp; First Advantage Corp.<sup>(1)</sup> | 43224 | 717950 |
| &nbsp;&nbsp;&nbsp; KBR, Inc. | 32288 | 1547887 |
| &nbsp;&nbsp;&nbsp; Maximus, Inc. | 23792 | 1670198 |
| &nbsp;&nbsp;&nbsp; NV5 Global, Inc.<sup>(1)</sup> | 18830 | 434785 |
|  |  | **4370820** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.9%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.9%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.9%** |
| &nbsp;&nbsp;&nbsp; Newmark Group, Inc., Class A | 136607 | $1659775 |
|  |  | **1659775** |
| &nbsp;&nbsp;&nbsp;**Retail REITs – 3.8%** | &nbsp;&nbsp;&nbsp;**Retail REITs – 3.8%** | &nbsp;&nbsp;&nbsp;**Retail REITs – 3.8%** |
| &nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 138006 | 3593676 |
| &nbsp;&nbsp;&nbsp; Getty Realty Corp. | 111495 | 3081722 |
|  |  | **6675398** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.6%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.6%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.6%** |
| &nbsp;&nbsp;&nbsp; Diodes, Inc.<sup>(1)</sup> | 22470 | 1188438 |
| &nbsp;&nbsp;&nbsp; Silicon Motion Technology Corp., ADR | 67465 | 5071344 |
| &nbsp;&nbsp;&nbsp; Tower Semiconductor Ltd.<sup>(1)</sup> | 41807 | 1812334 |
|  |  | **8072116** |
| &nbsp;&nbsp;&nbsp;**Software – 4.3%** | &nbsp;&nbsp;&nbsp;**Software – 4.3%** | &nbsp;&nbsp;&nbsp;**Software – 4.3%** |
| &nbsp;&nbsp;&nbsp; BlackBerry Ltd.<sup>(1)</sup> | 113428 | 519500 |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp.<sup>(1)</sup> | 259773 | 3047137 |
| &nbsp;&nbsp;&nbsp; Teradata Corp.<sup>(1)</sup> | 99511 | 2220091 |
| &nbsp;&nbsp;&nbsp; Verint Systems, Inc. (United States)<sup>(1)</sup> | 92630 | 1822032 |
|  |  | **7608760** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.8%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.8%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.8%** |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 23686 | 1101162 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 54013 | 1618230 |
| &nbsp;&nbsp;&nbsp; Wayfair, Inc., Class A<sup>(1)</sup> | 9095 | 465118 |
|  |  | **3184510** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 2.0%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 2.0%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 2.0%** |
| &nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. | 53067 | 2613019 |
| &nbsp;&nbsp;&nbsp; Under Armour, Inc., Class C<sup>(1)</sup> | 140900 | 914441 |
|  |  | **3527460** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.9%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.9%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.9%** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp. | 57211 | 3346271 |
|  |  | **3346271** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks**<br> (Cost $159,532,025) | &nbsp;&nbsp;&nbsp;**Total Common Stocks**<br> (Cost $159,532,025) | **173435697** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.2%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.2%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.2%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $3,907,656, due 7/1/2025<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3907508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3907508 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $3,907,508) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $3,907,508) | **3907508** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.0%** <br> (Cost $163,439,533) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.0%** <br> (Cost $163,439,533) | **177343205** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.0)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.0)%** | **(73149)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**177270056** |

---

<sup>(1)</sup> Non–income–producing security.

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

------

<sup>(2)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $3918400 | $3985837 |

---

#### Legend:
ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

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

**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $171769355 | $1666342 | $— | $173435697 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 3907508 |  | 3907508 |
| &nbsp;&nbsp;&nbsp;**Total** | $**171769355** | $**5573850** | $**—** | $**177343205** |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

#### FINANCIAL INFORMATION — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $177343205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 629649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 256890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 6413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 4348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 2299 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **178242804** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 605131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 168375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 99361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 36000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 14924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 11543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 37414 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **972748** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**177270056** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $80042156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 97227900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**177270056** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $163439533 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **13542272** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$13.09** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1538730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 26281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (4840) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1560171** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 596273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 216041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 30876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 30192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 22992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 20877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 13442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 8575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 6247 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **945515** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (38142) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **907373** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **652798** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 24257262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (9431) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (27554530) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments and Foreign Currency Transactions** | **(3306699)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(2653901)** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | | |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $652798 | $817942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 24247831 | 15975864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (27554530) | (1607167) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(2653901)** | **15186639** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 16361609 | 5827243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (27310398) | (79168390) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(10948789)** | **(73341147)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(13602690)** | **(58154508)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 190872746 | 249027254 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177270056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190872746 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 1346072 | 477045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2093305) | (6241360) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(747233)** | **(5764315)** |

---

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $13.36 | $0.05 | $(0.32) | $(0.27) | $13.09 | (2.02)%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 12.42 | 0.05 | 0.89 | 0.94 | 13.36 | 7.57% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 10.62 | 0.05 | 1.75 | 1.80 | 12.42 | 16.95% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 13.42 | 0.03 | (2.83) | (2.80) | 10.62 | (20.86)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 11.40 | 0.00<sup>(5)</sup> | 2.02 | 2.02 | 13.42 | 17.72% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 11.13 | 0.05 | 0.22 | 0.27 | 11.40 | 2.43% |

---

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

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $177270 | 1.05%<sup>(4)</sup> | 1.09%<sup>(4)</sup> | 0.76%<sup>(4)</sup> | 0.72%<sup>(4)</sup> | 114%<sup>(4)</sup> |
| 190873 | 1.05% | 1.07% | 0.38% | 0.36% | 28% |
| 249027 | 1.05% | 1.05% | 0.42% | 0.42% | 48% |
| 246525 | 1.04% | 1.04% | 0.23% | 0.23% | 48% |
| 284144 | 1.04% | 1.04% | 0.01% | 0.01% | 45% |
| 337527 | 1.05% | 1.05% | 0.53% | 0.53% | 69% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. 

<sup>(5)</sup> Rounds to $0.00 per share. 

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Small Cap Value Diversified VIP Fund (formerly, Guardian Small Cap Core VIP Fund) (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks capital appreciation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation

oversight, including but not limited to consideration of security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

8.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, price below current market value, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not

considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, private investment in public equity, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2025, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or

**9**

------

sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the

ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**g. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.69% of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after

10.0 ------

fee waiver and/or expense reimbursement to 1.05% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $38,142.

Park Avenue has entered into a Sub-Advisory Agreement with Boston Partners Global Investors, Inc. ("Boston Partners"), effective May 1, 2025. Prior to this date, ClearBridge Investments LLC was sub-adviser to the Fund. Boston Partners is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $216,041 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

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

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $195,748,562 and $205,714,573, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked

**11**

------

to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of June 30, 2025, the Fund did not hold any restricted or illiquid securities.

**f. Private Investment in Public Equity** A Fund may invest in securities that are purchased in private investment in public equity ("PIPE") transactions. PIPEs are an accredited investor's purchase of stock in a public company at a discount to the current market value per share for the purpose of raising capital and may also issue warrants enabling a Fund to purchase additional shares at a price equal to or at a premium to current market prices. Securities acquired by a Fund in such transactions are subject to resale restrictions under securities laws. Because the shares issued in a PIPE transaction are "restricted securities" under the federal securities laws, a Fund cannot freely trade the securities until the issuer files a registration statement to provide for the public resale of the shares, which typically occurs after the completion of the PIPE transaction and the public registration process with the SEC is completed, a period which can last many months. While issuers in PIPE transactions typically agree that they will register the securities for resale by a Fund after the transaction closes (thereby removing resale restrictions), there is no guarantee that the securities will in fact be registered, or that the registration will be maintained. In addition, a PIPE issuer may require a Fund to agree to other resale restrictions as a condition to the sale of such securities. Thus, a Fund's ability to resell securities acquired in PIPE transactions may be limited, and even though a public

market may exist for such securities, the securities held by a Fund may be deemed illiquid. As of June 30, 2025, the Fund did not hold any PIPEs.

**g. Special Purpose Acquisition Companies** A Fund may invest in stock, warrants, rights and other securities of special purpose acquisition companies ("SPACs") or similar special purpose entities in a private placement transaction or as part of a public offering. A SPAC, sometimes referred to as "blank check company," is a private or publicly traded company that raises investment capital for the purpose of acquiring or merging with an existing company. The shares of a SPAC are typically issued in "units" that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares of common stock. At a specified time, the rights and warrants may be separated from the common stock at the election of the holder, after which time each security typically is freely tradeable. Private companies can combine with a SPAC to go public by taking the SPAC's place on an exchange as an alternative to making an initial public offering. Additionally, a Fund may purchase units or shares of SPACs that have completed an IPO on a secondary market, during a SPAC's IPO or through a PIPE offering. PIPE transactions involve the purchase of securities typically at a discount to the market price of the company's common stock and may be subject to transfer restrictions, which typically would make them less liquid than equity issued through a public offering. Investments in SPACs also have risks peculiar to the SPAC structure and investment process. Until an acquisition or merger is completed, a SPAC generally invests its assets, less a portion retained to cover expenses, in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. To the extent a SPAC is invested in cash or similar securities, this may impact a Fund's ability to meet its investment objective. SPAC shareholders may not approve any proposed acquisition or merger, or an acquisition or merger, once effected, may prove unsuccessful. If an acquisition or merger is not completed within a pre-established period (typically, two years), the remainder of funds invested in the SPAC are returned to its shareholders. While a SPAC investor may receive both stock in the SPAC, as well as warrants or other rights at no marginal cost, those warrants or other rights may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price. A Fund may also be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled. An investment in a SPAC is typically subject to a higher risk of dilution by additional later offerings of interests in the SPAC or by other investors

12.0 ------

exercising existing rights to purchase shares of the SPAC. Moreover, interests in SPACs may be illiquid and/or be subject to restrictions on resale, which may remain for an extended time, and may only be traded in the over-the-counter market. As of June 30, 2025, the Fund did not hold any SPACs.

**h. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder

redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

**13**

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

#### Board of Trustees Meeting held February 27, 2025
At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on February 27, 2025 (the "February Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees") considered proposed sub-advisory agreements between Park Avenue Institutional Advisers LLC (the "Manager") and each of (i) Boston Partners Global Investors, Inc. ("Boston Partners") engaged to serve as sub-adviser to the Guardian Small Cap Core VIP Fund; (ii) FIAM LLC ("FIAM") engaged to serve as sub-adviser to the Guardian Core Fixed Income VIP Fund; (iii) Janus Henderson Investors US LLC ("Janus") engaged to serve as sub-adviser to the Guardian Multi-Sector Bond VIP Fund; (iv) Allspring Global Investments, LLC ("Allspring") engaged to serve as sub-adviser to the Guardian Short Duration Bond VIP Fund; (v) Massachusetts Financial Services Company ("MFS") engaged to serve as

sub-adviser to the Guardian Total Return Bond VIP Fund; and (vi) Lord, Abbett & Co. LLC ("Lord Abbett") engaged to serve as sub-adviser to the Guardian U.S. Government Securities VIP Fund. Boston Partners, FIAM, Janus, Allspring, MFS and Lord Abbett are each referred to as a "Sub-adviser" and are collectively referred to as the "Sub-advisers." The sub-advisory agreements with the Sub-advisers are each referred to as an Agreement and are collectively referred to as the "Agreements." Guardian Small Cap Core VIP Fund, Guardian Core Fixed Income VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Short Duration Bond VIP Fund, Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund are each referred to as a "Fund" and are collectively referred to as the "Funds." The Board, including the Independent Trustees voting separately, unanimously approved the Agreements for an initial term of two years. The Trustees also considered and approved modifications to certain Funds' investment objectives, principal investment strategies and principal risks to reflect the Sub-advisers' investment processes.

The Board is responsible for overseeing the management of the Funds. In determining whether to approve the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the February Meeting and at a meeting held on February 3, 2025, the Trustees received materials and information designed to assist in their consideration of the Agreements. At its February 3, 2025 Board meeting, the Trustees received a presentation from representatives of the Sub-advisers regarding the services to be rendered to the Funds. The Manager also discussed proposed changes to certain Funds' investment objectives, principal investment strategies and principal risks to reflect the Sub-advisers' investment processes. In light of the proposed changes to the investment strategies and risks, the Trustees considered and approved the change of the name of the Guardian U.S. Government Securities VIP Fund to the Guardian U.S. Government/Credit VIP Fund. The Trustees received written responses from the Sub-advisers to a series of questions and requests for information covering a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process

14.0 ------

and criteria used by the Manager to identify and select the Sub-advisers.

During the course of their deliberations, the Independent Trustees met to discuss and evaluate the Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager and the Sub-advisers.

In reaching its decisions to approve the Agreements, the Trustees took into account the materials and information described above as well as other materials and information provided to the Trustees and discussed with and among the Trustees. Individual Trustees may have given different weight to different factors and information with respect to the Agreements, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Trustees' decision to approve the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services to be provided to the Funds by the Sub-advisers; (ii) the investment performance of accounts managed by the Sub-advisers with strategies similar to the Funds; (iii) the fees to be charged and estimated profitability; (iv) the extent to which economies of scale may in the future exist for the Funds, and the extent to which the Funds may benefit from future economies of scale; and (v) any other benefits anticipated to be derived by the Sub-advisers (or their affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services to be provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Agreements and the range of investment advisory services to be provided to the Funds by the Sub-advisers under the oversight of the Manager. In evaluating the investment advisory services, the Trustees considered, among other things, each Sub-adviser's investment philosophy, style and process and approach to managing risk. The Trustees also considered information regarding funds or accounts managed by the Sub-advisers with similar strategies as the Funds, including performance and portfolio characteristics. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment

professionals that would serve as portfolio managers for the Funds and the capabilities, resources and reputation of the Sub-advisers.

The Trustees considered that the Sub-advisers' compliance programs had been reviewed by the Funds' Chief Compliance Officer and that he determined each Sub-adviser's program to be reasonably designed to prevent violation of the federal securities laws by a Fund. The Trustees also considered the information presented regarding the capabilities and financial condition of each Sub-adviser and its ability to carry out its responsibilities under its Agreement. The Trustees also considered the information provided by management regarding the personnel, potential benefits and risks, philosophy, and investment processes of the Sub-advisers. The Trustees also considered the presentations by the Sub-advisers to the Board.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services to be provided to the Funds by the Sub-advisers were appropriate.

*Investment Performance* 

The Trustees considered the Sub-advisers' performance history with respect to similarly-managed investment accounts. While there was no historical Sub-adviser performance information with respect to the Funds for review, the Board noted that it would have an opportunity to review such information in connection with future annual reviews of the Agreements.

*Costs and Profitability* 

The Trustees considered the proposed sub-advisory fees to be paid under the Agreements and evaluated the reasonableness of the fees. The Trustees considered information regarding the fees charged to funds and accounts managed by the Sub-advisers with similar strategies as the Funds. The Trustees also considered that the fees to be paid to each Sub-adviser would be paid by the Manager. The Trustees considered that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

The Trustees did not request or consider any projected profitability information from the Sub-advisers because the Manager, not the Fund, would be responsible for payment of the fees and the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information

**15**

------

and factors, the Trustees concluded that the proposed sub-advisory fees were reasonable in light of the nature, extent and quality of services expected to be rendered to the Funds by the Sub-advisers.

*Economies of Scale* 

The Trustees noted that for three of six Funds, the sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Trustees concluded that it was appropriate to revisit potential economies of scale in connection with future reviews of the Agreements or earlier, if appropriate, and that they were satisfied with the extent to which economies of scale would be shared for the benefit of shareholders based on current and anticipated asset levels.

*Ancillary Benefits* 

The Trustees considered the potential benefits, other than the sub-advisory fee, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds. The Trustees concluded that the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the Funds.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

#### Board of Trustees Meeting held March 26-27, 2025
At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth

VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S.

Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

16.0 ------

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive.

These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment

performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of

**17**

------

the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data,

which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and

18.0 ------

variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted

pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

**19**

------

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

20.0 ------

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the

actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group. <br>

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

**21**

------

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

22.0 ------

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index

for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

**23**

------

This Page Intentionally Left Blank

24.0 ------

This Page Intentionally Left Blank

**25**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g77566g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB10526

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian Total Return Bond VIP Fund
![LOGO](g71285g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian Total Return Bond VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin2371285_1)** |  |
| [Schedule of Investments](#fin2371285_2) | 1 |
| [Statement of Assets and Liabilities](#fin2371285_3) | 9 |
| [Statement of Operations](#fin2371285_4) | 9 |
| [Statements of Changes in Net Assets](#fin2371285_5) | 10 |
| [Financial Highlights](#fin2371285_6) | 12 |
| [Notes to Financial Statements](#fin2371285_7) | 14 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin2371285_8)** | 22 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin2371285_9)** | 22 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin2371285_10)** | 22 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin2371285_11)** | 22 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 22.7%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 22.7%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 22.7%** |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 7 Ltd.<br>Series 2015-7A, Class BR3<br>6.333% (3 mo. USD Term<br>SOFR + 2.05%)<br> due 4/28/2037<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462869 |
| &nbsp;&nbsp;&nbsp; Ares XXXIV CLO Ltd.<br>Series 2015-2A, Class BR2<br>6.141% (3 mo. USD Term<br>SOFR + 1.86%)<br> due 4/17/2033<sup>(1)(2)</sup> | 450000 | 450135 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners<br>CLO XXVIII Ltd.<br>Series 2022-28A, Class CR<br>6.17% (3 mo. USD Term<br>SOFR + 1.90%)<br> due 10/20/2037<sup>(1)(2)</sup> | 1000000 | 1004769 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd.<br>Series 2014-2A, Class BR2<br>6.281% (3 mo. USD Term<br>SOFR + 2.01%)<br> due 10/20/2030<sup>(1)(2)</sup> | 800000 | 799360 |
| &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd.<br>Series 2017-3A, Class CR2<br>6.27% (3 mo. USD Term<br>SOFR + 2.00%)<br> due 10/21/2037<sup>(1)(2)</sup> | 3000000 | 3006003 |
| &nbsp;&nbsp;&nbsp; Cathedral Lake VI Ltd.<br>Series 2021-6A, Class AN<br>5.793% (3 mo. USD Term<br>SOFR + 1.51%)<br> due 4/25/2034<sup>(1)(2)</sup> | 1200000 | 1202758 |
| &nbsp;&nbsp;&nbsp; Citizens Auto Receivables Trust<br>Series 2024-1, Class A3<br>5.11% due 4/17/2028<sup>(1)</sup> | 1100000 | 1105749 |
| &nbsp;&nbsp;&nbsp; CNH Equipment Trust<br>Series 2022-B, Class A4<br>3.91% due 3/15/2028 | 1630000 | 1621607 |
| &nbsp;&nbsp;&nbsp; CyrusOne Data Centers Issuer I LLC<br>Series 2024-2A, Class A2<br>4.50% due 5/20/2049<sup>(1)</sup> | 900000 | 876514 |
| &nbsp;&nbsp;&nbsp; DB Master Finance LLC<br>Series 2021-1A, Class A2II 2.493% due 11/20/2051<sup>(1)</sup> | 1013250 | 936305 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 36 Ltd.<br>Series 2024-12RA, Class CR<br>6.27% (3 mo. USD Term<br>SOFR + 2.00%)<br> due 10/20/2037<sup>(1)(2)</sup> | 1000000 | 1002049 |
| &nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC<br>Series 2024-3, Class A4<br>5.06% due 3/20/2031<sup>(1)</sup> | 1000000 | 1021139 |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust<br>Series 2024-B, Class B<br>5.18% due 2/15/2028 | 600000 | 605076 |
| &nbsp;&nbsp;&nbsp; Generate CLO 10 Ltd.<br>Series 2022-10A, Class BR<br>5.916% (3 mo. USD Term<br>SOFR + 1.60%)<br> due 1/22/2038<sup>(1)(2)</sup> | <br> 1200000 | <br> 1199276 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Generate CLO 8 Ltd.<br>Series 8A, Class CR2<br>6.37% (3 mo. USD Term<br>SOFR + 2.10%)<br> due 1/20/2038<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002077 |
| &nbsp;&nbsp;&nbsp; GMF Floorplan Owner<br>Revolving Trust <br>Series 2024-1A, Class B <br>5.33% due 3/15/2029<sup>(1)</sup> | 942000 | 953733 |
| &nbsp;&nbsp;&nbsp; HPEFS Equipment Trust <br>Series 2023-1A, Class C <br>5.91% due 4/20/2028<sup>(1)</sup> | 1000000 | 1001805 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust <br>Series 2024-B, Class B <br>5.04% due 9/16/2030 | 800000 | 813635 |
| &nbsp;&nbsp;&nbsp; ICG U.S. CLO Ltd. <br>Series 2022-1A, Class A1 <br>5.812% (3 mo. USD Term<br>SOFR + 1.54%) <br> due 7/20/2035<sup>(1)(2)</sup> | 1500000 | 1499550 |
| &nbsp;&nbsp;&nbsp; Kubota Credit Owner Trust<br>Series 2025-1A, Class A3 <br>4.67% due 6/15/2029<sup>(1)</sup> | 450000 | 454392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A4 <br>4.87% due 7/15/2030<sup>(1)</sup> | 450000 | 459753 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXIII Ltd. <br>Series 2017-23A, Class BR <br>6.094% (3 mo. USD Term<br>SOFR + 1.81%) <br> due 7/27/2031<sup>(1)(2)</sup> | 1300000 | 1299090 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman<br>CLO XVII Ltd. <br>Series 2014-17A, Class BR3 <br>5.972% (3 mo. USD Term<br>SOFR + 1.70%) <br> due 7/22/2038<sup>(1)(2)</sup> | 1100000 | 1100660 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 35 Ltd. <br>Series 2019-35A, Class CRR <br>5.92% (3 mo. USD Term<br>SOFR + 1.65%) <br> due 1/19/2033<sup>(1)(2)</sup> | 1250000 | 1250000 |
| &nbsp;&nbsp;&nbsp; NextGear Floorplan Master<br>Owner Trust <br>Series 2024-1A, Class A2 <br>5.12% due 3/15/2029<sup>(1)</sup> | 1500000 | 1519395 |
| &nbsp;&nbsp;&nbsp; Nissan Auto Lease Trust <br>Series 2024-B, Class B <br>5.21% due 12/15/2028 | 1050000 | 1061018 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners 50 Ltd.<br>Series 2020-4A, Class DR <br>7.668% (3 mo. USD Term<br>SOFR + 3.41%) <br> due 1/15/2035<sup>(1)(2)</sup> | 1100000 | 1084710 |
| &nbsp;&nbsp;&nbsp; Octagon Loan Funding Ltd. <br>Series 2014-1A, Class CRR <br>6.786% (3 mo. USD Term<br>SOFR + 2.46%) <br> due 11/18/2031<sup>(1)(2)</sup> | <br> 2200000 | <br> 2201540 |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 3 Ltd. <br>Series 2019-3A, Class CR2 <br>6.02% (3 mo. USD Term<br>SOFR + 1.75%) <br> due 1/20/2038<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004274 |
| &nbsp;&nbsp;&nbsp; Oscar U.S. Funding XV LLC <br>Series 2023-1A, Class A3 <br>5.81% due 12/10/2027<sup>(1)</sup> | 800000 | 805458 |
| &nbsp;&nbsp;&nbsp; Parallel Ltd. <br>Series 2023-1A, Class A2R <br>6.117% (3 mo. USD Term<br>SOFR + 1.80%) <br> due 7/20/2036<sup>(1)(2)</sup> | 949520 | 949520 |
| &nbsp;&nbsp;&nbsp; PFP Ltd. <br>Series 2025-12, Class B <br>6.364% (1 mo. USD Term<br>SOFR + 2.04%) <br> due 12/18/2042<sup>(1)(2)(3)</sup> | 325000 | 324330 |
| &nbsp;&nbsp;&nbsp; RR 36 Ltd. <br>Series 2024-36RA, Class A1R <br>5.546% (3 mo. USD Term<br>SOFR + 1.29%) <br> due 1/15/2040<sup>(1)(2)</sup> | 1150000 | 1150279 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust <br>Series 2023-4, Class B <br>5.77% due 12/15/2028 | 735000 | 744258 |
| &nbsp;&nbsp;&nbsp; Stellantis Financial Underwritten Enhanced Lease Trust <br>Series 2025-AA, Class A2 <br>4.63% due 7/20/2027<sup>(1)</sup> | 439561 | 440402 |
| &nbsp;&nbsp;&nbsp; TCW CLO Ltd. <br>Series 2021-1A, Class A1R1<br>5.63% (3 mo. USD Term<br>SOFR + 1.36%) <br> due 1/20/2038<sup>(1)(2)</sup> | 1650000 | 1651247 |
| &nbsp;&nbsp;&nbsp; TIAA CLO IV Ltd. <br>Series 2018-1A, Class A2R <br>6.02% (3 mo. USD Term<br>SOFR + 1.75%) <br> due 1/20/2032<sup>(1)(2)</sup> | 1720000 | 1721335 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO XVI Ltd. <br>Series 2021-16A, Class A1 <br>5.711% (3 mo. USD Term<br>SOFR + 1.44%) <br> due 7/20/2034<sup>(1)(2)</sup> | 800000 | 799760 |
| &nbsp;&nbsp;&nbsp; Vantage Data Centers Issuer LLC <br>Series 2024-1A, Class A2 <br>5.10% due 9/15/2054<sup>(1)</sup> | 800000 | 793730 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust <br>Series 2023-4A, Class A3 <br>6.24% due 7/15/2027<sup>(1)</sup> | 1650000 | 1659488 |
| &nbsp;&nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC<br>Series 2024-3A, Class A1 <br>4.80% due 9/19/2039<sup>(1)</sup> | 520000  | 522613  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class B <br>5.07% due 9/19/2039<sup>(1)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380931 |
| &nbsp;&nbsp;&nbsp; World Omni Select Auto Trust <br>Series 2024-A, Class B <br>5.18% due 6/17/2030 |  | 800000 |  | 807632 |
| &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $45,649,815) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $45,649,815) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $45,649,815) |  | **45750224** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 40.7%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 40.7%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 40.7%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 40.7%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 40.7%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.1%** |
| &nbsp;&nbsp;&nbsp; Boeing Co.<br>6.528% due 5/1/2034 |  | 508000 |  | 552430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.858% due 5/1/2054 |  | 495000 |  | 542139 |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. <br>7.50% due 2/1/2029<sup>(1)</sup> |  | 1063000 |  | 1115512 |
| &nbsp;&nbsp;&nbsp; RTX Corp.<br>6.10% due 3/15/2034 |  | 700000 |  | 756497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40% due 3/15/2054 |  | 100000 |  | 109499 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc. <br>4.625% due 1/15/2029 |  | 1159000 |  | 1136932 |
|  |  |  |  | **4213009** |
| &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 1.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC <br>6.05% due 3/5/2031 |  | 1079000 |  | 1076918 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc.<br>5.35% due 1/7/2030 |  | 400000 |  | 404668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 7/15/2029 |  | 700000 |  | 714952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% due 6/18/2031 |  | 200000 |  | 204006 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America <br>6.375% due 4/8/2030<sup>(1)</sup> |  | 818000 |  | 867677 |
| &nbsp;&nbsp;&nbsp; Wabash National Corp. <br>4.50% due 10/15/2028<sup>(1)</sup> |  | 500000 |  | 452545 |
|  |  |  |  | **3720766** |
| &nbsp;&nbsp;&nbsp;**Beverages – 0.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. <br>4.95% due 1/15/2042 |  | 400000 |  | 377520 |
| &nbsp;&nbsp;&nbsp; Bacardi Ltd. <br>5.15% due 5/15/2038<sup>(1)</sup> |  | 819000 |  | 752300 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc. <br>4.80% due 5/1/2030 |  | 188000 |  | 189397 |
|  |  |  |  | **1319217** |
| &nbsp;&nbsp;&nbsp;**Building Materials – 0.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; JH North America Holdings, Inc. 5.875% due 1/31/2031<sup>(1)</sup> |  | 504000 |  | 508914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 7/31/2032<sup>(1)</sup> |  | 504000 |  | 512865 |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc. <br>3.375% due 1/15/2031<sup>(1)</sup> |  | 860000 |  | 772366 |
|  |  |  |  | **1794145** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Chemours Co. <br>5.75% due 11/15/2028<sup>(1)</sup> |  | 573000 |  | 536901 |
| &nbsp;&nbsp;&nbsp; OCP SA <br>6.75% due 5/2/2034<sup>(1)</sup> |  | 416000 |  | 431238 |
|  |  |  |  | **968139** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 5.8%** | | |
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA, Reg S <br>6.625% (6.625% fixed rate until<br>1/24/2032 ; 10 yr.<br>CMT rate + 5.03% thereafter) <br> due 1/24/2032<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318790 |
| &nbsp;&nbsp;&nbsp; Banco Nacional de Comercio Exterior SNC <br>5.875% due 5/7/2030<sup>(1)</sup> | 205000 | 207987 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.<br>1.898% (1.898% fixed rate until<br>7/23/2030; 1 day USD<br>SOFR + 1.53% thereafter) <br> due 7/23/2031<sup>(2)</sup> | 1000000 | 878300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.271% (4.271% fixed rate until<br>7/23/2028; 3 mo. USD Term<br>SOFR + 1.57% thereafter) <br> due 7/23/2029<sup>(2)</sup> | 900000 | 897507 |
| &nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion De<br>Banca Multiple Grupo Financiero BBVA Mexico<br>8.45% (8.45% fixed rate until<br>6/29/2033; 5 yr.<br>CMT rate + 4.66% thereafter) <br> due 6/29/2038<sup>(1)(2)</sup> | 303000 | 320677 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG <br>5.403% (5.403% fixed rate until<br>9/11/2034; 1 day USD<br>SOFR + 2.05% thereafter) <br> due 9/11/2035<sup>(2)</sup> | 1765000 | 1755134 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. <br>3.102% (3.102% fixed rate until<br>2/24/2032; 1 day USD<br>SOFR + 1.41% thereafter) <br> due 2/24/2033<sup>(2)</sup> | 300000 | 270075 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. <br>5.04% (5.04% fixed rate until<br>1/23/2027; 1 day USD<br>SOFR + 1.19% thereafter) <br> due 1/23/2028<sup>(2)</sup> | 400000 | 404292 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. <br>6.082% (6.082% fixed rate until<br>3/13/2031; 1 day USD<br>SOFR + 2.26% thereafter) <br> due 3/13/2032<sup>(2)</sup> | 1000000 | 1055530 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley<br>5.32% (5.32% fixed rate until<br>7/19/2034; 1 day USD<br>SOFR + 1.56% thereafter) <br> due 7/19/2035<sup>(2)</sup> | 1100000 | 1113310 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.942% (5.942% fixed rate until 2/7/2034; 5 yr.<br>CMT rate + 1.80% thereafter) <br> due 2/7/2039<sup>(2)</sup> | 1087000 | 1115936 |
| &nbsp;&nbsp;&nbsp; UBS Group AG<br>4.375% (4.375% fixed rate until<br>2/10/2031; 5 yr.<br>CMT rate + 3.31% thereafter) <br> due 2/10/2031<sup>(1)(2)</sup> | 1263000 | 1116656 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | | | | |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.699% (5.699% fixed rate until 2/8/2034; 1 yr.<br>CMT rate + 1.77% thereafter) <br> due 2/8/2035<sup>(1)(2)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115441 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. <br>3.35% (3.35% fixed rate until<br>3/2/2032; 1 day USD<br>SOFR + 1.50% thereafter) <br> due 3/2/2033<sup>(2)</sup> |  | 1217000 |  | 1111876 |
|  |  |  |  | **11681511** |
| &nbsp;&nbsp;&nbsp;**Commercial Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.5%** |
| &nbsp;&nbsp;&nbsp; Ashtead Capital, Inc. <br>5.80% due 4/15/2034<sup>(1)</sup> |  | 1066000 |  | 1092192 |
|  |  |  |  | **1092192** |
| &nbsp;&nbsp;&nbsp;**Computers – 0.5%** | &nbsp;&nbsp;&nbsp;**Computers – 0.5%** | &nbsp;&nbsp;&nbsp;**Computers – 0.5%** | &nbsp;&nbsp;&nbsp;**Computers – 0.5%** | &nbsp;&nbsp;&nbsp;**Computers – 0.5%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc. <br>5.95% due 4/15/2035 |  | 1028000 |  | 1048796 |
|  |  |  |  | **1048796** |
| &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.2%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.2%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.2%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.2%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.2%** |
| &nbsp;&nbsp;&nbsp; Haleon U.S. Capital LLC <br>3.625% due 3/24/2032 |  | 500000 |  | 467740 |
|  |  |  |  | **467740** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.4%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.4%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. <br>6.051% (6.051% fixed rate until<br>2/1/2034; 1 day USD<br>SOFR + 2.26% thereafter) <br> due 2/1/2035<sup>(2)</sup> |  | 1381000 |  | 1440922 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp.<br>6.136% (6.136% fixed rate until<br>8/24/2033; 1 day USD<br>SOFR + 2.01% thereafter) <br> due 8/24/2034<sup>(2)</sup> |  | 500000 |  | 540705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K <br>5.00% (5.00% fixed rate until<br>6/1/2027; 5 yr.<br>CMT rate + 3.26% thereafter) <br> due 6/1/2027<sup>(2)</sup> |  | 718000 |  | 717146 |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. <br>5.875% due 7/21/2028 |  | 400000 |  | 414856 |
| &nbsp;&nbsp;&nbsp; LPL Holdings, Inc. <br>4.375% due 5/15/2031<sup>(1)</sup> |  | 1505000 |  | 1441594 |
| &nbsp;&nbsp;&nbsp; Muthoot Finance Ltd. <br>7.125% due 2/14/2028<sup>(1)</sup> |  | 508000 |  | 516905 |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. <br>7.00% (7.00% fixed rate until<br>7/15/2030; 5 yr.<br>CMT rate + 3.08% thereafter) <br> due 7/15/2030<sup>(2)</sup> |  | 450000 |  | 457097 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc.<br>6.125% due 8/1/2030<sup>(1)</sup> |  | 337000 |  | 343659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 8/1/2033<sup>(1)</sup> |  | 337000 |  | 345233 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <br>4.00% due 10/15/2033<sup>(1)</sup> |  | 188000 |  | 168132 |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services** (continued) | &nbsp;&nbsp;&nbsp;**Diversified Financial Services** (continued) | &nbsp;&nbsp;&nbsp;**Diversified Financial Services** (continued) | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Shriram Finance Ltd. <br>6.15% due 4/3/2028<sup>(1)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513969 |
|  |  |  |  | **6900218** |
| &nbsp;&nbsp;&nbsp;**Electric – 1.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. <br>5.85% due 6/1/2034 |  | 700000 |  | 732046 |
| &nbsp;&nbsp;&nbsp; Engie Energia Chile SA, Reg S <br>3.40% due 1/28/2030 |  | 294000 |  | 273111 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.<br>5.45% due 3/15/2035 |  | 500000 |  | 510060 |
| &nbsp;&nbsp;&nbsp; Saavi Energia SARL <br>8.875% due 2/10/2035<sup>(1)</sup> |  | 554000 |  | 576337 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. <br>5.50% due 3/15/2034 |  | 900000 |  | 914571 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP <br>7.25% due 1/15/2029<sup>(1)</sup> |  | 552000 |  | 565922 |
|  |  |  |  | **3572047** |
| &nbsp;&nbsp;&nbsp;**Environmental Control – 0.1%** | &nbsp;&nbsp;&nbsp;**Environmental Control – 0.1%** | &nbsp;&nbsp;&nbsp;**Environmental Control – 0.1%** | &nbsp;&nbsp;&nbsp;**Environmental Control – 0.1%** | &nbsp;&nbsp;&nbsp;**Environmental Control – 0.1%** |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc. <br>4.95% due 7/3/2027 |  | 200000 |  | 203460 |
|  |  |  |  | **203460** |
| &nbsp;&nbsp;&nbsp;**Food – 1.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux<br>SARL/JBS USA Food Co./JBS Lux Co. SARL <br>5.75% due 4/1/2033 |  | 200000 |  | 205658 |
| &nbsp;&nbsp;&nbsp; Kroger Co. <br>5.50% due 9/15/2054 |  | 300000 |  | 284526 |
| &nbsp;&nbsp;&nbsp; Performance Food Group, Inc. <br>6.125% due 9/15/2032<sup>(1)</sup> |  | 537000 |  | 549737 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc.<br>4.625% due 4/15/2030<sup>(1)</sup> |  | 578000 |  | 555961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 10/15/2034<sup>(1)</sup> |  | 762000 |  | 768439 |
|  |  |  |  | **2364321** |
| &nbsp;&nbsp;&nbsp;**Gas – 0.3%** | &nbsp;&nbsp;&nbsp;**Gas – 0.3%** | &nbsp;&nbsp;&nbsp;**Gas – 0.3%** | &nbsp;&nbsp;&nbsp;**Gas – 0.3%** | &nbsp;&nbsp;&nbsp;**Gas – 0.3%** |
| &nbsp;&nbsp;&nbsp; APA Infrastructure Ltd. <br>5.125% due 9/16/2034<sup>(1)</sup> |  | 663000 |  | 650158 |
|  |  |  |  | **650158** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.5%** |
| &nbsp;&nbsp;&nbsp; Toledo Hospital <br>Series B<br>5.325% due 11/15/2028 |  | 71000 |  | 70830 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc.<br>4.80% due 1/15/2030 |  | 400000 |  | 406212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 7/15/2034 |  | 600000 |  | 605616 |
|  |  |  |  | **1082658** |
| &nbsp;&nbsp;&nbsp;**Insurance – 3.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <br>5.875% due 11/1/2029<sup>(1)</sup> |  | 783000 |  | 771842 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. <br>5.65% due 6/11/2034 |  | 1075000 |  | 1103617 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. <br>5.75% due 1/15/2034 |  | 1064000 |  | 1105624 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Insurance** (continued) | | |
| &nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. 5.75% due 5/20/2035<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 12/7/2033 | 1268000 | 1323348 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd. <br>5.625% due 12/1/2029<sup>(1)</sup> | 782000 | 780366 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. <br>Series G<br>6.35% (6.35% fixed rate until<br>3/15/2035; 5 yr.<br>CMT rate + 2.08% thereafter) <br> due 3/15/2055<sup>(2)</sup> | 485000 | 497930 |
| &nbsp;&nbsp;&nbsp; Nippon Life Insurance Co.<br>6.50% (6.50% fixed rate until<br>4/30/2035; 5 yr.<br>CMT rate + 3.19% thereafter) <br> due 4/30/2055<sup>(1)(2)</sup> | 319000 | 330050 |
| &nbsp;&nbsp;&nbsp; Sammons Financial Group, Inc. <br>6.875% due 4/15/2034<sup>(1)</sup> | 1422000 | 1522919 |
|  |  | **7620213** |
| &nbsp;&nbsp;&nbsp;**Leisure Time – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp; VOC Escrow Ltd. <br>5.00% due 2/15/2028<sup>(1)</sup> | 700000 | 696262 |
|  |  | **696262** |
| &nbsp;&nbsp;&nbsp;**Lodging – 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. <br>5.625% due 6/15/2028 | 350000 | 357102 |
|  |  | **357102** |
| &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. <br>6.40% due 4/15/2033 | 1463000 | 1545630 |
|  |  | **1545630** |
| &nbsp;&nbsp;&nbsp;**Media – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp. <br>4.50% due 8/15/2030<sup>(1)</sup> | 846000 | 806331 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital<br>3.90% due 6/1/2052 | 820000 | 561946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 4/1/2053 | 100000 | 85238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10% due 6/1/2029 | 700000 | 732942 |
| &nbsp;&nbsp;&nbsp; Virgin Media Finance PLC <br>5.00% due 7/15/2030<sup>(1)</sup> | 886000 | 809335 |
|  |  | **2995792** |
| &nbsp;&nbsp;&nbsp;**Mining – 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Anglo American Capital PLC<br>2.875% due 3/17/2031<sup>(1)</sup> | 249000 | 224797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 3/16/2052<sup>(1)</sup> | 222000 | 185066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/2/2033<sup>(1)</sup> | 727000 | 738944 |
| &nbsp;&nbsp;&nbsp; Eldorado Gold Corp. <br>6.25% due 9/1/2029<sup>(1)</sup> | 125000 | 125419 |
| &nbsp;&nbsp;&nbsp; IAMGOLD Corp. <br>5.75% due 10/15/2028<sup>(1)</sup> | 511000 | 505297 |
| &nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. <br>6.125% due 4/11/2033<sup>(1)</sup> | 1045000 | 1086152 |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Mining** (continued) | | |
| &nbsp;&nbsp;&nbsp; Novelis Corp. <br>3.875% due 8/15/2031<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134592 |
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance USA PLC <br>5.25% due 3/14/2035 | 660000 | 671339 |
|  |  | **4671606** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp; BP Capital Markets PLC <br>6.45% (6.45% fixed rate until<br>12/1/2033; 5 yr.<br>CMT rate + 2.15% thereafter) <br> due 12/1/2033<sup>(2)</sup> | 732000 | 749934 |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. <br>2.65% due 1/15/2032 | 600000 | 518502 |
| &nbsp;&nbsp;&nbsp; Eni SpA <br>5.50% due 5/15/2034<sup>(1)</sup> | 758000 | 763821 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>5.55% due 10/1/2034 | 1085000 | 1064765 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos <br>5.95% due 1/28/2031 | 202000 | 182394 |
| &nbsp;&nbsp;&nbsp; Raizen Fuels Finance SA <br>5.70% due 1/17/2035<sup>(1)</sup> | 441000 | 413138 |
| &nbsp;&nbsp;&nbsp; Santos Finance Ltd. <br>6.875% due 9/19/2033<sup>(1)</sup> | 997000 | 1088614 |
| &nbsp;&nbsp;&nbsp; SierraCol Energy Andina LLC <br>6.00% due 6/15/2028<sup>(1)</sup> | 385000 | 356452 |
|  |  | **5137620** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC <br>6.45% due 9/15/2037 | 400000 | 449016 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. <br>4.298% due 8/22/2032 | 200000 | 193618 |
| &nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV <br>4.125% due 4/30/2028<sup>(1)</sup> | 573000 | 550762 |
|  |  | **1193396** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP <br>5.95% due 6/30/2033 | 500000 | 521745 |
| &nbsp;&nbsp;&nbsp; DCP Midstream Operating LP <br>3.25% due 2/15/2032 | 1649000 | 1455721 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP<br>5.70% due 4/1/2035 | 400000 | 407364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% due 4/1/2055 | 300000 | 295422 |
| &nbsp;&nbsp;&nbsp; MPLX LP <br>5.50% due 6/1/2034 | 100000 | 100481 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. <br>5.05% due 11/1/2034 | 300000 | 291987 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP/PAA Finance Corp. <br>5.70% due 9/15/2034 | 734000 | 747175 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. <br>5.50% due 2/15/2035 | 400000 | 401588 |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC <br>6.25% due 1/15/2030<sup>(1)</sup> | 538000 | 554861 |
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP <br>5.45% due 11/15/2034 | 300000 | 294261 |
|  |  | **5070605** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Real Estate – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. <br>5.75% due 1/15/2029<sup>(1)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577678 |
|  |  |  | **577678** |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 2.3%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 2.3%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 2.3%** |  |
| &nbsp;&nbsp;&nbsp; Boston Properties LP<br>5.75% due 1/15/2035 |  | 1105000 | 1111630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 1/15/2034 |  | 519000 | 555829 |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP <br>4.125% due 5/15/2029 |  | 600000 | 590232 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. <br>3.125% due 2/1/2029 |  | 800000 | 755608 |
| &nbsp;&nbsp;&nbsp; Store Capital LLC<br>2.70% due 12/1/2031 |  | 1301000 | 1103508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 3/15/2029 |  | 554000 | 544809 |
|  |  |  | **4661616** |
| &nbsp;&nbsp;&nbsp;**Retail – 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. <br>4.95% due 6/25/2034 |  | 400000 | 404640 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. <br>5.00% due 8/19/2034 |  | 500000 | 496620 |
| &nbsp;&nbsp;&nbsp; Patrick Industries, Inc. <br>4.75% due 5/1/2029<sup>(1)</sup> |  | 1144000 | 1110458 |
|  |  |  | **2011718** |
| &nbsp;&nbsp;&nbsp;**Semiconductors – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. <br>3.137% due 11/15/2035<sup>(1)</sup> |  | 658000 | 555030 |
|  |  |  | **555030** |
| &nbsp;&nbsp;&nbsp;**Software – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc. <br>5.625% due 8/21/2033 |  | 600000 | 623076 |
|  |  |  | **623076** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc.<br>3.80% due 3/15/2032 |  | 1196000 | 1111383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% due 2/15/2034 |  | 300000 | 300333 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. <br>2.70% due 3/15/2032 |  | 491000 | 432492 |
|  |  |  | **1844208** |
| &nbsp;&nbsp;&nbsp;**Trucking & Leasing – 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp; SMBC Aviation Capital Finance DAC <br>5.55% due 4/3/2034<sup>(1)</sup> |  | 1073000 | 1084320 |
|  |  |  | **1084320** |
| &nbsp;&nbsp;&nbsp;**Water – 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Aegea Finance SARL <br>9.00% due 1/20/2031<sup>(1)</sup> |  | 261000 | 275697 |
|  |  |  | **275697** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $81,190,108) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $81,190,108) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $81,190,108) | **81999946** |
| &nbsp;&nbsp;&nbsp;**Municipals – 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority Series C<br>5.45% due 8/15/2028<br>|  | 230000  | 223642  |
| &nbsp;&nbsp;&nbsp;**Total Municipals** <br> (Cost $221,745) | &nbsp;&nbsp;&nbsp;**Total Municipals** <br> (Cost $221,745) | &nbsp;&nbsp;&nbsp;**Total Municipals** <br> (Cost $221,745) | **223642** |

---

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 9.0%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 9.0%** | |
| &nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes Ltd. <br>Series 2022-FL1, Class C <br>6.604% due 1/15/2037<sup>(1)(2)(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998951 |
| &nbsp;&nbsp;&nbsp; BANK | &nbsp;&nbsp;&nbsp; BANK | &nbsp;&nbsp;&nbsp; BANK |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN24, Class AS <br>3.283% due 11/15/2062<sup>(2)(3)</sup> | 1413000 | 1290266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK43, Class B <br>5.326% due 8/15/2055<sup>(2)(3)</sup> | 500000 | 475303 |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust <br>Series 2024-5C29, Class B <br>5.858% due 9/15/2057<sup>(2)(3)</sup> | 300000 | 303433 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust | &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust | &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class AM <br>6.201% due 11/15/2057<sup>(2)(3)</sup> | 1000000 | 1044984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V5, Class AM <br>6.417% due 1/10/2057<sup>(2)(3)</sup> | 855000 | 890632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V5, Class B <br>6.059% due 1/10/2057<sup>(2)(3)</sup> | 360000 | 367584 |
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust <br>Series 2023-C6, Class AS <br>6.55% due 9/15/2056<sup>(2)(3)</sup> | 950000 | 1023097 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust <br>Series 2016-C3, Class AS <br>3.366% due 11/15/2049<sup>(2)(3)</sup> | 1125000 | 1090517 |
| &nbsp;&nbsp;&nbsp; Dwight Issuer LLC <br>Series 2025-FL1, Class AS <br>6.591% due 9/18/2042<sup>(1)(2)(3)</sup> | 639000 | 637873 |
| &nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust <br>Series 2022-HQA3, Class M1A <br>6.605% due 8/25/2042<sup>(1)(2)(3)</sup> | 950560 | 968108 |
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes LLC <br>Series 2025-FL4, Class B <br>6.901% due 1/15/2043<sup>(1)(2)(3)</sup> | 114500 | 114231 |
| &nbsp;&nbsp;&nbsp; MF1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL19, Class AS <br>6.306% due 5/18/2042<sup>(1)(2)(3)</sup> | 1053777 | 1052735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL19, Class B <br>6.656% due 5/18/2042<sup>(1)(2)(3)</sup> | 1092085 | 1089830 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-L4, Class AS <br>2.88% due 2/15/2053 | 750000 | 672805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L6, Class AS <br>2.749% due 6/15/2054<sup>(2)(3)</sup> | 1700000 | 1475432 |
| &nbsp;&nbsp;&nbsp; NEW Residential Mortgage Loan Trust <br>Series 2025-NQM2, Class A1 <br>5.566% due 4/25/2065<sup>(1)(2)(3)</sup> | 381658 | 384264 |
| &nbsp;&nbsp;&nbsp; OBX Trust <br>Series 2025-NQM4, Class A1 <br>5.40% due 2/25/2055<sup>(1)(2)(3)</sup> | 894967 | 895997 |
| &nbsp;&nbsp;&nbsp; PMT Loan Trust <br>Series 2025-INV4, Class A9 <br>5.50% due 3/25/2056<sup>(1)(2)(3)</sup> | 778299 | 780994 |
| &nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust<br>Series 2025-2, Class A4 <br>5.50% due 6/25/2055<sup>(1)(2)(3)</sup> | 948927 | 950245 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Stack Infrastructure Issuer LLC <br>Series 2021-1A, Class A2 <br>1.877% due 3/26/2046<sup>(1)</sup> | $1250000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220466 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust <br>Series 2021-SAVE, Class A <br>5.677% due 2/15/2040<sup>(1)(2)(3)</sup> | 340217 |  | 340250 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $18,389,650) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $18,389,650) |  | **18067997** |
| &nbsp;&nbsp;&nbsp;**Foreign Government – 2.1%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 2.1%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 2.1%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 2.1%** |
| &nbsp;&nbsp;&nbsp; Angola Government International Bonds, Reg S <br>8.00% due 11/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457000 |  | 414184 |
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bonds <br>4.875% due 9/23/2032<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562000 |  | 519187 |
| &nbsp;&nbsp;&nbsp; Egypt Government International Bonds, Reg S <br>7.30% due 9/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 |  | 452492 |
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bonds <br>7.625% due 1/30/2033<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562000 |  | 553969 |
| &nbsp;&nbsp;&nbsp; Nigeria Government International Bonds, Reg S <br>7.375% due 9/28/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591000 |  | 527657 |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government International Bonds, Reg S <br>7.10% due 11/19/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 |  | 426697 |
| &nbsp;&nbsp;&nbsp; Serbia International Bonds <br>6.00% due 6/12/2034<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651000 |  | 657874 |
| &nbsp;&nbsp;&nbsp; Turkiye Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 5/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288000 |  | 361627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218000 |  | 223352 |
| &nbsp;&nbsp;&nbsp;**Total Foreign Government** <br> (Cost $4,087,869) | &nbsp;&nbsp;&nbsp;**Total Foreign Government** <br> (Cost $4,087,869) |  | **4137039** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 23.8%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 23.8%** |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds<br>4.25% due 2/15/2054 | $2000000 |  | 1825000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/15/2054 | 12471000 |  | 11890319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2044 | 25789000 |  | 25249043 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes<br>4.25% due 1/31/2030 | 7274000 |  | 7418912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 11/15/2034 | 1600000 |  | 1605500 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $48,583,635) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $48,583,635) |  | **47988774** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.0%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.0%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.0%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.0%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $1,965,813, due 7/1/2025<sup>(4)</sup> | 1965739 |  | 1965739 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,965,739) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,965,739) |  | **1965739** |

---

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

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Value** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.4%** <br> (Cost $200,088,561) | $**200133361** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.6%** | **1296238** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**201429599** |

---

<sup>(1)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2025, the aggregate market value of these securities amounted to $85,294,009, representing 42.3% of net assets. These securities 

have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees.

<sup>(2)</sup> Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2025.

<sup>(3)</sup> Variable coupon rate based on weighted average interest rate of underlying mortgages.

<sup>(4)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $1971200 | $2005107 |

---

#### Open forward foreign currency contracts at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br>Date** | **Amount and<br>Description of<br>Currency to be<br>Purchased** | **Amount and<br>Description of<br>Currency to be<br>Purchased** | **Amount and<br>Description of<br>Currency to be<br>Sold** | **Amount and<br>Description of<br>Currency to be<br>Sold** | **Unrealized<br>Depreciation** |
| &nbsp;&nbsp;&nbsp;Citibank NA | 7/18/2025 | 214336 | USD | 188717 | EUR | $(8199) |
| &nbsp;&nbsp;&nbsp;Merrill Lynch International | 7/18/2025 | 85770 | USD | 75487 | EUR | (3244) |
| &nbsp;&nbsp;&nbsp;State Street Bank & Trust Co. | 7/18/2025 | 61101 | USD | 53796 | EUR | (2334) |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | **$(13777)** |

---

#### Open futures contracts at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional**<br> **Amount** | **Notional**<br> **Value** | **Unrealized<br>Depreciation** |
| &nbsp;&nbsp;&nbsp;U.S. 2-Year Treasury Note | September 2025 | 139 | Long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29073510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28915258 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158252) |

---

#### Legend:
CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

EUR — Euro

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

STACR — Structured Agency Credit Risk

USD — United States Dollar

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

#### SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND
**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;Investments in Securities | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $— | $45750224 | $— | $45750224 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 81999946 |  | 81999946 |
| &nbsp;&nbsp;&nbsp;Municipals |  | 223642 |  | 223642 |
| &nbsp;&nbsp;&nbsp;Non-Agency Mortgage-Backed Securities |  | 18067997 |  | 18067997 |
| &nbsp;&nbsp;&nbsp;Foreign Government |  | 4137039 |  | 4137039 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 47988774 |  | 47988774 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1965739 |  | 1965739 |
| &nbsp;&nbsp;&nbsp;**Total** | $**—** | $**200133361** | $**—** | $**200133361** |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments | &nbsp;&nbsp;&nbsp;Other Financial Instruments | &nbsp;&nbsp;&nbsp;Other Financial Instruments | &nbsp;&nbsp;&nbsp;Other Financial Instruments | &nbsp;&nbsp;&nbsp;Other Financial Instruments |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts |  |  |
| &nbsp;&nbsp;&nbsp; Liabilities | $— | $(13777) | $— | $(13777) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |
| &nbsp;&nbsp;&nbsp; Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158252) |  |  | (158252) |
| &nbsp;&nbsp;&nbsp;**Total** | $**(158252)** | $**(13777)** | $**—** | $**(172029)** |

---

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

------

#### FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200133361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 2095783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash deposits with brokers for futures contracts | 183480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 8530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 6074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 2822 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **202430050** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 450000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for variation margin on futures contracts | 175856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 158415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 74362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 41312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 27315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 18194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward foreign currency contracts | 13777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 41220 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **1000451** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**201429599** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $209676369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable loss | (8246770) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**201429599** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $200088561 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **20222347** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$9.96** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5616206 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **5616206** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 474724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 263736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 40144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 38284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 38252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 29726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 12051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 7829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 7115 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **911861** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (68289) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **843572** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **4772634** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Derivative Contracts and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (844673) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (171367) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from forward foreign currency contracts | (15180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 1723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 3243582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | 593170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts | (13777) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments, Derivative Contracts and Foreign Currency Transactions** | **2793538** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**7566172** |

---

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited |
|  | **For the**<br> **Six Months Ended<br>6/30/25** | **For the**<br> **Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $4772634 | $10782882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions | (1029497) | 1430065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies | 3823035 | (7781044) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **7566172** | **4431903** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 4143186 | 29429874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (30510912) | (67669702) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(26367726)** | **(38239828)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(18801554)** | **(33807925)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 220231153 | 254039078 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201429599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220231153 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 427525 | 3116534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3132525) | (7086075) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(2705000)** | **(3969541)** |

---

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

------

This Page Intentionally Left Blank

**11**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $9.61 | $0.22 | $0.13 | $0.35 | $9.96 | 3.64%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 9.44 | 0.43 | (0.26) | 0.17 | 9.61 | 1.80% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 8.98 | 0.36 | 0.10 | 0.46 | 9.44 | 5.12% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 10.61 | 0.24 | (1.87) | (1.63) | 8.98 | (15.36)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 10.70 | 0.18 | (0.27) | (0.09) | 10.61 | (0.84)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 10.03 | 0.14 | 0.53 | 0.67 | 10.70 | 6.68% |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average**<br> **Net Assets** | **Portfolio<br>Turnover Rate** |
| $201430 | 0.80%<sup>(4)</sup> | 0.86%<sup>(4)</sup> | 4.52%<sup>(4)</sup> | 4.46%<sup>(4)</sup> | 92%<sup>(4)</sup> |
| 220231 | 0.79% | 0.85% | 4.51% | 4.45% | 201% |
| 254039 | 0.79% | 0.82% | 3.94% | 3.91% | 324% |
| 266370 | 0.79% | 0.80% | 2.54% | 2.53% | 154% |
| 355203 | 0.79% | 0.79% | 1.68% | 1.68% | 155% |
| 333391 | 0.79% | 0.81% | 1.40% | 1.38% | 112% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. 

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Total Return Bond VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks total return with an emphasis on high current income as well as capital appreciation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation

oversight, including but not limited to consideration of security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

The valuations of debt securities for which quoted bid prices are readily available are valued at the bid price by independent pricing services (each, a "Service"). Debt securities for which quoted bid prices are not readily available are valued by a Service at the evaluated bid price provided by the Service or the bid price provided by an independent broker-dealer or at a calculated price based on the spread to an appropriate benchmark provided by such broker-dealer.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5c). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE").

Exchange-traded financial futures and swap contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

14.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**c. Forward Foreign Currency Contracts** The Fund may enter into forward foreign currency contracts. A forward

**15**

------

foreign currency contract involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. These contracts may be used to gain exposure to a particular currency or to hedge against the risk of loss due to changing currency exchange rates. Forward contracts to purchase or sell a foreign currency may also be used by the Fund in anticipation of future purchases (or in settlement of such purchases) or sales of securities denominated in foreign currency, or to exchange one currency for another. Upon entering into a forward foreign currency contract, the Fund may be required to post margin equal to its outstanding exposure thereunder. Forward foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the forward foreign currency contract is settled.

**d. Futures Contracts** The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

**e. Credit Derivatives** The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments (i) as alternatives to direct long or short investment in a particular security or securities, (ii) to adjust the Fund's asset allocation or risk exposure, (iii) to enhance potential return, or (iv) for hedging purposes. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

The Fund may enter into credit default swap agreements either as a buyer or seller. The Fund may buy protection under a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell protection under a credit default swap in an attempt to

gain exposure to an underlying issuer's credit quality characteristics without investing directly in that issuer.

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. In entering into swap contracts, the Fund is required to deposit with the broker (or for the benefit of the broker), either in cash or securities, an amount equal to a percentage of the notional value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund.

The Fund may also enter into cleared swaps with a central clearinghouse. In a centrally cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty serving as the clearinghouse, and performance of the transaction is effectively guaranteed against default by such counterparty, thereby reducing or eliminating the Fund's exposure to the credit risk of the original counterparty. The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse. The margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction.

The Fund may not achieve the anticipated benefits of swap contracts and may realize a loss. During the six months ended June 30, 2025, the Fund entered into credit default swaps for risk exposure management and to enhance potential return. There were no credit default swaps held as of June 30, 2025.

**f. Options Transactions** The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of its investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the

16.0 ------

Fund's Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of June 30, 2025.

**g. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**h. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**i. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single

operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.45% of the first $300 million, and 0.40% in excess of $300 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.82% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 0.79%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $68,289.

Park Avenue has entered into a Sub-Advisory Agreement with Massachusetts Financial Services Company ("MFS"), effective March 3, 2025. Prior to this date, the Fund did not have a sub-adviser. MFS is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested

**17**

------

persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $263,736 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Other**<br> **Investments** | **U.S. Government and**<br> **Agency Obligations** |
| &nbsp;&nbsp;&nbsp;Purchases | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108452936 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83466719 |
| &nbsp;&nbsp;&nbsp;Sales | 101318823 | 107240915 |

---

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political,

regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**d. Securities Purchased on a When-Issued or Delayed-Delivery Basis** The Fund may purchase securities on a when-issued or delayed-delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than at the trade date purchase price. Although the Fund will generally enter into these transactions with the intention of taking delivery of the securities, it may sell the securities before the settlement date. Assets will be segregated when a fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.

To-be-announced ("TBA") securities and purchase commitments are commitments to purchase mortgage-backed securities for a fixed price at a future date. At the time of purchase, the seller does not specify the particular mortgage-backed securities to be delivered. Instead, a Fund agrees to accept any mortgage-backed security that meets specified terms. Thus, a Fund and the seller would agree upon the issuer, interest rate and terms of the underlying mortgages, but the seller would not identify the specific underlying mortgages until shortly before it issues the mortgage-backed security. The principal risks are that the counterparty may not deliver the security as promised and/or that the value of the TBA security may decline

18.0 ------

prior to when the Fund receives the security. Also, the value of TBA securities on the delivery date may be more or less than the price paid by a Fund to purchase the securities. A Fund will lose money if the value of the TBA security declines below the purchase price and will not benefit if the value of the security appreciates above the sale price prior to delivery.

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of June 30, 2025, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

**f. Below Investment Grade Securities** The Fund may invest in below investment grade securities (*i.e.* lower-quality, "junk" debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

**g. Mortgage- and Asset-Backed Securities** The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie

Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac"), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government. In addition, mortgage-backed and other asset-backed securities are subject to the risk that underlying obligations will be repaid sooner (known as "prepayment risk") or later (known as "extension risk") than expected because of changes in interest rates, either of which may result in lower than expected returns for the Fund. Because mortgage-backed securities are backed by mortgage loans, they also are subject to risks associated with the ownership of real estate and the real estate industry.

**h. Treasury Inflation Protected Securities** Treasury inflation protected securities ("TIPS") are debt securities issued by the U.S. Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index ("CPI"). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

**i. Derivative Instruments** Investments in derivatives (including short exposures through derivatives) pose risks in addition to, and potentially greater than, those associated with investing directly in other investments, including potentially heightened liquidity and valuation risk, counterparty risk, market risk, operational risk, and legal risk. In addition, certain derivatives result in leverage, which can result in losses substantially greater than the amount invested in the derivatives by the Fund. The Fund entered into U.S. Treasury futures contracts for the six months ended June 30, 2025 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. With respect to exchange

**19**

------

traded futures, the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees futures contracts against default.

Although forward foreign currency contracts are intended, when used for hedging purposes, to minimize the risk of loss due to a decline in the value of the hedged currencies, they also tend to limit any potential gain which might result should the value of such currencies increase. In addition, these contracts are subject to the risk that the counterparty may not be able to meet the terms of the contracts as well as the risk of unanticipated movements in the value of foreign currencies relative to the U.S. dollar. Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. The Fund used forward foreign currency contracts during the period ended June 30, 2025.

Under certain market conditions, the Fund may use credit default swaps to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve exposure, (iii) manage risk, (iv) enhance returns, or (v) as substitutes for permitted Fund investments. Credit default swaps involve the exchange of a floating or fixed rate payment in return for assuming potential credit losses of an underlying security or pool of securities.

The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," *i.e.*, the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency or security, or in a "basket" of securities representing a particular index. Cleared swaps are transacted through futures commission merchants ("FCM"s) that are members of central clearinghouses with the clearinghouse serving as a central counterparty similar to transactions in futures contracts. Funds post initial and variation margin by making payments to their clearing member FCMs.

Generally, the Fund will enter into credit default swaps on a net basis, which means that the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the net amount of the two payments. Credit default swaps do not normally involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to credit default swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to a credit default

swap defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

In addition to the risks generally applicable to derivatives, risks associated with credit default swap agreements include adverse changes in the returns of the underlying instruments, failure of the counterparties to perform under the agreement's terms and the possible lack of liquidity with respect to the agreements.

As of June 30, 2025, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund's use of derivative instruments:

---

| | | |
|:---|:---|:---|
|  | **Interest Rate**<br> **Contracts** | **Foreign Currency**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts<sup>1</sup> | $— | $(13777) |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>2</sup> | (158252) |  |

---

<sup>1</sup> Statement of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts.

<sup>2</sup> Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative investments for the six months ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Interest Rate**<br> **Contracts** | **Foreign Currency**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts<sup>1</sup> | $— | $(15180) |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>2</sup> | (171367) |  |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** | &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** | &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts<sup>3</sup> | $— | $(13777) |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>4</sup> | 593170 |  |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** | &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** | &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $— | $206162 |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>5</sup> | 151 |  |

---

<sup>1</sup> Statement of Operations location: Net realized gain/(loss) from forward foreign currency contracts.

<sup>2</sup> Statement of Operations location: Net realized gain/(loss) from futures contracts.

<sup>3</sup> Statement of Operations location: Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts.

<sup>4</sup> Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

<sup>5</sup> Amount represents number of contracts. 

20.0 ------

**j. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

**k. Loans** Investments in loans are particularly subject to, among other risks, credit risk, interest rate risk, and counterparty risk. The Fund's investments in loans can be difficult to value accurately and may be more susceptible to liquidity risk than fixed income (or debt) investments of similar credit quality and/or maturity. Investments or transactions in loans are often subject to long settlement periods (potentially longer than seven days), which could limit the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. As a result, the Fund may be forced to sell other, more desirable, liquid investments, sell illiquid investments at a loss or take other measures to raise cash. Loans often are rated below investment-grade and may be unrated and subject the Fund to the risk that the value of the collateral for the loan may be insufficient to cover the borrower's obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants (if any) more difficult for the Fund as legal action may have to go through the issuer of the participations. Investments in loans that lack or possess fewer or contingent contractual restrictive covenants are particularly susceptible to the risks associated with these investments. In addition, loans and other similar investments may not be considered "securities" and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

**21**

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

**Board of Trustees Meeting held February 27, 2025** 

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on February 27, 2025 (the "February Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees") considered proposed sub-advisory agreements between Park Avenue Institutional Advisers LLC (the "Manager") and each of (i) Boston Partners Global Investors, Inc. ("Boston Partners") engaged to serve as sub-adviser to the Guardian Small Cap Core VIP Fund; (ii) FIAM LLC ("FIAM") engaged to serve as sub-adviser to the Guardian Core Fixed Income VIP Fund; (iii) Janus Henderson Investors US LLC ("Janus") engaged to serve as sub-adviser to the Guardian Multi-Sector Bond VIP Fund; (iv) Allspring Global Investments, LLC ("Allspring") engaged to serve as sub-adviser to the Guardian Short Duration Bond VIP Fund; (v) Massachusetts Financial Services Company ("MFS") engaged to serve as sub-adviser to the Guardian Total Return Bond VIP Fund; and (vi) Lord, Abbett & Co. LLC ("Lord Abbett")

engaged to serve as sub-adviser to the Guardian U.S. Government Securities VIP Fund. Boston Partners, FIAM, Janus, Allspring, MFS and Lord Abbett are each referred to as a "Sub-adviser" and are collectively referred to as the "Sub-advisers." The sub-advisory agreements with the Sub-advisers are each referred to as an Agreement and are collectively referred to as the "Agreements." Guardian Small Cap Core VIP Fund, Guardian Core Fixed Income VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Short Duration Bond VIP Fund, Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund are each referred to as a "Fund" and are collectively referred to as the "Funds." The Board, including the Independent Trustees voting separately, unanimously approved the Agreements for an initial term of two years. The Trustees also considered and approved modifications to certain Funds' investment objectives, principal investment strategies and principal risks to reflect the Sub-advisers' investment processes.

The Board is responsible for overseeing the management of the Funds. In determining whether to approve the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the February Meeting and at a meeting held on February 3, 2025, the Trustees received materials and information designed to assist in their consideration of the Agreements. At its February 3, 2025 Board meeting, the Trustees received a presentation from representatives of the Sub-advisers regarding the services to be rendered to the Funds. The Manager also discussed proposed changes to certain Funds' investment objectives, principal investment strategies and principal risks to reflect the Sub-advisers' investment processes. In light of the proposed changes to the investment strategies and risks, the Trustees considered and approved the change of the name of the Guardian U.S. Government Securities VIP Fund to the Guardian U.S. Government/Credit VIP Fund. The Trustees received written responses from the Sub-advisers to a series of questions and requests for information covering a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-advisers.

22.0 ------

During the course of their deliberations, the Independent Trustees met to discuss and evaluate the Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager and the Sub-advisers.

In reaching its decisions to approve the Agreements, the Trustees took into account the materials and information described above as well as other materials and information provided to the Trustees and discussed with and among the Trustees. Individual Trustees may have given different weight to different factors and information with respect to the Agreements, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Trustees' decision to approve the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services to be provided to the Funds by the Sub-advisers; (ii) the investment performance of accounts managed by the Sub-advisers with strategies similar to the Funds; (iii) the fees to be charged and estimated profitability; (iv) the extent to which economies of scale may in the future exist for the Funds, and the extent to which the Funds may benefit from future economies of scale; and (v) any other benefits anticipated to be derived by the Sub-advisers (or their affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services to be provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Agreements and the range of investment advisory services to be provided to the Funds by the Sub-advisers under the oversight of the Manager. In evaluating the investment advisory services, the Trustees considered, among other things, each Sub-adviser's investment philosophy, style and process and approach to managing risk. The Trustees also considered information regarding funds or accounts managed by the Sub-advisers with similar strategies as the Funds, including performance and portfolio characteristics. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals that would serve as portfolio managers for the Funds and the capabilities, resources and reputation of the Sub-advisers.

The Trustees considered that the Sub-advisers' compliance programs had been reviewed by the Funds' Chief Compliance Officer and that he determined each Sub-adviser's program to be reasonably designed to prevent violation of the federal securities laws by a Fund. The Trustees also considered the information presented regarding the capabilities and financial condition of each Sub-adviser and its ability to carry out its responsibilities under its Agreement. The Trustees also considered the information provided by management regarding the personnel, potential benefits and risks, philosophy, and investment processes of the Sub-advisers. The Trustees also considered the presentations by the Sub-advisers to the Board.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services to be provided to the Funds by the Sub-advisers were appropriate.

*Investment Performance* 

The Trustees considered the Sub-advisers' performance history with respect to similarly-managed investment accounts. While there was no historical Sub-adviser performance information with respect to the Funds for review, the Board noted that it would have an opportunity to review such information in connection with future annual reviews of the Agreements.

*Costs and Profitability* 

The Trustees considered the proposed sub-advisory fees to be paid under the Agreements and evaluated the reasonableness of the fees. The Trustees considered information regarding the fees charged to funds and accounts managed by the Sub-advisers with similar strategies as the Funds. The Trustees also considered that the fees to be paid to each Sub-adviser would be paid by the Manager. The Trustees considered that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

The Trustees did not request or consider any projected profitability information from the Sub-advisers because the Manager, not the Fund, would be responsible for payment of the fees and the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Trustees concluded that the proposed sub-advisory fees were reasonable in light of the nature, extent and quality of services expected to be rendered to the Funds by the Sub-advisers.

**23**

------

*Economies of Scale* 

The Trustees noted that for three of six Funds, the sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Trustees concluded that it was appropriate to revisit potential economies of scale in connection with future reviews of the Agreements or earlier, if appropriate, and that they were satisfied with the extent to which economies of scale would be shared for the benefit of shareholders based on current and anticipated asset levels.

*Ancillary Benefits* 

The Trustees considered the potential benefits, other than the sub-advisory fee, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds. The Trustees concluded that the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the Funds.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

**Board of Trustees Meeting held March 26-27, 2025** 

At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select

Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder

24.0 ------

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and

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

(vi) any other benefits derived by the Manager or the Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's organizational structure and resources, including

**25**

------

investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

26.0 ------

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds' status under the tax laws as disregarded entities. In addition, the Trustees considered the

potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500

**27**

------

Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period. <br>

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

28.0 ------

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

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

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the

**29**

------

1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

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

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

30.0 ------

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

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

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

**31**

------

This Page Intentionally Left Blank

32.0 ------

This Page Intentionally Left Blank

**33**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g71285g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB10524

------

## Guardian Variable

## Products Trust

## 2025

## Semi-Annual Report

## Financial Statements and Other Information
All Data as of June 30, 2025

### Guardian U.S. Government/Credit VIP Fund
(formerly, Guardian U.S. Government Securities VIP Fund)

![LOGO](g37710g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

#### **TABLE OF CONTENTS**

#### Guardian U.S. Government/Credit VIP Fund

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin24toc37710_1)** |  |
| [Schedule of Investments](#fin24toc37710_2) | 1 |
| [Statement of Assets and Liabilities](#fin24toc37710_3) | 7 |
| [Statement of Operations](#fin24toc37710_4) | 7 |
| [Statements of Changes in Net Assets](#fin24toc37710_5) | 8 |
| [Financial Highlights](#fin24toc37710_6) | 10 |
| [Notes to Financial Statements](#fin24toc37710_7) | 12 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin24toc37710_8)** | 20 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin24toc37710_9)** | 20 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin24toc37710_10)** | 20 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin24toc37710_11)** | 20 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

#### SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 3.6%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 3.6%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 3.6%** |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security<br>5.00% due 7/1/2039<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2039<sup>(1)</sup> | 111000 | 111763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 8/1/2039<sup>(1)</sup> | 289000 | 294159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/1/2040<sup>(1)</sup> | 1742000 | 1773669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 7/1/2039<sup>(1)</sup> | 1288000 | 1324360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 8/1/2039<sup>(1)</sup> | 212000 | 217944 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $5,009,467) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $5,009,467) | **5045448** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 3.9%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 3.9%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 3.9%** |
| &nbsp;&nbsp;&nbsp; Birch Grove CLO 8 Ltd. <br>Series 2024-8A, Class A1 <br>5.90% (3 mo. USD Term SOFR + 1.63%) <br> due 4/20/2037<sup>(2)(3)</sup> | 1000000 | 1003800 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd. <br>Series 2014-2A, Class BR2 <br>6.281% (3 mo. USD Term SOFR + 2.01%) <br> due 10/20/2030<sup>(2)(3)</sup> | 600000 | 599520 |
| &nbsp;&nbsp;&nbsp; Cathedral Lake VI Ltd. <br>Series 2021-6A, Class AN <br>5.793% (3 mo. USD Term SOFR + 1.51%) <br> due 4/25/2034<sup>(2)(3)</sup> | 1200000 | 1202758 |
| &nbsp;&nbsp;&nbsp; Oscar U.S. Funding XV LLC <br>Series 2023-1A, Class A3 <br>5.81% due 12/10/2027<sup>(2)</sup> | 600000 | 604093 |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd. <br>Series 2020-3A, Class A1R2 <br>5.976% (3 mo. USD Term SOFR + 1.65%) <br> due 11/15/2036<sup>(2)(3)</sup> | 500000 | 500650 |
| &nbsp;&nbsp;&nbsp; Parallel Ltd. <br>Series 2023-1A, Class A1R <br>5.708% (3 mo. USD Term SOFR + 1.39%) <br> due 7/20/2036<sup>(2)(3)</sup> | 360000 | 360000 |
| &nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust <br>Series 2025-1A, Class A <br>4.65% due 5/25/2038<sup>(2)</sup> | 280000 | 283555 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd. <br>Series 2019-1A, Class A2RR <br>5.856% (3 mo. USD Term SOFR + 1.60%) <br> due 10/15/2037<sup>(2)(3)</sup> | 1000000 | 1000926 |
| &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $5,525,270) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $5,525,270) | **5555302** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 41.6%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 41.6%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 41.6%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.7%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.7%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.7%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. <br>6.298% due 5/1/2029 | 1000000 | 1057270 |
|  |  | **1057270** |
| &nbsp;&nbsp;&nbsp;**Agriculture – 0.9%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.9%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.9%** |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. <br>6.343% due 8/2/2030 | 342000 | 368447 |
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC <br>5.875% due 7/1/2034<sup>(2)</sup> | 570000 | 584324 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agriculture** (continued) | &nbsp;&nbsp;&nbsp;**Agriculture** (continued) | &nbsp;&nbsp;&nbsp;**Agriculture** (continued) | &nbsp;&nbsp;&nbsp;**Agriculture** (continued) | &nbsp;&nbsp;&nbsp;**Agriculture** (continued) |
| &nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. <br>5.25% due 6/15/2030<sup>(2)</sup> | $| 296000 | $| 304563 |
|  |  |  |  | **1257334** |
| &nbsp;&nbsp;&nbsp;**Airlines – 0.1%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.1%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.1%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.1%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.1%** |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust<br>Series 2020-1, Class A <br>5.875% due 10/15/2027 |  | 161383 |  | 164316 |
|  |  |  |  | **164316** |
| &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 2.1%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 2.1%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 2.1%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 2.1%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 2.1%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC<br>6.054% due 11/5/2031 |  | 527000 |  | 524307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35% due 11/4/2027 |  | 876000 |  | 909735 |
| &nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. <br>4.688% due 7/8/2030 |  | 657000 |  | 658596 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America <br>5.50% due 3/30/2026<sup>(2)</sup> |  | 531000 |  | 534340 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC <br>4.75% due 3/31/2028<sup>(2)</sup> |  | 304000 |  | 306523 |
|  |  |  |  | **2933501** |
| &nbsp;&nbsp;&nbsp;**Beverages – 0.4%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.4%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.4%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.4%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.4%** |
| &nbsp;&nbsp;&nbsp; Bacardi Ltd./Bacardi-Martini BV <br>5.40% due 6/15/2033<sup>(2)</sup> |  | 601000 |  | 599029 |
|  |  |  |  | **599029** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 0.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.3%** |
| &nbsp;&nbsp;&nbsp; Illumina, Inc. <br>5.75% due 12/13/2027 |  | 298000 |  | 305408 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. <br>1.75% due 9/15/2030 |  | 233000 |  | 202391 |
|  |  |  |  | **507799** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 9.1%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 9.1%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 9.1%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 9.1%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 9.1%** |
| &nbsp;&nbsp;&nbsp; AIB Group PLC <br>6.608% (6.608% fixed rate until 9/13/2028; 1 day USD SOFR + 2.33% thereafter) <br> due 9/13/2029<sup>(2)(3)</sup> |  | 431000 |  | 455838 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. <br>4.271% (4.271% fixed rate until 7/23/2028; 3 mo. USD Term SOFR + 1.57% thereafter) <br> due 7/23/2029<sup>(3)</sup> |  | 638000 |  | 636233 |
| &nbsp;&nbsp;&nbsp; Barclays PLC <br>5.20% due 5/12/2026 |  | 542000 |  | 544097 |
| &nbsp;&nbsp;&nbsp; Capital One <br>5.974% (5 yr. USD Swap rate + 1.73%) <br> due 8/9/2028<sup>(3)</sup> |  | 518000 |  | 532727 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. <br>6.27% (6.27% fixed rate until 11/17/2032; 1 day USD SOFR + 2.34% thereafter) <br> due 11/17/2033<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198757 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. <br>5.253% (5.253% fixed rate until 3/5/2030; 1 day USD<br>SOFR + 1.26% thereafter) <br> due 3/5/2031<sup>(3)</sup> |  | 731000 |  | 740715 |

---

The accompanying notes are an integral part of these financial statements.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. <br>2.383% (2.383% fixed rate until 7/21/2031; 1 day USD SOFR + 1.25% thereafter) <br> due 7/21/2032<sup>(3)</sup> | $782000 | $682960 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co.<br>2.956% (2.956% fixed rate until<br>5/13/2030; 3 mo. USD Term<br>SOFR + 2.52% thereafter) <br> due 5/13/2031<sup>(3)</sup> | 394000 | 364202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.963% (2.963% fixed rate until 1/25/2032;<br>SOFR + 1.26% thereafter) <br> due 1/25/2033<sup>(3)</sup> | 1054000 | 947019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.995% (4.995% fixed rate until 7/22/2029; 1 day USD SOFR + 1.13% thereafter) <br> due 7/22/2030<sup>(3)</sup> | 479000 | 487684 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley<br>5.042% (5.042% fixed rate until 7/19/2029; 1 day USD<br>SOFR + 1.22% thereafter) <br> due 7/19/2030<sup>(3)</sup> | 1089000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.123% (5.123% fixed rate until 2/1/2028; 1 day USD<br>SOFR + 1.73% thereafter) <br> due 2/1/2029<sup>(3)</sup> | 400000 | 406984 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. <br>4.812% (4.812% fixed rate until 10/21/2031; 1 day USD<br>SOFR + 1.26% thereafter) <br> due 10/21/2032<sup>(3)</sup> | 933000 | 935286 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. <br>5.867% (5.867% fixed rate until 6/8/2033;<br>SOFR + 2.36% thereafter) <br> due 6/8/2034<sup>(3)</sup> | 455000 | 475088 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp<br>5.046% (5.046% fixed rate until 2/12/2030; 1 day USD<br>SOFR + 1.06% thereafter) <br> due 2/12/2031<sup>(3)</sup> | 375000 | 381806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.787% (6.787% fixed rate until 10/26/2026; 1 day USD<br>SOFR + 1.88% thereafter) <br> due 10/26/2027<sup>(3)</sup> | 306000 | 315097 |
| &nbsp;&nbsp;&nbsp; UBS Group AG <br>2.746% (2.746% fixed rate until 2/11/2032; H15T1Y + 1.100% thereafter) <br> due 2/11/2033<sup>(2)(3)</sup> | 1094000 | 954723 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.<br>2.393% (2.393% fixed rate until 6/2/2027; 1 day USD<br>SOFR + 2.10% thereafter) <br> due 6/2/2028<sup>(3)</sup> | 505000 | 486663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389% (5.389% fixed rate until 4/24/2033;<br>SOFR + 2.02% thereafter) <br> due 4/24/2034<sup>(3)</sup> | 1217000 | 1246184 |
|  |  | **12899718** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.9%** |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc. <br>6.25% due 5/6/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | $402267 |
| &nbsp;&nbsp;&nbsp; Rentokil Terminix Funding LLC <br>5.625% due 4/28/2035<sup>(2)</sup> | 229000 | 232318 |
| &nbsp;&nbsp;&nbsp; Rollins, Inc. <br>5.25% due 2/24/2035 | 583000 | 584959 |
|  |  | **1219544** |
| &nbsp;&nbsp;&nbsp;**Computers – 0.5%** | &nbsp;&nbsp;&nbsp;**Computers – 0.5%** | &nbsp;&nbsp;&nbsp;**Computers – 0.5%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc. <br>3.875% due 9/1/2028<sup>(2)</sup> | 381000 | 368682 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc. <br>4.50% due 7/1/2028<sup>(2)</sup> | 383000 | 378868 |
|  |  | **747550** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.6%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.6%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.6%** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp. <br>5.85% due 12/15/2027 | 445000 | 460397 |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd. <br>2.85% due 1/26/2028<sup>(2)</sup> | 671000 | 638913 |
| &nbsp;&nbsp;&nbsp; American Express Co. <br>5.282% (5.282% fixed rate until 7/27/2028; 1 day USD<br>SOFR + 1.28% thereafter) <br> due 7/27/2029<sup>(3)</sup> | 479000 | 492546 |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC <br>1.95% due 1/30/2026<sup>(2)</sup> | 390000 | 383846 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. <br>3.25% due 2/15/2027<sup>(2)</sup> | 786000 | 766255 |
| &nbsp;&nbsp;&nbsp; LPL Holdings, Inc.<br>4.625% due 11/15/2027<sup>(2)</sup> | 377000 | 375956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 3/15/2030 | 228000 | 231434 |
| &nbsp;&nbsp;&nbsp; Nuveen LLC <br>5.85% due 4/15/2034<sup>(2)</sup> | 284000 | 295570 |
|  |  | **3644917** |
| &nbsp;&nbsp;&nbsp;**Electric – 5.3%** | &nbsp;&nbsp;&nbsp;**Electric – 5.3%** | &nbsp;&nbsp;&nbsp;**Electric – 5.3%** |
| &nbsp;&nbsp;&nbsp; Alliant Energy Finance LLC <br>5.95% due 3/30/2029<sup>(2)</sup> | 353000 | 369979 |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. <br>5.20% due 1/15/2029 | 192000 | 196950 |
| &nbsp;&nbsp;&nbsp; American Transmission Systems, Inc. <br>2.65% due 1/15/2032<sup>(2)</sup> | 243000 | 213799 |
| &nbsp;&nbsp;&nbsp; Capital Power U.S. Holdings, Inc. <br>6.189% due 6/1/2035<sup>(2)</sup> | 189000 | 195005 |
| &nbsp;&nbsp;&nbsp; Dominion Energy South Carolina, Inc. <br>Series 2025 <br>5.30% due 1/15/2035 | 242000 | 247382 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. <br>5.10% due 3/1/2029 | 551000 | 562086 |
| &nbsp;&nbsp;&nbsp; Entergy Texas, Inc. <br>5.25% due 4/15/2035 | 809000 | 816410 |
| &nbsp;&nbsp;&nbsp; Evergy Missouri West, Inc. <br>5.65% due 6/1/2034<sup>(2)</sup> | 696000 | 711590 |
| &nbsp;&nbsp;&nbsp; Fells Point Funding Trust <br>3.046% due 1/31/2027<sup>(2)</sup> | 313000 | 306358 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co. <br>3.25% due 3/15/2028<sup>(2)</sup> | 629000 | 610105 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) |
| &nbsp;&nbsp;&nbsp; Idaho Power Co. <br>5.20% due 8/15/2034 | $| 363000 | $| 369559 |
| &nbsp;&nbsp;&nbsp; Kentucky Utilities Co. <br>Series KENT <br>5.45% due 4/15/2033 |  | 450000 |  | 465448 |
| &nbsp;&nbsp;&nbsp; Liberty Utilities Co. <br>5.869% due 1/31/2034<sup>(2)</sup> |  | 356000 |  | 363074 |
| &nbsp;&nbsp;&nbsp; Monongahela Power Co. <br>5.85% due 2/15/2034<sup>(2)</sup> |  | 437000 |  | 454012 |
| &nbsp;&nbsp;&nbsp; NorthWestern Corp. <br>5.073% due 3/21/2030<sup>(2)</sup> |  | 449000 |  | 456759 |
| &nbsp;&nbsp;&nbsp; PSEG Power LLC <br>5.75% due 5/15/2035<sup>(2)</sup> |  | 117000 |  | 120412 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. <br>5.20% due 4/1/2029 |  | 367000 |  | 377595 |
| &nbsp;&nbsp;&nbsp; Puget Energy, Inc. <br>5.725% due 3/15/2035<sup>(2)</sup> |  | 464000 |  | 467573 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC <br>6.95% due 10/15/2033<sup>(2)</sup> |  | 150000 |  | 164894 |
|  |  |  |  | **7468990** |
| &nbsp;&nbsp;&nbsp;**Engineering & Construction – 0.3%** | &nbsp;&nbsp;&nbsp;**Engineering & Construction – 0.3%** | &nbsp;&nbsp;&nbsp;**Engineering & Construction – 0.3%** | &nbsp;&nbsp;&nbsp;**Engineering & Construction – 0.3%** | &nbsp;&nbsp;&nbsp;**Engineering & Construction – 0.3%** |
| &nbsp;&nbsp;&nbsp; Jacobs Engineering Group, Inc. <br>6.35% due 8/18/2028 |  | 356000 |  | 374373 |
|  |  |  |  | **374373** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.1%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.1%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.1%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.1%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.1%** |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. <br>3.755% due 3/15/2027 |  | 99000 |  | 93534 |
|  |  |  |  | **93534** |
| &nbsp;&nbsp;&nbsp;**Food – 1.5%** | &nbsp;&nbsp;&nbsp;**Food – 1.5%** | &nbsp;&nbsp;&nbsp;**Food – 1.5%** | &nbsp;&nbsp;&nbsp;**Food – 1.5%** | &nbsp;&nbsp;&nbsp;**Food – 1.5%** |
| &nbsp;&nbsp;&nbsp; Hershey Co. <br>5.10% due 2/24/2035 |  | 290000 |  | 294521 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL <br>3.625% due 1/15/2032 |  | 413000 |  | 377784 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. <br>5.50% due 1/15/2036<sup>(2)</sup> |  | 372000 |  | 372811 |
| &nbsp;&nbsp;&nbsp; Mars, Inc. <br>5.00% due 3/1/2032<sup>(2)</sup> |  | 1073000 |  | 1087346 |
|  |  |  |  | **2132462** |
| &nbsp;&nbsp;&nbsp;**Gas – 0.3%** | &nbsp;&nbsp;&nbsp;**Gas – 0.3%** | &nbsp;&nbsp;&nbsp;**Gas – 0.3%** | &nbsp;&nbsp;&nbsp;**Gas – 0.3%** | &nbsp;&nbsp;&nbsp;**Gas – 0.3%** |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. <br>4.75% due 9/1/2028 |  | 370000 |  | 370292 |
|  |  |  |  | **370292** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.5%** |
| &nbsp;&nbsp;&nbsp; Solventum Corp. <br>5.45% due 3/13/2031 |  | 721000 |  | 748398 |
|  |  |  |  | **748398** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services – 1.4%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 1.4%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 1.4%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 1.4%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 1.4%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. <br>3.375% due 2/15/2030 |  | 390000 |  | 359139 |
| &nbsp;&nbsp;&nbsp; Fresenius Medical Care U.S. Finance III, Inc. <br>3.00% due 12/1/2031<sup>(2)</sup> |  | 151000 |  | 131974 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) |
| &nbsp;&nbsp;&nbsp; HCA, Inc. <br>5.45% due 4/1/2031 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363000 | $| 374220 |
| &nbsp;&nbsp;&nbsp; Sutter Health <br>Series 2025 <br>5.213% due 8/15/2032 |  | 437000 |  | 448856 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc.<br>4.50% due 4/15/2033 |  | 543000 |  | 529105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% due 1/15/2031 |  | 94000 |  | 94530 |
|  |  |  |  | **1937824** |
| &nbsp;&nbsp;&nbsp;**Insurance – 2.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 2.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 2.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 2.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 2.6%** |
| &nbsp;&nbsp;&nbsp; Athene Global Funding <br>5.322% due 11/13/2031<sup>(2)</sup> |  | 552000 |  | 556300 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial Global Funding <br>2.00% due 6/28/2028<sup>(2)</sup> |  | 399000 |  | 367694 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc.<br>2.375% due 3/15/2031 |  | 536000 |  | 471728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 6/23/2032 |  | 36000 |  | 36735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 6/23/2035 |  | 73000 |  | 74528 |
| &nbsp;&nbsp;&nbsp; GA Global Funding Trust <br>5.50% due 4/1/2032<sup>(2)</sup> |  | 303000 |  | 308045 |
| &nbsp;&nbsp;&nbsp; New York Life Global Funding <br>4.55% due 1/28/2033<sup>(2)</sup> |  | 951000 |  | 930782 |
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Global Funding <br>5.16% due 5/28/2031<sup>(2)</sup> |  | 892000 |  | 914871 |
|  |  |  |  | **3660683** |
| &nbsp;&nbsp;&nbsp;**Internet – 0.6%** | &nbsp;&nbsp;&nbsp;**Internet – 0.6%** | &nbsp;&nbsp;&nbsp;**Internet – 0.6%** | &nbsp;&nbsp;&nbsp;**Internet – 0.6%** | &nbsp;&nbsp;&nbsp;**Internet – 0.6%** |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. <br>4.50% due 8/15/2029<sup>(2)</sup> |  | 915000 |  | 910288 |
|  |  |  |  | **910288** |
| &nbsp;&nbsp;&nbsp;**Investment Companies – 0.3%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.3%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.3%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.3%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.3%** |
| &nbsp;&nbsp;&nbsp; HAT Holdings I LLC/HAT<br>Holdings II LLC<br>8.00% due 6/15/2027<sup>(2)</sup> |  | 435000 |  | 452596 |
|  |  |  |  | **452596** |
| &nbsp;&nbsp;&nbsp;**Leisure Time – 0.7%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.7%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.7%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.7%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.7%** |
| &nbsp;&nbsp;&nbsp; Carnival Corp. <br>4.00% due 8/1/2028<sup>(2)</sup> |  | 500000 |  | 489365 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. <br>3.70% due 3/15/2028 |  | 525000 |  | 511345 |
|  |  |  |  | **1000710** |
| &nbsp;&nbsp;&nbsp;**Lodging – 0.2%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.2%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.2%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.2%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.2%** |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. <br>3.50% due 8/18/2026 |  | 243000 |  | 239603 |
|  |  |  |  | **239603** |
| &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.6%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.6%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.6%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.6%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.6%** |
| &nbsp;&nbsp;&nbsp; nVent Finance SARL <br>4.55% due 4/15/2028 |  | 548000 |  | 548581 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. <br>6.30% due 2/15/2030 |  | 352000 |  | 368864 |
|  |  |  |  | **917445** |
| &nbsp;&nbsp;&nbsp;**Mining – 1.1%** | &nbsp;&nbsp;&nbsp;**Mining – 1.1%** | &nbsp;&nbsp;&nbsp;**Mining – 1.1%** | &nbsp;&nbsp;&nbsp;**Mining – 1.1%** | &nbsp;&nbsp;&nbsp;**Mining – 1.1%** |
| &nbsp;&nbsp;&nbsp; Anglo American Capital PLC<br>5.50% due 5/2/2033<sup>(2)</sup> |  | 200000 |  | 203286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 4/1/2030<sup>(2)</sup> |  | 269000 |  | 279077 |

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Mining –** (continued) | &nbsp;&nbsp;&nbsp;**Mining –** (continued) | &nbsp;&nbsp;&nbsp;**Mining –** (continued) | &nbsp;&nbsp;&nbsp;**Mining –** (continued) | &nbsp;&nbsp;&nbsp;**Mining –** (continued) |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC <br>5.186% due 4/1/2030<sup>(2)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721000 | $| 735110 |
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance USA PLC <br>5.00% due 3/14/2032 |  | 367000 |  | 373286 |
|  |  |  |  | **1590759** |
| &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.2%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.2%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.2%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.2%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.2%** |
| &nbsp;&nbsp;&nbsp; Siemens Funding BV <br>4.90% due 5/28/2032<sup>(2)</sup> |  | 307000 |  | 311765 |
|  |  |  |  | **311765** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.0%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.0%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.0%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.0%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.0%** |
| &nbsp;&nbsp;&nbsp; Continental Resources, Inc. <br>4.375% due 1/15/2028 |  | 443000 |  | 436807 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. <br>5.375% due 2/1/2029 |  | 461000 |  | 461609 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>5.20% due 8/1/2029 |  | 290000 |  | 290960 |
| &nbsp;&nbsp;&nbsp; Ovintiv, Inc. <br>5.65% due 5/15/2028 |  | 274000 |  | 281743 |
|  |  |  |  | **1471119** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.7%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.7%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.7%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.7%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.7%** |
| &nbsp;&nbsp;&nbsp; Bayer U.S. Finance LLC <br>6.375% due 11/21/2030<sup>(2)</sup> |  | 914000 |  | 973830 |
|  |  |  |  | **973830** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 1.8%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.8%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.8%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.8%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.8%** |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC <br>5.097% due 10/1/2031<sup>(2)</sup> |  | 371000 |  | 372703 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. <br>4.125% due 6/15/2029<sup>(2)</sup> |  | 250000 |  | 241625 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP <br>7.375% due 2/1/2031<sup>(2)</sup> |  | 720000 |  | 754675 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. <br>5.00% due 2/1/2029 |  | 144000 |  | 146300 |
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC <br>3.25% due 7/15/2031<sup>(2)</sup> |  | 612000 |  | 544582 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. <br>5.375% due 6/1/2029 |  | 359000 |  | 366632 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp. <br>6.875% due 1/15/2029 |  | 144000 |  | 146929 |
|  |  |  |  | **2573446** |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.7%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.7%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.7%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.7%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.7%** |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. <br>3.30% due 7/1/2030 |  | 489000 |  | 457636 |
| &nbsp;&nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc. <br>5.375% due 4/15/2026 |  | 544000 |  | 544484 |
| &nbsp;&nbsp;&nbsp; Public Storage Operating Co. <br>4.375% due 7/1/2030 |  | 227000 |  | 226532 |
| &nbsp;&nbsp;&nbsp; Regency Centers LP <br>5.00% due 7/15/2032 |  | 219000 |  | 221459 |
| &nbsp;&nbsp;&nbsp; Tanger Properties LP <br>2.75% due 9/1/2031 |  | 327000 |  | 286864 |
| &nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc. <br>4.625% due 12/1/2029<sup>(2)</sup> |  | 646000 |  | 633513 |
|  |  |  |  | **2370488** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **June 30, 2025** (unaudited) | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Retail – 0.3%** | &nbsp;&nbsp;&nbsp;**Retail – 0.3%** | &nbsp;&nbsp;&nbsp;**Retail – 0.3%** |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. <br>5.267% due 2/12/2034<sup>(2)</sup> | $368000 | $368707 |
|  |  | **368707** |
| &nbsp;&nbsp;&nbsp;**Semiconductors – 1.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 1.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 1.1%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. <br>4.15% due 4/15/2032<sup>(2)</sup> | 653000 | 628754 |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC <br>5.50% due 1/25/2031<sup>(2)</sup> | 522000 | 535269 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. <br>5.75% due 2/15/2029 | 445000 | 463130 |
|  |  | **1627153** |
| &nbsp;&nbsp;&nbsp;**Software – 1.4%** | &nbsp;&nbsp;&nbsp;**Software – 1.4%** | &nbsp;&nbsp;&nbsp;**Software – 1.4%** |
| &nbsp;&nbsp;&nbsp; AppLovin Corp. <br>5.375% due 12/1/2031 | 269000 | 273753 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. <br>3.625% due 9/1/2030<sup>(2)</sup> | 686000 | 643674 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. <br>4.65% due 5/6/2030 | 545000 | 550216 |
| &nbsp;&nbsp;&nbsp; Paychex, Inc. <br>5.35% due 4/15/2032 | 537000 | 551252 |
|  |  | **2018895** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 0.3%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.3%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.3%** |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. <br>3.375% due 4/15/2029 | 386000 | 371710 |
|  |  | **371710** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $58,355,357) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $58,355,357) | **59016048** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 1.1%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 1.1%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 1.1%** |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust <br>Series 2025-5C34, Class A3 <br>5.659% due 5/15/2058 | 200000 | 208401 |
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust <br>Series 2024-5C5, Class A3 <br>5.857% due 2/15/2057 | 440000 | 458183 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust <br>Series 2025-5C1, Class A3 <br>5.635% due 3/15/2058 | 240000 | 249292 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust<br>Series 2016-LC24, Class A4 <br>2.942% due 10/15/2049 | 418000 | 410085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SAVE, Class A <br>5.677% due 2/15/2040<sup>(2)(3)(4)</sup> | 183194 | 183211 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $1,497,037) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $1,497,037) | **1509172** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 51.9%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 51.9%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 51.9%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes<br>1.50% due 11/30/2028 | 2343000 | 2177709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 2/15/2032 | 891000 | 782827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 5/31/2027 | 5473000 | 5360333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 9/15/2027 | 3285000 | 3262416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/2029 | 5045000 | 5020563 |

---

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

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **June 30, 2025** (unaudited) | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities** (continued) | &nbsp;&nbsp;&nbsp;**U.S. Government Securities** (continued) | &nbsp;&nbsp;&nbsp;**U.S. Government Securities** (continued) | &nbsp;&nbsp;&nbsp;**U.S. Government Securities** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 8/15/2034 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | $2441797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 2/28/2030 |  | 1626000 | 1642133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 1/31/2027 |  | 5557000 | 5583049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 2/28/2027 |  | 4094000 | 4115749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/2029 |  | 4780000 | 4849086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 8/31/2030 |  | 2609000 | 2646912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 2/28/2029 |  | 5136000 | 5227485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 6/30/2029 |  | 2565000 | 2613094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 1/31/2030 |  | 7543000 | 7693271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 11/15/2034 |  | 2515000 | 2523645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 7/15/2027 |  | 4270000 | 4323375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 8/31/2028 |  | 3719000 | 3792508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/31/2029 |  | 4688000 | 4816554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2035 |  | 1609300 | 1660848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 10/31/2030 |  | 2949000 | 3095989 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities**<br> (Cost $73,131,118) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities**<br> (Cost $73,131,118) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities**<br> (Cost $73,131,118) | **73629343** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $974,538, due 7/1/2025<sup>(5)</sup> |  | 974501 | 974501 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $974,501) |  |  | **974501** |
| &nbsp;&nbsp;&nbsp;**Total Investments — 102.8%** <br> (Cost $144,492,750) |  |  | **145729814** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets — (2.8)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets — (2.8)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets — (2.8)%** | **(3932167)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets — 100.0%** |  |  | $**141797647** |

---

<sup>(1)</sup> TBA — To be announced.

<sup>(2)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2025, the aggregate market value of these securities amounted to $31,100,463, representing 21.9% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees. 

<sup>(3)</sup> Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2025.

<sup>(4)</sup> Variable coupon rate based on weighted average interest rate of underlying mortgages.

<sup>(5)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.375% | 5/15/2034 | $977200 | $994000 |

---

#### Open futures contracts at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;U.S. 2-Year Treasury Note | September 2025 | 49 | Long | $10311594 | $10193149 | $(118445) |
| &nbsp;&nbsp;&nbsp;U.S. 5-Year Treasury Note | September 2025 | 7 | Long | 762625 | 763000 | 375 |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | $**11074219** | $**10956149** | **$(118070)** |

---

#### Legend:
CLO — Collateralized Loan Obligation

H15T1Y — 1-year Constant Maturity Treasury Rate

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

#### SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND
**The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Valuation Inputs <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | |
| &nbsp;&nbsp;&nbsp;Investments in Securities (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Agency Mortgage-Backed Securities | $— | $5045448 | $— | $5045448 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 5555302 |  | 5555302 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 59016048 |  | 59016048 |
| &nbsp;&nbsp;&nbsp;Non-Agency Mortgage-Backed Securities |  | 1509172 |  | 1509172 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 73629343 |  | 73629343 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 974501 |  | 974501 |
| &nbsp;&nbsp;&nbsp;**Total** | $**—** | $**145729814** | $**—** | $**145729814** |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments | &nbsp;&nbsp;&nbsp;Other Financial Instruments | &nbsp;&nbsp;&nbsp;Other Financial Instruments | &nbsp;&nbsp;&nbsp;Other Financial Instruments | &nbsp;&nbsp;&nbsp;Other Financial Instruments |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | $375 | $— | $— | $375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (118445) |  |  | (118445) |
| &nbsp;&nbsp;&nbsp;**Total** | $**(118070)** | $**—** | $**—** | $**(118070)** |

---

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

------

#### FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $145729814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 1768080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 1709425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash deposits with brokers for futures contracts | 67550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 29900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 18586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **149325143** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 7265852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 80054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 54821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 29160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 23063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for variation margin on futures contracts | 23058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 12256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 39178 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **7527496** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**141797647** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $139751887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 2045760 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**141797647** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144492750 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **13669223** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$10.37** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Six Months Ended June 30, 2025 (unaudited) | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3398372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 54790 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **3453162** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 352585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 187545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 34864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 27298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 24776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 24182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 11654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 8390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 4969 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **676263** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (121129) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **555134** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **2898028** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (851620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (71101) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 3980386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | (54339) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Derivative Contracts** | **3003326** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**5901354** |

---

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> Six Months Ended Numbers are unaudited |
|  | **For the<br>Six Months Ended<br>6/30/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $2898028 | $6141327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and derivative contracts | (922721) | (82138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and derivative contracts | 3926047 | (2855944) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **5901354** | **3203245** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 3552633 | 24881005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (24611757) | (55590849) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(21059124)** | **(30709844)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(15157770)** | **(27506599)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 156955417 | 184462016 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141797647 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156955417 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 353177 | 2538412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2420106) | (5624081) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(2066929)** | **(3085669)** |

---

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

------

This Page Intentionally Left Blank

**9**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past six reporting periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> Six Months Ended Numbers are unaudited | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |  |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Six Months Ended 6/30/25 | $9.97 | $0.19 | $0.21 | $0.40 | $10.37 | 4.01%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/24 | 9.80 | 0.35 | (0.18) | 0.17 | 9.97 | 1.73% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/23 | 9.42 | 0.29 | 0.09 | 0.38 | 9.80 | 4.03% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | 10.27 | 0.11 | (0.96) | (0.85) | 9.42 | (8.28)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 10.53 | 0.06 | (0.32) | (0.26) | 10.27 | (2.47)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 10.00 | 0.09 | 0.44 | 0.53 | 10.53 | 5.30% |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | | | |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average Net<br>Assets** | **Portfolio<br>Turnover Rate** |
| $141798 | 0.74%<sup>(4)</sup> | 0.90%<sup>(4)</sup> | 3.86%<sup>(4)</sup> | 3.70%<sup>(4)</sup> | 116%<sup>(4)</sup> |
| 156955 | 0.74% | 0.88% | 3.56% | 3.42% | 228% |
| 184462 | 0.75% | 0.85% | 3.07% | 2.97% | 369%<sup>(5)</sup> |
| 201323 | 0.75% | 0.83% | 1.18% | 1.10% | 52% |
| 273908 | 0.75% | 0.82% | 0.61% | 0.54% | 64% |
| 263190 | 0.75% | 0.84% | 0.84% | 0.75% | 76% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. 

<sup>(5)</sup> The Fund's portfolio turnover rate during the year reflects higher purchase and sale activities due to a significant inflow of assets into the Fund.

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND
**June 30, 2025** (unaudited)

1. Organization

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian U.S. Government/Credit VIP Fund (formerly, Guardian U.S. Government Securities VIP Fund) (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks total return with an emphasis on current income as well as capital appreciation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation

oversight, including but not limited to consideration of security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

The valuations of debt securities for which quoted bid prices are readily available are valued at the bid price by independent pricing services (each, a "Service"). Debt securities for which quoted bid prices are not readily available are valued by a Service at the evaluated bid price provided by the Service or the bid price provided by an independent broker-dealer or at a calculated price based on the spread to an appropriate benchmark provided by such broker-dealer.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE").

Exchange-traded financial futures contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

12.0 ------

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of June 30, 2025 is included in the Schedule of Investments.

**Investments** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of June 30, 2025, the Fund had no securities classified as Level 3.

**Derivatives** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**13**

------

**c. Futures Contracts** The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

**d. Credit Derivatives** The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve positioning, (iii) manage risk, (iv) enhance potential returns, or (v) as substitutes for permitted Fund investments. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

The Fund may enter into credit default swap agreements either as a buyer or seller. The Fund may buy protection under a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell protection under a credit default swap in an attempt to gain exposure to an underlying issuer's credit quality characteristics without investing directly in that issuer.

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. In entering into swap contracts, the Fund is required to deposit with the broker (or for the benefit of the broker), either in cash or securities, an amount equal to a percentage of the notional value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid

by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund.

The Fund may also enter into cleared swaps with a central clearinghouse. In a centrally cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty serving as the clearinghouse, and performance of the transaction is effectively guaranteed against default by such counterparty, thereby reducing or eliminating the Fund's exposure to the credit risk of the original counterparty. The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse. The margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction.

The Fund may not achieve the anticipated benefits of swap contracts and may realize a loss. There were no credit default swaps held as of June 30, 2025.

**e. Options Transactions** The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of its investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund's Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of June 30, 2025.

14.0 ------

**f. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**g. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**h. Segment Reporting** The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Fund's adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Park Avenue acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

3. Transactions with Affiliates

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.47% of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary

to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.74% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the six months ended June 30, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $121,129.

Park Avenue has entered into a Sub-Advisory Agreement with Lord, Abbett & Co. LLC ("Lord Abbett"), effective March 3, 2025. Prior to this date, the Fund did not have a sub-adviser. Lord Abbett is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended June 30, 2025, the Fund incurred distribution fees in the amount of $187,545 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

**15**

------

4. Federal Income Taxes

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

**a. Investment Purchases and Sales** The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Other**<br> **Investments** | **U.S. Government and**<br> **Agency Obligations** |
| &nbsp;&nbsp;&nbsp;Purchases | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68261611 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101943221 |
| &nbsp;&nbsp;&nbsp;Sales | 35663963 | 150268568 |

---

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or

fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Securities Purchased on a When-Issued or Delayed-Delivery Basis** The Fund may purchase securities on a when-issued or delayed-delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than at the trade date purchase price. Although the Fund will generally enter into these transactions with the intention of taking delivery of the securities, it may sell the securities before the settlement date. Assets will be segregated when a fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.

To-be-announced ("TBA") securities and purchase commitments are commitments to purchase mortgage-backed securities for a fixed price at a future date. At the time of purchase, the seller does not specify the particular mortgage-backed securities to be delivered. Instead, a Fund agrees to accept any mortgage-backed security that meets specified terms. Thus, a Fund and the seller would agree upon the issuer, interest rate and terms of the underlying mortgages, but the seller would not identify the specific underlying mortgages until shortly before it issues the mortgage-backed security. The principal risks are that the counterparty may not deliver the security as promised and/or that the value of the TBA security may decline prior to when the Fund receives the security. Also, the value of TBA securities on the delivery date may be more or less than the price paid by a Fund to purchase the securities. A Fund will lose money if the value of the TBA security declines below the purchase price and will not benefit if the value of the security appreciates above the sale price prior to delivery.

**f. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior

16.0 ------

registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of June 30, 2025, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

**g. Mortgage- and Asset-Backed Securities** The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac"), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government. In addition, mortgage-backed and other asset-backed securities are subject to the risk that underlying obligations will be repaid sooner (known as "prepayment risk") or later (known as "extension risk") than expected because of changes in interest rates, either of which may result in lower than expected returns for the Fund. Because mortgage-backed securities are backed by mortgage loans, they also are subject to risks associated with the ownership of real estate and the real estate industry.

**h. Treasury Inflation Protected Securities** Treasury inflation protected securities ("TIPS") are debt securities issued by the U.S. Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed,

while the principal value rises or falls based on changes in a published Consumer Price Index ("CPI"). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

**i. Derivative Instruments** Investments in derivatives (including short exposures through derivatives) pose risks in addition to, and potentially greater than, those associated with investing directly in other investments, including potentially heightened liquidity and valuation risk, counterparty risk, market risk, operational risk, and legal risk. In addition, certain derivatives result in leverage, which can result in losses substantially greater than the amount invested in the derivatives by the Fund. The Fund entered into futures contracts for the six months ended June 30, 2025 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. With respect to exchange traded futures, the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees futures contracts against default.

Under certain market conditions, the Fund may use credit default swaps to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve exposure, (iii) manage risk, (iv) enhance returns, or (v) as substitutes for permitted Fund investments. Credit default swaps involve the exchange of a floating or fixed rate payment in return for assuming potential credit losses of an underlying security or pool of securities.

The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," *i.e.*, the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency or security, or in a "basket" of securities representing a particular index. Cleared swaps are transacted through futures commission merchants ("FCM"s) that are members of central clearinghouses with the clearinghouse serving as a central counterparty similar to transactions in futures contracts. Funds post initial and variation margin by making payments to their clearing member FCMs.

**17**

------

Generally, the Fund will enter into credit default swaps on a net basis, which means that the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the net amount of the two payments. Credit default swaps do not normally involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to credit default swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to a credit default swap defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

In addition to the risks generally applicable to derivatives, risks associated with credit default swap agreements include adverse changes in the returns of the underlying instruments, failure of the counterparties to perform under the agreement's terms and the possible lack of liquidity with respect to the agreements.

As of June 30, 2025, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund's use of derivative instruments:

---

| | |
|:---|:---|
|  | **Interest Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Asset Derivatives** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $375 |
| &nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $(118445) |

---

<sup>1</sup> Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative investments for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  | **Interest Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>1</sup> | $(71101) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** | &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>2</sup> | $(54339) |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>3</sup> | 80 |

---

<sup>1</sup> Statement of Operations location: Net realized gain/(loss) from futures contracts.

<sup>2</sup> Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

<sup>3</sup> Amount represents number of contracts. 

**j. Market Risk** An investment in the Fund is based on the values of the Fund's investments, which may change due

to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund's investments.

**k. Loans** Investments in loans are particularly subject to, among other risks, credit risk, interest rate risk, and counterparty risk. The Fund's investments in loans can be difficult to value accurately and may be more susceptible to liquidity risk than fixed income (or debt) investments of similar credit quality and/or maturity. Investments or transactions in loans are often subject to long settlement periods (potentially longer than seven days), which could limit the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. As a result, the Fund may be forced to sell other, more desirable, liquid investments, sell illiquid investments at a loss or take other measures to raise cash. Loans often are rated below investment-grade and may be unrated and subject the Fund to the risk that the value of the collateral for the loan may be insufficient to cover the borrower's obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants (if any) more difficult for the Fund as legal action may have to go through the issuer of the participations. Investments in loans that lack or possess fewer or contingent contractual restrictive covenants are particularly susceptible to the risks associated with these investments. In addition, loans and other similar investments may not be considered "securities" and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

For additional information about the Fund's investments and related risks, please refer to the prospectus and the Statement of Additional Information.

18.0 ------

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 15, 2025. The

Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide certain indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

**19**

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that a fund's investment advisory and sub-advisory agreements be approved initially by the fund's board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or "interested persons" (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

#### Board of Trustees Meeting held February 27, 2025
At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on February 27, 2025 (the "February Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees") considered proposed sub-advisory agreements between Park Avenue Institutional Advisers LLC (the "Manager") and each of (i) Boston Partners Global Investors, Inc. ("Boston Partners") engaged to serve as sub-adviser to the Guardian Small Cap Core VIP Fund; (ii) FIAM LLC ("FIAM") engaged to serve as sub-adviser to the Guardian Core Fixed Income VIP Fund; (iii) Janus Henderson Investors US LLC ("Janus") engaged to serve as sub-adviser to the Guardian Multi-Sector Bond VIP Fund; (iv) Allspring Global Investments, LLC ("Allspring") engaged to serve as sub-adviser to the Guardian Short Duration Bond VIP Fund; (v) Massachusetts Financial Services Company ("MFS") engaged to serve as sub-adviser to the Guardian Total Return Bond VIP

Fund; and (vi) Lord, Abbett & Co. LLC ("Lord Abbett") engaged to serve as sub-adviser to the Guardian U.S. Government Securities VIP Fund. Boston Partners, FIAM, Janus, Allspring, MFS and Lord Abbett are each referred to as a "Sub-adviser" and are collectively referred to as the "Sub-advisers." The sub-advisory agreements with the Sub-advisers are each referred to as an Agreement and are collectively referred to as the "Agreements." Guardian Small Cap Core VIP Fund, Guardian Core Fixed Income VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Short Duration Bond VIP Fund, Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund are each referred to as a "Fund" and are collectively referred to as the "Funds." The Board, including the Independent Trustees voting separately, unanimously approved the Agreements for an initial term of two years. The Trustees also considered and approved modifications to certain Funds' investment objectives, principal investment strategies and principal risks to reflect the Sub-advisers' investment processes.

The Board is responsible for overseeing the management of the Funds. In determining whether to approve the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the February Meeting and at a meeting held on February 3, 2025, the Trustees received materials and information designed to assist in their consideration of the Agreements. At its February 3, 2025 Board meeting, the Trustees received a presentation from representatives of the Sub-advisers regarding the services to be rendered to the Funds. The Manager also discussed proposed changes to certain Funds' investment objectives, principal investment strategies and principal risks to reflect the Sub-advisers' investment processes. In light of the proposed changes to the investment strategies and risks, the Trustees considered and approved the change of the name of the Guardian U.S. Government Securities VIP Fund to the Guardian U.S. Government/Credit VIP Fund. The Trustees received written responses from the Sub-advisers to a series of questions and requests for information covering a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-advisers.

20.0 ------

During the course of their deliberations, the Independent Trustees met to discuss and evaluate the Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager and the Sub-advisers.

In reaching its decisions to approve the Agreements, the Trustees took into account the materials and information described above as well as other materials and information provided to the Trustees and discussed with and among the Trustees. Individual Trustees may have given different weight to different factors and information with respect to the Agreements, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Trustees' decision to approve the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services to be provided to the Funds by the Sub-advisers; (ii) the investment performance of accounts managed by the Sub-advisers with strategies similar to the Funds; (iii) the fees to be charged and estimated profitability; (iv) the extent to which economies of scale may in the future exist for the Funds, and the extent to which the Funds may benefit from future economies of scale; and (v) any other benefits anticipated to be derived by the Sub-advisers (or their affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services to be provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Agreements and the range of investment advisory services to be provided to the Funds by the Sub-advisers under the oversight of the Manager. In evaluating the investment advisory services, the Trustees considered, among other things, each Sub-adviser's investment philosophy, style and process and approach to managing risk. The Trustees also considered information regarding funds or accounts managed by the Sub-advisers with similar strategies as the Funds, including performance and portfolio characteristics. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals that would serve as portfolio managers for the Funds and the capabilities, resources and reputation of the Sub-advisers.

The Trustees considered that the Sub-advisers' compliance programs had been reviewed by the Funds' Chief Compliance Officer and that he determined each Sub-adviser's program to be reasonably designed to prevent violation of the federal securities laws by a Fund. The Trustees also considered the information presented regarding the capabilities and financial condition of each Sub-adviser and its ability to carry out its responsibilities under its Agreement. The Trustees also considered the information provided by management regarding the personnel, potential benefits and risks, philosophy, and investment processes of the Sub-advisers. The Trustees also considered the presentations by the Sub-advisers to the Board.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services to be provided to the Funds by the Sub-advisers were appropriate.

*Investment Performance* 

The Trustees considered the Sub-advisers' performance history with respect to similarly-managed investment accounts. While there was no historical Sub-adviser performance information with respect to the Funds for review, the Board noted that it would have an opportunity to review such information in connection with future annual reviews of the Agreements.

*Costs and Profitability* 

The Trustees considered the proposed sub-advisory fees to be paid under the Agreements and evaluated the reasonableness of the fees. The Trustees considered information regarding the fees charged to funds and accounts managed by the Sub-advisers with similar strategies as the Funds. The Trustees also considered that the fees to be paid to each Sub-adviser would be paid by the Manager. The Trustees considered that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

The Trustees did not request or consider any projected profitability information from the Sub-advisers because the Manager, not the Fund, would be responsible for payment of the fees and the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Trustees concluded that the proposed sub-advisory fees were reasonable in light of the nature, extent and quality of services expected to be rendered to the Funds by the Sub-advisers.

**21**

------

*Economies of Scale* 

The Trustees noted that for three of six Funds, the sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Trustees concluded that it was appropriate to revisit potential economies of scale in connection with future reviews of the Agreements or earlier, if appropriate, and that they were satisfied with the extent to which economies of scale would be shared for the benefit of shareholders based on current and anticipated asset levels.

*Ancillary Benefits* 

The Trustees considered the potential benefits, other than the sub-advisory fee, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds. The Trustees concluded that the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the Funds.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

#### Board of Trustees Meeting held March 26-27, 2025
At a meeting of the Board of Trustees (the "Board" or "Trustees") of Guardian Variable Products Trust (the "Trust") held on March 26-27, 2025 (the "March Meeting"), the Trustees, including the Trustees who are not parties to the agreement or "interested persons" as defined in the 1940 Act (the "Independent Trustees"), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of 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 Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select

Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a "Fund," and together, the "Funds"), in substantially the form presented at the March Meeting (the "Management Agreement"); and Park Avenue Institutional Advisers LLC (the "Manager") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the "Sub-advisory Agreements," collectively with the Management Agreement and Sub-Subadvisory Agreement, the "Agreements") between the Manager and the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a "Sub-adviser" and collectively, the "Sub-advisers") for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the "Sub-Subadvisory Agreement") between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a

22.0 ------

Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager or any Sub-adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Sub-advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the

Sub-advisers (or their respective affiliates) from their relationships with the Funds.

*Nature, Extent and Quality of Services* 

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager's and each Sub-adviser's business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager's role as administrator of the Funds' derivatives risk and liquidity risk management programs, the Manager's approach to risk management, and the Manager's vendor oversight programs.

The Trustees considered that the Funds operate in a "manager-of-managers" structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager's ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust's Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager's key personnel and the Manager's organizational structure and resources, including investment, legal and administrative capabilities of the

**23**

------

Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager's ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers' investment philosophies, styles and/or processes and approaches to managing the Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Funds and the capabilities and resources of the Sub-advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and each Sub-adviser were appropriate.

*Investment Performance* 

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to the returns of a relevant benchmark index used for performance evaluation. At each quarterly Board meeting, members of the Manager's funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund's performance, see the "Fund-by-Fund Factors" section below.

The Manager discussed with the Board factors contributing to the Funds' performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-advisers to address any performance issues were satisfactory.

*Profitability* 

The Board received and considered the Manager's estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from some Sub-advisers, but noted that the Manager had negotiated the fees with the Sub-advisers at arm's-length. Accordingly, the Board concluded that the profitability of the Sub-advisers is a less relevant factor than Manager profitability because of the arm's length negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

*Fees and Expenses* 

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager's commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund's fee and expense comparisons, see the "Fund-by-Fund Factors" section below.

24.0 ------

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-advisers at arm's-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-advisers.

*Economies of Scale* 

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

*Ancillary Benefits* 

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager's relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds' status

under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

*Fund-by-Fund Factors* 

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund's performance is for the periods ended December 31, 2024, and is considered "in line with" the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than its blended benchmark index, the S&P 500

**25**

------

Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the contractual management fee and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

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

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and that contractual management fee and total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Equity Income VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Value Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period, in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, and in the 4<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period, in the 4<sup>th</sup> quintile of its performance universe for the 3-year period and in the 5<sup>th</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

26.0 ------

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year period, in the 4<sup>th</sup> quintile of its performance universe for 3-year period, and in the 3<sup>rd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian International Equity VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods and in the 2<sup>nd</sup> quintile for the 1-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year and 5-year periods and in the 4<sup>th</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, the actual management fee was in the 1<sup>st</sup> quintile of the expense group, and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 3<sup>rd</sup> quintile of its performance universe for the 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund's performance was in the 2<sup>nd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile for its performance universe for the 1-year period, in the 2<sup>nd</sup> quintile for its performance universe for the 3-year period and in the 4<sup>th</sup> quintile for its performance universe for the 5-year period.

• The Board noted that the Fund's performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

**27**

------

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period, in the 1<sup>st</sup> quintile of its performance universe for the 3-year period and in the 3<sup>rd</sup> quintile of its performance universe for 5-year period.

• The Board noted that the Fund's performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee was in the 1<sup>st</sup> quintile of the expense group and that the actual management fee and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

• The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1<sup>st</sup> quintile of the expense group.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund's performance was in the 3<sup>rd</sup> quintile of its performance universe for the 1-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 3<sup>rd</sup> quintile of the expense group, the actual management fee was in the 2<sup>nd</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year, 3-year and 5-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 5<sup>th</sup> quintile of its performance universe for the 1-year and 3-year periods.

• The Board noted that the Fund's performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

28.0 ------

• The Board noted that the contractual management fee and actual management fee were in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 1<sup>st</sup> quintile of its performance universe for the 3-year period.

• The Board noted that the Fund's performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

• The Board acknowledged the Fund's short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and the actual management fee were in the 1<sup>st</sup> quintile of the expense group and that the total expenses were in the 2<sup>nd</sup> quintile of the expense group.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund's performance was in the 4<sup>th</sup> quintile of its performance universe for the 1-year period and in the 5<sup>th</sup> quintile of its performance universe for the 3-year and 5-year periods.

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

• The Board noted that the Fund's performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

• The Board noted that the contractual management fee and the actual management fee were in the 2<sup>nd</sup> quintile of the expense group and that the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund's performance was in the 1<sup>st</sup> quintile of its performance universe for the 1-year and 3-year periods and in the 2<sup>nd</sup> quintile of its performance universe for the 5-year period.

• The Board noted that the Fund's performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee was in the 2<sup>nd</sup> quintile of the expense group, that the actual management fee was in the 1<sup>st</sup> quintile of the expense group and the total expenses were in the 3<sup>rd</sup> quintile of the expense group.

*Conclusion* 

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

**29**

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus.**![LOGO](g37710g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB10527

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Included in Item 7 of this Form N-CSR.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Included in Item 7 of this Form N-CSR.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

Included in Item 7 of this Form N-CSR.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

Included in Item 7 of this Form N-CSR.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

------

**Item 16.** **Controls and Procedures.** <br>

(a) Based on their evaluation of the registrant's disclosure controls and procedures, the registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

Not applicable.

**Item 19.** **Exhibits.** <br>

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certification for principal executive officer of Registrant as required by Rule 30a-2(a) under the Act and certification for principal financial officer of Registrant as required by Rule 30a-2(a) under the Act are attached hereto.](d30107dex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification for principal executive officer and principal financial officer of Registrant as required by Rule 30a-2(b) under the Act are attached hereto.](d30107dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Guardian Variable Products Trust |
| By (Signature and Title) | /s/ Keith A. Namiot |
|  | Keith A. Namiot, President |
|  | (Principal Executive Officer) |

---

Date: September 4, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Keith A. Namiot |
|  | Keith A. Namiot, President |
|  | (Principal Executive Officer) |

---

Date: September 4, 2025

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Larry Weiss |
|  | Larry Weiss, Treasurer |
|  | (Principal Financial and Accounting Officer) |

---

Date: September 4, 2025

## Ex-99.Cert

CERTIFICATION

I, Keith A. Namiot, certify that:

1. I have reviewed this report on Form N-CSR of Guardian Variable Products Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 4, 2025 | /s/ Keith A. Namiot |
|  | Keith A. Namiot, President |
|  | (Principal Executive Officer) |

---

------

CERTIFICATION

I, Larry Weiss, certify that:

1. I have reviewed this report on Form N-CSR of Guardian Variable Products Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 4, 2025 | /s/ Larry Weiss |
|  | Larry Weiss |
|  | (Principal Financial and Accounting Officer) |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO 18 U.S.C. SECTION 1350

(AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT)

I, Keith A. Namiot, President of Guardian Variable Products Trust (the "Registrant"), with respect to the report on Form N-CSR of Guardian Variable Products Trust for the period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: September 4, 2025 | /s/ Keith A. Namiot |
|  | Keith A. Namiot, President<br> (Principal Executive Officer) |

---

I, Larry Weiss, Treasurer of Guardian Variable Products Trust (the "Registrant"), with respect to the report on Form N-CSR of Guardian Variable Products Trust for the period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: September 4, 2025 | /s/ Larry Weiss |
|  | Larry Weiss, Treasurer |
|  | (Principal Financial and Accounting Officer) |

---