# EDGAR Filing Document

**Accession Number:** 0001668512
**File Stem:** 0001193125-26-095292
**Filing Date:** 2026-3
**Character Count:** 2112042
**Document Hash:** 167e9da3b1a51479c73789ded8928848
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-095292.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-095292

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 116

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23148
- **FILM NUMBER:** 26728845

**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-CSR

### 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 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: December 31, 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:

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Core Fixed Income VIP Fund
This annual shareholder report contains important information about Guardian Core Fixed Income VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $54 | 0.52%<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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 6.61% for the 12 months ended December 31, 2025, compared to the 7.31% return of the Bloomberg US Aggregate Bond Index (the "Index") for the same period. The Fund changed its investment sub-adviser as of March 3, 2025.

* The Fund's allocation to investment grade corporate securities detracted from relative performance, driven by its underweight to the industrials sector. Another detractor was the Fund's underweight allocation to agency mortgage-backed securities ("MBS"), which rallied after the volatility in April 2025 and were among the top performers in the Bloomberg US Aggregate Bond Index for the year. In addition, the Fund's underweight positioning in government related securities detracted, with sovereign bonds outperforming over the reporting period.

* Primary contributors to the Fund's relative performance included the Fund's relative yield curve positioning, particularly the intermediate part of the yield curve, which benefited from curve steepening, and cuts to the federal funds target rate by the U.S. Federal Reserve, which totaled 75 basis points in 2025. 

* A small position in the emerging markets sector also contributed positively to the Fund's performance relative to the benchmark.

* The Fund additionally benefited from favorable security selection in asset-backed securities ("ABS").

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Bloomberg US Aggregate Bond Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g36y09.jpg)

---

| | | |
|:---|:---|:---|
| | **Guardian Core Fixed Income VIP Fund** | **Bloomberg US Aggregate Bond Index** |
| **5/2/22** | $10000 | $10000 |
| **5/31/22** | $10050 | $10125 |
| **6/30/22** | $9900 | $9966 |
| **7/31/22** | $10120 | $10209 |
| **8/31/22** | $9860 | $9921 |
| **9/30/22** | $9460 | $9492 |
| **10/31/22** | $9340 | $9369 |
| **11/30/22** | $9650 | $9714 |
| **12/31/22** | $9610 | $9670 |
| **1/31/23** | $9890 | $9967 |
| **2/28/23** | $9660 | $9710 |
| **3/31/23** | $9910 | $9956 |
| **4/30/23** | $9960 | $10017 |
| **5/31/23** | $9850 | $9908 |
| **6/30/23** | $9800 | $9872 |
| **7/31/23** | $9790 | $9865 |
| **8/31/23** | $9740 | $9802 |
| **9/30/23** | $9510 | $9553 |
| **10/31/23** | $9360 | $9403 |
| **11/30/23** | $9770 | $9828 |
| **12/31/23** | $10140 | $10205 |
| **1/31/24** | $10120 | $10177 |
| **2/29/24** | $9990 | $10033 |
| **3/31/24** | $10080 | $10125 |
| **4/30/24** | $9840 | $9870 |
| **5/31/24** | $9990 | $10037 |
| **6/30/24** | $10090 | $10132 |
| **7/31/24** | $10320 | $10369 |
| **8/31/24** | $10470 | $10518 |
| **9/30/24** | $10610 | $10658 |
| **10/31/24** | $10350 | $10394 |
| **11/30/24** | $10450 | $10504 |
| **12/31/24** | $10290 | $10332 |
| **1/31/25** | $10340 | $10387 |
| **2/28/25** | $10550 | $10615 |
| **3/31/25** | $10550 | $10619 |
| **4/30/25** | $10590 | $10661 |
| **5/31/25** | $10510 | $10585 |
| **6/30/25** | $10660 | $10748 |
| **7/31/25** | $10650 | $10719 |
| **8/31/25** | $10770 | $10847 |
| **9/30/25** | $10880 | $10966 |
| **10/31/25** | $10940 | $11034 |
| **11/30/25** | $11010 | $11103 |
| **12/31/25** | $10970 | $11086 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 5/2/22** |
| Guardian Core Fixed Income VIP Fund | 6.61% | 2.56% |
| Bloomberg US Aggregate Bond Index | 7.31% | 2.85% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Core Fixed Income VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $335333044 |
| Total # of Portfolio Holdings | 284 |
| Total Advisory Fees Paid | $1391710 |
| Portfolio Turnover Rate | 116% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Bond Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| U.S. Government Securities | 44.7 |
| Corporate Bonds & Notes | 24.6 |
| Agency Mortgage-Backed Securities | 16.6 |
| Asset-Backed Securities | 9.8 |
| Non-Agency Mortgage-Backed Securities | 4.2 |
| TBA Sale Commitments Agency Mortgage-Backed Securities | (0.3) |
| Cash/Other Assets and Liabilities | 0.4 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.125%, due 2/29/2032 | 14.3 |
| U.S. Treasury Bonds, 4.625%, due 11/15/2044 | 8.8 |
| U.S. Treasury Notes, 4.625%, due 2/15/2035 | 5.1 |
| U.S. Treasury Notes, 4.000%, due 2/28/2030 | 4.9 |
| U.S. Treasury Bonds, 4.750%, due 2/15/2045 | 2.2 |
| U.S. Treasury Bonds, 4.625%, due 2/15/2055 | 1.7 |
| U.S. Treasury Notes, 4.000%, due 6/30/2032 | 1.6 |
| Uniform Mortgage-Backed Security, 2.000%, due 2/1/2056 | 1.4 |
| U.S. Treasury Notes, 4.250%, due 8/15/2035 | 1.4 |
| U.S. Treasury Bonds, 4.500%, due 11/15/2054 | 1.1 |
| Total | 42.5 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Core Fixed Income VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Core Plus Fixed Income VIP Fund
This annual shareholder report contains important information about Guardian Core Plus Fixed Income VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $85 | 0.82%<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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 7.07% for the 12 months ended December 31, 2025, compared to the 7.31% return of the Bloomberg US Aggregate Bond Index (the "Index"), for the same period.

* The Fund's performance during the reporting period was shaped by ongoing uncertainty following the U.S. tariff policy announcement in April 2025, which contributed to increased market volatility and shifting U.S. Federal Reserve expectations amid mixed economic data. Positive factors included strong corporate earnings, resilient consumer spending, ongoing artificial intelligence ("AI")-driven investment, and easing trade tensions later in the period, which helped stabilize market sentiment.

* Security selection within investment grade corporate bonds and asset-backed securities ("ABS") also contributed to relative performance.

* The Fund's interest rate positioning relative to the index and security selection within emerging market sovereign bonds detracted from the Fund's relative performance.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Bloomberg US Aggregate Bond Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g15u62.jpg)

---

| | | |
|:---|:---|:---|
| | **Guardian Core Plus Fixed Income VIP Fund** | **Bloomberg US Aggregate Bond Index** |
| **9/1/16** | $10000 | $10000 |
| **10/31/16** | $9990 | $9996 |
| **11/30/16** | $9930 | $9920 |
| **12/31/16** | $9710 | $9685 |
| **1/31/17** | $9760 | $9718 |
| **2/28/17** | $9830 | $9783 |
| **3/31/17** | $9810 | $9778 |
| **4/30/17** | $9890 | $9853 |
| **5/31/17** | $9960 | $9929 |
| **6/30/17** | $9950 | $9919 |
| **7/31/17** | $10000 | $9962 |
| **8/31/17** | $10070 | $10051 |
| **9/30/17** | $10030 | $10004 |
| **10/31/17** | $10050 | $10009 |
| **11/30/17** | $10040 | $9996 |
| **12/31/17** | $10080 | $10042 |
| **1/31/18** | $9980 | $9927 |
| **2/28/18** | $9890 | $9833 |
| **3/31/18** | $9930 | $9896 |
| **4/30/18** | $9850 | $9822 |
| **5/31/18** | $9890 | $9892 |
| **6/30/18** | $9870 | $9880 |
| **7/31/18** | $9890 | $9882 |
| **8/31/18** | $9930 | $9946 |
| **9/30/18** | $9890 | $9882 |
| **10/31/18** | $9800 | $9804 |
| **11/30/18** | $9840 | $9862 |
| **12/31/18** | $9950 | $10043 |
| **1/31/19** | $10100 | $10150 |
| **2/28/19** | $10110 | $10144 |
| **3/31/19** | $10280 | $10339 |
| **4/30/19** | $10290 | $10342 |
| **5/31/19** | $10430 | $10525 |
| **6/30/19** | $10580 | $10657 |
| **7/31/19** | $10620 | $10681 |
| **8/31/19** | $10790 | $10958 |
| **9/30/19** | $10740 | $10899 |
| **10/31/19** | $10770 | $10932 |
| **11/30/19** | $10770 | $10927 |
| **12/31/19** | $10780 | $10919 |
| **1/31/20** | $10980 | $11129 |
| **2/29/20** | $11120 | $11329 |
| **3/31/20** | $10600 | $11263 |
| **4/30/20** | $10850 | $11463 |
| **5/31/20** | $11020 | $11516 |
| **6/30/20** | $11160 | $11589 |
| **7/31/20** | $11430 | $11762 |
| **8/31/20** | $11400 | $11667 |
| **9/30/20** | $11370 | $11661 |
| **10/31/20** | $11340 | $11609 |
| **11/30/20** | $11510 | $11722 |
| **12/31/20** | $11580 | $11739 |
| **1/31/21** | $11540 | $11654 |
| **2/28/21** | $11400 | $11486 |
| **3/31/21** | $11300 | $11343 |
| **4/30/21** | $11400 | $11432 |
| **5/31/21** | $11450 | $11470 |
| **6/30/21** | $11550 | $11550 |
| **7/31/21** | $11650 | $11679 |
| **8/31/21** | $11650 | $11657 |
| **9/30/21** | $11560 | $11556 |
| **10/31/21** | $11560 | $11553 |
| **11/30/21** | $11580 | $11587 |
| **12/31/21** | $11580 | $11558 |
| **1/31/22** | $11340 | $11309 |
| **2/28/22** | $11200 | $11182 |
| **3/31/22** | $10890 | $10872 |
| **4/30/22** | $10500 | $10459 |
| **5/31/22** | $10500 | $10527 |
| **6/30/22** | $10240 | $10361 |
| **7/31/22** | $10490 | $10615 |
| **8/31/22** | $10230 | $10315 |
| **9/30/22** | $9760 | $9869 |
| **10/31/22** | $9630 | $9741 |
| **11/30/22** | $9970 | $10099 |
| **12/31/22** | $9930 | $10054 |
| **1/31/23** | $10250 | $10363 |
| **2/28/23** | $10010 | $10095 |
| **3/31/23** | $10220 | $10352 |
| **4/30/23** | $10260 | $10414 |
| **5/31/23** | $10150 | $10301 |
| **6/30/23** | $10140 | $10264 |
| **7/31/23** | $10150 | $10257 |
| **8/31/23** | $10090 | $10192 |
| **9/30/23** | $9830 | $9933 |
| **10/31/23** | $9670 | $9776 |
| **11/30/23** | $10120 | $10219 |
| **12/31/23** | $10500 | $10610 |
| **1/31/24** | $10490 | $10581 |
| **2/29/24** | $10380 | $10431 |
| **3/31/24** | $10470 | $10527 |
| **4/30/24** | $10240 | $10262 |
| **5/31/24** | $10400 | $10436 |
| **6/30/24** | $10500 | $10534 |
| **7/31/24** | $10740 | $10780 |
| **8/31/24** | $10910 | $10935 |
| **9/30/24** | $11050 | $11082 |
| **10/31/24** | $10800 | $10807 |
| **11/30/24** | $10920 | $10921 |
| **12/31/24** | $10750 | $10742 |
| **1/31/25** | $10820 | $10799 |
| **2/28/25** | $11040 | $11037 |
| **3/31/25** | $11020 | $11041 |
| **4/30/25** | $11010 | $11085 |
| **5/31/25** | $10960 | $11005 |
| **6/30/25** | $11150 | $11174 |
| **7/31/25** | $11130 | $11145 |
| **8/31/25** | $11260 | $11278 |
| **9/30/25** | $11390 | $11401 |
| **10/31/25** | $11460 | $11473 |
| **11/30/25** | $11530 | $11544 |
| **12/31/25** | $11510 | $11527 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 9/1/16** |
| Guardian Core Plus Fixed Income VIP Fund | 7.07% | (0.12%) | 1.52% |
| Bloomberg US Aggregate Bond Index | 7.31% | (0.36%) | 1.53% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Core Plus Fixed Income VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $140075815 |
| Total # of Portfolio Holdings | 431 |
| Total Advisory Fees Paid | $490228 |
| Portfolio Turnover Rate | 116% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Bond Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 39.4 |
| Agency Mortgage-Backed Securities | 28.1 |
| U.S. Government Securities | 18.9 |
| Asset-Backed Securities | 14.2 |
| Non-Agency Mortgage-Backed Securities | 12.1 |
| Senior Secured Loans | 1.8 |
| Foreign Government | 0.3 |
| Cash/Other Assets and Liabilities | (14.8) |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bonds, 4.750%, due 5/15/2055 | 3.8 |
| U.S. Treasury Notes, 3.625%, due 8/31/2030 | 3.1 |
| U.S. Treasury Bonds, 4.625%, due 11/15/2044 | 3.0 |
| U.S. Treasury Bonds, 4.750%, due 2/15/2045 | 2.8 |
| U.S. Treasury Notes, 3.625%, due 8/31/2027 | 2.4 |
| U.S. Treasury Bonds, 4.500%, due 11/15/2054 | 2.3 |
| U.S. Treasury Bonds, 4.000%, due 11/15/2042 | 1.5 |
| Government National Mortgage Association, 5.500%, due 2/20/2056 | 1.4 |
| Government National Mortgage Association, 5.500%, due 1/20/2055 | 1.4 |
| Government National Mortgage Association, 6.000%, due 2/20/2056 | 1.4 |
| Total | 23.1 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Core Plus Fixed Income VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Diversified Research VIP Fund
This annual shareholder report contains important information about Guardian Diversified Research VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $104 | 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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 18.06% for the 12 months ended December 31, 2025, compared to the Standard & Poor's 500<sup>®</sup> Index (the "Index"), which returned 17.89% for the same period.

* U.S. equities rose in 2025 amidst a macroeconomic environment shaped by resilient corporate earnings, falling interest rates and inflation, and surging optimism around artificial intelligence ("AI").

* The top performing sector within the Index was the communication services sector, followed by the information technology ("IT") and industrials sectors. The real estate sector was the weakest performer.

* The Fund's outperformance relative to the Index was attributable to strong security selection in the materials, IT, utilities, health care, financials energy and real estate sectors. Sector allocation had a slight negative impact on the Fund's performance.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Standard & Poor's 500 Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g92i68.jpg)

---

| | | |
|:---|:---|:---|
| | **Guardian Diversified Research VIP Fund** | **Standard & Poor's 500 Index** |
| **9/1/16** | $10000 | $10000 |
| **10/31/16** | $10040 | $10002 |
| **11/30/16** | $9860 | $9820 |
| **12/31/16** | $10200 | $10183 |
| **1/31/17** | $10700 | $10582 |
| **2/28/17** | $11050 | $11002 |
| **3/31/17** | $11110 | $11015 |
| **4/30/17** | $11260 | $11128 |
| **5/31/17** | $11430 | $11284 |
| **6/30/17** | $11410 | $11355 |
| **7/31/17** | $11680 | $11588 |
| **8/31/17** | $11740 | $11624 |
| **9/30/17** | $11980 | $11864 |
| **10/31/17** | $12290 | $12140 |
| **11/30/17** | $12570 | $12513 |
| **12/31/17** | $12650 | $12652 |
| **1/31/18** | $13410 | $13376 |
| **2/28/18** | $12930 | $12883 |
| **3/31/18** | $12620 | $12556 |
| **4/30/18** | $12530 | $12604 |
| **5/31/18** | $12820 | $12907 |
| **6/30/18** | $12910 | $12987 |
| **7/31/18** | $13380 | $13470 |
| **8/31/18** | $13670 | $13909 |
| **9/30/18** | $13780 | $13988 |
| **10/31/18** | $12760 | $13032 |
| **11/30/18** | $12940 | $13298 |
| **12/31/18** | $11840 | $12097 |
| **1/31/19** | $12830 | $13067 |
| **2/28/19** | $13240 | $13486 |
| **3/31/19** | $13480 | $13748 |
| **4/30/19** | $14210 | $14305 |
| **5/31/19** | $13280 | $13396 |
| **6/30/19** | $14230 | $14340 |
| **7/31/19** | $14480 | $14546 |
| **8/31/19** | $14200 | $14315 |
| **9/30/19** | $14420 | $14583 |
| **10/31/19** | $14790 | $14899 |
| **11/30/19** | $15330 | $15440 |
| **12/31/19** | $15850 | $15906 |
| **1/31/20** | $15790 | $15900 |
| **2/29/20** | $14560 | $14591 |
| **3/31/20** | $12760 | $12789 |
| **4/30/20** | $14320 | $14428 |
| **5/31/20** | $15130 | $15115 |
| **6/30/20** | $15530 | $15416 |
| **7/31/20** | $16400 | $16285 |
| **8/31/20** | $17620 | $17456 |
| **9/30/20** | $16940 | $16793 |
| **10/31/20** | $16480 | $16346 |
| **11/30/20** | $18330 | $18135 |
| **12/31/20** | $19050 | $18833 |
| **1/31/21** | $18800 | $18642 |
| **2/28/21** | $19380 | $19157 |
| **3/31/21** | $20060 | $19995 |
| **4/30/21** | $21130 | $21063 |
| **5/31/21** | $21200 | $21210 |
| **6/30/21** | $21710 | $21705 |
| **7/31/21** | $22240 | $22220 |
| **8/31/21** | $22970 | $22896 |
| **9/30/21** | $21830 | $21831 |
| **10/31/21** | $23480 | $23361 |
| **11/30/21** | $23030 | $23199 |
| **12/31/21** | $23630 | $24239 |
| **1/31/22** | $22470 | $22984 |
| **2/28/22** | $21700 | $22296 |
| **3/31/22** | $22300 | $23124 |
| **4/30/22** | $20470 | $21107 |
| **5/31/22** | $20590 | $21146 |
| **6/30/22** | $18910 | $19401 |
| **7/31/22** | $20690 | $21190 |
| **8/31/22** | $19830 | $20325 |
| **9/30/22** | $17930 | $18453 |
| **10/31/22** | $19500 | $19947 |
| **11/30/22** | $20650 | $21062 |
| **12/31/22** | $19440 | $19849 |
| **1/31/23** | $20640 | $21096 |
| **2/28/23** | $20190 | $20581 |
| **3/31/23** | $20860 | $21337 |
| **4/30/23** | $21260 | $21670 |
| **5/31/23** | $21510 | $21764 |
| **6/30/23** | $22920 | $23202 |
| **7/31/23** | $23620 | $23947 |
| **8/31/23** | $23310 | $23566 |
| **9/30/23** | $22320 | $22443 |
| **10/31/23** | $21930 | $21971 |
| **11/30/23** | $23960 | $23977 |
| **12/31/23** | $25070 | $25066 |
| **1/31/24** | $25650 | $25488 |
| **2/29/24** | $27150 | $26849 |
| **3/31/24** | $28150 | $27712 |
| **4/30/24** | $26990 | $26581 |
| **5/31/24** | $28440 | $27899 |
| **6/30/24** | $29460 | $28900 |
| **7/31/24** | $29670 | $29251 |
| **8/31/24** | $30230 | $29961 |
| **9/30/24** | $31070 | $30601 |
| **10/31/24** | $30770 | $30323 |
| **11/30/24** | $32450 | $32103 |
| **12/31/24** | $31560 | $31338 |
| **1/31/25** | $32480 | $32211 |
| **2/28/25** | $31820 | $31790 |
| **3/31/25** | $29770 | $29999 |
| **4/30/25** | $29470 | $29796 |
| **5/31/25** | $31480 | $31671 |
| **6/30/25** | $33270 | $33282 |
| **7/31/25** | $34030 | $34029 |
| **8/31/25** | $34650 | $34719 |
| **9/30/25** | $36130 | $35986 |
| **10/31/25** | $37120 | $36828 |
| **11/30/25** | $37390 | $36919 |
| **12/31/25** | $37260 | $36941 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 9/1/16** |
| Guardian Diversified Research VIP Fund | 18.06% | 14.36% | 15.13% |
| Standard & Poor's 500 Index | 17.89% | 14.43% | 15.03% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Diversified Research VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $98945417 |
| Total # of Portfolio Holdings | 138 |
| Total Advisory Fees Paid | $540119 |
| Portfolio Turnover Rate | 75% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Information Technology | 32.5 |
| Financials | 14.0 |
| Communication Services | 11.2 |
| Health Care | 10.6 |
| Consumer Discretionary | 9.1 |
| Industrials | 7.0 |
| Consumer Staples | 4.7 |
| Energy | 3.4 |
| Materials | 2.3 |
| Utilities | 2.3 |
| Real Estate | 2.0 |
| Cash/Other Assets and Liabilities | 0.9 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 6.5 |
| NVIDIA Corp. | 6.5 |
| Alphabet, Inc., Class A | 5.4 |
| Apple, Inc. | 5.1 |
| Amazon.com, Inc. | 4.5 |
| Broadcom, Inc. | 3.5 |
| Meta Platforms, Inc., Class A | 2.7 |
| Tesla, Inc. | 2.2 |
| Cisco Systems, Inc. | 2.0 |
| Lam Research Corp. | 1.9 |
| Total | 40.3 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Diversified Research VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Global Utilities VIP Fund
This annual shareholder report contains important information about Guardian Global Utilities VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $124 | 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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 26.93% for the 12 months ended December 31, 2025, compared to the 23.49% return of the MSCI<sup>®</sup> ACWI<sup>®</sup> Utilities Index (the "Index"), an index with similar investment characteristics as the Fund, for the same period. The Fund's broad-based securities market index, the MSCI<sup>®</sup> EAFE<sup>®</sup> Index, returned 31.25% for the same period.

* Global equities rose in 2025 amidst a macroeconomic environment shaped by resilient corporate earnings, falling interest rates and inflation, and surging optimism around artificial intelligence ("AI") companies.

* The Fund's outperformance relative to the Index was driven by strong security selection. Strong security selection in the multi-utilities and water utilities industries was partially offset by weaker selection in electric utilities and gas utilities. 

* Sector allocation, a product of the Fund's bottom-up stock selection process, also contributed to relative results. The Fund's underweight allocation to independent power producers and energy traders contributed positively but was partially offset by an underweight to electric utilities.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of MSCI EAFE Index and MSCI ACWI Utilities Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g87g52.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Guardian Global Utilities VIP Fund** | **MSCI EAFE Index** | **MSCI ACWI Utilities Index** |
| **10/21/19** | $10000 | $10000 | $10000 |
| **11/30/19** | $9990 | $10130 | $10044 |
| **12/31/19** | $9810 | $10244 | $9826 |
| **1/31/20** | $10620 | $10356 | $10710 |
| **2/29/20** | $9880 | $9420 | $9863 |
| **3/31/20** | $8520 | $8163 | $8688 |
| **4/30/20** | $8730 | $8690 | $9013 |
| **5/31/20** | $9030 | $9069 | $9368 |
| **6/30/20** | $9070 | $9377 | $9260 |
| **7/31/20** | $9730 | $9596 | $9879 |
| **8/31/20** | $9520 | $10089 | $9707 |
| **9/30/20** | $9400 | $9827 | $9626 |
| **10/31/20** | $9680 | $9435 | $9791 |
| **11/30/20** | $10250 | $10897 | $10365 |
| **12/31/20** | $10700 | $11404 | $10610 |
| **1/31/21** | $10990 | $11283 | $10475 |
| **2/28/21** | $10560 | $11536 | $9937 |
| **3/31/21** | $11230 | $11801 | $10672 |
| **4/30/21** | $11650 | $12156 | $10969 |
| **5/31/21** | $11620 | $12552 | $10938 |
| **6/30/21** | $11550 | $12411 | $10624 |
| **7/31/21** | $11860 | $12505 | $10901 |
| **8/31/21** | $12210 | $12725 | $11309 |
| **9/30/21** | $11590 | $12356 | $10598 |
| **10/31/21** | $12010 | $12660 | $11060 |
| **11/30/21** | $11530 | $12071 | $10798 |
| **12/31/21** | $12450 | $12689 | $11676 |
| **1/31/22** | $12030 | $12075 | $11329 |
| **2/28/22** | $12010 | $11862 | $11263 |
| **3/31/22** | $12730 | $11938 | $11812 |
| **4/30/22** | $12130 | $11166 | $11450 |
| **5/31/22** | $12800 | $11250 | $11753 |
| **6/30/22** | $11790 | $10206 | $10967 |
| **7/31/22** | $12350 | $10714 | $11518 |
| **8/31/22** | $12300 | $10205 | $11397 |
| **9/30/22** | $10980 | $9251 | $10093 |
| **10/31/22** | $11360 | $9748 | $10324 |
| **11/30/22** | $12460 | $10846 | $11131 |
| **12/31/22** | $12330 | $10855 | $11132 |
| **1/31/23** | $12460 | $11734 | $11114 |
| **2/28/23** | $11830 | $11489 | $10531 |
| **3/31/23** | $12280 | $11774 | $11056 |
| **4/30/23** | $12620 | $12106 | $11379 |
| **5/31/23** | $11930 | $11594 | $10752 |
| **6/30/23** | $12310 | $12121 | $11048 |
| **7/31/23** | $12490 | $12514 | $11262 |
| **8/31/23** | $11850 | $12034 | $10622 |
| **9/30/23** | $11280 | $11623 | $10095 |
| **10/31/23** | $11250 | $11152 | $10111 |
| **11/30/23** | $12020 | $12187 | $10797 |
| **12/31/23** | $12460 | $12835 | $11182 |
| **1/31/24** | $11960 | $12908 | $10857 |
| **2/29/24** | $12090 | $13145 | $10803 |
| **3/31/24** | $12800 | $13577 | $11348 |
| **4/30/24** | $12950 | $13229 | $11468 |
| **5/31/24** | $14070 | $13742 | $12275 |
| **6/30/24** | $13290 | $13520 | $11754 |
| **7/31/24** | $14170 | $13917 | $12483 |
| **8/31/24** | $14850 | $14369 | $13001 |
| **9/30/24** | $15540 | $14502 | $13702 |
| **10/31/24** | $15180 | $13713 | $13231 |
| **11/30/24** | $15760 | $13635 | $13356 |
| **12/31/24** | $14670 | $13325 | $12504 |
| **1/31/25** | $14860 | $14025 | $12750 |
| **2/28/25** | $15130 | $14297 | $12940 |
| **3/31/25** | $15630 | $14240 | $13322 |
| **4/30/25** | $16320 | $14892 | $13814 |
| **5/31/25** | $16730 | $15573 | $14160 |
| **6/30/25** | $17050 | $15917 | $14399 |
| **7/31/25** | $17300 | $15693 | $14659 |
| **8/31/25** | $17440 | $16362 | $14606 |
| **9/30/25** | $18070 | $16675 | $15101 |
| **10/31/25** | $18550 | $16872 | $15558 |
| **11/30/25** | $19210 | $16976 | $15876 |
| **12/31/25** | $18620 | $17486 | $15438 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 10/21/19** |
| Guardian Global Utilities VIP Fund | 26.93% | 11.72% | 10.55% |
| MSCI EAFE Index | 31.25% | 8.93% | 9.44% |
| MSCI ACWI Utilities Index | 23.49% | 7.79% | 7.26% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Global Utilities VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $42247966 |
| Total # of Portfolio Holdings | 28 |
| Total Advisory Fees Paid | $239772 |
| Portfolio Turnover Rate | 28% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Geographic Region/Country Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| North America | 58.8 |
| Europe | 18.8 |
| United Kingdom | 10.1 |
| Asia-Pacific | 7.6 |
| South America | 3.8 |
| Cash/Other Assets and Liabilities | 0.9 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| NextEra Energy, Inc. | 6.8 |
| Sempra | 6.1 |
| American Electric Power Co., Inc. | 6.1 |
| E.ON SE | 5.8 |
| Engie SA | 5.8 |
| SSE PLC | 5.4 |
| Enel SpA | 5.1 |
| National Grid PLC | 4.6 |
| Dominion Energy, Inc. | 4.6 |
| Atmos Energy Corp. | 4.4 |
| Total | 54.7 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Global Utilities VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Growth & Income VIP Fund
This annual shareholder report contains important information about Guardian Growth & Income VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $102 | 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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 10.13% for the 12 months ended December 31, 2025, compared to the 15.92% return of the Russell 1000<sup>®</sup> Value Index (the "Index"), an index with similar investment characteristics as the Fund, for the same period. The Fund's broad-based securities market index, the Russell 1000<sup>®</sup> Index, returned 17.38% for the same period.

* During the reporting period, equity market volatility was higher than historical norms, especially for non-artificial intelligence ("AI") companies. Much of this was due to changes in market structure, but also partly due to a softening macro backdrop, particularly in consumer-facing stocks.

* Security and sector selection weighed on the Fund's performance relative to the Index. Security selection within the technology sector detracted from the Fund's performance, while security selection within the health care sector contributed positively. The Fund's underweight in the communication services sector detracted from the Fund's performance, while an underweight to the real estate sector contributed to its performance.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Russell 1000 Index and Russell 1000 Value Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g12b07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Guardian Growth & Income VIP Fund** | **Russell 1000 Index** | **Russell 1000 Value Index** |
| **9/1/16** | $10000 | $10000 | $10000 |
| **10/31/16** | $9990 | $10006 | $9990 |
| **11/30/16** | $9820 | $9811 | $9836 |
| **12/31/16** | $10500 | $10197 | $10397 |
| **1/31/17** | $10750 | $10598 | $10733 |
| **2/28/17** | $11120 | $11008 | $11119 |
| **3/31/17** | $11030 | $11015 | $11006 |
| **4/30/17** | $11080 | $11131 | $10985 |
| **5/31/17** | $11100 | $11274 | $10974 |
| **6/30/17** | $11280 | $11352 | $11154 |
| **7/31/17** | $11520 | $11577 | $11302 |
| **8/31/17** | $11520 | $11613 | $11170 |
| **9/30/17** | $11910 | $11861 | $11501 |
| **10/31/17** | $12160 | $12133 | $11585 |
| **11/30/17** | $12640 | $12503 | $11939 |
| **12/31/17** | $12850 | $12642 | $12114 |
| **1/31/18** | $13500 | $13336 | $12582 |
| **2/28/18** | $12890 | $12846 | $11981 |
| **3/31/18** | $12620 | $12555 | $11770 |
| **4/30/18** | $12590 | $12597 | $11809 |
| **5/31/18** | $12590 | $12919 | $11879 |
| **6/30/18** | $12630 | $13003 | $11909 |
| **7/31/18** | $13290 | $13451 | $12380 |
| **8/31/18** | $13540 | $13915 | $12563 |
| **9/30/18** | $13660 | $13968 | $12588 |
| **10/31/18** | $12920 | $12979 | $11936 |
| **11/30/18** | $13100 | $13243 | $12292 |
| **12/31/18** | $11810 | $12037 | $11112 |
| **1/31/19** | $12730 | $13046 | $11977 |
| **2/28/19** | $13060 | $13488 | $12360 |
| **3/31/19** | $13030 | $13723 | $12438 |
| **4/30/19** | $13480 | $14277 | $12879 |
| **5/31/19** | $12640 | $13367 | $12051 |
| **6/30/19** | $13460 | $14305 | $12916 |
| **7/31/19** | $13580 | $14527 | $13024 |
| **8/31/19** | $13120 | $14261 | $12641 |
| **9/30/19** | $13640 | $14509 | $13092 |
| **10/31/19** | $14000 | $14816 | $13275 |
| **11/30/19** | $14430 | $15376 | $13685 |
| **12/31/19** | $14640 | $15820 | $14061 |
| **1/31/20** | $14100 | $15837 | $13759 |
| **2/29/20** | $12810 | $14543 | $12426 |
| **3/31/20** | $10610 | $12621 | $10303 |
| **4/30/20** | $12020 | $14289 | $11461 |
| **5/31/20** | $12400 | $15043 | $11854 |
| **6/30/20** | $12230 | $15375 | $11775 |
| **7/31/20** | $12610 | $16276 | $12241 |
| **8/31/20** | $13040 | $17470 | $12747 |
| **9/30/20** | $12660 | $16832 | $12434 |
| **10/31/20** | $12420 | $16426 | $12270 |
| **11/30/20** | $14390 | $18360 | $13921 |
| **12/31/20** | $14950 | $19136 | $14455 |
| **1/31/21** | $14890 | $18979 | $14322 |
| **2/28/21** | $15720 | $19529 | $15188 |
| **3/31/21** | $16840 | $20268 | $16081 |
| **4/30/21** | $17550 | $21359 | $16724 |
| **5/31/21** | $18100 | $21460 | $17115 |
| **6/30/21** | $17980 | $21998 | $16919 |
| **7/31/21** | $18360 | $22455 | $17054 |
| **8/31/21** | $18580 | $23105 | $17392 |
| **9/30/21** | $17890 | $22044 | $16787 |
| **10/31/21** | $18730 | $23573 | $17639 |
| **11/30/21** | $18020 | $23257 | $17018 |
| **12/31/21** | $19170 | $24199 | $18091 |
| **1/31/22** | $18770 | $22835 | $17670 |
| **2/28/22** | $18690 | $22208 | $17465 |
| **3/31/22** | $18970 | $22957 | $17958 |
| **4/30/22** | $18000 | $20911 | $16945 |
| **5/31/22** | $18370 | $20879 | $17274 |
| **6/30/22** | $16740 | $19131 | $15765 |
| **7/31/22** | $17740 | $20912 | $16811 |
| **8/31/22** | $17210 | $20109 | $16310 |
| **9/30/22** | $15930 | $18249 | $14879 |
| **10/31/22** | $17890 | $19712 | $16405 |
| **11/30/22** | $18970 | $20779 | $17430 |
| **12/31/22** | $18170 | $19570 | $16728 |
| **1/31/23** | $19060 | $20883 | $17594 |
| **2/28/23** | $18430 | $20386 | $16974 |
| **3/31/23** | $18120 | $21031 | $16896 |
| **4/30/23** | $18330 | $21291 | $17150 |
| **5/31/23** | $17640 | $21390 | $16489 |
| **6/30/23** | $18740 | $22835 | $17584 |
| **7/31/23** | $19550 | $23620 | $18203 |
| **8/31/23** | $19210 | $23207 | $17711 |
| **9/30/23** | $18690 | $22116 | $17028 |
| **10/31/23** | $18040 | $21582 | $16427 |
| **11/30/23** | $19150 | $23597 | $17666 |
| **12/31/23** | $20270 | $24762 | $18645 |
| **1/31/24** | $20540 | $25108 | $18664 |
| **2/29/24** | $21230 | $26464 | $19353 |
| **3/31/24** | $22190 | $27312 | $20320 |
| **4/30/24** | $21120 | $26150 | $19452 |
| **5/31/24** | $21860 | $27381 | $20069 |
| **6/30/24** | $21780 | $28287 | $19880 |
| **7/31/24** | $22690 | $28699 | $20897 |
| **8/31/24** | $23200 | $29379 | $21457 |
| **9/30/24** | $23060 | $30007 | $21755 |
| **10/31/24** | $22840 | $29798 | $21516 |
| **11/30/24** | $24090 | $31716 | $22890 |
| **12/31/24** | $22500 | $30832 | $21324 |
| **1/31/25** | $23510 | $31813 | $22311 |
| **2/28/25** | $23700 | $31257 | $22402 |
| **3/31/25** | $22830 | $29448 | $21779 |
| **4/30/25** | $21960 | $29273 | $21116 |
| **5/31/25** | $22590 | $31141 | $21857 |
| **6/30/25** | $23430 | $32718 | $22604 |
| **7/31/25** | $23220 | $33445 | $22734 |
| **8/31/25** | $23940 | $34149 | $23459 |
| **9/30/25** | $24160 | $35333 | $23809 |
| **10/31/25** | $23960 | $36096 | $23914 |
| **11/30/25** | $24590 | $36184 | $24549 |
| **12/31/25** | $24780 | $36186 | $24716 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 9/1/16** |
| Guardian Growth & Income VIP Fund | 10.13% | 10.63% | 10.21% |
| Russell 1000 Index | 17.38% | 13.59% | 14.78% |
| Russell 1000 Value Index | 15.92% | 11.33% | 10.18% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Growth & Income VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $96602092 |
| Total # of Portfolio Holdings | 76 |
| Total Advisory Fees Paid | $538257 |
| Portfolio Turnover Rate | 59% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Health Care | 20.5 |
| Financials | 20.0 |
| Industrials | 16.8 |
| Consumer Discretionary | 9.7 |
| Information Technology | 8.7 |
| Communication Services | 7.1 |
| Consumer Staples | 6.7 |
| Energy | 6.2 |
| Real Estate | 1.8 |
| Materials | 1.7 |
| Cash/Other Assets and Liabilities | 0.8 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Johnson & Johnson | 4.9 |
| JPMorgan Chase & Co. | 4.9 |
| Berkshire Hathaway, Inc., Class B | 4.0 |
| RTX Corp. | 3.8 |
| Alphabet, Inc., Class C | 2.7 |
| Citigroup, Inc. | 2.6 |
| Walmart, Inc. | 2.6 |
| Philip Morris International, Inc. | 2.5 |
| Cisco Systems, Inc. | 2.5 |
| Regeneron Pharmaceuticals, Inc. | 2.3 |
| Total | 32.8 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Growth & Income VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian All Cap Core VIP Fund
This annual shareholder report contains important information about Guardian All Cap Core VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $88 | 0.83%<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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 12.25% for the 12 months ended December 31, 2025, compared to the Russell 3000<sup>®</sup> Index (the "Index"), which returned 17.16% for the same period. 

* Market leadership in 2025 looked very similar to 2024 and 2023, with the information technology ("IT") and communication services sectors leading the way as the artificial intelligence ("AI") industry dominated market returns. 

* For most of 2025, market performance was narrow, with mega-cap stocks providing the strongest performance, along with some broadening of performance across a wider range of stocks in the fourth quarter of 2025. While growth stocks led in 2025 —particularly cyclical growth stocks — value stocks outperformed in the fourth quarter of the year. However, quality lagged behind most other investment factors.

* During 2025, the largest detractors to the Fund's performance relative to the Index included stock selection in the technology, communication services and industrial sectors. In contrast, the largest contributor to the Fund's relative performance included stock selection in the health care sector.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Russell 3000 Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g91u07.jpg)

---

| | | |
|:---|:---|:---|
| | **Guardian All Cap Core VIP Fund** | **Russell 3000 Index** |
| **10/25/21** | $10000 | $10000 |
| **11/30/21** | $10050 | $10058 |
| **12/31/21** | $9850 | $9905 |
| **1/31/22** | $9660 | $9689 |
| **2/28/22** | $9460 | $9445 |
| **3/31/22** | $9660 | $9752 |
| **4/30/22** | $8890 | $8876 |
| **5/31/22** | $8950 | $8864 |
| **6/30/22** | $8280 | $8123 |
| **7/31/22** | $9000 | $8885 |
| **8/31/22** | $8620 | $8553 |
| **9/30/22** | $7890 | $7760 |
| **10/31/22** | $8540 | $8397 |
| **11/30/22** | $8930 | $8835 |
| **12/31/22** | $8460 | $8318 |
| **1/31/23** | $9010 | $8890 |
| **2/28/23** | $8720 | $8683 |
| **3/31/23** | $8940 | $8915 |
| **4/30/23** | $9100 | $9010 |
| **5/31/23** | $9060 | $9045 |
| **6/30/23** | $9650 | $9662 |
| **7/31/23** | $9910 | $10009 |
| **8/31/23** | $9730 | $9816 |
| **9/30/23** | $9280 | $9348 |
| **10/31/23** | $9080 | $9100 |
| **11/30/23** | $9910 | $9949 |
| **12/31/23** | $10400 | $10477 |
| **1/31/24** | $10520 | $10593 |
| **2/29/24** | $11120 | $11166 |
| **3/31/24** | $11480 | $11526 |
| **4/30/24** | $10930 | $11019 |
| **5/31/24** | $11390 | $11540 |
| **6/30/24** | $11670 | $11897 |
| **7/31/24** | $11840 | $12118 |
| **8/31/24** | $12060 | $12382 |
| **9/30/24** | $12230 | $12638 |
| **10/31/24** | $12190 | $12545 |
| **11/30/24** | $12950 | $13380 |
| **12/31/24** | $12490 | $12971 |
| **1/31/25** | $13040 | $13380 |
| **2/28/25** | $12660 | $13124 |
| **3/31/25** | $11930 | $12358 |
| **4/30/25** | $11810 | $12275 |
| **5/31/25** | $12540 | $13054 |
| **6/30/25** | $13090 | $13717 |
| **7/31/25** | $13350 | $14019 |
| **8/31/25** | $13570 | $14343 |
| **9/30/25** | $13840 | $14838 |
| **10/31/25** | $13990 | $15156 |
| **11/30/25** | $14050 | $15198 |
| **12/31/25** | $14020 | $15195 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 10/25/21** |
| Guardian All Cap Core VIP Fund | 12.25% | 8.41% |
| Russell 3000 Index | 17.16% | 10.52% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian All Cap Core VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $221817573 |
| Total # of Portfolio Holdings | 173 |
| Total Advisory Fees Paid | $940428 |
| Portfolio Turnover Rate | 69% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Information Technology | 32.1 |
| Financials | 13.7 |
| Industrials | 11.6 |
| Consumer Discretionary | 10.4 |
| Health Care | 10.0 |
| Communication Services | 9.6 |
| Consumer Staples | 3.6 |
| Energy | 2.9 |
| Utilities | 2.3 |
| Materials | 1.7 |
| Real Estate | 1.7 |
| Cash/Other Assets and Liabilities | 0.4 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.6 |
| Microsoft Corp. | 6.1 |
| Apple, Inc. | 5.2 |
| Amazon.com, Inc. | 4.6 |
| Alphabet, Inc., Class A | 4.5 |
| Broadcom, Inc. | 2.9 |
| Meta Platforms, Inc., Class A | 2.6 |
| JPMorgan Chase & Co. | 2.2 |
| Johnson & Johnson | 1.9 |
| Mastercard, Inc., Class A | 1.5 |
| Total | 39.1 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian All Cap Core VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Balanced Allocation VIP Fund
This annual shareholder report contains important information about Guardian Balanced Allocation VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $97 | 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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 12.92% for the 12 months ended December 31, 2025, compared to the 14.24% return of the blended index (the "Index"), an index with similar investment characteristics as the Fund, which consists of the Standard & Poor's 500<sup>®</sup> Index and the Bloomberg US Aggregate Bond Index, weighted 65%/35%, respectively, for the same period. 

* The Standard & Poor's 500<sup>®</sup> Index returned 17.89% for the same period, and the Bloomberg US Aggregate Bond Index returned 7.31% for the same period.

* In the Fund's equity allocation, weak security selection in the consumer discretionary and consumer staples sectors was partially offset by strong security selection in the information technology and communication services sectors.

* In the Fund's fixed income allocation, security selection within asset-backed securities was the primary driver of the Fund's relative underperformance compared to the Index. Within investment grade credit, security selection in the financials and industrials sectors contributed positively to the Fund's performance.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Standard & Poor's 500 Index, Standard & Poor's 500 (65%)/Bloomberg US Aggregate Bond Index (35%) and Bloomberg US Aggregate Bond Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g26z67.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Guardian Balanced Allocation VIP Fund** | **Standard & Poor's 500 Index** | **Standard & Poor's 500 (65%)/Bloomberg US Aggregate Bond Index (35%)** | **Bloomberg US Aggregate Bond Index** |
| **5/2/22** | $10000 | $10000 | $10000 | $10000 |
| **5/31/22** | $10020 | $9962 | $10018 | $10125 |
| **6/30/22** | $9420 | $9139 | $9426 | $9966 |
| **7/31/22** | $10020 | $9982 | $10071 | $10209 |
| **8/31/22** | $9700 | $9575 | $9705 | $9921 |
| **9/30/22** | $8990 | $8693 | $8977 | $9492 |
| **10/31/22** | $9350 | $9397 | $9409 | $9369 |
| **11/30/22** | $9810 | $9922 | $9872 | $9714 |
| **12/31/22** | $9460 | $9351 | $9486 | $9670 |
| **1/31/23** | $9980 | $9938 | $9976 | $9967 |
| **2/28/23** | $9720 | $9696 | $9727 | $9710 |
| **3/31/23** | $10010 | $10052 | $10046 | $9956 |
| **4/30/23** | $10140 | $10208 | $10169 | $10017 |
| **5/31/23** | $10090 | $10253 | $10159 | $9908 |
| **6/30/23** | $10430 | $10930 | $10583 | $9872 |
| **7/31/23** | $10630 | $11281 | $10801 | $9865 |
| **8/31/23** | $10490 | $11102 | $10665 | $9802 |
| **9/30/23** | $10090 | $10572 | $10240 | $9553 |
| **10/31/23** | $9890 | $10350 | $10043 | $9403 |
| **11/30/23** | $10680 | $11295 | $10799 | $9828 |
| **12/31/23** | $11150 | $11809 | $11262 | $10205 |
| **1/31/24** | $11270 | $12007 | $11375 | $10177 |
| **2/29/24** | $11640 | $12648 | $11713 | $10033 |
| **3/31/24** | $11920 | $13055 | $11996 | $10125 |
| **4/30/24** | $11520 | $12522 | $11571 | $9870 |
| **5/31/24** | $11910 | $13143 | $12013 | $10037 |
| **6/30/24** | $12140 | $13614 | $12333 | $10132 |
| **7/31/24** | $12220 | $13780 | $12531 | $10369 |
| **8/31/24** | $12480 | $14114 | $12792 | $10518 |
| **9/30/24** | $12620 | $14416 | $13030 | $10658 |
| **10/31/24** | $12450 | $14285 | $12840 | $10394 |
| **11/30/24** | $12990 | $15124 | $13377 | $10504 |
| **12/31/24** | $12690 | $14763 | $13093 | $10332 |
| **1/31/25** | $12940 | $15174 | $13355 | $10387 |
| **2/28/25** | $12830 | $14976 | $13344 | $10615 |
| **3/31/25** | $12330 | $14132 | $12857 | $10619 |
| **4/30/25** | $12380 | $14036 | $12818 | $10661 |
| **5/31/25** | $12800 | $14920 | $13310 | $10585 |
| **6/30/25** | $13370 | $15679 | $13822 | $10748 |
| **7/31/25** | $13650 | $16031 | $14011 | $10719 |
| **8/31/25** | $13750 | $16356 | $14254 | $10847 |
| **9/30/25** | $13960 | $16953 | $14647 | $10966 |
| **10/31/25** | $14300 | $17349 | $14902 | $11034 |
| **11/30/25** | $14310 | $17392 | $14958 | $11103 |
| **12/31/25** | $14330 | $17403 | $14956 | $11086 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 5/2/22** |
| Guardian Balanced Allocation VIP Fund | 12.92% | 10.31% |
| Standard & Poor's 500 Index | 17.89% | 16.31% |
| Standard & Poor's 500 (65%)/Bloomberg US Aggregate Bond Index (35%) | 14.24% | 11.61% |
| Bloomberg US Aggregate Bond Index | 7.31% | 2.85% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Balanced Allocation VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $203541353 |
| Total # of Portfolio Holdings | 405 |
| Total Advisory Fees Paid | $1005464 |
| Portfolio Turnover Rate | 137% |

---

## What were the Fund's portfolio holdings? (as of December 31, 2025)

#### Portfolio Composition

#### (% of Total Net Assets)
![Group By Asset Type Chart](g102894g78f50.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Equities | 63.8 |
| Fixed Income | 34.7 |
| Cash/Other Assets and Liabilities | 1.5 |

---

### Equity Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Information Technology | 22.4 |
| Consumer Discretionary | 9.6 |
| Financials | 8.2 |
| Communication Services | 6.9 |
| Health Care | 6.7 |
| Industrials | 3.8 |
| Energy | 2.0 |
| Utilities | 1.8 |
| Materials | 1.5 |
| Real Estate | 0.9 |

---

### Bond Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| U.S. Government Securities | 15.2 |
| Agency Mortgage-Backed Securities | 9.1 |
| Corporate Bonds & Notes | 8.2 |
| Asset-Backed Securities | 1.1 |
| Non-Agency Mortgage-Backed Securities | 1 |
| Exchange-Traded Funds | 0.6 |
| Municipals | 0.5 |
| Foreign Government | 0.3 |
| U.S. Treasury Bills | 0 |
| Agency Mortgage-Backed Securities TBA Sale Commitments | (1.3) |
| Cash/Other Assets and Liabilities | 1.5 |
| Total | 100 |

---

#### Top Ten Holdings

#### (% of Total Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.0 |
| Alphabet, Inc., Class A | 4.8 |
| Microsoft Corp. | 4.6 |
| Amazon.com, Inc. | 3.2 |
| Apple, Inc. | 2.6 |
| Wells Fargo & Co. | 2.5 |
| Broadcom, Inc. | 2.2 |
| Mastercard, Inc., Class A | 1.9 |
| Sempra | 1.8 |
| KKR & Co., Inc. | 1.7 |
| Total | 31.3 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Balanced Allocation VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Equity Income VIP Fund
This annual shareholder report contains important information about Guardian Equity Income VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $60 | 0.56%<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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 14.76% for the 12 months ended December 31, 2025, compared to the 15.92% return of the Russell 1000<sup>®</sup> Value Index (the "Index"), an index with similar investment characteristics as the Fund, for the same period. The Fund's broad-based securities market index, the Russell 1000<sup>®</sup> Index, returned 17.38% for the same period.

* The U.S. stock market delivered another strong year, driven by resilient corporate earnings, easing interest rates, and surging optimism around artificial intelligence ("AI") stocks.

* Sector allocation, a result of the Fund's bottom-up stock selection process, drove the Fund's underperformance relative to the Index. The Fund's underweight allocation in the communication services sector was partially offset by an overweight in the health care sector.

* Security selection aided relative results for the Fund. Strong security selection in the health care, materials, and financials sectors was partially offset by weak security selection in the communication services, information technology, and industrials sectors.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Russell 1000 Index and Russell 1000 Value Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g79x61.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Guardian Equity Income VIP Fund** | **Russell 1000 Index** | **Russell 1000 Value Index** |
| **5/2/22** | $10000 | $10000 | $10000 |
| **5/31/22** | $10340 | $9922 | $10194 |
| **6/30/22** | $9570 | $9091 | $9304 |
| **7/31/22** | $10090 | $9938 | $9921 |
| **8/31/22** | $9820 | $9556 | $9625 |
| **9/30/22** | $9080 | $8672 | $8781 |
| **10/31/22** | $9990 | $9367 | $9681 |
| **11/30/22** | $10660 | $9874 | $10286 |
| **12/31/22** | $10260 | $9300 | $9872 |
| **1/31/23** | $10610 | $9923 | $10383 |
| **2/28/23** | $10200 | $9687 | $10017 |
| **3/31/23** | $10100 | $9994 | $9971 |
| **4/30/23** | $10280 | $10118 | $10121 |
| **5/31/23** | $9880 | $10165 | $9731 |
| **6/30/23** | $10470 | $10851 | $10377 |
| **7/31/23** | $10870 | $11224 | $10742 |
| **8/31/23** | $10580 | $11028 | $10452 |
| **9/30/23** | $10180 | $10510 | $10049 |
| **10/31/23** | $9890 | $10256 | $9694 |
| **11/30/23** | $10490 | $11213 | $10426 |
| **12/31/23** | $11020 | $11767 | $11003 |
| **1/31/24** | $10770 | $11931 | $11015 |
| **2/29/24** | $11010 | $12575 | $11421 |
| **3/31/24** | $11540 | $12979 | $11992 |
| **4/30/24** | $11190 | $12426 | $11480 |
| **5/31/24** | $11580 | $13011 | $11844 |
| **6/30/24** | $11450 | $13442 | $11732 |
| **7/31/24** | $12010 | $13638 | $12332 |
| **8/31/24** | $12320 | $13961 | $12663 |
| **9/30/24** | $12490 | $14260 | $12839 |
| **10/31/24** | $12370 | $14160 | $12697 |
| **11/30/24** | $12880 | $15071 | $13508 |
| **12/31/24** | $12130 | $14651 | $12584 |
| **1/31/25** | $12630 | $15118 | $13167 |
| **2/28/25** | $12760 | $14853 | $13220 |
| **3/31/25** | $12630 | $13994 | $12853 |
| **4/30/25** | $12200 | $13910 | $12461 |
| **5/31/25** | $12510 | $14798 | $12899 |
| **6/30/25** | $12890 | $15548 | $13340 |
| **7/31/25** | $12880 | $15893 | $13416 |
| **8/31/25** | $13390 | $16228 | $13844 |
| **9/30/25** | $13440 | $16790 | $14051 |
| **10/31/25** | $13350 | $17153 | $14113 |
| **11/30/25** | $13810 | $17194 | $14488 |
| **12/31/25** | $13920 | $17196 | $14586 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 5/2/22** |
| Guardian Equity Income VIP Fund | 14.76% | 9.44% |
| Russell 1000 Index | 17.38% | 15.94% |
| Russell 1000 Value Index | 15.92% | 10.85% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Equity Income VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $899307418 |
| Total # of Portfolio Holdings | 79 |
| Total Advisory Fees Paid | $3084233 |
| Portfolio Turnover Rate | 152% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Financials | 18.7 |
| Health Care | 16.6 |
| Industrials | 11.3 |
| Consumer Staples | 9.4 |
| Information Technology | 9.2 |
| Utilities | 8.9 |
| Real Estate | 6.5 |
| Energy | 6.2 |
| Materials | 5.4 |
| Consumer Discretionary | 5.3 |
| Communication Services | 2.1 |
| Cash/Other Assets and Liabilities | 0.4 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Merck & Co., Inc. | 2.6 |
| Bank of America Corp. | 2.5 |
| UnitedHealth Group, Inc. | 2.0 |
| Johnson & Johnson | 2.0 |
| Morgan Stanley | 1.9 |
| Unilever PLC, ADR | 1.8 |
| Cisco Systems, Inc. | 1.8 |
| T-Mobile U.S., Inc. | 1.7 |
| Keurig Dr. Pepper, Inc. | 1.7 |
| PACCAR, Inc. | 1.7 |
| Total | 19.7 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Equity Income VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Select Mid Cap Core VIP Fund
This annual shareholder report contains important information about Guardian Select Mid Cap Core VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $101 | 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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 10.34% for the 12 months ended December 31, 2025, compared to the 7.51% return of the Standard & Poor's MidCap 400<sup>®</sup> Index (the "Index"), an index with similar investment characteristics as the Fund, for the same period. The Fund's broad-based securities market index, the Russell 3000<sup>®</sup> Index, returned 17.16% for the same period.

* The macroeconomic backdrop presented a headwind for the Fund, as uncertainty pertaining to the U.S. Federal Reserve's interest rate determinations and U.S. tariff policy was a drag on sentiment across U.S. equity markets at times during the period. 

* Security selection was the primary contributor to the Fund's performance relative to the Index, with stock picking in the information technology sector coming in as the largest contributor for the period. The financials and consumer discretionary sectors were also among the top performing sectors for the Fund.

* The Fund strategically favored investments in high-quality businesses capable of delivering growth through strong market positions, idiosyncratic drivers or cyclical recovery.

* The Fund's holdings in the industrials sector detracted from its relative performance, with security selection within the sector as the primary factor. Security selection in the materials and energy sectors also detracted from the Fund's performance.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Russell 3000 Index and Standard & Poor's MidCap 400 Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g66b28.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Guardian Select Mid Cap Core VIP Fund** | **Russell 3000 Index** | **Standard & Poor's MidCap 400 Index** |
| **10/25/21** | $10000 | $10000 | $10000 |
| **11/30/21** | $9880 | $10058 | $9947 |
| **12/31/21** | $9490 | $9905 | $9654 |
| **1/31/22** | $9280 | $9689 | $9413 |
| **2/28/22** | $9450 | $9445 | $9518 |
| **3/31/22** | $9770 | $9752 | $9650 |
| **4/30/22** | $9170 | $8876 | $8964 |
| **5/31/22** | $9190 | $8864 | $9031 |
| **6/30/22** | $8220 | $8123 | $8162 |
| **7/31/22** | $9040 | $8885 | $9048 |
| **8/31/22** | $8580 | $8553 | $8767 |
| **9/30/22** | $7790 | $7760 | $7961 |
| **10/31/22** | $8550 | $8397 | $8799 |
| **11/30/22** | $9050 | $8835 | $9337 |
| **12/31/22** | $8650 | $8318 | $8820 |
| **1/31/23** | $9540 | $8890 | $9634 |
| **2/28/23** | $9330 | $8683 | $9459 |
| **3/31/23** | $9070 | $8915 | $9155 |
| **4/30/23** | $9010 | $9010 | $9084 |
| **5/31/23** | $8690 | $9045 | $8794 |
| **6/30/23** | $9430 | $9662 | $9600 |
| **7/31/23** | $9840 | $10009 | $9996 |
| **8/31/23** | $9470 | $9816 | $9707 |
| **9/30/23** | $8960 | $9348 | $9196 |
| **10/31/23** | $8520 | $9100 | $8705 |
| **11/30/23** | $9210 | $9949 | $9446 |
| **12/31/23** | $10060 | $10477 | $10269 |
| **1/31/24** | $9870 | $10593 | $10094 |
| **2/29/24** | $10480 | $11166 | $10693 |
| **3/31/24** | $10960 | $11526 | $11292 |
| **4/30/24** | $10290 | $11019 | $10612 |
| **5/31/24** | $10760 | $11540 | $11078 |
| **6/30/24** | $10510 | $11897 | $10903 |
| **7/31/24** | $11150 | $12118 | $11536 |
| **8/31/24** | $11120 | $12382 | $11527 |
| **9/30/24** | $11310 | $12638 | $11660 |
| **10/31/24** | $11150 | $12545 | $11577 |
| **11/30/24** | $12190 | $13380 | $12597 |
| **12/31/24** | $11310 | $12971 | $11700 |
| **1/31/25** | $11920 | $13380 | $12150 |
| **2/28/25** | $11450 | $13124 | $11622 |
| **3/31/25** | $10790 | $12358 | $10986 |
| **4/30/25** | $10580 | $12275 | $10739 |
| **5/31/25** | $11180 | $13054 | $11318 |
| **6/30/25** | $11660 | $13717 | $11723 |
| **7/31/25** | $11770 | $14019 | $11913 |
| **8/31/25** | $12030 | $14343 | $12318 |
| **9/30/25** | $12080 | $14838 | $12374 |
| **10/31/25** | $12140 | $15156 | $12316 |
| **11/30/25** | $12480 | $15198 | $12568 |
| **12/31/25** | $12480 | $15195 | $12578 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 10/25/21** |
| Guardian Select Mid Cap Core VIP Fund | 10.34% | 5.43% |
| Russell 3000 Index | 17.16% | 10.52% |
| Standard & Poor's MidCap 400 Index | 7.51% | 5.63% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Select Mid Cap Core VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $170435184 |
| Total # of Portfolio Holdings | 206 |
| Total Advisory Fees Paid | $937228 |
| Portfolio Turnover Rate | 60% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Industrials | 23.8 |
| Financials | 16.6 |
| Information Technology | 14.2 |
| Consumer Discretionary | 11.4 |
| Health Care | 8.9 |
| Real Estate | 6.5 |
| Materials | 4.5 |
| Consumer Staples | 4.3 |
| Energy | 4.1 |
| Utilities | 3.4 |
| Communication Services | 1.5 |
| Cash/Other Assets and Liabilities | 0.8 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Coherent Corp. | 2.1 |
| XPO, Inc. | 1.5 |
| Ciena Corp. | 1.4 |
| WESCO International, Inc. | 1.4 |
| Bancorp, Inc. | 1.4 |
| ITT, Inc. | 1.3 |
| Twilio, Inc., Class A | 1.3 |
| Flowserve Corp. | 1.3 |
| Carpenter Technology Corp. | 1.2 |
| Somnigroup International, Inc. | 1.1 |
| Total | 14.0 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Select Mid Cap Core VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Small-Mid Cap Core VIP Fund
This annual shareholder report contains important information about Guardian Small-Mid Cap Core VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $103 | 1.02%<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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 1.56% for the 12 months ended December 31, 2025, compared to the 11.92% return of the Russell 2500<sup>®</sup> Index (the "Index"), an index with similar investment characteristics as the Fund, for the same period. The Fund's broad-based securities market index, the Russell 3000<sup>®</sup> Index, returned 17.16% for the same period.

* 2025 was marked by significant macro uncertainty, including trade disruptions driven by U.S. tariff policy and shifting sentiment around artificial intelligence ("AI"), which contributed to significant shifts in market leadership. Despite these headwinds, the Fund maintained a disciplined approach, emphasizing diversification and long-term positioning, even as market narratives evolved rapidly throughout the reporting period.

* The Fund faced a challenging landscape and ultimately lagged the Index, as persistent weakness in the information technology ("IT") sector weighed heavily on the Fund's performance. 

* While sector allocation offered a modest offset to the Fund's underperformance relative to the Index, negative stock selection across several segments including IT, health care and materials sectors proved difficult to overcome and detracted from the Fund's performance. The energy and the utilities sectors also detracted from Fund's performance. However, security selection in the consumer discretionary sector along with an underweight in the consumer staples sector were the largest contributors to the Fund's performance.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Russell 3000 Index and Russell 2500 Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g70z75.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Guardian Small-Mid Cap Core VIP Fund** | **Russell 3000 Index** | **Russell 2500 Index** |
| **10/25/21** | $10000 | $10000 | $10000 |
| **11/30/21** | $9880 | $10058 | $9938 |
| **12/31/21** | $9590 | $9905 | $9524 |
| **1/31/22** | $9300 | $9689 | $9017 |
| **2/28/22** | $9170 | $9445 | $9119 |
| **3/31/22** | $9280 | $9752 | $9264 |
| **4/30/22** | $8630 | $8876 | $8474 |
| **5/31/22** | $8510 | $8864 | $8503 |
| **6/30/22** | $7840 | $8123 | $7691 |
| **7/31/22** | $8540 | $8885 | $8486 |
| **8/31/22** | $8270 | $8553 | $8261 |
| **9/30/22** | $7530 | $7760 | $7474 |
| **10/31/22** | $8060 | $8397 | $8191 |
| **11/30/22** | $8640 | $8835 | $8537 |
| **12/31/22** | $8330 | $8318 | $8029 |
| **1/31/23** | $9240 | $8890 | $8832 |
| **2/28/23** | $9090 | $8683 | $8625 |
| **3/31/23** | $8850 | $8915 | $8301 |
| **4/30/23** | $8740 | $9010 | $8193 |
| **5/31/23** | $8370 | $9045 | $8049 |
| **6/30/23** | $9040 | $9662 | $8735 |
| **7/31/23** | $9400 | $10009 | $9169 |
| **8/31/23** | $9190 | $9816 | $8809 |
| **9/30/23** | $8620 | $9348 | $8317 |
| **10/31/23** | $8040 | $9100 | $7812 |
| **11/30/23** | $8830 | $9949 | $8515 |
| **12/31/23** | $9660 | $10477 | $9428 |
| **1/31/24** | $9500 | $10593 | $9181 |
| **2/29/24** | $10030 | $11166 | $9681 |
| **3/31/24** | $10330 | $11526 | $10080 |
| **4/30/24** | $9480 | $11019 | $9405 |
| **5/31/24** | $9910 | $11540 | $9796 |
| **6/30/24** | $9760 | $11897 | $9650 |
| **7/31/24** | $10390 | $12118 | $10366 |
| **8/31/24** | $10410 | $12382 | $10340 |
| **9/30/24** | $10460 | $12638 | $10494 |
| **10/31/24** | $10170 | $12545 | $10396 |
| **11/30/24** | $11080 | $13380 | $11420 |
| **12/31/24** | $10270 | $12971 | $10559 |
| **1/31/25** | $10610 | $13380 | $10933 |
| **2/28/25** | $9940 | $13124 | $10420 |
| **3/31/25** | $9370 | $12358 | $9767 |
| **4/30/25** | $9120 | $12275 | $9565 |
| **5/31/25** | $9700 | $13054 | $10138 |
| **6/30/25** | $10160 | $13717 | $10605 |
| **7/31/25** | $10070 | $14019 | $10810 |
| **8/31/25** | $10300 | $14343 | $11378 |
| **9/30/25** | $10170 | $14838 | $11560 |
| **10/31/25** | $10130 | $15156 | $11637 |
| **11/30/25** | $10410 | $15198 | $11806 |
| **12/31/25** | $10430 | $15195 | $11816 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 10/25/21** |
| Guardian Small-Mid Cap Core VIP Fund | 1.56% | 1.01% |
| Russell 3000 Index | 17.16% | 10.52% |
| Russell 2500 Index | 11.92% | 4.07% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Small-Mid Cap Core VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $215330231 |
| Total # of Portfolio Holdings | 73 |
| Total Advisory Fees Paid | $1430553 |
| Portfolio Turnover Rate | 72% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Industrials | 23.9 |
| Financials | 19.3 |
| Information Technology | 15.9 |
| Consumer Discretionary | 12.7 |
| Health Care | 11.8 |
| Materials | 7.6 |
| Real Estate | 4.1 |
| Energy | 2.6 |
| Communication Services | 1.5 |
| Cash/Other Assets and Liabilities | 0.6 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Marvell Technology, Inc. | 2.6 |
| Bio-Rad Laboratories, Inc., Class A | 2.1 |
| ON Semiconductor Corp. | 1.8 |
| Regal Rexnord Corp. | 1.8 |
| Allient, Inc. | 1.8 |
| Revolve Group, Inc. | 1.8 |
| Herc Holdings, Inc. | 1.8 |
| API Group Corp. | 1.8 |
| Toll Brothers, Inc. | 1.7 |
| Azenta, Inc. | 1.7 |
| Total | 18.9 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Small-Mid Cap Core VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Strategic Large Cap Core VIP Fund
This annual shareholder report contains important information about Guardian Strategic Large Cap Core VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $97 | 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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 11.76% for the 12 months ended December 31, 2025, compared to the Standard & Poor's 500<sup>®</sup> Index (the "Index"), which returned 17.89% for the same period.

* During the reporting period, equity market volatility was higher than historical norms, especially for non-artificial intelligence ("AI") companies. Much of this was due to changes in market structure, but also partly due to a softening macro backdrop, particularly in consumer-facing stocks.

* Security selection within the technology and financials sectors detracted, while security selection within the consumer staples and healthcare sectors contributed to the Fund's performance.

* An underweight to the consumer staples and real estate sectors contributed to the Fund's performance, while an underweight to the communication services sector and an overweight to the industrials sector detracted.

* Strategic changes to the Fund's portfolio holdings centered on adding high-quality companies with strong cash flow, reducing exposure to higher-risk investments, and taking profits from expensive stocks while increasing exposure to stocks with attractive valuations.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Standard & Poor's 500 Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g21o16.jpg)

---

| | | |
|:---|:---|:---|
| | **Guardian Strategic Large Cap Core VIP Fund** | **Standard & Poor's 500 Index** |
| **10/25/21** | $10000 | $10000 |
| **11/30/21** | $10010 | $10087 |
| **12/31/21** | $9820 | $10017 |
| **1/31/22** | $9850 | $9924 |
| **2/28/22** | $9570 | $9627 |
| **3/31/22** | $9910 | $9985 |
| **4/30/22** | $9300 | $9114 |
| **5/31/22** | $9390 | $9131 |
| **6/30/22** | $8900 | $8377 |
| **7/31/22** | $9400 | $9150 |
| **8/31/22** | $9090 | $8776 |
| **9/30/22** | $8400 | $7968 |
| **10/31/22** | $9140 | $8613 |
| **11/30/22** | $9620 | $9095 |
| **12/31/22** | $9280 | $8571 |
| **1/31/23** | $9530 | $9109 |
| **2/28/23** | $9260 | $8887 |
| **3/31/23** | $9610 | $9213 |
| **4/30/23** | $9870 | $9357 |
| **5/31/23** | $9910 | $9398 |
| **6/30/23** | $10380 | $10019 |
| **7/31/23** | $10590 | $10340 |
| **8/31/23** | $10520 | $10176 |
| **9/30/23** | $10120 | $9691 |
| **10/31/23** | $10130 | $9487 |
| **11/30/23** | $10880 | $10353 |
| **12/31/23** | $11150 | $10824 |
| **1/31/24** | $11490 | $11005 |
| **2/29/24** | $11830 | $11593 |
| **3/31/24** | $12120 | $11966 |
| **4/30/24** | $11660 | $11477 |
| **5/31/24** | $12100 | $12046 |
| **6/30/24** | $12580 | $12479 |
| **7/31/24** | $12810 | $12631 |
| **8/31/24** | $13110 | $12937 |
| **9/30/24** | $13270 | $13213 |
| **10/31/24** | $13140 | $13093 |
| **11/30/24** | $13680 | $13862 |
| **12/31/24** | $13350 | $13532 |
| **1/31/25** | $13690 | $13908 |
| **2/28/25** | $13710 | $13727 |
| **3/31/25** | $13210 | $12953 |
| **4/30/25** | $13170 | $12866 |
| **5/31/25** | $13760 | $13675 |
| **6/30/25** | $14260 | $14371 |
| **7/31/25** | $14360 | $14693 |
| **8/31/25** | $14520 | $14991 |
| **9/30/25** | $14950 | $15538 |
| **10/31/25** | $14980 | $15902 |
| **11/30/25** | $15060 | $15941 |
| **12/31/25** | $14920 | $15951 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 10/25/21** |
| Guardian Strategic Large Cap Core VIP Fund | 11.76% | 10.03% |
| Standard & Poor's 500 Index | 17.89% | 11.81% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Strategic Large Cap Core VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $192533446 |
| Total # of Portfolio Holdings | 74 |
| Total Advisory Fees Paid | $1069745 |
| Portfolio Turnover Rate | 43% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Information Technology | 31.7 |
| Financials | 14.8 |
| Health Care | 12.5 |
| Industrials | 10.8 |
| Consumer Discretionary | 9.2 |
| Communication Services | 9.1 |
| Consumer Staples | 4.1 |
| Utilities | 4.1 |
| Energy | 1.7 |
| Real Estate | 1.3 |
| Cash/Other Assets and Liabilities | 0.7 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 8.0 |
| Alphabet, Inc., Class C | 6.1 |
| Apple, Inc. | 5.4 |
| NVIDIA Corp. | 4.8 |
| Amazon.com, Inc. | 3.8 |
| Broadcom, Inc. | 3.5 |
| Visa, Inc., Class A | 2.3 |
| McKesson Corp. | 2.0 |
| Merck & Co., Inc. | 1.9 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.9 |
| Total | 39.7 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Strategic Large Cap Core VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Integrated Research VIP Fund
This annual shareholder report contains important information about Guardian Integrated Research VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $91 | 0.85%<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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 14.65% for the 12 months ended December 31, 2025, compared to the Standard & Poor's 500<sup>®</sup> Index (the "Index"), which returned 17.89% for the same period.

* U.S. equities rose in 2025 amidst a macroeconomic environment shaped by resilient corporate earnings, falling interest rates and inflation, and surging optimism around artificial intelligence ("AI").

* The Fund's performance relative to the Index was driven by weak security selection. Selection in the information technology ("IT"), consumer discretionary, and health care sectors was partially offset by strong selection in the industrials, financials, and real estate sectors. 

* Sector allocation contributed to relative results. The Fund's overweight allocation in the communication services sector and an underweight in the real estate sector positively contributed most to the Fund's performance, which was partially offset by the Fund's overweight in the consumer discretionary sector and an underweight in the financials sector.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Standard & Poor's 500 Index. The Fund replaced its subadviser effective October 1, 2019 and October 12, 2021, respectively, and modified its principal investment strategies.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g20u46.jpg)

---

| | | |
|:---|:---|:---|
| | **Guardian Integrated Research VIP Fund** | **Standard & Poor's 500 Index** |
| **9/1/16** | $10000 | $10000 |
| **10/31/16** | $9990 | $10002 |
| **11/30/16** | $9860 | $9820 |
| **12/31/16** | $10090 | $10183 |
| **1/31/17** | $10460 | $10582 |
| **2/28/17** | $10890 | $11002 |
| **3/31/17** | $10840 | $11015 |
| **4/30/17** | $10890 | $11128 |
| **5/31/17** | $11020 | $11284 |
| **6/30/17** | $11100 | $11355 |
| **7/31/17** | $11290 | $11588 |
| **8/31/17** | $11290 | $11624 |
| **9/30/17** | $11530 | $11864 |
| **10/31/17** | $11770 | $12140 |
| **11/30/17** | $12140 | $12513 |
| **12/31/17** | $12280 | $12652 |
| **1/31/18** | $12930 | $13376 |
| **2/28/18** | $12390 | $12883 |
| **3/31/18** | $12040 | $12556 |
| **4/30/18** | $12110 | $12604 |
| **5/31/18** | $12360 | $12907 |
| **6/30/18** | $12350 | $12987 |
| **7/31/18** | $12800 | $13470 |
| **8/31/18** | $13220 | $13909 |
| **9/30/18** | $13290 | $13988 |
| **10/31/18** | $12330 | $13032 |
| **11/30/18** | $12480 | $13298 |
| **12/31/18** | $11260 | $12097 |
| **1/31/19** | $12260 | $13067 |
| **2/28/19** | $12590 | $13486 |
| **3/31/19** | $12650 | $13748 |
| **4/30/19** | $13100 | $14305 |
| **5/31/19** | $12180 | $13396 |
| **6/30/19** | $12990 | $14340 |
| **7/31/19** | $13240 | $14546 |
| **8/31/19** | $12900 | $14315 |
| **9/30/19** | $13200 | $14583 |
| **10/31/19** | $13390 | $14899 |
| **11/30/19** | $13870 | $15440 |
| **12/31/19** | $14310 | $15906 |
| **1/31/20** | $14460 | $15900 |
| **2/29/20** | $13350 | $14591 |
| **3/31/20** | $11830 | $12789 |
| **4/30/20** | $13360 | $14428 |
| **5/31/20** | $13920 | $15115 |
| **6/30/20** | $14210 | $15416 |
| **7/31/20** | $14910 | $16285 |
| **8/31/20** | $15940 | $17456 |
| **9/30/20** | $15300 | $16793 |
| **10/31/20** | $14800 | $16346 |
| **11/30/20** | $16390 | $18135 |
| **12/31/20** | $17060 | $18833 |
| **1/31/21** | $16910 | $18642 |
| **2/28/21** | $17430 | $19157 |
| **3/31/21** | $18370 | $19995 |
| **4/30/21** | $19360 | $21063 |
| **5/31/21** | $19520 | $21210 |
| **6/30/21** | $19940 | $21705 |
| **7/31/21** | $20280 | $22220 |
| **8/31/21** | $20950 | $22896 |
| **9/30/21** | $19760 | $21831 |
| **10/31/21** | $21160 | $23361 |
| **11/30/21** | $20930 | $23199 |
| **12/31/21** | $21860 | $24239 |
| **1/31/22** | $20730 | $22984 |
| **2/28/22** | $19890 | $22296 |
| **3/31/22** | $20370 | $23124 |
| **4/30/22** | $18590 | $21107 |
| **5/31/22** | $18640 | $21146 |
| **6/30/22** | $17090 | $19401 |
| **7/31/22** | $18590 | $21190 |
| **8/31/22** | $17890 | $20325 |
| **9/30/22** | $16290 | $18453 |
| **10/31/22** | $17390 | $19947 |
| **11/30/22** | $18260 | $21062 |
| **12/31/22** | $17240 | $19849 |
| **1/31/23** | $18250 | $21096 |
| **2/28/23** | $17670 | $20581 |
| **3/31/23** | $18370 | $21337 |
| **4/30/23** | $18650 | $21670 |
| **5/31/23** | $18730 | $21764 |
| **6/30/23** | $19810 | $23202 |
| **7/31/23** | $20400 | $23947 |
| **8/31/23** | $20100 | $23566 |
| **9/30/23** | $19100 | $22443 |
| **10/31/23** | $18890 | $21971 |
| **11/30/23** | $20490 | $23977 |
| **12/31/23** | $21430 | $25066 |
| **1/31/24** | $22030 | $25488 |
| **2/29/24** | $23440 | $26849 |
| **3/31/24** | $24100 | $27712 |
| **4/30/24** | $23220 | $26581 |
| **5/31/24** | $24190 | $27899 |
| **6/30/24** | $25080 | $28900 |
| **7/31/24** | $25030 | $29251 |
| **8/31/24** | $25750 | $29961 |
| **9/30/24** | $26200 | $30601 |
| **10/31/24** | $25910 | $30323 |
| **11/30/24** | $27390 | $32103 |
| **12/31/24** | $26970 | $31338 |
| **1/31/25** | $27710 | $32211 |
| **2/28/25** | $27110 | $31790 |
| **3/31/25** | $25420 | $29999 |
| **4/30/25** | $25260 | $29796 |
| **5/31/25** | $26930 | $31671 |
| **6/30/25** | $28230 | $33282 |
| **7/31/25** | $29110 | $34029 |
| **8/31/25** | $29420 | $34719 |
| **9/30/25** | $30310 | $35986 |
| **10/31/25** | $30880 | $36828 |
| **11/30/25** | $31020 | $36919 |
| **12/31/25** | $30920 | $36941 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 9/1/16** |
| Guardian Integrated Research VIP Fund | 14.65% | 12.63% | 12.85% |
| Standard & Poor's 500 Index | 17.89% | 14.43% | 15.03% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Integrated Research VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $244508377 |
| Total # of Portfolio Holdings | 71 |
| Total Advisory Fees Paid | $1245115 |
| Portfolio Turnover Rate | 34% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Information Technology | 33.7 |
| Financials | 12.7 |
| Communication Services | 12.1 |
| Industrials | 10.2 |
| Consumer Discretionary | 10.1 |
| Health Care | 8.5 |
| Consumer Staples | 4.0 |
| Energy | 2.9 |
| Utilities | 2.4 |
| Materials | 1.9 |
| Real Estate | 1.3 |
| Cash/Other Assets and Liabilities | 0.2 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.6 |
| Apple, Inc. | 7.5 |
| Microsoft Corp. | 7.1 |
| Alphabet, Inc., Class A | 6.5 |
| Amazon.com, Inc. | 5.1 |
| Broadcom, Inc. | 3.4 |
| Meta Platforms, Inc., Class A | 2.8 |
| JPMorgan Chase & Co. | 2.4 |
| Eli Lilly & Co. | 2.4 |
| Mastercard, Inc., Class A | 2.0 |
| Total | 47.8 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Integrated Research VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian International Equity VIP Fund
This annual shareholder report contains important information about Guardian International Equity VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $129 | 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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of MSCI EAFE Index. The Fund replaced its subadviser and modified its principal investment strategies as of February 17, 2022.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g57z47.jpg)

---

| | | |
|:---|:---|:---|
| | **Guardian International Equity VIP Fund** | **MSCI EAFE Index** |
| **9/1/16** | $10000 | $10000 |
| **10/31/16** | $10110 | $10069 |
| **11/30/16** | $9670 | $9863 |
| **12/31/16** | $9460 | $9666 |
| **1/31/17** | $9760 | $10287 |
| **2/28/17** | $9870 | $10434 |
| **3/31/17** | $10150 | $10721 |
| **4/30/17** | $10460 | $10994 |
| **5/31/17** | $10850 | $11397 |
| **6/30/17** | $10790 | $11377 |
| **7/31/17** | $11140 | $11705 |
| **8/31/17** | $11100 | $11701 |
| **9/30/17** | $11300 | $11992 |
| **10/31/17** | $11470 | $12174 |
| **11/30/17** | $11660 | $12302 |
| **12/31/17** | $11800 | $12499 |
| **1/31/18** | $12390 | $13126 |
| **2/28/18** | $11720 | $12534 |
| **3/31/18** | $11740 | $12308 |
| **4/30/18** | $11620 | $12589 |
| **5/31/18** | $11450 | $12306 |
| **6/30/18** | $11300 | $12156 |
| **7/31/18** | $11480 | $12455 |
| **8/31/18** | $11260 | $12214 |
| **9/30/18** | $11380 | $12320 |
| **10/31/18** | $10530 | $11340 |
| **11/30/18** | $10510 | $11325 |
| **12/31/18** | $10010 | $10776 |
| **1/31/19** | $10570 | $11484 |
| **2/28/19** | $10930 | $11777 |
| **3/31/19** | $11020 | $11851 |
| **4/30/19** | $11340 | $12184 |
| **5/31/19** | $10960 | $11599 |
| **6/30/19** | $11580 | $12287 |
| **7/31/19** | $11350 | $12131 |
| **8/31/19** | $11110 | $11817 |
| **9/30/19** | $11400 | $12155 |
| **10/31/19** | $11640 | $12592 |
| **11/30/19** | $11720 | $12734 |
| **12/31/19** | $12150 | $13148 |
| **1/31/20** | $11920 | $12873 |
| **2/29/20** | $11040 | $11709 |
| **3/31/20** | $9290 | $10147 |
| **4/30/20** | $9840 | $10802 |
| **5/31/20** | $10360 | $11272 |
| **6/30/20** | $10640 | $11656 |
| **7/31/20** | $11080 | $11928 |
| **8/31/20** | $11660 | $12541 |
| **9/30/20** | $11410 | $12215 |
| **10/31/20** | $10910 | $11728 |
| **11/30/20** | $12520 | $13546 |
| **12/31/20** | $13160 | $14175 |
| **1/31/21** | $12860 | $14024 |
| **2/28/21** | $13050 | $14339 |
| **3/31/21** | $13390 | $14669 |
| **4/30/21** | $13810 | $15110 |
| **5/31/21** | $14140 | $15603 |
| **6/30/21** | $13840 | $15427 |
| **7/31/21** | $13930 | $15543 |
| **8/31/21** | $14280 | $15817 |
| **9/30/21** | $13840 | $15358 |
| **10/31/21** | $14170 | $15736 |
| **11/30/21** | $13370 | $15004 |
| **12/31/21** | $13870 | $15772 |
| **1/31/22** | $13330 | $15010 |
| **2/28/22** | $12770 | $14744 |
| **3/31/22** | $12660 | $14839 |
| **4/30/22** | $11800 | $13879 |
| **5/31/22** | $11950 | $13983 |
| **6/30/22** | $10820 | $12686 |
| **7/31/22** | $11330 | $13318 |
| **8/31/22** | $10590 | $12685 |
| **9/30/22** | $9560 | $11499 |
| **10/31/22** | $10190 | $12117 |
| **11/30/22** | $11580 | $13482 |
| **12/31/22** | $11390 | $13493 |
| **1/31/23** | $12400 | $14585 |
| **2/28/23** | $12040 | $14281 |
| **3/31/23** | $12430 | $14635 |
| **4/30/23** | $12680 | $15048 |
| **5/31/23** | $12300 | $14411 |
| **6/30/23** | $12780 | $15067 |
| **7/31/23** | $13020 | $15555 |
| **8/31/23** | $12410 | $14959 |
| **9/30/23** | $11950 | $14448 |
| **10/31/23** | $11620 | $13862 |
| **11/30/23** | $12560 | $15149 |
| **12/31/23** | $13160 | $15953 |
| **1/31/24** | $13090 | $16045 |
| **2/29/24** | $13530 | $16339 |
| **3/31/24** | $13900 | $16876 |
| **4/30/24** | $13610 | $16444 |
| **5/31/24** | $14170 | $17081 |
| **6/30/24** | $13940 | $16805 |
| **7/31/24** | $14350 | $17298 |
| **8/31/24** | $14820 | $17861 |
| **9/30/24** | $14890 | $18026 |
| **10/31/24** | $14090 | $17046 |
| **11/30/24** | $13980 | $16949 |
| **12/31/24** | $13720 | $16563 |
| **1/31/25** | $14420 | $17434 |
| **2/28/25** | $14810 | $17772 |
| **3/31/25** | $14620 | $17700 |
| **4/30/25** | $15160 | $18511 |
| **5/31/25** | $15880 | $19358 |
| **6/30/25** | $16160 | $19784 |
| **7/31/25** | $15620 | $19507 |
| **8/31/25** | $16270 | $20338 |
| **9/30/25** | $16700 | $20728 |
| **10/31/25** | $17000 | $20971 |
| **11/30/25** | $17070 | $21102 |
| **12/31/25** | $17440 | $21735 |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 27.11% for the 12 months ended December 31, 2025, compared to the 31.25% return of the MSCI<sup>®</sup> EAFE<sup>®</sup> Index (the "Index"), for the same period.

* In 2025, international equities, supported by stronger overseas fundamentals and a resilient global economy, outperformed U.S. equities. U.S. equities faced greater headwinds from policy, fiscal, and geopolitical concerns. Artificial intelligence ("AI") investment booms were prominent drivers globally, but the market was dominated by sentiment, headlines, and thematic rotations, with less focus on earnings quality and fundamentals. 

* This environment proved challenging for the Fund, which faced challenges from a value-led, low-quality rally and in markets driven more by macro sentiment than fundamentals. Both factors contributed to the Fund's relative underperformance compared to the Index, although fundamentals are expected to prevail over the longer term. 

* The main detractors from the Fund's performance were security selection in the industrials and consumer staples sectors. However, investments in the materials and financials sectors contributed positively to Fund performance. Regionally, the Fund underperformed in the U.K. and Japan, but performed well in the Pacific ex-Japan and Continental Europe regions.

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 9/1/16** |
| Guardian International Equity VIP Fund | 27.11% | 5.79% | 6.14% |
| MSCI EAFE Index | 31.25% | 8.93% | 8.68% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian International Equity VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $203820658 |
| Total # of Portfolio Holdings | 98 |
| Total Advisory Fees Paid | $1604467 |
| Portfolio Turnover Rate | 33% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

#### Sector Allocation

#### (% of Total Net Assets)

---

| | |
|:---|:---|
| Financials | 22.6 |
| Health Care | 15.8 |
| Industrials | 15.8 |
| Consumer Discretionary | 13.2 |
| Information Technology | 11.6 |
| Consumer Staples | 7.3 |
| Communication Services | 4.9 |
| Materials | 3.0 |
| Utilities | 2.3 |
| Energy | 2.1 |
| Real Estate | 0.7 |
| Cash/Other Assets and Liabilities | 0.7 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Roche Holding AG (Switzerland) | 2.9 |
| ASML Holding NV (Netherlands) | 2.6 |
| AstraZeneca PLC (United Kingdom) | 2.5 |
| Banco Bilbao Vizcaya Argentaria SA (Spain) | 2.4 |
| SAP SE (Germany) | 2.3 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | 2.3 |
| Shell PLC (United Kingdom) | 2.1 |
| Allianz SE (Germany) | 2.0 |
| Cie Financiere Richemont SA, Class A (Switzerland) | 1.7 |
| Sony Group Corp. (Japan) | 1.7 |
| Total | 22.5 |

---

#### Geographic Region/Country Allocation

#### (% of Total Net Assets)

---

| | |
|:---|:---|
| Europe | 46.2 |
| Asia-Pacific | 28.2 |
| United Kingdom | 21.5 |
| North America | 3.4 |
| 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.

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](g102894g23h45.jpg)

## 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.

Guardian International Equity VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian International Growth VIP Fund
This annual shareholder report contains important information about Guardian International Growth VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $126 | 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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of MSCI EAFE Index and MSCI EAFE Growth Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g26r74.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Guardian International Growth VIP Fund** | **MSCI EAFE Index** | **MSCI EAFE Growth Index** |
| **9/1/16** | $10000 | $10000 | $10000 |
| **10/31/16** | $10100 | $10069 | $10098 |
| **11/30/16** | $9720 | $9863 | $9663 |
| **12/31/16** | $9440 | $9666 | $9333 |
| **1/31/17** | $10020 | $10287 | $9861 |
| **2/28/17** | $10190 | $10434 | $10080 |
| **3/31/17** | $10570 | $10721 | $10353 |
| **4/30/17** | $11030 | $10994 | $10664 |
| **5/31/17** | $11590 | $11397 | $11204 |
| **6/30/17** | $11450 | $11377 | $11131 |
| **7/31/17** | $11800 | $11705 | $11401 |
| **8/31/17** | $11930 | $11701 | $11464 |
| **9/30/17** | $12170 | $11992 | $11681 |
| **10/31/17** | $12490 | $12174 | $11947 |
| **11/30/17** | $12550 | $12302 | $12090 |
| **12/31/17** | $12610 | $12499 | $12293 |
| **1/31/18** | $13260 | $13126 | $12863 |
| **2/28/18** | $12590 | $12534 | $12313 |
| **3/31/18** | $12500 | $12308 | $12165 |
| **4/30/18** | $12260 | $12589 | $12348 |
| **5/31/18** | $12290 | $12306 | $12323 |
| **6/30/18** | $12120 | $12156 | $12178 |
| **7/31/18** | $12290 | $12455 | $12430 |
| **8/31/18** | $12080 | $12214 | $12395 |
| **9/30/18** | $11920 | $12320 | $12364 |
| **10/31/18** | $10740 | $11340 | $11225 |
| **11/30/18** | $10800 | $11325 | $11259 |
| **12/31/18** | $10240 | $10776 | $10716 |
| **1/31/19** | $10800 | $11484 | $11407 |
| **2/28/19** | $11270 | $11777 | $11800 |
| **3/31/19** | $11610 | $11851 | $12007 |
| **4/30/19** | $12090 | $12184 | $12400 |
| **5/31/19** | $11530 | $11599 | $11920 |
| **6/30/19** | $12400 | $12287 | $12695 |
| **7/31/19** | $12210 | $12131 | $12649 |
| **8/31/19** | $12210 | $11817 | $12495 |
| **9/30/19** | $12300 | $12155 | $12638 |
| **10/31/19** | $12750 | $12592 | $13090 |
| **11/30/19** | $12950 | $12734 | $13325 |
| **12/31/19** | $13530 | $13148 | $13706 |
| **1/31/20** | $13330 | $12873 | $13627 |
| **2/29/20** | $12560 | $11709 | $12451 |
| **3/31/20** | $11460 | $10147 | $11306 |
| **4/30/20** | $12270 | $10802 | $12143 |
| **5/31/20** | $13190 | $11272 | $12807 |
| **6/30/20** | $13950 | $11656 | $13222 |
| **7/31/20** | $14780 | $11928 | $13815 |
| **8/31/20** | $15460 | $12541 | $14430 |
| **9/30/20** | $15350 | $12215 | $14336 |
| **10/31/20** | $14890 | $11728 | $13768 |
| **11/30/20** | $16400 | $13546 | $15459 |
| **12/31/20** | $17340 | $14175 | $16213 |
| **1/31/21** | $17180 | $14024 | $15993 |
| **2/28/21** | $17040 | $14339 | $15938 |
| **3/31/21** | $16990 | $14669 | $16121 |
| **4/30/21** | $17770 | $15110 | $16800 |
| **5/31/21** | $18290 | $15603 | $17309 |
| **6/30/21** | $18390 | $15427 | $17317 |
| **7/31/21** | $18970 | $15543 | $17615 |
| **8/31/21** | $19600 | $15817 | $18030 |
| **9/30/21** | $18420 | $15358 | $17329 |
| **10/31/21** | $19200 | $15736 | $17896 |
| **11/30/21** | $18590 | $15004 | $17290 |
| **12/31/21** | $19210 | $15772 | $18037 |
| **1/31/22** | $17030 | $15010 | $16144 |
| **2/28/22** | $16190 | $14744 | $15786 |
| **3/31/22** | $16040 | $14839 | $15883 |
| **4/30/22** | $14450 | $13879 | $14612 |
| **5/31/22** | $14360 | $13983 | $14442 |
| **6/30/22** | $13270 | $12686 | $13202 |
| **7/31/22** | $14330 | $13318 | $14248 |
| **8/31/22** | $13270 | $12685 | $13384 |
| **9/30/22** | $12050 | $11499 | $12081 |
| **10/31/22** | $12490 | $12117 | $12603 |
| **11/30/22** | $14310 | $13482 | $14057 |
| **12/31/22** | $13780 | $13493 | $13899 |
| **1/31/23** | $15030 | $14585 | $15079 |
| **2/28/23** | $14420 | $14281 | $14657 |
| **3/31/23** | $15300 | $14635 | $15440 |
| **4/30/23** | $15660 | $15048 | $15815 |
| **5/31/23** | $15300 | $14411 | $15327 |
| **6/30/23** | $15740 | $15067 | $15869 |
| **7/31/23** | $15950 | $15555 | $16180 |
| **8/31/23** | $15120 | $14959 | $15421 |
| **9/30/23** | $14260 | $14448 | $14497 |
| **10/31/23** | $13900 | $13862 | $13962 |
| **11/30/23** | $15190 | $15149 | $15457 |
| **12/31/23** | $16010 | $15953 | $16342 |
| **1/31/24** | $16080 | $16045 | $16535 |
| **2/29/24** | $16760 | $16339 | $17094 |
| **3/31/24** | $17230 | $16876 | $17491 |
| **4/30/24** | $16440 | $16444 | $16797 |
| **5/31/24** | $17240 | $17081 | $17437 |
| **6/30/24** | $17230 | $16805 | $17359 |
| **7/31/24** | $17430 | $17298 | $17573 |
| **8/31/24** | $18170 | $17861 | $18266 |
| **9/30/24** | $18180 | $18026 | $18345 |
| **10/31/24** | $17150 | $17046 | $17212 |
| **11/30/24** | $17400 | $16949 | $17150 |
| **12/31/24** | $16860 | $16563 | $16676 |
| **1/31/25** | $17760 | $17434 | $17578 |
| **2/28/25** | $17960 | $17772 | $17601 |
| **3/31/25** | $17450 | $17700 | $17031 |
| **4/30/25** | $18170 | $18511 | $17909 |
| **5/31/25** | $19190 | $19358 | $18837 |
| **6/30/25** | $19660 | $19784 | $19337 |
| **7/31/25** | $18890 | $19507 | $18756 |
| **8/31/25** | $19290 | $20338 | $19282 |
| **9/30/25** | $19780 | $20728 | $19769 |
| **10/31/25** | $20220 | $20971 | $20084 |
| **11/30/25** | $19850 | $21102 | $19789 |
| **12/31/25** | $19890 | $21735 | $20137 |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 17.97%, for the 12 months ended December 31, 2025, compared to the 20.77% return of the MSCI<sup>®</sup> EAFE<sup>®</sup> Growth Index (the "Index"), an index with similar investment characteristics as the Fund, for the same period. The Fund's broad-based securities market index, the MSCI<sup>®</sup> EAFE<sup>®</sup> Index, returned 31.25% for the same period.

* Eurozone and Japan equities reached valuation highs during 2025. The impact of European fiscal stimulus is expected to become more visible, and reforms to the Tokyo Stock Exchange should continue to benefit investors. 

* Security selection in aerospace and defense companies within the industrial sector, which benefited from European fiscal stimulus, contributed to the Fund's performance. Additionally, investments in semiconductors in the latter half of the 2025 contributed to the Fund's performance. Defensive sectors like healthcare and consumer staples generally performed poorly. 

* Security selection in the information technology ("IT") and industrials sectors contributed to the Fund's performance relative to the Index. Security selection in the consumer staples and communication services sectors detracted. 

* From a regional perspective, security selection in Continental Europe and a combination of stock selection and sector allocation in the Pacific Rim also contributed to the Fund's performance. Security selection in the United Kingdom and Japan detracted.

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 9/1/16** |
| Guardian International Growth VIP Fund | 17.97% | 2.78% | 7.64% |
| MSCI EAFE Index | 31.25% | 8.93% | 8.68% |
| MSCI EAFE Growth Index | 20.77% | 4.43% | 7.79% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian International Growth VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $68412043 |
| Total # of Portfolio Holdings | 69 |
| Total Advisory Fees Paid | $477247 |
| Portfolio Turnover Rate | 57% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

#### Sector Allocation

#### (% of Total Net Assets)

---

| | |
|:---|:---|
| Industrials | 30.7 |
| Consumer Discretionary | 17.1 |
| Information Technology | 15.4 |
| Financials | 13.1 |
| Health Care | 10.6 |
| Materials | 4.5 |
| Communication Services | 3.2 |
| Consumer Staples | 2.9 |
| Utilities | 1.2 |
| Cash/Other Assets and Liabilities | 1.3 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Safran SA (France) | 4.2 |
| AstraZeneca PLC (United Kingdom) | 3.9 |
| ASML Holding NV (Netherlands) | 3.3 |
| Sony Group Corp. (Japan) | 3.0 |
| Air Liquide SA (France) | 2.9 |
| Rolls-Royce Holdings PLC (United Kingdom) | 2.9 |
| Hitachi Ltd. (Japan) | 2.9 |
| Cie Financiere Richemont SA, Class A (Switzerland) | 2.8 |
| Schneider Electric SE (France) | 2.4 |
| DBS Group Holdings Ltd. (Singapore) | 2.3 |
| Total | 30.6 |

---

#### Geographic Region/Country Allocation

#### (% of Total Net Assets)

---

| | |
|:---|:---|
| Europe | 45.6 |
| Asia-Pacific | 31.9 |
| United Kingdom | 20.4 |
| North America | 0.8 |
| Cash/Other Assets and Liabilities | 1.3 |
| 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.

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](g102894g23h45.jpg)

## 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.

Guardian International Growth VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Large Cap Disciplined Growth VIP Fund
This annual shareholder report contains important information about Guardian Large Cap Disciplined Growth VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $94 | 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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 16.95% for the 12 months ended December 31, 2025, compared to the 18.57% return of the Russell 1000<sup>®</sup> Growth Index (the "Index"), an index with similar investment characteristics as the Fund, for the same period. The Fund's broad-based securities market index, the Russell 1000<sup>®</sup> Index, returned 17.38% for the same period.

* U.S. equities rose in 2025 amidst a macroeconomic environment shaped by resilient corporate earnings, falling interest rates and inflation, and surging optimism around artificial intelligence ("AI").

* The Fund's performance relative to the Index was driven by weak security selection. Security selection in the information technology ("IT"), consumer discretionary, and real estate sectors was partially offset by strong security selection in the communications services, industrials, and consumer staples sectors. 

* Sector allocation contributed to the Fund's performance. The Fund's underweight allocation to the consumer discretionary sector and an overweight to the communication services sector contributed to the Fund's performance, which was partially offset by the Fund's underweight in the consumer staples sector and an overweight in the materials sector.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Russell 1000 Index and Russell 1000 Growth Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g91x60.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Guardian Large Cap Disciplined Growth VIP Fund** | **Russell 1000 Index** | **Russell 1000 Growth Index** |
| **9/1/16** | $10000 | $10000 | $10000 |
| **10/31/16** | $9960 | $10006 | $10021 |
| **11/30/16** | $9710 | $9811 | $9786 |
| **12/31/16** | $9820 | $10197 | $9999 |
| **1/31/17** | $10220 | $10598 | $10464 |
| **2/28/17** | $10640 | $11008 | $10898 |
| **3/31/17** | $10770 | $11015 | $11024 |
| **4/30/17** | $11040 | $11131 | $11276 |
| **5/31/17** | $11390 | $11274 | $11570 |
| **6/30/17** | $11270 | $11352 | $11539 |
| **7/31/17** | $11590 | $11577 | $11846 |
| **8/31/17** | $11700 | $11613 | $12063 |
| **9/30/17** | $11730 | $11861 | $12220 |
| **10/31/17** | $12210 | $12133 | $12693 |
| **11/30/17** | $12560 | $12503 | $13079 |
| **12/31/17** | $12670 | $12642 | $13181 |
| **1/31/18** | $13630 | $13336 | $14114 |
| **2/28/18** | $13320 | $12846 | $13744 |
| **3/31/18** | $13020 | $12555 | $13367 |
| **4/30/18** | $12940 | $12597 | $13414 |
| **5/31/18** | $13560 | $12919 | $14002 |
| **6/30/18** | $13780 | $13003 | $14137 |
| **7/31/18** | $14120 | $13451 | $14552 |
| **8/31/18** | $14930 | $13915 | $15347 |
| **9/30/18** | $14990 | $13968 | $15433 |
| **10/31/18** | $13530 | $12979 | $14053 |
| **11/30/18** | $13720 | $13243 | $14202 |
| **12/31/18** | $12520 | $12037 | $12981 |
| **1/31/19** | $13820 | $13046 | $14148 |
| **2/28/19** | $14420 | $13488 | $14654 |
| **3/31/19** | $14710 | $13723 | $15071 |
| **4/30/19** | $15520 | $14277 | $15752 |
| **5/31/19** | $14550 | $13367 | $14757 |
| **6/30/19** | $15510 | $14305 | $15771 |
| **7/31/19** | $15820 | $14527 | $16127 |
| **8/31/19** | $15470 | $14261 | $16003 |
| **9/30/19** | $15650 | $14509 | $16005 |
| **10/31/19** | $16100 | $14816 | $16456 |
| **11/30/19** | $16930 | $15376 | $17186 |
| **12/31/19** | $17470 | $15820 | $17705 |
| **1/31/20** | $17870 | $15837 | $18101 |
| **2/29/20** | $16530 | $14543 | $16868 |
| **3/31/20** | $14790 | $12621 | $15209 |
| **4/30/20** | $16990 | $14289 | $17459 |
| **5/31/20** | $18160 | $15043 | $18631 |
| **6/30/20** | $18910 | $15375 | $19442 |
| **7/31/20** | $20190 | $16276 | $20938 |
| **8/31/20** | $22200 | $17470 | $23099 |
| **9/30/20** | $21320 | $16832 | $22012 |
| **10/31/20** | $20510 | $16426 | $21265 |
| **11/30/20** | $22770 | $18360 | $23442 |
| **12/31/20** | $23830 | $19136 | $24520 |
| **1/31/21** | $23520 | $18979 | $24339 |
| **2/28/21** | $23700 | $19529 | $24333 |
| **3/31/21** | $24130 | $20268 | $24751 |
| **4/30/21** | $25610 | $21359 | $26435 |
| **5/31/21** | $25190 | $21460 | $26069 |
| **6/30/21** | $26550 | $21998 | $27705 |
| **7/31/21** | $27300 | $22455 | $28618 |
| **8/31/21** | $28210 | $23105 | $29688 |
| **9/30/21** | $26620 | $22044 | $28025 |
| **10/31/21** | $28530 | $23573 | $30453 |
| **11/30/21** | $28180 | $23257 | $30639 |
| **12/31/21** | $28690 | $24199 | $31287 |
| **1/31/22** | $26260 | $22835 | $28602 |
| **2/28/22** | $24980 | $22208 | $27387 |
| **3/31/22** | $25860 | $22957 | $28458 |
| **4/30/22** | $22870 | $20911 | $25021 |
| **5/31/22** | $22230 | $20879 | $24440 |
| **6/30/22** | $20190 | $19131 | $22504 |
| **7/31/22** | $22660 | $20912 | $25205 |
| **8/31/22** | $21560 | $20109 | $24031 |
| **9/30/22** | $19370 | $18249 | $21694 |
| **10/31/22** | $20310 | $19712 | $22962 |
| **11/30/22** | $21180 | $20779 | $24009 |
| **12/31/22** | $19650 | $19570 | $22171 |
| **1/31/23** | $21460 | $20883 | $24019 |
| **2/28/23** | $21020 | $20386 | $23733 |
| **3/31/23** | $22480 | $21031 | $25356 |
| **4/30/23** | $22710 | $21291 | $25606 |
| **5/31/23** | $23720 | $21390 | $26773 |
| **6/30/23** | $25460 | $22835 | $28604 |
| **7/31/23** | $26090 | $23620 | $29567 |
| **8/31/23** | $25760 | $23207 | $29302 |
| **9/30/23** | $24360 | $22116 | $27708 |
| **10/31/23** | $24060 | $21582 | $27314 |
| **11/30/23** | $26580 | $23597 | $30291 |
| **12/31/23** | $27880 | $24762 | $31633 |
| **1/31/24** | $28770 | $25108 | $32422 |
| **2/29/24** | $31090 | $26464 | $34634 |
| **3/31/24** | $31630 | $27312 | $35243 |
| **4/30/24** | $30120 | $26150 | $33749 |
| **5/31/24** | $31290 | $27381 | $35769 |
| **6/30/24** | $33180 | $28287 | $38181 |
| **7/31/24** | $32550 | $28699 | $37531 |
| **8/31/24** | $33360 | $29379 | $38313 |
| **9/30/24** | $34210 | $30007 | $39399 |
| **10/31/24** | $33800 | $29798 | $39268 |
| **11/30/24** | $35730 | $31716 | $41815 |
| **12/31/24** | $35920 | $30832 | $42184 |
| **1/31/25** | $36870 | $31813 | $43019 |
| **2/28/25** | $35150 | $31257 | $41473 |
| **3/31/25** | $31970 | $29448 | $37979 |
| **4/30/25** | $32720 | $29273 | $38652 |
| **5/31/25** | $35490 | $31141 | $42072 |
| **6/30/25** | $37880 | $32718 | $44754 |
| **7/31/25** | $39420 | $33445 | $46444 |
| **8/31/25** | $39700 | $34149 | $46963 |
| **9/30/25** | $41680 | $35333 | $49458 |
| **10/31/25** | $43160 | $36096 | $51255 |
| **11/30/25** | $42290 | $36184 | $50326 |
| **12/31/25** | $42010 | $36186 | $50014 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 9/1/16** |
| Guardian Large Cap Disciplined Growth VIP Fund | 16.95% | 12.01% | 16.62% |
| Russell 1000 Index | 17.38% | 13.59% | 14.78% |
| Russell 1000 Growth Index | 18.57% | 15.32% | 18.83% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Large Cap Disciplined Growth VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $335402264 |
| Total # of Portfolio Holdings | 55 |
| Total Advisory Fees Paid | $1813732 |
| Portfolio Turnover Rate | 42% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Information Technology | 50.9 |
| Communication Services | 13.2 |
| Consumer Discretionary | 13.1 |
| Industrials | 6.7 |
| Financials | 6.6 |
| Health Care | 6.4 |
| Consumer Staples | 1.7 |
| Materials | 0.8 |
| Cash/Other Assets and Liabilities | 0.6 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.1 |
| Apple, Inc. | 12.0 |
| Microsoft Corp. | 10.4 |
| Alphabet, Inc., Class A | 7.2 |
| Amazon.com, Inc. | 5.7 |
| Broadcom, Inc. | 4.9 |
| Eli Lilly & Co. | 3.8 |
| Meta Platforms, Inc., Class A | 3.7 |
| Mastercard, Inc., Class A | 2.6 |
| Tesla, Inc. | 2.4 |
| Total | 65.8 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Large Cap Disciplined Growth VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Large Cap Disciplined Value VIP Fund
This annual shareholder report contains important information about Guardian Large Cap Disciplined Value VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $105 | 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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 17.15% for the 12 months ended December 31, 2025, compared to the 15.92% return of the Russell 1000<sup>®</sup> Value Index (the "Index"), an index with similar investment characteristics as the Fund, for the same period. The Fund's broad-based securities market index, the Russell 1000<sup>®</sup> Index, returned 17.38% for the same period.

* 2025 produced positive results for equities due to robust earnings growth, accommodative U.S. monetary policy, steady U.S. Gross Domestic Product ("GDP") growth and slowing inflation. 

* Stock selection in the materials, technology, consumer staples, and health care sectors was the primary contributor to the Fund's outperformance relative to the Index. The Fund's positions in metals and mining and semiconductor companies led the Fund's relative returns. 

* Stock selection lagged in the communication services and energy sectors, with the Fund's holdings in interactive media and services companies detracting from the Fund's performance.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Russell 1000 Index and Russell 1000 Value Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g99s10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Guardian Large Cap Disciplined Value VIP Fund** | **Russell 1000 Index** | **Russell 1000 Value Index** |
| **9/1/16** | $10000 | $10000 | $10000 |
| **10/31/16** | $10000 | $10006 | $9990 |
| **11/30/16** | $9850 | $9811 | $9836 |
| **12/31/16** | $10640 | $10197 | $10397 |
| **1/31/17** | $10840 | $10598 | $10733 |
| **2/28/17** | $11270 | $11008 | $11119 |
| **3/31/17** | $11190 | $11015 | $11006 |
| **4/30/17** | $11200 | $11131 | $10985 |
| **5/31/17** | $11220 | $11274 | $10974 |
| **6/30/17** | $11460 | $11352 | $11154 |
| **7/31/17** | $11610 | $11577 | $11302 |
| **8/31/17** | $11620 | $11613 | $11170 |
| **9/30/17** | $11980 | $11861 | $11501 |
| **10/31/17** | $12200 | $12133 | $11585 |
| **11/30/17** | $12550 | $12503 | $11939 |
| **12/31/17** | $12850 | $12642 | $12114 |
| **1/31/18** | $13530 | $13336 | $12582 |
| **2/28/18** | $12950 | $12846 | $11981 |
| **3/31/18** | $12600 | $12555 | $11770 |
| **4/30/18** | $12530 | $12597 | $11809 |
| **5/31/18** | $12480 | $12919 | $11879 |
| **6/30/18** | $12390 | $13003 | $11909 |
| **7/31/18** | $12980 | $13451 | $12380 |
| **8/31/18** | $13240 | $13915 | $12563 |
| **9/30/18** | $13330 | $13968 | $12588 |
| **10/31/18** | $12490 | $12979 | $11936 |
| **11/30/18** | $12780 | $13243 | $12292 |
| **12/31/18** | $11450 | $12037 | $11112 |
| **1/31/19** | $12360 | $13046 | $11977 |
| **2/28/19** | $12610 | $13488 | $12360 |
| **3/31/19** | $12520 | $13723 | $12438 |
| **4/30/19** | $13000 | $14277 | $12879 |
| **5/31/19** | $12110 | $13367 | $12051 |
| **6/30/19** | $12880 | $14305 | $12916 |
| **7/31/19** | $13060 | $14527 | $13024 |
| **8/31/19** | $12690 | $14261 | $12641 |
| **9/30/19** | $13080 | $14509 | $13092 |
| **10/31/19** | $13300 | $14816 | $13275 |
| **11/30/19** | $13720 | $15376 | $13685 |
| **12/31/19** | $14130 | $15820 | $14061 |
| **1/31/20** | $13540 | $15837 | $13759 |
| **2/29/20** | $12250 | $14543 | $12426 |
| **3/31/20** | $9950 | $12621 | $10303 |
| **4/30/20** | $11180 | $14289 | $11461 |
| **5/31/20** | $11600 | $15043 | $11854 |
| **6/30/20** | $11620 | $15375 | $11775 |
| **7/31/20** | $12100 | $16276 | $12241 |
| **8/31/20** | $12450 | $17470 | $12747 |
| **9/30/20** | $12050 | $16832 | $12434 |
| **10/31/20** | $11980 | $16426 | $12270 |
| **11/30/20** | $13750 | $18360 | $13921 |
| **12/31/20** | $14300 | $19136 | $14455 |
| **1/31/21** | $14180 | $18979 | $14322 |
| **2/28/21** | $15260 | $19529 | $15188 |
| **3/31/21** | $16430 | $20268 | $16081 |
| **4/30/21** | $17030 | $21359 | $16724 |
| **5/31/21** | $17620 | $21460 | $17115 |
| **6/30/21** | $17310 | $21998 | $16919 |
| **7/31/21** | $17320 | $22455 | $17054 |
| **8/31/21** | $17600 | $23105 | $17392 |
| **9/30/21** | $16990 | $22044 | $16787 |
| **10/31/21** | $17800 | $23573 | $17639 |
| **11/30/21** | $17380 | $23257 | $17018 |
| **12/31/21** | $18570 | $24199 | $18091 |
| **1/31/22** | $18590 | $22835 | $17670 |
| **2/28/22** | $18440 | $22208 | $17465 |
| **3/31/22** | $18700 | $22957 | $17958 |
| **4/30/22** | $17670 | $20911 | $16945 |
| **5/31/22** | $18270 | $20879 | $17274 |
| **6/30/22** | $16570 | $19131 | $15765 |
| **7/31/22** | $17590 | $20912 | $16811 |
| **8/31/22** | $17120 | $20109 | $16310 |
| **9/30/22** | $15700 | $18249 | $14879 |
| **10/31/22** | $17520 | $19712 | $16405 |
| **11/30/22** | $18490 | $20779 | $17430 |
| **12/31/22** | $17660 | $19570 | $16728 |
| **1/31/23** | $18480 | $20883 | $17594 |
| **2/28/23** | $17890 | $20386 | $16974 |
| **3/31/23** | $17540 | $21031 | $16896 |
| **4/30/23** | $17580 | $21291 | $17150 |
| **5/31/23** | $17120 | $21390 | $16489 |
| **6/30/23** | $18330 | $22835 | $17584 |
| **7/31/23** | $19090 | $23620 | $18203 |
| **8/31/23** | $18910 | $23207 | $17711 |
| **9/30/23** | $18420 | $22116 | $17028 |
| **10/31/23** | $17760 | $21582 | $16427 |
| **11/30/23** | $18930 | $23597 | $17666 |
| **12/31/23** | $20040 | $24762 | $18645 |
| **1/31/24** | $20280 | $25108 | $18664 |
| **2/29/24** | $21160 | $26464 | $19353 |
| **3/31/24** | $22440 | $27312 | $20320 |
| **4/30/24** | $21520 | $26150 | $19452 |
| **5/31/24** | $22230 | $27381 | $20069 |
| **6/30/24** | $22110 | $28287 | $19880 |
| **7/31/24** | $22940 | $28699 | $20897 |
| **8/31/24** | $23260 | $29379 | $21457 |
| **9/30/24** | $23410 | $30007 | $21755 |
| **10/31/24** | $23390 | $29798 | $21516 |
| **11/30/24** | $24910 | $31716 | $22890 |
| **12/31/24** | $23150 | $30832 | $21324 |
| **1/31/25** | $24380 | $31813 | $22311 |
| **2/28/25** | $24100 | $31257 | $22402 |
| **3/31/25** | $23140 | $29448 | $21779 |
| **4/30/25** | $22640 | $29273 | $21116 |
| **5/31/25** | $23630 | $31141 | $21857 |
| **6/30/25** | $24650 | $32718 | $22604 |
| **7/31/25** | $24930 | $33445 | $22734 |
| **8/31/25** | $25710 | $34149 | $23459 |
| **9/30/25** | $26490 | $35333 | $23809 |
| **10/31/25** | $26450 | $36096 | $23914 |
| **11/30/25** | $26910 | $36184 | $24549 |
| **12/31/25** | $27120 | $36186 | $24716 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 9/1/16** |
| Guardian Large Cap Disciplined Value VIP Fund | 17.15% | 13.66% | 11.28% |
| Russell 1000 Index | 17.38% | 13.59% | 14.78% |
| Russell 1000 Value Index | 15.92% | 11.33% | 10.18% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Large Cap Disciplined Value VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $75206086 |
| Total # of Portfolio Holdings | 85 |
| Total Advisory Fees Paid | $424825 |
| Portfolio Turnover Rate | 48% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Financials | 22.2 |
| Industrials | 16.1 |
| Health Care | 13.2 |
| Information Technology | 10.8 |
| Materials | 8.2 |
| Consumer Staples | 7.1 |
| Consumer Discretionary | 6.6 |
| Energy | 5.4 |
| Utilities | 5.0 |
| Communication Services | 4.1 |
| Cash/Other Assets and Liabilities | 1.3 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.5 |
| Amazon.com, Inc. | 2.8 |
| Philip Morris International, Inc. | 2.5 |
| Kinross Gold Corp. | 2.3 |
| CRH PLC | 2.2 |
| Micron Technology, Inc. | 2.1 |
| American Express Co. | 1.8 |
| Wells Fargo & Co. | 1.8 |
| Cencora, Inc. | 1.8 |
| U.S. Foods Holding Corp. | 1.7 |
| Total | 23.5 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Large Cap Disciplined Value VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Large Cap Fundamental Growth VIP Fund
This annual shareholder report contains important information about Guardian Large Cap Fundamental Growth VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $107 | 0.99%<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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 15.32% for the 12 months ended December 31, 2025, compared to the 18.57% return of the Russell 1000<sup>®</sup> Growth Index (the "Index"), an index with similar investment characteristics as the Fund, for the same period. The Fund's broad-based securities market index, the Russell 1000<sup>®</sup> Index, returned 17.38% for the same period.

* The macroeconomic backdrop presented a headwind for the Fund, as uncertainty pertaining to the U.S. Federal Reserve's interest rate determinations and U.S. tariff policy was a drag on sentiment across U.S. equity markets at times during the period. 

* Industry positioning was the primary driver for the Fund's relative underperformance compared to the Index, including underperformance in the information technology ("IT") and consumer discretionary sectors. 

* Security selection and market selection both detracted from the Fund's performance. Market selection across all sectors was the primary detractor, with the IT, health care, and consumer discretionary sectors as the largest detractors. Security selection in the industrials and communication services sectors contributed to the Fund's performance.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Russell 1000 Index and Russell 1000 Growth Index. The Fund replaced its subadviser and modified its principal investment strategies as of May 1, 2023.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g51l07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Guardian Large Cap Fundamental Growth VIP Fund** | **Russell 1000 Index** | **Russell 1000 Growth Index** |
| **9/1/16** | $10000 | $10000 | $10000 |
| **10/31/16** | $10110 | $10006 | $10021 |
| **11/30/16** | $9940 | $9811 | $9786 |
| **12/31/16** | $10130 | $10197 | $9999 |
| **1/31/17** | $10540 | $10598 | $10464 |
| **2/28/17** | $10790 | $11008 | $10898 |
| **3/31/17** | $10830 | $11015 | $11024 |
| **4/30/17** | $11120 | $11131 | $11276 |
| **5/31/17** | $11240 | $11274 | $11570 |
| **6/30/17** | $11330 | $11352 | $11539 |
| **7/31/17** | $11560 | $11577 | $11846 |
| **8/31/17** | $11720 | $11613 | $12063 |
| **9/30/17** | $11920 | $11861 | $12220 |
| **10/31/17** | $12150 | $12133 | $12693 |
| **11/30/17** | $12590 | $12503 | $13079 |
| **12/31/17** | $12740 | $12642 | $13181 |
| **1/31/18** | $13670 | $13336 | $14114 |
| **2/28/18** | $13180 | $12846 | $13744 |
| **3/31/18** | $12920 | $12555 | $13367 |
| **4/30/18** | $13060 | $12597 | $13414 |
| **5/31/18** | $13420 | $12919 | $14002 |
| **6/30/18** | $13420 | $13003 | $14137 |
| **7/31/18** | $13980 | $13451 | $14552 |
| **8/31/18** | $14520 | $13915 | $15347 |
| **9/30/18** | $14470 | $13968 | $15433 |
| **10/31/18** | $13330 | $12979 | $14053 |
| **11/30/18** | $13660 | $13243 | $14202 |
| **12/31/18** | $12510 | $12037 | $12981 |
| **1/31/19** | $13680 | $13046 | $14148 |
| **2/28/19** | $14170 | $13488 | $14654 |
| **3/31/19** | $14500 | $13723 | $15071 |
| **4/30/19** | $15370 | $14277 | $15752 |
| **5/31/19** | $14260 | $13367 | $14757 |
| **6/30/19** | $15260 | $14305 | $15771 |
| **7/31/19** | $15510 | $14527 | $16127 |
| **8/31/19** | $15150 | $14261 | $16003 |
| **9/30/19** | $15180 | $14509 | $16005 |
| **10/31/19** | $15450 | $14816 | $16456 |
| **11/30/19** | $16100 | $15376 | $17186 |
| **12/31/19** | $16500 | $15820 | $17705 |
| **1/31/20** | $16610 | $15837 | $18101 |
| **2/29/20** | $15470 | $14543 | $16868 |
| **3/31/20** | $13980 | $12621 | $15209 |
| **4/30/20** | $15930 | $14289 | $17459 |
| **5/31/20** | $17060 | $15043 | $18631 |
| **6/30/20** | $17610 | $15375 | $19442 |
| **7/31/20** | $18820 | $16276 | $20938 |
| **8/31/20** | $20630 | $17470 | $23099 |
| **9/30/20** | $19820 | $16832 | $22012 |
| **10/31/20** | $19030 | $16426 | $21265 |
| **11/30/20** | $21010 | $18360 | $23442 |
| **12/31/20** | $21570 | $19136 | $24520 |
| **1/31/21** | $21060 | $18979 | $24339 |
| **2/28/21** | $21010 | $19529 | $24333 |
| **3/31/21** | $21600 | $20268 | $24751 |
| **4/30/21** | $23120 | $21359 | $26435 |
| **5/31/21** | $23010 | $21460 | $26069 |
| **6/30/21** | $24030 | $21998 | $27705 |
| **7/31/21** | $24440 | $22455 | $28618 |
| **8/31/21** | $25310 | $23105 | $29688 |
| **9/30/21** | $24100 | $22044 | $28025 |
| **10/31/21** | $25920 | $23573 | $30453 |
| **11/30/21** | $25860 | $23257 | $30639 |
| **12/31/21** | $26230 | $24199 | $31287 |
| **1/31/22** | $23820 | $22835 | $28602 |
| **2/28/22** | $22500 | $22208 | $27387 |
| **3/31/22** | $23160 | $22957 | $28458 |
| **4/30/22** | $20080 | $20911 | $25021 |
| **5/31/22** | $19310 | $20879 | $24440 |
| **6/30/22** | $17880 | $19131 | $22504 |
| **7/31/22** | $19890 | $20912 | $25205 |
| **8/31/22** | $18860 | $20109 | $24031 |
| **9/30/22** | $16880 | $18249 | $21694 |
| **10/31/22** | $17940 | $19712 | $22962 |
| **11/30/22** | $18730 | $20779 | $24009 |
| **12/31/22** | $17640 | $19570 | $22171 |
| **1/31/23** | $19400 | $20883 | $24019 |
| **2/28/23** | $19220 | $20386 | $23733 |
| **3/31/23** | $20580 | $21031 | $25356 |
| **4/30/23** | $20620 | $21291 | $25606 |
| **5/31/23** | $21580 | $21390 | $26773 |
| **6/30/23** | $23050 | $22835 | $28604 |
| **7/31/23** | $23900 | $23620 | $29567 |
| **8/31/23** | $23750 | $23207 | $29302 |
| **9/30/23** | $22450 | $22116 | $27708 |
| **10/31/23** | $21960 | $21582 | $27314 |
| **11/30/23** | $24320 | $23597 | $30291 |
| **12/31/23** | $25500 | $24762 | $31633 |
| **1/31/24** | $26550 | $25108 | $32422 |
| **2/29/24** | $28920 | $26464 | $34634 |
| **3/31/24** | $29600 | $27312 | $35243 |
| **4/30/24** | $28280 | $26150 | $33749 |
| **5/31/24** | $29920 | $27381 | $35769 |
| **6/30/24** | $31500 | $28287 | $38181 |
| **7/31/24** | $30960 | $28699 | $37531 |
| **8/31/24** | $31900 | $29379 | $38313 |
| **9/30/24** | $32570 | $30007 | $39399 |
| **10/31/24** | $32220 | $29798 | $39268 |
| **11/30/24** | $33700 | $31716 | $41815 |
| **12/31/24** | $33170 | $30832 | $42184 |
| **1/31/25** | $33960 | $31813 | $43019 |
| **2/28/25** | $32830 | $31257 | $41473 |
| **3/31/25** | $30290 | $29448 | $37979 |
| **4/30/25** | $30420 | $29273 | $38652 |
| **5/31/25** | $32970 | $31141 | $42072 |
| **6/30/25** | $35000 | $32718 | $44754 |
| **7/31/25** | $36240 | $33445 | $46444 |
| **8/31/25** | $36530 | $34149 | $46963 |
| **9/30/25** | $37600 | $35333 | $49458 |
| **10/31/25** | $38610 | $36096 | $51255 |
| **11/30/25** | $38150 | $36184 | $50326 |
| **12/31/25** | $38250 | $36186 | $50014 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 9/1/16** |
| Guardian Large Cap Fundamental Growth VIP Fund | 15.32% | 12.14% | 15.46% |
| Russell 1000 Index | 17.38% | 13.59% | 14.78% |
| Russell 1000 Growth Index | 18.57% | 15.32% | 18.83% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Large Cap Fundamental Growth VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $167461153 |
| Total # of Portfolio Holdings | 126 |
| Total Advisory Fees Paid | $1058241 |
| Portfolio Turnover Rate | 40% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Information Technology | 31.5 |
| Consumer Discretionary | 17.1 |
| Health Care | 16.2 |
| Communication Services | 15.0 |
| Industrials | 7.5 |
| Financials | 7.4 |
| Consumer Staples | 2.7 |
| Materials | 0.9 |
| Real Estate | 0.8 |
| Energy | 0.5 |
| Cash/Other Assets and Liabilities | 0.4 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 12.7 |
| Amazon.com, Inc. | 9.4 |
| Alphabet, Inc., Class A | 7.8 |
| Apple, Inc. | 5.2 |
| Meta Platforms, Inc., Class A | 4.2 |
| Eli Lilly & Co. | 3.5 |
| Microsoft Corp. | 3.3 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.9 |
| Royalty Pharma PLC, Class A | 2.2 |
| Lowe's Cos., Inc. | 1.8 |
| Total | 53.0 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Large Cap Fundamental Growth VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Mid Cap Relative Value VIP Fund
This annual shareholder report contains important information about Guardian Mid Cap Relative Value VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $112 | 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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 5.61% for the 12 months ended December 31, 2025, compared to the 11.06% return of the Russell Midcap<sup>®</sup> Value Index (the "Index"), an index with similar investment characteristics as the Fund, for the same period. The Fund's broad-based securities market index, the Russell 3000<sup>®</sup> Index, returned 17.16% for the same period.

* 2025 was notable for U.S. imposition of tariffs on foreign countries and the artificial intelligence ("AI") trade. The Fund faced some headwinds in 2025 as small and mid-cap investors were drawn to some of the more speculative stocks that they believed would benefit most from market recovery following the announcement of U.S. tariff policy and the advancement of AI companies. Similar to past technological advancements, the capital spending around the AI infrastructure buildout should benefit many other companies and industries, as many of these fall within the value universe.

* Stock selection in the industrials and utilities sectors, as well as the Fund's overweight in the industrials sector and an underweight in the real estate sector, contributed to the Fund's performance relative to the Index. Stock selection in financials, materials and consumer staples detracted from the Fund's performance.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Russell 3000 Index and Russell Midcap Value Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g35e83.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Guardian Mid Cap Relative Value VIP Fund** | **Russell 3000 Index** | **Russell Midcap Value Index** |
| **9/1/16** | $10000 | $10000 | $10000 |
| **10/31/16** | $10090 | $10014 | $10059 |
| **11/30/16** | $9980 | $9797 | $9816 |
| **12/31/16** | $10580 | $10236 | $10430 |
| **1/31/17** | $10830 | $10632 | $10794 |
| **2/28/17** | $11160 | $11027 | $11095 |
| **3/31/17** | $11020 | $11035 | $11014 |
| **4/30/17** | $11080 | $11152 | $11035 |
| **5/31/17** | $11110 | $11266 | $11001 |
| **6/30/17** | $11220 | $11367 | $11165 |
| **7/31/17** | $11270 | $11582 | $11313 |
| **8/31/17** | $11180 | $11604 | $11101 |
| **9/30/17** | $11540 | $11887 | $11404 |
| **10/31/17** | $11580 | $12146 | $11496 |
| **11/30/17** | $11890 | $12515 | $11885 |
| **12/31/17** | $12020 | $12640 | $12032 |
| **1/31/18** | $12390 | $13307 | $12308 |
| **2/28/18** | $11690 | $12816 | $11701 |
| **3/31/18** | $11660 | $12559 | $11730 |
| **4/30/18** | $11540 | $12607 | $11789 |
| **5/31/18** | $11490 | $12962 | $11917 |
| **6/30/18** | $11600 | $13047 | $12013 |
| **7/31/18** | $12060 | $13480 | $12339 |
| **8/31/18** | $12050 | $13954 | $12507 |
| **9/30/18** | $11950 | $13977 | $12408 |
| **10/31/18** | $11110 | $12948 | $11515 |
| **11/30/18** | $11410 | $13207 | $11791 |
| **12/31/18** | $10280 | $11978 | $10553 |
| **1/31/19** | $11310 | $13006 | $11639 |
| **2/28/19** | $11770 | $13463 | $12010 |
| **3/31/19** | $11920 | $13660 | $12070 |
| **4/30/19** | $12420 | $14205 | $12468 |
| **5/31/19** | $11780 | $13286 | $11667 |
| **6/30/19** | $12560 | $14219 | $12455 |
| **7/31/19** | $12770 | $14431 | $12558 |
| **8/31/19** | $12560 | $14136 | $12116 |
| **9/30/19** | $12880 | $14384 | $12607 |
| **10/31/19** | $13080 | $14694 | $12675 |
| **11/30/19** | $13500 | $15253 | $13013 |
| **12/31/19** | $13930 | $15693 | $13409 |
| **1/31/20** | $13590 | $15676 | $13148 |
| **2/29/20** | $12390 | $14392 | $11846 |
| **3/31/20** | $9490 | $12413 | $9157 |
| **4/30/20** | $10700 | $14057 | $10380 |
| **5/31/20** | $11290 | $14809 | $10861 |
| **6/30/20** | $11330 | $15148 | $10984 |
| **7/31/20** | $11740 | $16008 | $11502 |
| **8/31/20** | $12160 | $17167 | $11958 |
| **9/30/20** | $11950 | $16542 | $11687 |
| **10/31/20** | $12010 | $16185 | $11796 |
| **11/30/20** | $13570 | $18154 | $13452 |
| **12/31/20** | $14320 | $18971 | $14074 |
| **1/31/21** | $14110 | $18887 | $14042 |
| **2/28/21** | $15090 | $19477 | $15130 |
| **3/31/21** | $15930 | $20175 | $15911 |
| **4/30/21** | $16960 | $21215 | $16681 |
| **5/31/21** | $17400 | $21312 | $17010 |
| **6/30/21** | $16890 | $21837 | $16812 |
| **7/31/21** | $17030 | $22207 | $16916 |
| **8/31/21** | $17240 | $22840 | $17278 |
| **9/30/21** | $16770 | $21815 | $16642 |
| **10/31/21** | $17650 | $23290 | $17528 |
| **11/30/21** | $17140 | $22936 | $16996 |
| **12/31/21** | $18450 | $23839 | $18063 |
| **1/31/22** | $17870 | $22437 | $17292 |
| **2/28/22** | $17910 | $21871 | $17211 |
| **3/31/22** | $18030 | $22581 | $17734 |
| **4/30/22** | $17210 | $20554 | $16680 |
| **5/31/22** | $17660 | $20527 | $17000 |
| **6/30/22** | $16150 | $18810 | $15131 |
| **7/31/22** | $17370 | $20574 | $16434 |
| **8/31/22** | $16830 | $19806 | $15931 |
| **9/30/22** | $15370 | $17970 | $14386 |
| **10/31/22** | $16850 | $19443 | $15745 |
| **11/30/22** | $18110 | $20458 | $16740 |
| **12/31/22** | $17560 | $19260 | $15889 |
| **1/31/23** | $18720 | $20587 | $17173 |
| **2/28/23** | $18190 | $20106 | $16623 |
| **3/31/23** | $17680 | $20643 | $16099 |
| **4/30/23** | $17780 | $20863 | $16101 |
| **5/31/23** | $17160 | $20944 | $15386 |
| **6/30/23** | $18620 | $22375 | $16721 |
| **7/31/23** | $19030 | $23177 | $17449 |
| **8/31/23** | $18410 | $22729 | $16831 |
| **9/30/23** | $17530 | $21647 | $15975 |
| **10/31/23** | $16880 | $21073 | $15184 |
| **11/30/23** | $18000 | $23038 | $16615 |
| **12/31/23** | $19160 | $24260 | $17910 |
| **1/31/24** | $18880 | $24529 | $17589 |
| **2/29/24** | $19780 | $25856 | $18429 |
| **3/31/24** | $20890 | $26690 | $19383 |
| **4/30/24** | $19980 | $25516 | $18368 |
| **5/31/24** | $20710 | $26722 | $19028 |
| **6/30/24** | $20380 | $27549 | $18723 |
| **7/31/24** | $21600 | $28061 | $19855 |
| **8/31/24** | $22080 | $28672 | $20229 |
| **9/30/24** | $22250 | $29265 | $20610 |
| **10/31/24** | $21660 | $29050 | $20351 |
| **11/30/24** | $22950 | $30982 | $21849 |
| **12/31/24** | $21390 | $30035 | $20250 |
| **1/31/25** | $21850 | $30984 | $20962 |
| **2/28/25** | $21490 | $30390 | $20580 |
| **3/31/25** | $20940 | $28617 | $19823 |
| **4/30/25** | $20350 | $28425 | $19331 |
| **5/31/25** | $21030 | $30227 | $20175 |
| **6/30/25** | $21550 | $31763 | $20883 |
| **7/31/25** | $21980 | $32462 | $21257 |
| **8/31/25** | $22850 | $33213 | $21895 |
| **9/30/25** | $22480 | $34360 | $22173 |
| **10/31/25** | $22230 | $35096 | $21951 |
| **11/30/25** | $22620 | $35192 | $22474 |
| **12/31/25** | $22590 | $35185 | $22488 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 9/1/16** |
| Guardian Mid Cap Relative Value VIP Fund | 5.61% | 9.55% | 9.12% |
| Russell 3000 Index | 17.16% | 13.15% | 14.43% |
| Russell Midcap Value Index | 11.06% | 9.83% | 9.07% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Mid Cap Relative Value VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $95357194 |
| Total # of Portfolio Holdings | 69 |
| Total Advisory Fees Paid | $670650 |
| Portfolio Turnover Rate | 33% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Industrials | 22.5 |
| Financials | 14.9 |
| Information Technology | 12.2 |
| Health Care | 10.6 |
| Materials | 9.1 |
| Utilities | 7.3 |
| Energy | 6.5 |
| Consumer Discretionary | 5.8 |
| Consumer Staples | 4.2 |
| Real Estate | 3.7 |
| Communication Services | 0.3 |
| Cash/Other Assets and Liabilities | 2.9 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Teradyne, Inc. | 3.7 |
| American Electric Power Co., Inc. | 3.0 |
| Labcorp Holdings, Inc. | 2.9 |
| Jefferies Financial Group, Inc. | 2.7 |
| FirstEnergy Corp. | 2.5 |
| Charles River Laboratories International, Inc. | 2.5 |
| Vulcan Materials Co. | 2.4 |
| Fifth Third Bancorp | 2.4 |
| Annaly Capital Management, Inc. | 2.3 |
| Keurig Dr. Pepper, Inc. | 2.3 |
| Total | 26.7 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Mid Cap Relative Value VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Mid Cap Traditional Growth VIP Fund
This annual shareholder report contains important information about Guardian Mid Cap Traditional Growth VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $112 | 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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 8.14% for the 12 months ended December 31, 2025, compared to the 8.66% return of the Russell Midcap<sup>®</sup> Growth Index (the "Index"), an index with similar investment characteristics as the Fund, for the same period. The Fund's broad-based securities market index, the Russell 3000<sup>®</sup> Index, returned 17.16% for the same period.

* Stocks delivered strong performance despite policy uncertainty and elevated trade tensions. Hopes for a more accommodative U.S. Federal Reserve monetary policy also supported market gains. Optimism around artificial intelligence ("AI") was a strong driver of market performance despite periods of volatility.

* Investments in the consumer discretionary and consumer staples sectors lifted the Fund's performance relative to the Index, aided in part by stock selection. Stock selection in the healthcare and utilities sectors detracted from the Fund's performance.

* Especially in the first half of 2025, the Fund's performance was hindered by not owning more speculative stocks that were strong performers for the Index. The Fund avoided speculative stocks as the Fund's portfolio managers assessed that the valuations of these stocks were unsupported by fundamentals. The Fund's disciplined approach to valuations and fundamentals aided its relative performance as the market broadened in the fourth quarter of 2025.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Russell 3000 Index and Russell Midcap Growth Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g78q51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Guardian Mid Cap Traditional Growth VIP Fund** | **Russell 3000 Index** | **Russell Midcap Growth Index** |
| **9/1/16** | $10000 | $10000 | $10000 |
| **10/31/16** | $10010 | $10014 | $9972 |
| **11/30/16** | $9610 | $9797 | $9567 |
| **12/31/16** | $9990 | $10236 | $9983 |
| **1/31/17** | $10380 | $10632 | $10352 |
| **2/28/17** | $10600 | $11027 | $10650 |
| **3/31/17** | $10690 | $11035 | $10709 |
| **4/30/17** | $10870 | $11152 | $10867 |
| **5/31/17** | $11240 | $11266 | $11127 |
| **6/30/17** | $11420 | $11367 | $11160 |
| **7/31/17** | $11550 | $11582 | $11346 |
| **8/31/17** | $11750 | $11604 | $11426 |
| **9/30/17** | $12010 | $11887 | $11749 |
| **10/31/17** | $12410 | $12146 | $12078 |
| **11/30/17** | $12690 | $12515 | $12482 |
| **12/31/17** | $12720 | $12640 | $12549 |
| **1/31/18** | $13540 | $13307 | $13259 |
| **2/28/18** | $13270 | $12816 | $12843 |
| **3/31/18** | $13360 | $12559 | $12822 |
| **4/30/18** | $12850 | $12607 | $12701 |
| **5/31/18** | $13500 | $12962 | $13176 |
| **6/30/18** | $13430 | $13047 | $13227 |
| **7/31/18** | $13870 | $13480 | $13511 |
| **8/31/18** | $14450 | $13954 | $14290 |
| **9/30/18** | $14370 | $13977 | $14229 |
| **10/31/18** | $13120 | $12948 | $12820 |
| **11/30/18** | $13440 | $13207 | $13146 |
| **12/31/18** | $12270 | $11978 | $11953 |
| **1/31/19** | $13570 | $13006 | $13327 |
| **2/28/19** | $14490 | $13463 | $14108 |
| **3/31/19** | $14520 | $13660 | $14298 |
| **4/30/19** | $15180 | $14205 | $14941 |
| **5/31/19** | $14550 | $13286 | $14082 |
| **6/30/19** | $15550 | $14219 | $15071 |
| **7/31/19** | $15800 | $14431 | $15423 |
| **8/31/19** | $15480 | $14136 | $15142 |
| **9/30/19** | $15710 | $14384 | $14969 |
| **10/31/19** | $15670 | $14694 | $15247 |
| **11/30/19** | $16350 | $15253 | $16005 |
| **12/31/19** | $16710 | $15693 | $16193 |
| **1/31/20** | $16760 | $15676 | $16344 |
| **2/29/20** | $15360 | $14392 | $15217 |
| **3/31/20** | $12390 | $12413 | $12948 |
| **4/30/20** | $14240 | $14057 | $14975 |
| **5/31/20** | $15300 | $14809 | $16480 |
| **6/30/20** | $15340 | $15148 | $16866 |
| **7/31/20** | $16240 | $16008 | $18213 |
| **8/31/20** | $16970 | $17167 | $18709 |
| **9/30/20** | $16490 | $16542 | $18447 |
| **10/31/20** | $16470 | $16185 | $18469 |
| **11/30/20** | $18860 | $18154 | $20950 |
| **12/31/20** | $19910 | $18971 | $21955 |
| **1/31/21** | $19300 | $18887 | $21882 |
| **2/28/21** | $20390 | $19477 | $22255 |
| **3/31/21** | $20890 | $20175 | $21831 |
| **4/30/21** | $21820 | $21215 | $23058 |
| **5/31/21** | $21720 | $21312 | $22705 |
| **6/30/21** | $21840 | $21837 | $24248 |
| **7/31/21** | $22470 | $22207 | $24498 |
| **8/31/21** | $22740 | $22840 | $25289 |
| **9/30/21** | $22060 | $21815 | $24064 |
| **10/31/21** | $22900 | $23290 | $25751 |
| **11/30/21** | $22160 | $22936 | $24663 |
| **12/31/21** | $23320 | $23839 | $24750 |
| **1/31/22** | $21780 | $22437 | $21556 |
| **2/28/22** | $21570 | $21871 | $21294 |
| **3/31/22** | $21640 | $22581 | $21636 |
| **4/30/22** | $19850 | $20554 | $19200 |
| **5/31/22** | $20050 | $20527 | $18457 |
| **6/30/22** | $18460 | $18810 | $17077 |
| **7/31/22** | $20180 | $20574 | $19167 |
| **8/31/22** | $19380 | $19806 | $18539 |
| **9/30/22** | $17610 | $17970 | $16965 |
| **10/31/22** | $19150 | $19443 | $18299 |
| **11/30/22** | $20190 | $20458 | $19294 |
| **12/31/22** | $19300 | $19260 | $18136 |
| **1/31/23** | $21110 | $20587 | $19719 |
| **2/28/23** | $20830 | $20106 | $19524 |
| **3/31/23** | $20900 | $20643 | $19793 |
| **4/30/23** | $20480 | $20863 | $19506 |
| **5/31/23** | $20140 | $20944 | $19519 |
| **6/30/23** | $21670 | $22375 | $21027 |
| **7/31/23** | $22250 | $23177 | $21663 |
| **8/31/23** | $21490 | $22729 | $20949 |
| **9/30/23** | $20540 | $21647 | $19929 |
| **10/31/23** | $18870 | $21073 | $18912 |
| **11/30/23** | $20910 | $23038 | $21219 |
| **12/31/23** | $22580 | $24260 | $22828 |
| **1/31/24** | $22680 | $24529 | $22705 |
| **2/29/24** | $24050 | $25856 | $24412 |
| **3/31/24** | $24510 | $26690 | $24995 |
| **4/30/24** | $23330 | $25516 | $23544 |
| **5/31/24** | $23950 | $26722 | $23795 |
| **6/30/24** | $23750 | $27549 | $24192 |
| **7/31/24** | $25130 | $28061 | $24339 |
| **8/31/24** | $25930 | $28672 | $24944 |
| **9/30/24** | $26100 | $29265 | $25775 |
| **10/31/24** | $25520 | $29050 | $26225 |
| **11/30/24** | $27390 | $30982 | $29720 |
| **12/31/24** | $25800 | $30035 | $27873 |
| **1/31/25** | $27030 | $30984 | $29651 |
| **2/28/25** | $26150 | $30390 | $27962 |
| **3/31/25** | $24650 | $28617 | $25889 |
| **4/30/25** | $24410 | $28425 | $26758 |
| **5/31/25** | $25740 | $30227 | $29323 |
| **6/30/25** | $26690 | $31763 | $30601 |
| **7/31/25** | $27080 | $32462 | $31222 |
| **8/31/25** | $27410 | $33213 | $31535 |
| **9/30/25** | $27400 | $34360 | $31451 |
| **10/31/25** | $27400 | $35096 | $31363 |
| **11/30/25** | $27610 | $35192 | $30698 |
| **12/31/25** | $27900 | $35185 | $30286 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 9/1/16** |
| Guardian Mid Cap Traditional Growth VIP Fund | 8.14% | 6.98% | 11.62% |
| Russell 3000 Index | 17.16% | 13.15% | 14.43% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.61% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Mid Cap Traditional Growth VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $41050656 |
| Total # of Portfolio Holdings | 77 |
| Total Advisory Fees Paid | $222494 |
| Portfolio Turnover Rate | 21% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Industrials | 28.8 |
| Information Technology | 23.5 |
| Health Care | 16.2 |
| Financials | 9.7 |
| Consumer Discretionary | 8.4 |
| Utilities | 4.9 |
| Real Estate | 3.0 |
| Communication Services | 2.6 |
| Materials | 1.4 |
| Consumer Staples | 0.6 |
| Energy | 0.4 |
| Cash/Other Assets and Liabilities | 0.5 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| AppLovin Corp., Class A | 4.1 |
| Flex Ltd. | 3.6 |
| Ferguson Enterprises, Inc. | 3.2 |
| SS&C Technologies Holdings, Inc. | 3.1 |
| Constellation Software, Inc. | 2.6 |
| LPL Financial Holdings, Inc. | 2.5 |
| JB Hunt Transport Services, Inc. | 2.5 |
| Revvity, Inc. | 2.4 |
| Teledyne Technologies, Inc. | 2.3 |
| Boston Scientific Corp. | 2.3 |
| Total | 28.6 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Mid Cap Traditional Growth VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Multi-Sector Bond VIP Fund
This annual shareholder report contains important information about Guardian Multi-Sector Bond VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $100 | 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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 8.46% for the 12 months ended December 31, 2025, compared to the 7.31% return of the Bloomberg US Aggregate Bond Index (the "Index") for the same period. The Fund changed its investment sub-adviser as of March 3, 2025.

* U.S. fixed income delivered strong returns for the reporting period, with high yield bonds outperforming U.S. Treasuries and investment-grade corporate bonds.

* The U.S. Federal Reserve kept monetary policy on hold through much of 2025, concerned by the potential inflationary impact of U.S. tariff policy, but resumed cutting interest rates in September 2025 as jobs data softened, bringing the federal funds target rate to 3.5%, down from 4.25%.

* The overweight allocation to credit-spread risk was the primary contributor to the Fund's relative performance. Specifically, high-yield corporate bonds, loans, and non-agency mortgage-backed securities ("MBS") contributed, while asset-backed securities ("ABS") exposure detracted from Fund performance.

* The Fund's allocation to high-yield allocation was increased while its exposure to investment grade corporate securities was reduced, due to expectations for a supply increase in 2026 of 10% or more within the asset class.

* The U.S. 10-year Treasury yield ended the year virtually unchanged at 4.17%. U.S. investment-grade spreads narrowed 8 basis points ("bps"), to 78 bps, while high-yield bonds spreads tightened 17 bps, to 266 bps.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Bloomberg US Aggregate Bond Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g50x38.jpg)

---

| | | |
|:---|:---|:---|
| | **Guardian Multi-Sector Bond VIP Fund** | **Bloomberg US Aggregate Bond Index** |
| **10/21/19** | $10000 | $10000 |
| **11/30/19** | $10040 | $10064 |
| **12/31/19** | $10040 | $10059 |
| **1/31/20** | $10220 | $10245 |
| **2/29/20** | $10350 | $10430 |
| **3/31/20** | $9820 | $10368 |
| **4/30/20** | $10090 | $10553 |
| **5/31/20** | $10210 | $10602 |
| **6/30/20** | $10300 | $10668 |
| **7/31/20** | $10530 | $10828 |
| **8/31/20** | $10470 | $10740 |
| **9/30/20** | $10440 | $10735 |
| **10/31/20** | $10420 | $10687 |
| **11/30/20** | $10680 | $10791 |
| **12/31/20** | $10740 | $10806 |
| **1/31/21** | $10640 | $10729 |
| **2/28/21** | $10520 | $10574 |
| **3/31/21** | $10480 | $10442 |
| **4/30/21** | $10570 | $10524 |
| **5/31/21** | $10630 | $10559 |
| **6/30/21** | $10760 | $10633 |
| **7/31/21** | $10830 | $10752 |
| **8/31/21** | $10820 | $10731 |
| **9/30/21** | $10740 | $10638 |
| **10/31/21** | $10740 | $10636 |
| **11/30/21** | $10720 | $10667 |
| **12/31/21** | $10740 | $10640 |
| **1/31/22** | $10510 | $10410 |
| **2/28/22** | $10340 | $10294 |
| **3/31/22** | $10110 | $10008 |
| **4/30/22** | $9680 | $9629 |
| **5/31/22** | $9580 | $9691 |
| **6/30/22** | $9430 | $9539 |
| **7/31/22** | $9610 | $9772 |
| **8/31/22** | $9360 | $9496 |
| **9/30/22** | $8950 | $9085 |
| **10/31/22** | $8770 | $8968 |
| **11/30/22** | $9020 | $9297 |
| **12/31/22** | $9000 | $9255 |
| **1/31/23** | $9230 | $9540 |
| **2/28/23** | $9020 | $9294 |
| **3/31/23** | $9250 | $9530 |
| **4/30/23** | $9300 | $9587 |
| **5/31/23** | $9190 | $9483 |
| **6/30/23** | $9130 | $9449 |
| **7/31/23** | $9120 | $9443 |
| **8/31/23** | $9070 | $9382 |
| **9/30/23** | $8860 | $9144 |
| **10/31/23** | $8730 | $9000 |
| **11/30/23** | $9090 | $9407 |
| **12/31/23** | $9440 | $9767 |
| **1/31/24** | $9440 | $9740 |
| **2/29/24** | $9310 | $9603 |
| **3/31/24** | $9400 | $9691 |
| **4/30/24** | $9180 | $9447 |
| **5/31/24** | $9320 | $9607 |
| **6/30/24** | $9410 | $9698 |
| **7/31/24** | $9620 | $9924 |
| **8/31/24** | $9750 | $10067 |
| **9/30/24** | $9880 | $10202 |
| **10/31/24** | $9650 | $9949 |
| **11/30/24** | $9740 | $10054 |
| **12/31/24** | $9580 | $9889 |
| **1/31/25** | $9640 | $9942 |
| **2/28/25** | $9830 | $10160 |
| **3/31/25** | $9800 | $10164 |
| **4/30/25** | $9810 | $10204 |
| **5/31/25** | $9880 | $10131 |
| **6/30/25** | $10030 | $10287 |
| **7/31/25** | $10050 | $10260 |
| **8/31/25** | $10180 | $10383 |
| **9/30/25** | $10200 | $10496 |
| **10/31/25** | $10250 | $10561 |
| **11/30/25** | $10310 | $10627 |
| **12/31/25** | $10390 | $10611 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 10/21/19** |
| Guardian Multi-Sector Bond VIP Fund | 8.46% | (0.66%) | 0.62% |
| Bloomberg US Aggregate Bond Index | 7.31% | (0.36%) | 0.96% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Multi-Sector Bond VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $161824932 |
| Total # of Portfolio Holdings | 317 |
| Total Advisory Fees Paid | $877913 |
| Portfolio Turnover Rate | 204% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Bond Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 33.6 |
| Non-Agency Mortgage-Backed Securities | 27.2 |
| Agency Mortgage-Backed Securities | 22.1 |
| Asset-Backed Securities | 20.3 |
| Senior Secured Loans | 11.9 |
| Exchange-Traded Funds | 4.0 |
| Common Stocks | 0.1 |
| Cash/Other Assets and Liabilities | (19.2) |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, 5.500%, due 1/1/2055 | 5.4 |
| Janus Henderson Emerging Markets Debt Hard Currency ETF | 4.0 |
| Uniform Mortgage-Backed Security, 3.500%, due 2/1/2056 | 2.9 |
| Uniform Mortgage-Backed Security, 3.000%, due 1/1/2056 | 2.7 |
| Uniform Mortgage-Backed Security, 4.500%, due 1/1/2055 | 2.5 |
| Uniform Mortgage-Backed Security, 6.000%, due 1/1/2055 | 2.4 |
| Uniform Mortgage-Backed Security, 5.000%, due 1/1/2055 | 2.1 |
| Government National Mortgage Association, 3.500%, due 1/20/2055 | 1.6 |
| Uniform Mortgage-Backed Security, 4.000%, due 1/1/2056 | 1.4 |
| Connecticut Avenue Securities Trust, Class 1B1, 5.824%, due 2/25/2045 | 1.2 |
| Total | 26.2 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Multi-Sector Bond VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Short Duration Bond VIP Fund
This annual shareholder report contains important information about Guardian Short Duration Bond VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $47 | 0.46%<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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 5.35% for the 12 months ended December 31, 2025, compared to the 5.35% return of the Bloomberg US Government/Credit 1-3 Year Total Return Index (the "Index"), an index with similar investment characteristics as the Fund, for the same period. The Fund's broad-based securities market index, the Bloomberg US Aggregate Bond Index, returned 7.31% for the same period. The Fund changed its investment sub-adviser as of March 3, 2025.

* The U.S. Federal Reserve kept monetary policy on hold through much of 2025, concerned by the potential inflationary impact of U.S. tariff policy, but resumed cutting interest rates in September 2025 as jobs data softened, bringing the federal funds target rate to 3.5%, down from 4.25%.

* The Fund's allocation to asset-backed securities ("ABS") and mortgage-backed securities ("MBS") sectors contributed to outperformance, as well as its underweight to U.S. Treasuries. The Fund's overweight in the financials and industrials sectors also contributed to its performance.

* The Fund's yield curve positioning relative to the index detracted from its performance as the yield curve steepened during the reporting period. The Fund's duration relative to the index was close to flat and was not a significant contributor to its performance.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Bloomberg US Aggregate Bond Index and Bloomberg US Government/Credit 1-3 Year Total Return Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g61o58.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Guardian Short Duration Bond VIP Fund** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Government/Credit 1-3 Year Total Return Index** |
| **5/2/22** | $10000 | $10000 | $10000 |
| **5/31/22** | $10010 | $10125 | $10066 |
| **6/30/22** | $9940 | $9966 | $9995 |
| **7/31/22** | $9960 | $10209 | $10048 |
| **8/31/22** | $9910 | $9921 | $9969 |
| **9/30/22** | $9760 | $9492 | $9848 |
| **10/31/22** | $9690 | $9369 | $9835 |
| **11/30/22** | $9720 | $9714 | $9916 |
| **12/31/22** | $9770 | $9670 | $9935 |
| **1/31/23** | $9830 | $9967 | $10015 |
| **2/28/23** | $9770 | $9710 | $9940 |
| **3/31/23** | $9870 | $9956 | $10085 |
| **4/30/23** | $9900 | $10017 | $10120 |
| **5/31/23** | $9870 | $9908 | $10089 |
| **6/30/23** | $9810 | $9872 | $10048 |
| **7/31/23** | $9860 | $9865 | $10090 |
| **8/31/23** | $9900 | $9802 | $10126 |
| **9/30/23** | $9900 | $9553 | $10121 |
| **10/31/23** | $9930 | $9403 | $10153 |
| **11/30/23** | $10040 | $9828 | $10271 |
| **12/31/23** | $10170 | $10205 | $10393 |
| **1/31/24** | $10230 | $10177 | $10434 |
| **2/29/24** | $10190 | $10033 | $10396 |
| **3/31/24** | $10240 | $10125 | $10437 |
| **4/30/24** | $10210 | $9870 | $10402 |
| **5/31/24** | $10280 | $10037 | $10478 |
| **6/30/24** | $10340 | $10132 | $10537 |
| **7/31/24** | $10460 | $10369 | $10662 |
| **8/31/24** | $10550 | $10518 | $10759 |
| **9/30/24** | $10640 | $10658 | $10848 |
| **10/31/24** | $10590 | $10394 | $10787 |
| **11/30/24** | $10630 | $10504 | $10823 |
| **12/31/24** | $10650 | $10332 | $10846 |
| **1/31/25** | $10700 | $10387 | $10896 |
| **2/28/25** | $10770 | $10615 | $10972 |
| **3/31/25** | $10800 | $10619 | $11022 |
| **4/30/25** | $10870 | $10661 | $11106 |
| **5/31/25** | $10880 | $10585 | $11091 |
| **6/30/25** | $10960 | $10748 | $11162 |
| **7/31/25** | $10970 | $10719 | $11160 |
| **8/31/25** | $11060 | $10847 | $11258 |
| **9/30/25** | $11100 | $10966 | $11295 |
| **10/31/25** | $11130 | $11034 | $11333 |
| **11/30/25** | $11190 | $11103 | $11387 |
| **12/31/25** | $11220 | $11086 | $11426 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 5/2/22** |
| Guardian Short Duration Bond VIP Fund | 5.35% | 3.19% |
| Bloomberg US Aggregate Bond Index | 7.31% | 2.85% |
| Bloomberg US Government/Credit 1-3 Year Total Return Index | 5.35% | 3.70% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Short Duration Bond VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $132010552 |
| Total # of Portfolio Holdings | 72 |
| Total Advisory Fees Paid | $406454 |
| Portfolio Turnover Rate | 169% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Bond Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 33.3 |
| Asset-Backed Securities | 25.9 |
| Agency Mortgage-Backed Securities | 23.1 |
| U.S. Government Securities | 14.0 |
| Non-Agency Mortgage-Backed Securities | 1.6 |
| Cash/Other Assets and Liabilities | 2.1 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%, due 7/31/2027 | 13.3 |
| Freddie Mac Multifamily Structured Pass-Through Certificates, Class A2, 3.244%, due 8/25/2027 | 5.3 |
| Federal National Mortgage Association, 3.000%, due 9/1/2034 | 4.4 |
| Federal Home Loan Mortgage Corp., 3.000%, due 5/1/2033 | 4.3 |
| Federal National Mortgage Association, 3.000%, due 5/1/2037 | 4.1 |
| Federal National Mortgage Association, 3.000%, due 4/1/2033 | 2.9 |
| 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 |
| Hertz Vehicle Financing III LLC, Class A, 4.910%, due 9/25/2029 | 2.2 |
| Verizon Master Trust, Class C, 4.900%, due 3/20/2030 | 2.2 |
| Total | 43.3 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Short Duration Bond VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Small Cap Value Diversified VIP Fund

# (formerly, Guardian Small Cap Core VIP Fund)
This annual shareholder report contains important information about Guardian Small Cap Value Diversified VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $108 | 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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 6.66% for the 12 months ended December 31, 2025, compared to the 12.60% return of the Russell 2000<sup>®</sup> Value Index (the "Index"), an index with similar investment characteristics as the Fund, for the same period. The Fund's broad-based securities market index, the Russell 3000<sup>®</sup> Index, returned 17.16% for the same period. The Fund changed its investment sub-adviser as of May 1, 2025.

* In 2025, a speculative rally in low-quality, small-capitalization stocks created a challenging environment for the Fund's strategy. By the end of 2025, more than 40% of stocks in the Index represented unprofitable companies.

* Stock selection detracted from the Fund's performance relative to the Index, while sector allocation contributed positively to the Fund's performance in 2025. 

* Stock selection within the health care, financials, and consumer discretionary sectors lagged. The Fund's positions in health care supplies companies underperformed and not owning biotech companies within the Index detracted. The Fund's overweight in the materials and technology sectors, as well as its underweight in the real estate sector contributed to the Fund's performance.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Russell 3000 Index and Russell 2000 Value Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g60a13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Guardian Small Cap Value Diversified VIP Fund** | **Russell 3000 Index** | **Russell 2000 Value Index** |
| **10/21/19** | $10000 | $10000 | $10000 |
| **11/30/19** | $10010 | $10105 | $10064 |
| **12/31/19** | $10660 | $10489 | $10300 |
| **1/31/20** | $10280 | $10780 | $10085 |
| **2/29/20** | $9330 | $9898 | $9105 |
| **3/31/20** | $6780 | $8536 | $6859 |
| **4/30/20** | $7850 | $9667 | $7705 |
| **5/31/20** | $8230 | $10184 | $7926 |
| **6/30/20** | $8350 | $10417 | $8156 |
| **7/31/20** | $8830 | $11008 | $8324 |
| **8/31/20** | $9180 | $11806 | $8772 |
| **9/30/20** | $8750 | $11376 | $8364 |
| **10/31/20** | $8850 | $11130 | $8663 |
| **11/30/20** | $10420 | $12484 | $10336 |
| **12/31/20** | $11400 | $13046 | $11154 |
| **1/31/21** | $11620 | $12988 | $11741 |
| **2/28/21** | $12460 | $13394 | $12844 |
| **3/31/21** | $12780 | $13874 | $13516 |
| **4/30/21** | $13320 | $14589 | $13789 |
| **5/31/21** | $13510 | $14656 | $14218 |
| **6/30/21** | $13650 | $15017 | $14132 |
| **7/31/21** | $13060 | $15271 | $13626 |
| **8/31/21** | $13210 | $15707 | $13991 |
| **9/30/21** | $12950 | $15002 | $13711 |
| **10/31/21** | $13500 | $16017 | $14233 |
| **11/30/21** | $12870 | $15773 | $13747 |
| **12/31/21** | $13420 | $16394 | $14308 |
| **1/31/22** | $12630 | $15429 | $13474 |
| **2/28/22** | $12720 | $15041 | $13697 |
| **3/31/22** | $12880 | $15529 | $13965 |
| **4/30/22** | $11940 | $14135 | $12881 |
| **5/31/22** | $12020 | $14116 | $13128 |
| **6/30/22** | $10650 | $12935 | $11831 |
| **7/31/22** | $11800 | $14149 | $12977 |
| **8/31/22** | $11300 | $13621 | $12566 |
| **9/30/22** | $9950 | $12358 | $11286 |
| **10/31/22** | $11140 | $13371 | $12707 |
| **11/30/22** | $11360 | $14069 | $13095 |
| **12/31/22** | $10620 | $13245 | $12236 |
| **1/31/23** | $11790 | $14157 | $13403 |
| **2/28/23** | $11550 | $13826 | $13094 |
| **3/31/23** | $10920 | $14196 | $12155 |
| **4/30/23** | $10810 | $14347 | $11852 |
| **5/31/23** | $11040 | $14403 | $11619 |
| **6/30/23** | $11970 | $15387 | $12542 |
| **7/31/23** | $12440 | $15938 | $13488 |
| **8/31/23** | $12010 | $15631 | $12840 |
| **9/30/23** | $11320 | $14886 | $12171 |
| **10/31/23** | $10530 | $14491 | $11445 |
| **11/30/23** | $11220 | $15843 | $12475 |
| **12/31/23** | $12420 | $16683 | $14028 |
| **1/31/24** | $11960 | $16868 | $13390 |
| **2/29/24** | $12350 | $17781 | $13829 |
| **3/31/24** | $12800 | $18355 | $14435 |
| **4/30/24** | $11990 | $17547 | $13515 |
| **5/31/24** | $12400 | $18376 | $14147 |
| **6/30/24** | $12140 | $18945 | $13908 |
| **7/31/24** | $13370 | $19297 | $15604 |
| **8/31/24** | $13130 | $19717 | $15311 |
| **9/30/24** | $13210 | $20125 | $15320 |
| **10/31/24** | $13180 | $19977 | $15081 |
| **11/30/24** | $14530 | $21306 | $16535 |
| **12/31/24** | $13360 | $20655 | $15158 |
| **1/31/25** | $13980 | $21307 | $15469 |
| **2/28/25** | $13220 | $20899 | $14877 |
| **3/31/25** | $12540 | $19680 | $13984 |
| **4/30/25** | $11870 | $19548 | $13422 |
| **5/31/25** | $12510 | $20787 | $13986 |
| **6/30/25** | $13090 | $21843 | $14678 |
| **7/31/25** | $13170 | $22324 | $14938 |
| **8/31/25** | $13890 | $22840 | $16203 |
| **9/30/25** | $13940 | $23629 | $16528 |
| **10/31/25** | $13800 | $24135 | $16570 |
| **11/30/25** | $14140 | $24201 | $17035 |
| **12/31/25** | $14250 | $24196 | $17067 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 10/21/19** |
| Guardian Small Cap Value Diversified VIP Fund | 6.66% | 4.56% | 5.88% |
| Russell 3000 Index | 17.16% | 13.15% | 15.33% |
| Russell 2000 Value Index | 12.60% | 8.88% | 9.01% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Small Cap Value Diversified VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $163662972 |
| Total # of Portfolio Holdings | 91 |
| Total Advisory Fees Paid | $1131172 |
| Portfolio Turnover Rate | 154% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Financials | 18.0 |
| Industrials | 17.6 |
| Information Technology | 12.4 |
| Materials | 11.8 |
| Health Care | 9.5 |
| Energy | 8.8 |
| Real Estate | 5.8 |
| Consumer Discretionary | 5.5 |
| Utilities | 4.8 |
| Communication Services | 1.7 |
| Consumer Staples | 1.6 |
| Cash/Other Assets and Liabilities | 2.5 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Teleflex, Inc. | 2.5 |
| Teradata Corp. | 2.3 |
| Prosperity Bancshares, Inc. | 2.2 |
| BKV Corp. | 2.0 |
| BGC Group, Inc., Class A | 2.0 |
| Enterprise Financial Services Corp. | 2.0 |
| Brixmor Property Group, Inc. | 2.0 |
| Driven Brands Holdings, Inc. | 2.0 |
| Webster Financial Corp. | 1.9 |
| WesBanco, Inc. | 1.8 |
| Total | 20.7 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Small Cap Value Diversified VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian Total Return Bond VIP Fund
This annual shareholder report contains important information about Guardian Total Return Bond VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $84 | 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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 6.87% for the 12 months ended December 31, 2025, compared to the 7.31% return of the Bloomberg US Aggregate Bond Index (the "Index") for the same period. The Fund changed its investment sub-adviser as of March 3, 2025.

* Healthy macro and micro fundamentals, supportive technicals, and stable credit spreads contributed to solid fixed income performance, driven by declining interest rates and coupon income. Riskier sectors such as emerging market debt and high-yield corporate bonds outperformed.

* Against a backdrop of historically tight spreads, the Fund's strategy balanced positive carry and ample liquidity to participate in any major repricing. While the Fund remained overweight credit risk, portfolio positioning was relatively defensive compared to its longer-term risk budget.

* During 2025, the largest contributors to the Fund's relative return included quality allocation (use of high-yield corporates and emerging market sovereigns), sector allocation (overweight credit, including collateralized loan obligations), and security selection. An underweight in agency mortgage-backed securities ("MBS") detracted.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Bloomberg US Aggregate Bond Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g56r83.jpg)

---

| | | |
|:---|:---|:---|
| | **Guardian Total Return Bond VIP Fund** | **Bloomberg US Aggregate Bond Index** |
| **10/21/19** | $10000 | $10000 |
| **11/30/19** | $10040 | $10064 |
| **12/31/19** | $10040 | $10059 |
| **1/31/20** | $10220 | $10245 |
| **2/29/20** | $10370 | $10430 |
| **3/31/20** | $9970 | $10368 |
| **4/30/20** | $10230 | $10553 |
| **5/31/20** | $10330 | $10602 |
| **6/30/20** | $10390 | $10668 |
| **7/31/20** | $10600 | $10828 |
| **8/31/20** | $10520 | $10740 |
| **9/30/20** | $10500 | $10735 |
| **10/31/20** | $10460 | $10687 |
| **11/30/20** | $10650 | $10791 |
| **12/31/20** | $10700 | $10806 |
| **1/31/21** | $10600 | $10729 |
| **2/28/21** | $10440 | $10574 |
| **3/31/21** | $10370 | $10442 |
| **4/30/21** | $10460 | $10524 |
| **5/31/21** | $10520 | $10559 |
| **6/30/21** | $10630 | $10633 |
| **7/31/21** | $10720 | $10752 |
| **8/31/21** | $10700 | $10731 |
| **9/30/21** | $10610 | $10638 |
| **10/31/21** | $10620 | $10636 |
| **11/30/21** | $10620 | $10667 |
| **12/31/21** | $10610 | $10640 |
| **1/31/22** | $10400 | $10410 |
| **2/28/22** | $10240 | $10294 |
| **3/31/22** | $10000 | $10008 |
| **4/30/22** | $9600 | $9629 |
| **5/31/22** | $9540 | $9691 |
| **6/30/22** | $9400 | $9539 |
| **7/31/22** | $9580 | $9772 |
| **8/31/22** | $9330 | $9496 |
| **9/30/22** | $8930 | $9085 |
| **10/31/22** | $8750 | $8968 |
| **11/30/22** | $9000 | $9297 |
| **12/31/22** | $8980 | $9255 |
| **1/31/23** | $9220 | $9540 |
| **2/28/23** | $9010 | $9294 |
| **3/31/23** | $9230 | $9530 |
| **4/30/23** | $9280 | $9587 |
| **5/31/23** | $9180 | $9483 |
| **6/30/23** | $9130 | $9449 |
| **7/31/23** | $9110 | $9443 |
| **8/31/23** | $9080 | $9382 |
| **9/30/23** | $8870 | $9144 |
| **10/31/23** | $8720 | $9000 |
| **11/30/23** | $9100 | $9407 |
| **12/31/23** | $9440 | $9767 |
| **1/31/24** | $9440 | $9740 |
| **2/29/24** | $9310 | $9603 |
| **3/31/24** | $9400 | $9691 |
| **4/30/24** | $9180 | $9447 |
| **5/31/24** | $9330 | $9607 |
| **6/30/24** | $9420 | $9698 |
| **7/31/24** | $9630 | $9924 |
| **8/31/24** | $9770 | $10067 |
| **9/30/24** | $9900 | $10202 |
| **10/31/24** | $9660 | $9949 |
| **11/30/24** | $9760 | $10054 |
| **12/31/24** | $9610 | $9889 |
| **1/31/25** | $9660 | $9942 |
| **2/28/25** | $9860 | $10160 |
| **3/31/25** | $9800 | $10164 |
| **4/30/25** | $9810 | $10204 |
| **5/31/25** | $9790 | $10131 |
| **6/30/25** | $9960 | $10287 |
| **7/31/25** | $9960 | $10260 |
| **8/31/25** | $10060 | $10383 |
| **9/30/25** | $10180 | $10496 |
| **10/31/25** | $10230 | $10561 |
| **11/30/25** | $10290 | $10627 |
| **12/31/25** | $10270 | $10611 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 10/21/19** |
| Guardian Total Return Bond VIP Fund | 6.87% | (0.82%) | 0.43% |
| Bloomberg US Aggregate Bond Index | 7.31% | (0.36%) | 0.96% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian Total Return Bond VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $195549388 |
| Total # of Portfolio Holdings | 222 |
| Total Advisory Fees Paid | $844528 |
| Portfolio Turnover Rate | 107% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Bond Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 43.6 |
| U.S. Government Securities | 22.2 |
| Asset-Backed Securities | 20.7 |
| Non-Agency Mortgage-Backed Securities | 9.4 |
| Foreign Government | 2.7 |
| Municipals | 0.3 |
| Cash/Other Assets and Liabilities | 1.1 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bonds, 4.625%, due 11/15/2044 | 12.9 |
| U.S. Treasury Bonds, 4.500%, due 11/15/2054 | 5.5 |
| U.S. Treasury Notes, 4.250%, due 1/31/2030 | 1.7 |
| Carlyle U.S. CLO Ltd., Class CR2, 5.870%, due 10/21/2037 | 1.5 |
| OHA Credit Funding 3 Ltd., Class CR2, 5.634%, 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, 5.634%, due 1/20/2032 | 0.9 |
| TCW CLO Ltd., Class A1R1, 5.244%, due 1/20/2038 | 0.8 |
| CNH Equipment Trust, Class A4, 3.910%, due 3/15/2028 | 0.8 |
| Total | 26.9 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian Total Return Bond VIP Fund

#### Annual Shareholder Report
![Image](g102894g56p90.jpg)

December 31, 2025

# Guardian U.S. Government/Credit VIP Fund

# (formerly, Guardian U.S. Government Securities VIP Fund)
This annual shareholder report contains important information about Guardian U.S. Government/Credit VIP Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(*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 | $76 | 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;Reflects fee waivers and/or expense reimbursements, without which expenses would be higher. |

---

#### How did the Fund perform last year and what affected its performance?
* The Fund returned 6.72% for the 12 months ended December 31, 2025, compared to the 6.97% return of the Bloomberg US Intermediate Government/Credit Index (the "Index"), an index with similar investment characteristics as the Fund, for the same period. The Fund's broad-based securities market index, the Bloomberg US Aggregate Bond Index, returned 7.31% for the same period. The Fund changed its investment sub-adviser as of March 3, 2025.

* The Fund's performance during the reporting period was shaped by heightened uncertainty following the U.S. tariff policy announcement in April 2025, which led to increased market volatility and shifting U.S. Federal Reserve expectations amid mixed economic data. Positive factors included strong corporate earnings, resilient consumer spending, ongoing artificial intelligence ("AI")-driven investment, and easing trade tensions later in the period, which helped stabilize market sentiment.

* Security selection in investment grade corporate bonds and agency mortgage-backed securities contributed to, and interest rate positioning and security selection in emerging market sovereign bonds detracted from, relative performance.

## Fund Performance
The chart below shows the performance of an initial $10,000 investment made in the Fund during the periods shown, compared to that of Bloomberg US Aggregate Bond Index and Bloomberg US Intermediate Government/Credit Index.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g102894g99l53.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Guardian U.S. Government/Credit VIP Fund** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Intermediate Government/Credit Index** |
| **10/21/19** | $10000 | $10000 | $10000 |
| **11/30/19** | $10030 | $10064 | $10040 |
| **12/31/19** | $10010 | $10059 | $10025 |
| **1/31/20** | $10150 | $10245 | $10180 |
| **2/29/20** | $10290 | $10430 | $10324 |
| **3/31/20** | $10380 | $10368 | $10278 |
| **4/30/20** | $10460 | $10553 | $10423 |
| **5/31/20** | $10480 | $10602 | $10502 |
| **6/30/20** | $10510 | $10668 | $10567 |
| **7/31/20** | $10540 | $10828 | $10646 |
| **8/31/20** | $10530 | $10740 | $10633 |
| **9/30/20** | $10530 | $10735 | $10632 |
| **10/31/20** | $10500 | $10687 | $10609 |
| **11/30/20** | $10510 | $10791 | $10661 |
| **12/31/20** | $10530 | $10806 | $10683 |
| **1/31/21** | $10510 | $10729 | $10654 |
| **2/28/21** | $10410 | $10574 | $10566 |
| **3/31/21** | $10390 | $10442 | $10484 |
| **4/30/21** | $10410 | $10524 | $10536 |
| **5/31/21** | $10450 | $10559 | $10579 |
| **6/30/21** | $10420 | $10633 | $10587 |
| **7/31/21** | $10460 | $10752 | $10668 |
| **8/31/21** | $10440 | $10731 | $10651 |
| **9/30/21** | $10380 | $10638 | $10590 |
| **10/31/21** | $10320 | $10636 | $10531 |
| **11/30/21** | $10310 | $10667 | $10543 |
| **12/31/21** | $10270 | $10640 | $10529 |
| **1/31/22** | $10130 | $10410 | $10375 |
| **2/28/22** | $10080 | $10294 | $10307 |
| **3/31/22** | $9840 | $10008 | $10055 |
| **4/30/22** | $9650 | $9629 | $9854 |
| **5/31/22** | $9700 | $9691 | $9927 |
| **6/30/22** | $9630 | $9539 | $9817 |
| **7/31/22** | $9750 | $9772 | $9977 |
| **8/31/22** | $9550 | $9496 | $9777 |
| **9/30/22** | $9320 | $9085 | $9516 |
| **10/31/22** | $9220 | $8968 | $9474 |
| **11/30/22** | $9450 | $9297 | $9680 |
| **12/31/22** | $9420 | $9255 | $9662 |
| **1/31/23** | $9620 | $9540 | $9843 |
| **2/28/23** | $9430 | $9294 | $9666 |
| **3/31/23** | $9640 | $9530 | $9888 |
| **4/30/23** | $9690 | $9587 | $9948 |
| **5/31/23** | $9610 | $9483 | $9874 |
| **6/30/23** | $9530 | $9449 | $9807 |
| **7/31/23** | $9520 | $9443 | $9833 |
| **8/31/23** | $9500 | $9382 | $9831 |
| **9/30/23** | $9330 | $9144 | $9726 |
| **10/31/23** | $9230 | $9000 | $9680 |
| **11/30/23** | $9520 | $9407 | $9938 |
| **12/31/23** | $9800 | $9767 | $10169 |
| **1/31/24** | $9800 | $9740 | $10190 |
| **2/29/24** | $9680 | $9603 | $10089 |
| **3/31/24** | $9750 | $9691 | $10154 |
| **4/30/24** | $9550 | $9447 | $10017 |
| **5/31/24** | $9680 | $9607 | $10137 |
| **6/30/24** | $9770 | $9698 | $10218 |
| **7/31/24** | $9980 | $9924 | $10410 |
| **8/31/24** | $10110 | $10067 | $10530 |
| **9/30/24** | $10210 | $10202 | $10644 |
| **10/31/24** | $9990 | $9949 | $10474 |
| **11/30/24** | $10070 | $10054 | $10539 |
| **12/31/24** | $9970 | $9889 | $10474 |
| **1/31/25** | $10020 | $9942 | $10534 |
| **2/28/25** | $10200 | $10160 | $10681 |
| **3/31/25** | $10210 | $10164 | $10728 |
| **4/30/25** | $10280 | $10204 | $10827 |
| **5/31/25** | $10250 | $10131 | $10792 |
| **6/30/25** | $10370 | $10287 | $10907 |
| **7/31/25** | $10360 | $10260 | $10892 |
| **8/31/25** | $10480 | $10383 | $11025 |
| **9/30/25** | $10520 | $10496 | $11071 |
| **10/31/25** | $10560 | $10561 | $11119 |
| **11/30/25** | $10630 | $10627 | $11194 |
| **12/31/25** | $10640 | $10611 | $11204 |

---

#### Average Annual Total Returns (%)

#### (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 10/21/19** |
| Guardian U.S. Government/Credit VIP Fund | 6.72% | 0.21% | 1.01% |
| Bloomberg US Aggregate Bond Index | 7.31% | (0.36%) | 0.96% |
| Bloomberg US Intermediate Government/Credit Index | 6.97% | 0.96% | 1.85% |

---

**Past performance does not guarantee future results. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost.**

The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges.

Guardian U.S. Government/Credit VIP Fund

## Fund Statistics

## (as of December 31, 2025)

---

| | |
|:---|:---|
| **FUND STATISTICS** | **fund** |
| Total Net Assets | $137109143 |
| Total # of Portfolio Holdings | 183 |
| Total Advisory Fees Paid | $464853 |
| Portfolio Turnover Rate | 157% |

---

## What were the Fund's portfolio holdings?

## (as of December 31, 2025)

### Bond Sector Allocation

### (% of Total Net Assets)

---

| | |
|:---|:---|
| U.S. Government Securities | 51.4 |
| Corporate Bonds & Notes | 40.5 |
| Asset-Backed Securities | 4.2 |
| Agency Mortgage-Backed Securities | 2.9 |
| Non-Agency Mortgage-Backed Securities | 0.6 |
| Foreign Government | 0.3 |
| Cash/Other Assets and Liabilities | 0.1 |
| Total | 100.0 |

---

### Top Ten Holdings

### (% of Total Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.625%, due 8/31/2029 | 5.1 |
| U.S. Treasury Notes, 4.250%, due 1/31/2030 | 4.7 |
| U.S. Treasury Notes, 4.125%, due 10/31/2029 | 4.6 |
| U.S. Treasury Notes, 3.625%, due 8/31/2030 | 3.6 |
| U.S. Treasury Notes, 4.500%, due 5/31/2029 | 3.5 |
| U.S. Treasury Notes, 4.250%, due 6/30/2029 | 3.5 |
| U.S. Treasury Notes, 4.250%, due 2/28/2029 | 3.4 |
| U.S. Treasury Notes, 4.375%, due 8/31/2028 | 2.8 |
| U.S. Treasury Notes, 4.875%, due 10/31/2030 | 2.3 |
| U.S. Treasury Notes, 4.125%, due 2/28/2027 | 2.2 |
| Total | 35.7 |

---

## 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.

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](g102894g23h45.jpg)

## 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.

Guardian U.S. Government/Credit VIP Fund

------

**Item 1.** (continued) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

The registrant, as of the end of the period covered by this report, has adopted a code of ethics (the "Code of Ethics"), as defined in this Item 2, that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments or waivers granted with respect to the Code of Ethics during the fiscal year ended December 31, 2025. A copy of the Code of Ethics is filed as an exhibit to this Form N-CSR.

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

The registrant's Board of Trustees has determined that the registrant has three audit committee financial experts serving on its Audit Committee. The audit committee financial experts are Marshall Lux (Chair of the Audit Committee), Bruce Ferris and John Walters. Each of these individuals is "independent," as defined by Item 3 of Form N-CSR.

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

(a)-(d)

Shown below are the aggregate fees billed for services rendered by PricewaterhouseCoopers LLC ("PwC") to the registrant for the audit of the registrant's annual financial statements or services that are normally provided by PwC in connection with statutory and regulatory filings or engagements for the last two fiscal years.

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit Fees\*** | **Audit-<br>Related Fees** | **All Other Fees** |
|  December 31, 2025 | $805177 | $– $– $|  |
|  December 31, 2024 | $786303 | $– $– $|  |

---

\* Fees are exclusive of out-of-pocket expenses.

(e)(1) The registrant's Audit Committee is required to approve at least annually all audit and non-audit services that are required to be pre-approved under paragraph (c)(7) of Rule 2-01 of Regulation S-X. In addition, pursuant to the registrant's Audit Committee Pre-Approval Procedures, the Chair of the Audit Committee, or one or more designated members of the Audit Committee, is authorized to pre-approve a proposed non-audit service, or a proposed material change in the nature or cost of any previously approved non-audit service, between meetings of the Audit Committee. Any such action shall be presented for ratification by the Audit Committee not later than its next regularly scheduled meeting.

(e)(2) With respect to the services described in (b) - (d) of this item relating to the Audit-Related Fees, Tax Fees and All Other Fees disclosed above, no amount was approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) There were no non-audit fees billed by PwC for services rendered to the registrant, its investment adviser, or any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Not applicable.

(i) Not applicable.

(j) 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

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Core Fixed Income VIP Fund
![LOGO](g13745g40s74.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](#fin1toc13745_1)** |  |
| [Schedule of Investments](#fin1toc13745_2) | 1 |
| [Statement of Assets and Liabilities](#fin1toc13745_3) | 9 |
| [Statement of Operations](#fin1toc13745_4) | 9 |
| [Statements of Changes in Net Assets](#fin1toc13745_5) | 10 |
| [Financial Highlights](#fin1toc13745_6) | 12 |
| [Notes to Financial Statements](#fin1toc13745_7) | 14 |
| [Report of Independent Registered Public<br>Accounting Firm](#fin1toc13745_8) | 23 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin1toc13745_9)** | 24 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin1toc13745_10)** | 24 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin1toc13745_11)** | 24 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin1toc13745_12)** | 24 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 16.6%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 16.6%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 16.6%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp.<br>1.50% due 4/1/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189764 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3325206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 1/1/2052 | 492491 | 405235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 3/1/2052 | 890845 | 729433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/1/2050 | 347803 | 298054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/1/2037 | 292494 | 288796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 6/1/2052 | 1543407 | 1472959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 9/1/2052 | 400472 | 392474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 11/1/2053 | 459982 | 465476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 4/1/2054 | 54986 | 55317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 9/1/2053 | 3346776 | 3420792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 10/1/2053 | 2900039 | 2984045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 8/1/2055 | 783378 | 819283 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association<br>1.50% due 4/1/2036 | 150438 | 136564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% due 6/1/2036 | 454372 | 411267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/1/2037 | 1173048 | 1112395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 12/1/2049 | 772199 | 660799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/1/2051 | 1287352 | 1113956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/1/2052 | 1500723 | 1292946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 6/1/2051 | 239974 | 216747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 3/1/2052 | 116762 | 105097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 4/1/2052 | 99835 | 89659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 10/1/2052 | 2833060 | 2625587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 9/1/2052 | 1055868 | 1034975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 12/1/2039 | 1248285 | 1264498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2052 | 467542 | 472680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 2/1/2053 | 254879 | 255218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 3/1/2054 | 51085 | 51416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/1/2054 | 905023 | 918884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 9/1/2053 | 224625 | 231261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/1/2055 | 188905 | 197202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 7/1/2055 | 295020 | 303533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 8/1/2055 | 340002 | 354303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 8/1/2055 | 616432 | 652714 |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association<br>2.00% due 10/20/2050 | 3919630 | 3248433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/20/2050 | 1633910 | 1412202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 12/20/2051 | 242495 | 209280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 6/20/2052 | 143913 | 124201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/20/2052 | 1708253 | 1536913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 8/20/2047 | 525608 | 489990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 7/20/2052 | 518477 | 476754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 8/20/2052 | 330525 | 302914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 10/20/2052 | 93022 | 85512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/20/2055 | 398260 | 376376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/20/2054 | 1097223 | 1069883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 2/20/2056<sup>(1)</sup> | 850000 | 846995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 2/20/2055 | 714613 | 722462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/20/2055 | 492330 | 498008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 6/20/2055 | 345123 | 348710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/20/2055 | 1239878 | 1264387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 2/20/2056<sup>(1)</sup> | 1400000 | 1425648 |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security<br>2.00% due 1/1/2055<sup>(1)</sup> | 4025000 | 3252687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 2/1/2056<sup>(1)</sup> | 5825000 | 4707077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 1/1/2055<sup>(1)</sup> | 2600000 | 2197609 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; 3.00% due 2/1/2056<sup>(1)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 1/1/2055<sup>(1)</sup> |  | 700000 |  | 727468 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $54,984,485) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $54,984,485) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $54,984,485) |  | **55713362** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 9.8%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 9.8%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 9.8%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 9.8%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 9.8%** |
| &nbsp;&nbsp;&nbsp; AASET LLC <br>Series 2022-1A, Class A <br>6.00% due 5/16/2047<sup>(2)</sup> |  | 1110062 |  | 1132299 |
| &nbsp;&nbsp;&nbsp; Aimco CLO 20 Ltd. <br>Series 2023-20A, Class A1R <br>5.104% (3 mo. USD Term SOFR + 1.21%) <br> due 10/16/2038<sup>(2)(3)</sup> |  | 1250000 |  | 1248995 |
| &nbsp;&nbsp;&nbsp; Allegro CLO XIII Ltd. <br>Series 2021-1A, Class A1R <br>5.224% (3 mo. USD Term SOFR + 1.34%) <br> due 7/20/2038<sup>(2)(3)</sup> |  | 250000 |  | 250496 |
| &nbsp;&nbsp;&nbsp; ALTDE Trust <br>Series 2025-1A, Class A <br>5.90% due 8/15/2050<sup>(2)</sup> |  | 709263 |  | 724872 |
| &nbsp;&nbsp;&nbsp; Ares LIV CLO Ltd. <br>Series 2019-54A, Class AR2 <br>5.215% (3 mo. USD Term SOFR + 1.31%) <br> due 7/15/2038<sup>(2)(3)</sup> |  | 250000 |  | 250566 |
| &nbsp;&nbsp;&nbsp; Ares LVIII CLO Ltd. <br>Series 2020-58A, Class A1R2 <br>5.145% (3 mo. USD Term SOFR + 1.24%) <br> due 4/15/2038<sup>(2)(3)</sup> |  | 263000 |  | 262797 |
| &nbsp;&nbsp;&nbsp; Ares LXX CLO Ltd. <br>Series 2023-70A, Class A1R <br>4.971% (3 mo. USD Term SOFR + 1.25%) <br> due 1/25/2039<sup>(2)(3)</sup> |  | 250000 |  | 250000 |
| &nbsp;&nbsp;&nbsp; Ares LXXVI CLO Ltd. <br>Series 2025-76A, Class A1 <br>5.305% (3 mo. USD Term SOFR + 1.4%) <br> due 5/27/2038<sup>(2)(3)</sup> |  | 563000 |  | 563418 |
| &nbsp;&nbsp;&nbsp; Ares XXXIV CLO Ltd. <br>Series 2015-2A, Class A1R4 <br>5.172% (3 mo. USD Term SOFR + 1.29%) <br> due 7/17/2038<sup>(2)(3)</sup> |  | 343000 |  | 343798 |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd. Series 2023-2A, Class A1R <br>5.204% (3 mo. USD Term SOFR + 1.32%) <br> due 7/18/2038<sup>(2)(3)</sup> |  | 261000 |  | 261462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class A1R <br>4.96% (3 mo. USD Term SOFR + 1.23%) <br> due 1/21/2039<sup>(2)(3)</sup> |  | 256000 |  | 255920 |
| &nbsp;&nbsp;&nbsp; BCRED BSL Static CLO Ltd. <br>Series 2025-1A, Class AR <br>5.541% (3 mo. USD Term SOFR + 1.25%) <br> due 7/24/2035<sup>(2)(3)</sup> |  | 250000 |  | 250499 |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Benefit Street Partners CLO 43 Ltd. <br>Series 2025-43A, Class A <br>5.188% (3 mo. USD Term SOFR + 1.27%) <br> due 10/20/2038<sup>(2)(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250099 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO 44 Ltd. <br>Series 2025-44A, Class A1 <br>4.944% (3 mo. USD Term SOFR + 1.22%) <br> due 1/15/2039<sup>(2)(3)</sup> | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd. <br>Series 2025-6A, Class A1 <br>4.879% (3 mo. USD Term SOFR + 1.22%) <br> due 1/20/2039<sup>(2)(3)</sup> | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp; Cedar Funding XII CLO Ltd. <br>Series 2020-12A, Class ARR <br>5.058% (3 mo. USD Term SOFR + 1.2%) <br> due 1/25/2038<sup>(2)(3)</sup> | 100000 | 99923 |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5A, Class A1R2 <br>5.359% (3 mo. USD Term SOFR + 1.27%) <br> due 10/15/2038<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6A, Class A1 <br>5.11% (3 mo. USD Term SOFR + 1.25%) <br> due 10/23/2038<sup>(2)(3)</sup> | 152000 | 152000 |
| &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> | 105600 | 103585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2II <br>2.493% due 11/20/2051<sup>(2)</sup> | 931200 | 881261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2I <br>4.891% due 8/20/2055<sup>(2)</sup> | 185000 | 185379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2II <br>5.165% due 8/20/2055<sup>(2)</sup> | 150000 | 150157 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza Master Issuer LLC<br>Series 2017-1A, Class A23 <br>4.118% due 7/25/2047<sup>(2)</sup> | 1085700 | 1079472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2II <br>4.328% due 7/25/2048<sup>(2)</sup> | 506913 | 505426 |
| &nbsp;&nbsp;&nbsp; Flatiron CLO 31 Ltd. <br>Series 2025-31A, Class A1 <br>4.897% (3 mo. USD Term SOFR + 1.2%) <br> due 1/18/2039<sup>(2)(3)</sup> | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp; Flatiron CLO 32 Ltd. <br>Series 2025-32A, Class A1 <br>5.606% (3 mo. USD Term SOFR + 1.29%) <br> due 10/22/2038<sup>(2)(3)</sup> | 250000 | 250526 |
| &nbsp;&nbsp;&nbsp; Flatiron RR CLO 30 Ltd. <br>Series 2025-30A, Class A1 <br>5.065% (3 mo. USD Term SOFR + 1.16%) <br> due 4/15/2038<sup>(2)(3)</sup> | 262000 | 261929 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; GGAM Master Trust International Ltd. <br>Series 2025-1A, Class A <br>5.923% due 9/30/2060<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522789 |
| &nbsp;&nbsp;&nbsp; Green Lakes Park CLO LLC <br>Series 2025-1A, Class ARR <br>5.038% (3 mo. USD Term SOFR + 1.18%) <br> due 1/25/2038<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996506 |
| &nbsp;&nbsp;&nbsp; Horizon Aircraft Finance II Ltd. <br>Series 2019-1, Class A <br>3.721% due 7/15/2039<sup>(2)</sup> | 947875 | 931718 |
| &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> | 393000 | 393001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2 <br>5.636% due 2/15/2055<sup>(2)</sup> | 347375 | 354357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2 <br>5.61% due 8/16/2055<sup>(2)</sup> | 144638 | 147228 |
| &nbsp;&nbsp;&nbsp; Lakeside Park CLO Ltd. <br>Series 2025-1A, Class A <br>5.055% (3 mo. USD Term SOFR + 1.15%) <br> due 4/15/2038<sup>(2)(3)</sup> | 250000 | 249682 |
| &nbsp;&nbsp;&nbsp; Magnetite XLV Ltd. <br>Series 2025-45A, Class A1 <br>5.055% (3 mo. USD Term SOFR + 1.15%) <br> due 4/15/2038<sup>(2)(3)</sup> | 184000 | 183950 |
| &nbsp;&nbsp;&nbsp; Magnetite XXVI Ltd. <br>Series 2020-26A, Class AR2 <br>5.008% (3 mo. USD Term SOFR + 1.15%) <br> due 1/25/2038<sup>(2)(3)</sup> | 1500000 | 1499578 |
| &nbsp;&nbsp;&nbsp; Magnetite XXXVI Ltd. <br>Series 2023-36A, Class AR <br>5.178% (3 mo. USD Term SOFR + 1.32%) <br> due 7/25/2038<sup>(2)(3)</sup> | 250000 | 249929 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Eaton Vance CLO Ltd. <br>Series 2025-21A, Class A1 <br>5.075% (3 mo. USD Term SOFR + 1.17%) <br> due 4/15/2038<sup>(2)(3)</sup> | 316000 | 315915 |
| &nbsp;&nbsp;&nbsp; Navigator Aviation Ltd. <br>Series 2025-1, Class A <br>5.107% due 10/15/2050<sup>(2)</sup> | 345514 | 342096 |
| &nbsp;&nbsp;&nbsp; OCP Aegis CLO Ltd. <br>Series 2025-47A, Class A1 <br>4.857% (3 mo. USD Term SOFR + 1.11%) <br> due 1/21/2038<sup>(2)(3)</sup> | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd. | &nbsp;&nbsp;&nbsp; OCP CLO Ltd. | &nbsp;&nbsp;&nbsp; OCP CLO Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-15A, Class AR <br>5.134% (3 mo. USD Term SOFR + 1.25%) <br> due 1/20/2038<sup>(2)(3)</sup> | 250000 | 249687 |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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;&nbsp; Series 2020-8RA, Class AR2 <br>5.102% (3 mo. USD Term SOFR + 1.22%) <br> due 10/17/2038<sup>(2)(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-44A, Class A <br>5.562% (3 mo. USD Term SOFR + 1.3%) <br> due 10/24/2038<sup>(2)(3)</sup> | 250000 | 250516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-46A, Class A <br>5.047% (3 mo. USD Term SOFR + 1.2%) <br> due 10/15/2038<sup>(2)(3)</sup> | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding Ltd. <br>Series 2023-14RA, Class A <br>5.114% (3 mo. USD Term SOFR + 1.23%) <br> due 4/20/2038<sup>(2)(3)</sup> | 250000 | 249807 |
| &nbsp;&nbsp;&nbsp; OHA Credit Partners VII Ltd. <br>Series 2012-7A, Class AR4 <br>5.029% (3 mo. USD Term SOFR + 1.14%) <br> due 2/20/2038<sup>(2)(3)</sup> | 2000000 | 1997476 |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd. <br>Series 2025-5A, Class A <br>5.094% (3 mo. USD Term SOFR + 1.21%) <br> due 10/20/2038<sup>(2)(3)</sup> | 250000 | 250142 |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd. <br>Series 2025-2A, Class A1 <br>5.228% (3 mo. USD Term SOFR + 0.94%) <br> due 7/15/2033<sup>(2)(3)</sup> | 250000 | 249932 |
| &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> | 1724900 | 1651444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A2II <br>4.008% due 12/5/2051<sup>(2)</sup> | 962500 | 912337 |
| &nbsp;&nbsp;&nbsp; RR 36 Ltd. <br>Series 2024-36RA, Class A1R <br>5.195% (3 mo. USD Term SOFR + 1.29%) <br> due 1/15/2040<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903146 |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XIX Ltd. <br>Series 2021-19A, Class A1R <br>5.162% (3 mo. USD Term SOFR + 1.28%) <br> due 7/17/2038<sup>(2)(3)</sup> | 250000 | 250186 |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XVIII Ltd. <br>Series 2021-18A, Class A1R <br>5.132% (3 mo. USD Term SOFR + 1.25%) <br> due 10/17/2038<sup>(2)(3)</sup> | 250000 | 249799 |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XX Ltd. <br>Series 2021-20A, Class A1R <br>5.202% (3 mo. USD Term SOFR + 1.32%) <br> due 7/17/2038<sup>(2)(3)</sup> | 250000 | 250186 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Slam Ltd. <br>Series 2025-1A, Class A <br>5.807% due 5/15/2050<sup>(2)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241253 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247245 |
| &nbsp;&nbsp;&nbsp; Subway Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2I <br>6.028% due 7/30/2054<sup>(2)</sup> |  | 49500 |  | 50180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2I <br>5.246% due 7/30/2054<sup>(2)</sup> |  | 138600 |  | 138105 |
| &nbsp;&nbsp;&nbsp; Taco Bell Funding LLC <br>Series 2025-1A, Class A2I <br>4.821% due 8/25/2055<sup>(2)</sup> |  | 330000 |  | 328149 |
| &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 |  | 2165482 |
| &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> |  | 611150 |  | 617597 |
| &nbsp;&nbsp;&nbsp; Willis Engine Structured Trust VIII <br>Series 2025-A, Class A <br>5.582% due 6/15/2050<sup>(2)</sup> |  | 245572 |  | 249404 |
| &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $32,777,025) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $32,777,025) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $32,777,025) |  | **32914252** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 24.6%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 24.6%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 24.6%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 24.6%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 24.6%** |
| &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;**Aerospace & Defense – 0.3%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. <br>5.15% due 5/1/2030 |  | 1000000 |  | 1027510 |
|  |  |  |  | **1027510** |
| &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 |  | 1103436 |
|  |  |  |  | **1103436** |
| &nbsp;&nbsp;&nbsp;**Apparel – 0.0%** | &nbsp;&nbsp;&nbsp;**Apparel – 0.0%** | &nbsp;&nbsp;&nbsp;**Apparel – 0.0%** | &nbsp;&nbsp;&nbsp;**Apparel – 0.0%** | &nbsp;&nbsp;&nbsp;**Apparel – 0.0%** |
| &nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. <br>4.70% due 10/7/2030<sup>(2)</sup> |  | 28000 |  | 27863 |
|  |  |  |  | **27863** |
| &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;1243992 |
|  |  |  |  | **1243992** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 9.2%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 9.2%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 9.2%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 9.2%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 9.2%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.<br>1.898% (1.898% fixed rate until 7/23/2030; 1 day USD SOFR + 1.53% thereafter) <br> due 7/23/2031<sup>(3)</sup> |  | 2300000 |  | 2065973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 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> |  | 1500000 |  | 1506875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.623% (4.623% fixed rate until 5/9/2028; 1 day USD SOFR + 1.11% thereafter) <br> due 5/9/2029<sup>(3)</sup> |  | 693000 |  | 702193 |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Barclays PLC <br>5.367% (5.367% fixed rate until 2/25/2030; 1 day USD SOFR + 1.23% thereafter) <br> due 2/25/2031<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550353 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA <br>5.786% (6.183% fixed rate until 1/30/2032; 1 day USD SOFR + 1.62% thereafter) <br> due 1/13/2033<sup>(2)(3)</sup> | 1000000 | 1049735 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.<br>4.412% (4.412% fixed rate until 3/31/2030; 1 day USD SOFR + 3.91% thereafter) <br> due 3/31/2031<sup>(3)</sup> | 1000000 | 999833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91% (4.91% fixed rate until 5/24/2032; 1 day USD SOFR + 2.09% thereafter) <br> due 5/24/2033<sup>(3)</sup> | 3000000 | 3035952 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. <br>5.718% (5.718% fixed rate until 7/23/2031; 1 day USD SOFR + 1.91% thereafter) <br> due 7/23/2032<sup>(3)</sup> | 1000000 | 1048409 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG <br>2.311% (2.311% fixed rate until 11/16/2026; 1 day USD SOFR + 1.22% thereafter) <br> due 11/16/2027<sup>(3)</sup> | 800000 | 787030 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. <br>3.80% due 3/15/2030 | 2000000 | 1968412 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co.<br>4.493% (4.493% fixed rate until 3/24/2030; 3 mo. USD Term SOFR + 3.79% thereafter) <br> due 3/24/2031<sup>(3)</sup> | 2600000 | 2622599 |
| &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> | 1700000 | 1745282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.103% (5.103% fixed rate until 4/22/2030; 1 day USD SOFR + 1.44% thereafter) <br> due 4/22/2031<sup>(3)</sup> | 270000 | 278769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.502% (5.502% fixed rate until 1/24/2035; 1 day USD SOFR + 1.32% thereafter) <br> due 1/24/2036<sup>(3)</sup> | 1000000 | 1045119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.572% (5.572% fixed rate until 4/22/2035; 1 day USD SOFR + 1.68% thereafter) <br> due 4/22/2036<sup>(3)</sup> | 320000 | 335731 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley<br>4.654% (4.654% fixed rate until 10/18/2029; 1 day USD SOFR + 1.10% thereafter) <br> due 10/18/2030<sup>(3)</sup> | 700000 | 708468 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; 5.123% (5.123% fixed rate until 2/1/2028; 1 day USD SOFR + 1.73% thereafter) <br> due 2/1/2029<sup>(3)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.192% (5.192% fixed rate until 4/17/2030; 1 day USD SOFR + 1.51% thereafter) <br> due 4/17/2031<sup>(3)</sup> |  | 494000 |  | 509349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.587% (5.587% fixed rate until 1/18/2035; 1 day USD SOFR + 1.42% thereafter) <br> due 1/18/2036<sup>(3)</sup> |  | 700000 |  | 731490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.664% (5.664% fixed rate until 4/17/2035; 1 day USD SOFR + 1.76% thereafter) <br> due 4/17/2036<sup>(3)</sup> |  | 194000 |  | 203635 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Private Bank NA <br>4.734% (4.734% fixed rate until 7/18/2030; 1 day USD SOFR + 1.08% thereafter) <br> due 7/18/2031<sup>(3)</sup> |  | 400000 |  | 405479 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. <br>4.812% (4.812% fixed rate until 10/21/2031; 1 day USD SOFR + 1.26% thereafter) <br> due 10/21/2032<sup>(3)</sup> |  | 1000000 |  | 1017675 |
| &nbsp;&nbsp;&nbsp; UBS Group AG <br>5.428% (5.428% fixed rate until 2/8/2029; 1 yr. CMT rate + 1.52% thereafter) <br> due 2/8/2030<sup>(2)(3)</sup> |  | 1500000 |  | 1551335 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. 2.879% (2.879% fixed rate until 10/30/2029; 3 mo. USD Term SOFR + 1.43% thereafter) <br> due 10/30/2030<sup>(3)</sup> |  | 2200000 |  | 2092845 |
| &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 |  | 376754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605% (5.605% fixed rate until 4/23/2035; 1 day USD SOFR + 1.74% thereafter) <br> due 4/23/2036<sup>(3)</sup> |  | 322000 |  | 337492 |
|  |  |  |  | **30820537** |
| &nbsp;&nbsp;&nbsp;**Commercial Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.1%** |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc.<br>4.50% due 8/15/2030 |  | 83000 |  | 83628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 2/15/2036 |  | 187000 |  | 187854 |
|  |  |  |  | **271482** |
| &nbsp;&nbsp;&nbsp;**Computers – 0.6%** | &nbsp;&nbsp;&nbsp;**Computers – 0.6%** | &nbsp;&nbsp;&nbsp;**Computers – 0.6%** | &nbsp;&nbsp;&nbsp;**Computers – 0.6%** | &nbsp;&nbsp;&nbsp;**Computers – 0.6%** |
| &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp.<br>4.15% due 2/15/2029 |  | 162000 |  | 161824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 2/15/2031 |  | 300000 |  | 299572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 10/6/2032 |  | 216000 |  | 215716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 2/15/2036 |  | 340000 |  | 335772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% due 10/1/2029 |  | 1000000 |  | 1031891 |
|  |  |  |  | **2044775** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 1.9%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 1.9%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 1.9%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust <br>5.375% due 12/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864258 |
| &nbsp;&nbsp;&nbsp; American Express Co.<br>5.085% (5.085% fixed rate until 1/30/2030; 1 day USD SOFR + 1.02% thereafter) <br> due 1/30/2031<sup>(3)</sup> | 1000000 | 1030753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.282% (5.282% fixed rate until 7/27/2028; 1 day USD SOFR + 1.28% thereafter) <br> due 7/27/2029<sup>(3)</sup> | 300000 | 308981 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd.<br>5.15% due 1/15/2030<sup>(2)</sup> | 27000 | 27442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 5/30/2030<sup>(2)</sup> | 146000 | 149884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 3/1/2029<sup>(2)</sup> | 1000000 | 1034031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 5/4/2028<sup>(2)</sup> | 40000 | 41679 |
| &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>(3)</sup> | 1500000 | 1559552 |
| &nbsp;&nbsp;&nbsp; Stellantis Financial Services U.S. Corp. <br>4.95% due 9/15/2028<sup>(2)</sup> | 482000 | 488623 |
|  |  | **6505203** |
| &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 | 1041293 |
| &nbsp;&nbsp;&nbsp; Southern Co. <br>5.70% due 3/15/2034 | 1000000 | 1052769 |
|  |  | **2094062** |
| &nbsp;&nbsp;&nbsp;**Food – 0.2%** | &nbsp;&nbsp;&nbsp;**Food – 0.2%** | &nbsp;&nbsp;&nbsp;**Food – 0.2%** |
| &nbsp;&nbsp;&nbsp; Mars, Inc.<br>4.80% due 3/1/2030<sup>(2)</sup> | 262000 | 267754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 3/1/2032<sup>(2)</sup> | 197000 | 203057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 3/1/2035<sup>(2)</sup> | 164000 | 168564 |
|  |  | **639375** |
| &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 | 971548 |
|  |  | **971548** |
| &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 | 969944 |
| &nbsp;&nbsp;&nbsp; Cigna Group <br>5.40% due 3/15/2033 | 400000 | 416554 |
|  |  | **1386498** |
| &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 | 831373 |
| &nbsp;&nbsp;&nbsp; Athene Global Funding <br>4.721% due 10/8/2029<sup>(2)</sup> | 1000000 | 1000064 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. <br>3.90% due 4/5/2032 | 1000000 | 949149 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; MetLife, Inc. <br>5.375% due 7/15/2033 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632416 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. <br>5.75% due 9/15/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042882 |
| &nbsp;&nbsp;&nbsp; Unum Group <br>5.75% due 8/15/2042 |  | 1000000 |  | 991499 |
| &nbsp;&nbsp;&nbsp; Western-Southern Global Funding <br>4.90% due 5/1/2030<sup>(2)</sup> |  | 59000 |  | 60380 |
|  |  |  |  | **5507763** |
| &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; Uber Technologies, Inc.<br>4.15% due 1/15/2031 |  | 163000 |  | 162397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 9/15/2035 |  | 129000 |  | 128319 |
|  |  |  |  | **290716** |
| &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 |  | 512297 |
| &nbsp;&nbsp;&nbsp; Ares Strategic Income Fund<br>5.45% due 9/9/2028<sup>(2)</sup> |  | 206000 |  | 207722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 9/9/2030<sup>(2)</sup> |  | 167000 |  | 168617 |
|  |  |  |  | **888636** |
| &nbsp;&nbsp;&nbsp;**Media – 0.8%** | &nbsp;&nbsp;&nbsp;**Media – 0.8%** | &nbsp;&nbsp;&nbsp;**Media – 0.8%** | &nbsp;&nbsp;&nbsp;**Media – 0.8%** | &nbsp;&nbsp;&nbsp;**Media – 0.8%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital<br>5.25% due 4/1/2053 |  | 200000 |  | 158169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10% due 6/1/2029 |  | 1000000 |  | 1043679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484% due 10/23/2045 |  | 1000000 |  | 940166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% due 12/1/2055 |  | 500000 |  | 479394 |
|  |  |  |  | **2621408** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.4%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.4%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.4%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.4%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.4%** |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc.<br>2.65% due 1/15/2032 |  | 800000 |  | 710743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% due 3/20/2031 |  | 67000 |  | 66791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 3/20/2036 |  | 52000 |  | 51932 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>7.50% due 5/1/2031 |  | 1000000 |  | 1125181 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos<br>5.95% due 1/28/2031 |  | 1500000 |  | 1451763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69% due 1/23/2050 |  | 1500000 |  | 1344294 |
|  |  |  |  | **4750704** |
| &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 |  | 1069126 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. <br>3.75% due 4/1/2030 |  | 1000000 |  | 976457 |
|  |  |  |  | **2045583** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 1.7%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.7%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.7%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.7%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.7%** |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC <br>5.439% due 2/15/2035<sup>(2)</sup> |  | 1000000 |  | 1020707 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP<br>5.70% due 4/1/2035 |  | 800000 |  | 828101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% due 4/1/2055 |  | 400000 |  | 392067 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Pipelines** (continued) | &nbsp;&nbsp;&nbsp;**Pipelines** (continued) | &nbsp;&nbsp;&nbsp;**Pipelines** (continued) | &nbsp;&nbsp;&nbsp;**Pipelines** (continued) | &nbsp;&nbsp;&nbsp;**Pipelines** (continued) |
| &nbsp;&nbsp;&nbsp; MPLX LP<br>4.95% due 9/1/2032 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 6/1/2034 |  | 100000 |  | 102019 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. <br>5.05% due 11/1/2034 |  | 600000 |  | 594642 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp.<br>4.35% due 1/15/2029 |  | 85000 |  | 85236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 9/15/2030 |  | 126000 |  | 128380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 2/15/2036 |  | 303000 |  | 311240 |
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP <br>5.45% due 11/15/2034 |  | 300000 |  | 302150 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. <br>4.65% due 8/15/2032 |  | 1000000 |  | 1001474 |
|  |  |  |  | **5772772** |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.8%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.8%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.8%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.8%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.8%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent LP<br>4.95% due 6/15/2030 |  | 293000 |  | 298863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/15/2034 |  | 200000 |  | 206607 |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP <br>4.125% due 5/15/2029 |  | 900000 |  | 896341 |
| &nbsp;&nbsp;&nbsp; COPT Defense Properties LP <br>4.50% due 10/15/2030 |  | 33000 |  | 32840 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP <br>4.95% due 1/15/2033 |  | 472000 |  | 477107 |
| &nbsp;&nbsp;&nbsp; Healthpeak OP LLC <br>5.375% due 2/15/2035 |  | 1000000 |  | 1021358 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group Trust <br>4.75% due 9/15/2030 |  | 1000000 |  | 1011042 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. <br>3.25% due 4/15/2033 |  | 937000 |  | 832958 |
| &nbsp;&nbsp;&nbsp; VICI Properties LP<br>4.75% due 4/1/2028 |  | 61000 |  | 61642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 5/15/2032 |  | 1000000 |  | 1006918 |
|  |  |  |  | **5845676** |
| &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 |  | 705081 |
|  |  |  |  | **705081** |
| &nbsp;&nbsp;&nbsp;**Semiconductors – 0.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.4%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc.<br>3.419% due 4/15/2033 |  | 112000 |  | 103675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 2/15/2041 |  | 888000 |  | 722375 |
| &nbsp;&nbsp;&nbsp; NXP BV/NXP Funding LLC/NXP USA, Inc.<br>4.85% due 8/19/2032 |  | 103000 |  | 103542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 8/19/2035 |  | 297000 |  | 301388 |
|  |  |  |  | **1230980** |
| &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; MSCI, Inc.<br>5.15% due 3/15/2036 |  | 70000 |  | 69488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 9/1/2035 |  | 207000 |  | 208366 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Software** (continued) | &nbsp;&nbsp;&nbsp;**Software** (continued) | &nbsp;&nbsp;&nbsp;**Software** (continued) | &nbsp;&nbsp;&nbsp;**Software** (continued) | &nbsp;&nbsp;&nbsp;**Software** (continued) |
| &nbsp;&nbsp;&nbsp; Oracle Corp.<br>4.45% due 9/26/2030 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 9/26/2032 |  | 205000 |  | 197912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 9/26/2035 |  | 187000 |  | 179161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 9/26/2045 |  | 115000 |  | 103859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 9/26/2055 |  | 144000 |  | 127586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10% due 9/26/2065 |  | 149000 |  | 131417 |
| &nbsp;&nbsp;&nbsp; Paychex, Inc.<br>5.10% due 4/15/2030 |  | 32000 |  | 32944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% due 4/15/2032 |  | 46000 |  | 47637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% due 4/15/2035 |  | 36000 |  | 37703 |
|  |  |  |  | **1256408** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 1.0%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 1.0%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 1.0%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 1.0%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 1.0%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc.<br>2.55% due 12/1/2033 |  | 1000000 |  | 853470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 2/15/2034 |  | 700000 |  | 725799 |
| &nbsp;&nbsp;&nbsp; NTT Finance Corp.<br>4.567% due 7/16/2027<sup>(2)</sup> |  | 200000 |  | 201688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.62% due 7/16/2028<sup>(2)</sup> |  | 200000 |  | 202660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.876% due 7/16/2030<sup>(2)</sup> |  | 200000 |  | 203683 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. <br>2.70% due 3/15/2032 |  | 300000 |  | 269707 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. <br>2.55% due 3/21/2031 |  | 1000000 |  | 913193 |
|  |  |  |  | **3370200** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $80,306,998) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $80,306,998) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $80,306,998) |  | **82422208** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 4.2%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 4.2%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 4.2%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 4.2%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 4.2%** |
| &nbsp;&nbsp;&nbsp; BMP Trust <br>Series 2024-MF23, Class B <br>5.392% due 6/15/2041<sup>(2)(3)(4)</sup> |  | 213000 |  | 213133 |
| &nbsp;&nbsp;&nbsp; BPR Commercial Mortgage Trust <br>Series 2024-PARK, Class A <br>5.218% due 11/5/2039<sup>(2)(3)(4)</sup> |  | 774000 |  | 788872 |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV2, Class C <br>3.542% due 3/9/2044<sup>(2)(3)(4)</sup> |  | 696000 |  | 653371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV3, Class B <br>3.544% due 3/9/2044<sup>(2)(3)(4)</sup> |  | 1000000 |  | 947752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class B <br>5.115% due 11/15/2038<sup>(2)(3)(4)</sup> |  | 78016 |  | 77922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LP2, Class C <br>5.312% due 2/15/2039<sup>(2)(3)(4)</sup> |  | 700000 |  | 699127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GPA3, Class A <br>5.043% due 12/15/2039<sup>(2)(3)(4)</sup> |  | 322669 |  | 322669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class A <br>5.192% due 2/15/2039<sup>(2)(3)(4)</sup> |  | 672826 |  | 673240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL5, Class A <br>5.142% due 3/15/2041<sup>(2)(3)(4)</sup> |  | 1126625 |  | 1127319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class A <br>5.194% due 4/15/2040<sup>(2)(3)(4)</sup> |  | 521319 |  | 521645 |
| &nbsp;&nbsp;&nbsp; BX Trust | &nbsp;&nbsp;&nbsp; BX Trust | &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 |  | 1898723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class AJV <br>4.666% due 2/15/2036<sup>(2)(3)(4)</sup> |  | 275000 |  | 274662 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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 2024-CNYN, Class A <br>5.192% due 4/15/2041<sup>(2)(3)(4)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206988 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class A <br>4.90% due 2/15/2035<sup>(2)(3)(4)</sup> |  | 100000 |  | 99750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class B <br>5.144% due 3/15/2030<sup>(2)(3)(4)</sup> |  | 1494173 |  | 1488571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TAIL, Class A <br>5.15% due 6/15/2035<sup>(2)(3)(4)</sup> |  | 100000 |  | 100000 |
| &nbsp;&nbsp;&nbsp; CENT Trust <br>Series 2025-CITY, Class A <br>4.92% due 7/10/2040<sup>(2)(3)(4)</sup> |  | 198000 |  | 200408 |
| &nbsp;&nbsp;&nbsp; ELP Commercial Mortgage Trust <br>Series 2025-ELP, Class A <br>4.604% due 11/13/2042<sup>(2)(3)(4)</sup> |  | 149000 |  | 148857 |
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust | &nbsp;&nbsp;&nbsp; Extended Stay America Trust | &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 2025-ESH, Class A <br>5.05% due 10/15/2042<sup>(2)(3)(4)</sup> |  | 460000 |  | 460718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ESH, Class B <br>5.35% due 10/15/2042<sup>(2)(3)(4)</sup> |  | 80000 |  | 80125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ESH, Class C <br>5.60% due 10/15/2042<sup>(2)(3)(4)</sup> |  | 40000 |  | 40062 |
| &nbsp;&nbsp;&nbsp; HAVN Trust <br>Series 2025-MOB, Class A <br>5.45% due 10/15/2035<sup>(2)(3)(4)</sup> |  | 50000 |  | 50000 |
| &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 |  | 1862205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-HHV, Class B <br>4.194% due 11/5/2038<sup>(2)(3)(4)</sup> |  | 250000 |  | 249099 |
| &nbsp;&nbsp;&nbsp; INT Commercial Mortgage Trust <br>Series 2025-PLAZA, Class A <br>4.879% due 11/5/2037<sup>(2)(3)(4)</sup> |  | 134000 |  | 134382 |
| &nbsp;&nbsp;&nbsp; MHP Commercial Mortgage Trust <br>Series 2025-MHIL2, Class A <br>5.25% due 9/15/2040<sup>(2)(3)(4)</sup> |  | 212000 |  | 211999 |
| &nbsp;&nbsp;&nbsp; TCO Commercial Mortgage Trust <br>Series 2024-DPM, Class A <br>4.993% due 12/15/2039<sup>(2)(3)(4)</sup> |  | 600000 |  | 601301 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities**<br> (Cost $14,026,754) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities**<br> (Cost $14,026,754) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities**<br> (Cost $14,026,754) |  | **14133091** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 44.7%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 44.7%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 44.7%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 44.7%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 44.7%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/15/2054 |  | 3825000 |  | 3607752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2044 |  | 30000000 |  | 29397656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2055 |  | 5800000 |  | 5586805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 2/15/2045 |  | 7500000 |  | 7461914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 8/15/2055 |  | 3380000 |  | 3322962 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes<br>3.75% due 10/31/2032 |  | 2760000 |  | 2729381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 7/31/2030 |  | 3450000 |  | 3475471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 2/28/2030 |  | 16351400 |  | 16559625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 6/30/2032 |  | 5200000 |  | 5229859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/31/2032 |  | 2574000 |  | 2587473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 2/29/2032 |  | 47400000 |  | 48068414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 5/31/2032 |  | 150000 |  | 151969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 8/15/2035 |  | 4500000 |  | 4532344 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; 4.625% due 2/15/2035 | $| 16500000 | $17127129 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $149,530,377) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $149,530,377) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $149,530,377) | **149838754** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 3.8%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 3.8%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 3.8%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 3.8%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp.,<br>1.06%, dated 12/31/2025, proceeds at maturity value of $12,879,450, due 1/2/2026<sup>(5)</sup> |  | 12878692 | 12878692 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $12,878,692) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $12,878,692) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $12,878,692) | **12878692** |
| &nbsp;&nbsp;&nbsp;**Total Investments Before TBA Sale Commitments – 103.7%** <br> (Cost $344,504,331) | &nbsp;&nbsp;&nbsp;**Total Investments Before TBA Sale Commitments – 103.7%** <br> (Cost $344,504,331) | &nbsp;&nbsp;&nbsp;**Total Investments Before TBA Sale Commitments – 103.7%** <br> (Cost $344,504,331) | **347900359** |
| &nbsp;&nbsp;&nbsp; **TBA Sale Commitments**<br> **Agency Mortgage-Backed Securities – (0.3)%** | &nbsp;&nbsp;&nbsp; **TBA Sale Commitments**<br> **Agency Mortgage-Backed Securities – (0.3)%** | &nbsp;&nbsp;&nbsp; **TBA Sale Commitments**<br> **Agency Mortgage-Backed Securities – (0.3)%** | &nbsp;&nbsp;&nbsp; **TBA Sale Commitments**<br> **Agency Mortgage-Backed Securities – (0.3)%** |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security<br>5.50% due 1/1/2055<sup>(1)</sup> |  | (1000000) | (1013983) |
| &nbsp;&nbsp;&nbsp;**Total TBA Sale Commitments** <br> (Proceeds $1,009,102) | &nbsp;&nbsp;&nbsp;**Total TBA Sale Commitments** <br> (Proceeds $1,009,102) | &nbsp;&nbsp;&nbsp;**Total TBA Sale Commitments** <br> (Proceeds $1,009,102) | **(1013983)** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (3.4)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (3.4)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (3.4)%** | **(11553332)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**335333044** |

---

<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 December 31, 2025, the aggregate market value of these securities amounted to $56,191,957, representing 16.8% 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 December 31, 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 | 4.50% | 5/15/2027 | $12887900 | $13136310 |

---

#### 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>7</sub>

------

#### SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND
**The following is a summary of the inputs used as of December 31, 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 | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Agency Mortgage-Backed Securities | $— | $55713362 | $— | $55713362 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 32914252 |  | 32914252 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 82422208 |  | 82422208 |
| &nbsp;&nbsp;&nbsp;Non-Agency Mortgage-Backed Securities |  | 14133091 |  | 14133091 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 149838754 |  | 149838754 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 12878692 |  | 12878692 |
| &nbsp;&nbsp;&nbsp;**Total** | $**—** | $**347900359** | $**—** | $**347900359** |
| &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;TBA Sale Commitments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | $— | $(1013983) | $— | $(1013983) |
| &nbsp;&nbsp;&nbsp;**Total** | $**—** | $**(1013983)** | $**—** | $**(1013983)** |

---

8 *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 December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347900359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 10061359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 3493243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 1939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 13609 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **361470591** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 24546408 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA sale commitments, at value | 1013983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 357275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 127540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 21731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 13108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 1731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 55771 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **26137547** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**335333044** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $303252254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 32080790 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**335333044** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $344504331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $27 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA Sale Commitments, Proceeds | $1009102 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **30570437** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$10.97** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16156852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 92428 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **16249280** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1548488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 123022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 120921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 78085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 67405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 23057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 4410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 21474 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1986862** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (156778) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1830084** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **14419196** |
| &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 | 216943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (196236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 7501291 |
| &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** | **8049691** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**22468887** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $14419196 | $18310150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and derivative contracts | 20707 | 2530412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies | 8028984 | (14525413) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **22468887** | **6315149** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 29756997 | 51407522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (88165486) | (111003577) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(58408489)** | **(59596055)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(35939602)** | **(53280906)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 371272646 | 424553552 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335333044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371272646 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 2780766 | 5058137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (8305356) | (10851737) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(5524590)** | **(5793600)** |

---

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 five years (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** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** |
|  | **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; Year Ended 12/31/25 | $10.29 | $0.44 | $0.24 | $0.68 | $10.97 | 6.61% |
| &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>(4)</sup> | 10.00 | 0.22 | (0.61) | (0.39) | 9.61 | (3.90)%<sup>(5)</sup> |

---

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<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $335333 | 0.52% | 0.57% | 4.13% | 4.08% | 116% |
| 371273 | 0.52% | 0.56% | 4.58% | 4.54% | 205% |
| 424554 | 0.50% | 0.54% | 4.13% | 4.09% | 316% |
| 449805 | 0.50%<sup>(5)</sup> | 0.52%<sup>(5)</sup> | 3.41%<sup>(5)</sup> | 3.39%<sup>(5)</sup> | 90%<sup>(5)</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> Commenced operations on May 2, 2022.

<sup>(5)</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. 

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

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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.

14.0 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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.

**15**

------

**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 December 31, 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, the 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 December 31, 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

16.0 ------

value. There were no options transactions as of December 31, 2025.

**f. 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.

**g. Foreign 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

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

**h. 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.

**i. 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.

**j. Segment Reporting** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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

**17**

------

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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $156,778.

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 agency obligations and other investments sold (excluding short-term investments and to be

announced ("TBA") securities) for the year ended December 31, 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;146475717 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239354004 |
| &nbsp;&nbsp;&nbsp;Sales | 230615200 | 205654683 |

---

**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.

TBA securities and purchase commitments are commitments to purchase

18.0 ------

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, the Fund agrees to accept any mortgage-backed security that meets specified terms. Thus, the 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 the Fund to purchase the securities. The 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. Mortgage Dollar Rolls** The Fund may engage from time to time in mortgage dollar roll transactions, which involve a sale by the Fund of a mortgage-backed security concurrently with an agreement by the Fund to repurchase a similar security at a later date at an agreed-upon price. These transactions are typically used for short term financing. Pools of mortgage securities are used to collateralize mortgage dollar roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, the Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for the Fund. The Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Fund at the end of the roll transaction, while substantially similar, may be inferior to the securities initially sold by the Fund to the counterparty. The transactions involve the risk that the market price of mortgage-backed securities in a mortgage dollar roll transaction decline below the agreed-upon future repurchase price. Conversely, the market value of the securities subject to a Fund's forward sale commitment may increase above the exercise price of the forward commitment. Dollar rolls

(and when-issued, delayed delivery and to-be-announced transactions) are speculative techniques that may result in leverage and increased volatility. These transactions may also increase risk associated with volatility and losses and are subject to counterparty risk. In addition, investment in mortgage dollar rolls may significantly increase the Fund's portfolio turnover rate.

**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 December 31, 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

**19**

------

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 year ended December 31, 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 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 December 31, 2025, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund's use of derivative instruments:

20.0 ------

Transactions in derivative investments for the year ended December 31, 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<br>Appreciation/(Depreciation)** |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527692 |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional<br>Amounts** |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>3</sup> | 61 |

---

<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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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.

**l. 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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

**21**

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#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP 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.

22.0 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g13745g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Core Fixed Income VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Core Fixed Income VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the three years in the period ended December 31, 2025 and for the period May 2, 2022 (commencement of operations) through December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the three years in the period ended December 31, 2025 and for the period May 2, 2022 (commencement of operations) through December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**23**

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#### 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
Not applicable.

24.0 ------

This Page Intentionally Left Blank

**25**

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**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](g13745g84s34.jpg)

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

PUB11740

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Core Plus Fixed Income VIP Fund
![LOGO](g103424g40s74.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](#fin2toc103424_500)** |  |
| [Schedule of Investments](#fin2toc103424_1) | 1 |
| [Statement of Assets and Liabilities](#fin2toc103424_2) | 13 |
| [Statement of Operations](#fin2toc103424_3) | 13 |
| [Statements of Changes in Net Assets](#fin2toc103424_4) | 14 |
| [Financial Highlights](#fin2toc103424_5) | 16 |
| [Notes to Financial Statements](#fin2toc103424_6) | 18 |
| [Report of Independent Registered Public Accounting Firm](#fin2toc103424_7) | 26 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin2toc103424_8)** | 27 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin2toc103424_9)** | 27 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin2toc103424_10)** | 27 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin2toc103424_11)** | 27 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 28.1%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 28.1%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 28.1%** |
| &nbsp;&nbsp;&nbsp; Fannie Mae ACES<br>Series 2025-M4, Class A2<br>4.389% due 8/25/2035 | $370000 | $366318 |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp.<br>3.50% due 9/1/2051 | 459420 | 428874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/1/2052 | 436132 | 441911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2052 | 672676 | 679719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 4/1/2054 | 149149 | 150247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.447% due 9/1/2055<sup>(1)(2)</sup> | 275473 | 279364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/1/2054 | 151920 | 156523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 11/1/2054 | 971442 | 1002474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 8/1/2039 | 317774 | 332953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 9/1/2039 | 171783 | 179686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 2/1/2055 | 130423 | 136911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 11/1/2053 | 547771 | 573015 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association<br>2.50% due 8/1/2050 | 1762684 | 1531123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 1/1/2051 | 947833 | 818015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 4/1/2051 | 293487 | 261899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 9/1/2051 | 182519 | 172101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 4/1/2052 | 801038 | 748523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 6/1/2052 | 40747 | 37949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/1/2052 | 579886 | 588468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2052 | 896112 | 903979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/1/2053 | 88060 | 88282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.476% due 10/1/2055<sup>(1)(2)</sup> | 1080372 | 1097541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 10/1/2054 | 501609 | 517459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 10/1/2054 | 114595 | 120295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 1/1/2055 | 252543 | 264337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.259% due 11/1/2054<sup>(1)(2)</sup> | 668269 | 688358 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-146, Class A2<br>2.92% due 6/25/2032 | 460000 | 425821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-153, Class A2<br>3.82% due 12/25/2032<sup>(1)(2)</sup> | 440000 | 427110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-161, Class A2<br>4.90% due 10/25/2033<sup>(1)(2)</sup> | 230000 | 237457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-169, Class A2<br>4.66% due 12/25/2034<sup>(1)(2)</sup> | 250000 | 253206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-G07, Class A2<br>3.123% due 8/25/2032<sup>(1)(2)</sup> | 1146000 | 1073129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KG-08, Class A2 4.134% due 5/25/2033<sup>(1)(2)</sup> | 550000 | 541369 |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association<br>2.00% due 1/20/2055<sup>(3)</sup> | 572000 | 473596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 1/20/2055<sup>(3)</sup> | 1490000 | 1285009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 1/20/2055<sup>(3)</sup> | 623000 | 559702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 2/20/2056<sup>(3)</sup> | 1734000 | 1555926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 2/20/2056<sup>(3)</sup> | 1228000 | 1195237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/20/2055<sup>(3)</sup> | 245000 | 244421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 2/20/2056<sup>(3)</sup> | 477000 | 475314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/20/2055<sup>(3)</sup> | 1934000 | 1952753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 2/20/2056<sup>(3)</sup> | 1965000 | 1982518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 2/20/2056<sup>(3)</sup> | 1890000 | 1924625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 1/20/2055<sup>(3)</sup> | 696000 | 719436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 2/20/2055<sup>(3)</sup> | 827000 | 853910 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **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;**Agency Mortgage-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security<br>2.00% due 2/1/2056<sup>(3)</sup> | $| 1025000 | $828284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/1/2056<sup>(3)</sup> |  | 1394000 | 1178148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 2/1/2056<sup>(3)</sup> |  | 45000 | 39767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 2/1/2056<sup>(3)</sup> |  | 802000 | 760198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 1/1/2040<sup>(3)</sup> |  | 118000 | 118041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 2/1/2040<sup>(3)</sup> |  | 1658000 | 1657870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 2/1/2056<sup>(3)</sup> |  | 177000 | 172639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/1/2040<sup>(3)</sup> |  | 29000 | 29369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 2/1/2041<sup>(3)</sup> |  | 760000 | 769406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 2/1/2056<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625000 | 1618970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 2/1/2041<sup>(3)</sup> |  | 952000 | 975737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 2/1/2056<sup>(3)</sup> |  | 991000 | 1003928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 2/1/2056<sup>(3)</sup> |  | 1058000 | 1085740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 2/1/2055<sup>(3)</sup> |  | 296000 | 311550 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities**<br> (Cost $39,413,782) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities**<br> (Cost $39,413,782) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities**<br> (Cost $39,413,782) | **39296510** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 14.2%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 14.2%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 14.2%** |  |
| &nbsp;&nbsp;&nbsp; AB BSL CLO 3 Ltd.<br>Series 2021-3A, Class BR<br>5.434% (3 mo. USD Term<br>SOFR + 1.55%)<br> due 4/20/2038<sup>(1)(4)</sup> |  | 500000 | 499106 |
| &nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust<br>Series 2024-A, Class 1A<br>5.61% due 2/15/2029<sup>(4)</sup> |  | 455000 | 455710 |
| &nbsp;&nbsp;&nbsp; Affirm Master Trust<br>Series 2025-3A, Class A<br>4.45% due 10/16/2034<sup>(4)</sup> |  | 220000 | 220689 |
| &nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class C<br>5.32% due 4/18/2028 |  | 185000 | 186073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A3<br>4.12% due 5/20/2030<sup>(4)</sup> |  | 265000 | 265766 |
| &nbsp;&nbsp;&nbsp; Avant Loans Funding Trust Series 2024-REV1, Class A 5.92% due 10/15/2033<sup>(4)</sup> |  | 295000 | 297635 |
| &nbsp;&nbsp;&nbsp; Avid Automobile Receivables Trust<br>Series 2021-1, Class E<br>3.39% due 4/17/2028<sup>(4)</sup> |  | 309478 | 308070 |
| &nbsp;&nbsp;&nbsp; Cajun Global LLC<br>Series 2025-2A, Class A2<br>5.912% due 11/20/2055<sup>(4)</sup> |  | 125000 | 125448 |
| &nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust<br>Series 2025-A3, Class A<br>4.65% due 10/15/2037 |  | 128000 | 127993 |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust<br>Series 2022-3, Class B<br>4.69% due 2/15/2028 |  | 430000 | 431176 |
| &nbsp;&nbsp;&nbsp; CarMax Select Receivables Trust<br>Series 2024-A, Class A3<br>5.40% due 11/15/2028 |  | 380000 | 383457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A3<br>4.12% due 3/15/2030 |  | 335000 | 335808 |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Cherry Securitization Trust<br>Series 2025-1A, Class A<br>6.13% due 11/15/2032<sup>(4)</sup> | $225000 | $228427 |
| &nbsp;&nbsp;&nbsp; Citizens Auto Receivables Trust<br>Series 2023-1, Class A3<br>5.84% due 1/18/2028<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A4<br>5.26% due 4/15/2031<sup>(4)</sup> | 545000 | 554612 |
| &nbsp;&nbsp;&nbsp; DLLAD LLC<br>Series 2023-1A, Class A4<br>4.80% due 6/20/2030<sup>(4)</sup> | 510000 | 516476 |
| &nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust<br>Series 2025-2, Class A3<br>4.14% due 9/15/2032 | 250000 | 250604 |
| &nbsp;&nbsp;&nbsp; Driven Brands Funding LLC<br>Series 2025-1A, Class A2<br>5.296% due 10/20/2055<sup>(4)</sup> | 120000 | 119560 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust<br>Series 2024-4A, Class C<br>5.48% due 8/15/2030 | 165000 | 166841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class B<br>4.86% due 2/15/2030 | 180000 | 182251 |
| &nbsp;&nbsp;&nbsp; First National Master Note Trust<br>Series 2024-1, Class A<br>5.34% due 5/15/2030 | 805000 | 820916 |
| &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 | 793653 |
| &nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust<br>Series 2024-3, Class A3<br>4.21% due 10/20/2027 | 480000 | 480737 |
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust<br>Series 2024-2, Class C<br>5.43% due 12/17/2029 | 95000 | 96773 |
| &nbsp;&nbsp;&nbsp; Huntington Auto Trust<br>Series 2024-1A, Class A3<br>5.23% due 1/16/2029<sup>(4)</sup> | 325231 | 328405 |
| &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 | 177362 |
| &nbsp;&nbsp;&nbsp; KKR CLO 35 Ltd.<br>Series 35A, Class BR<br>5.484% (3 mo. USD Term SOFR + 1.6%)<br> due 1/20/2038<sup>(1)(4)</sup> | 340000 | 339612 |
| &nbsp;&nbsp;&nbsp; LAD Auto Receivables Trust<br>Series 2024-3A, Class A4<br>4.60% due 12/17/2029<sup>(4)</sup> | 235000 | 237178 |
| &nbsp;&nbsp;&nbsp; Lending Funding Trust<br>Series 2020-2A, Class A<br>2.32% due 4/21/2031<sup>(4)</sup> | 484264 | 476865 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust<br>Series 2021-1A, Class A<br>1.90% due 11/20/2031<sup>(4)</sup> | 750000 | 730823 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; LoanCore Issuer LLC<br>Series 2025-CRE8, Class A<br>5.121% (1 mo. USD Term SOFR + 1.39%)<br> due 8/17/2042<sup>(1)(4)</sup> | $280000 | $280037 |
| &nbsp;&nbsp;&nbsp; M&T Equipment Notes<br>Series 2025-1A, Class A3<br>4.78% due 9/17/2029<sup>(4)</sup> | 360000 | &nbsp;&nbsp;&nbsp;&nbsp;364351 |
| &nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust<br>Series 2021-AA, Class A<br>1.86% due 3/20/2036<sup>(4)</sup> | 290000 | 285518 |
| &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> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | 361968 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 46 Ltd.<br>Series 2021-46A, Class CR 5.634% (3 mo. USD Term SOFR + 1.75%)<br> due 1/20/2037<sup>(1)(4)</sup> | 450000 | 450505 |
| &nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust<br>Series 2023-B, Class A3<br>5.93% due 3/15/2028 | 129032 | 130107 |
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd.<br>Series 2021-22A, Class CR 5.834% (3 mo. USD Term SOFR + 1.95%)<br> due 10/20/2037<sup>(1)(4)</sup> | 270000 | 269653 |
| &nbsp;&nbsp;&nbsp; PEAC Solutions Receivables LLC<br>Series 2024-1A, Class A3<br>5.64% due 11/20/2030<sup>(4)</sup> | 340000 | 348514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2<br>4.74% due 4/20/2027<sup>(4)</sup> | 173005 | 173390 |
| &nbsp;&nbsp;&nbsp; PFS Financing Corp.<br>Series 2023-B, Class A<br>5.27% due 5/15/2028<sup>(4)</sup> | 210000 | 210952 |
| &nbsp;&nbsp;&nbsp; Rad CLO 27 Ltd.<br>Series 2024-27A, Class A1<br>5.225% (3 mo. USD Term SOFR + 1.32%)<br> due 1/15/2038<sup>(1)(4)</sup> | 330000 | 330390 |
| &nbsp;&nbsp;&nbsp; Regatta XXVIII Funding Ltd.<br>Series 2024-2A, Class A2<br>5.608% (3 mo. USD Term SOFR + 1.75%)<br> due 4/25/2037<sup>(1)(4)</sup> | 250000 | 249657 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust<br>Series 2022-7, Class C<br>6.69% due 3/17/2031 | 1060000 | 1081239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C<br>5.84% due 6/17/2030 | 195000 | 199235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class B<br>4.87% due 5/15/2031 | 260000 | 262801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class C<br>4.52% due 1/15/2032 | 440000 | 440975 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; SBNA Auto Receivables Trust<br>Series 2024-A, Class A3<br>5.32% due 12/15/2028<sup>(4)</sup> | $| 287749 | $| 288743 |
| &nbsp;&nbsp;&nbsp; SEB Funding LLC<br>Series 2021-1A, Class A2<br>4.969% due 1/30/2052<sup>(4)</sup> |  | 371070 |  | 370596 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 4 Ltd.<br>Series 2024-4A, Class A2<br>5.735% (3 mo. USD Term SOFR + 1.83%)<br> due 4/15/2037<sup>(1)(4)</sup> |  | 250000 |  | 250377 |
| &nbsp;&nbsp;&nbsp; U.S. Bank C&I Credit-Linked Notes<br>Series 2025-SUP2, Class B1<br>4.818% due 9/25/2032<sup>(4)</sup> |  | 229690 |  | 229270 |
| &nbsp;&nbsp;&nbsp; Verizon Master Trust<br>Series 2024-2, Class A<br>4.83% due 12/22/2031<sup>(4)</sup> |  | 310000 |  | 317411 |
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust<br>Series 2023-1, Class A4<br>5.01% due 1/22/2030 |  | 215000 |  | 217602 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust<br>Series 2023-1A, Class C<br>5.74% due 8/15/2028<sup>(4)</sup> |  | 812773 |  | 816751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C<br>5.68% due 3/15/2030<sup>(4)</sup> |  | 400000 |  | 406268 |
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust<br>Series 2024-B, Class A3<br>5.27% due 9/17/2029 |  | 421079 |  | 424958 |
| &nbsp;&nbsp;&nbsp; World Omni Automobile Lease Securitization Trust<br>Series 2025-A, Class B<br>4.68% due 5/15/2030 |  | 425000 |  | 429412 |
| &nbsp;&nbsp;&nbsp; World Omni Select Auto Trust<br>Series 2025-A, Class A2A<br>4.14% due 5/15/2030 |  | 185000 |  | 185358 |
| &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities**<br> (Cost $19,813,724) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities**<br> (Cost $19,813,724) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities**<br> (Cost $19,813,724) |  | **19901525** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 39.4%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 39.4%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 39.4%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 39.4%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 39.4%** |
| &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; ATI, Inc.<br>7.25% due 8/15/2030 |  | 197000 |  | 208126 |
| &nbsp;&nbsp;&nbsp; Boeing Co.<br>6.858% due 5/1/2054 |  | 163000 |  | 183072 |
| &nbsp;&nbsp;&nbsp; Hexcel Corp.<br>5.875% due 2/26/2035 |  | 227000 |  | 237410 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp.<br>3.25% due 1/15/2028 |  | 284000 |  | 280356 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc.<br>6.75% due 1/31/2034<sup>(4)</sup> |  | 158000 |  | 164586 |
|  |  |  |  | **1073550** |
| &nbsp;&nbsp;&nbsp;**Agriculture – 0.9%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.9%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.9%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.9%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.9%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc.<br>4.875% due 2/4/2028 |  | 245000 |  | 249037 |
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC<br>5.875% due 7/1/2034<sup>(4)</sup> |  | 1017000 |  | 1063394 |
|  |  |  |  | **1312431** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &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 | $444975 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP<br>9.875% due 9/20/2031<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162000 | 163209 |
|  |  | **608184** |
| &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Ford Motor Co.<br>9.625% due 4/22/2030 | 288000 | 333385 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC<br>5.303% due 9/6/2029 | 200000 | 201377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% due 6/10/2030 | 272000 | 291450 |
| &nbsp;&nbsp;&nbsp; JB Poindexter & Co., Inc.<br>8.75% due 12/15/2031<sup>(4)</sup> | 177000 | 185403 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC<br>7.05% due 9/15/2028<sup>(4)</sup> | 303000 | 313373 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp.<br>4.55% due 9/20/2027 | 122000 | 123511 |
|  |  | **1448499** |
| &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment – 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios U.S. Finance Co.<br>6.75% due 9/15/2032<sup>(4)</sup> | 142000 | 147253 |
| &nbsp;&nbsp;&nbsp; ZF North America Capital, Inc.<br>6.75% due 4/23/2030<sup>(4)</sup> | 170000 | 167989 |
|  |  | **315242** |
| &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 | 444845 |
|  |  | **444845** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Amgen, Inc.<br>5.15% due 3/2/2028 | 353000 | 361257 |
| &nbsp;&nbsp;&nbsp; Genmab AS/Genmab Finance LLC<br>6.25% due 12/15/2032<sup>(4)</sup> | 200000 | 204969 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc.<br>2.80% due 9/15/2050 | 214000 | 130513 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC<br>3.35% due 9/2/2051 | 84000 | 55641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 9/2/2034 | 249000 | 255057 |
|  |  | **1007437** |
| &nbsp;&nbsp;&nbsp;**Building Materials – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP/Emerald Co-Issuer, Inc.<br>6.75% due 7/15/2031<sup>(4)</sup> | 204000 | 215018 |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC<br>6.00% due 11/1/2028<sup>(4)</sup> | 159000 | 159735 |
|  |  | **374753** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Celanese U.S. Holdings LLC<br>7.00% due 2/15/2031 | 143000 | 146412 |
| &nbsp;&nbsp;&nbsp; Rain Carbon, Inc.<br>12.25% due 9/1/2029<sup>(4)</sup> | 249000 | 259293 |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Chemicals** (continued) | &nbsp;&nbsp;&nbsp;**Chemicals** (continued) | &nbsp;&nbsp;&nbsp;**Chemicals** (continued) |
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc.<br>5.625% due 9/30/2033<sup>(4)</sup> | $149000 | $150310 |
|  |  | **556015** |
| &nbsp;&nbsp;&nbsp;**Coal – 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp; SunCoke Energy, Inc.<br>4.875% due 6/30/2029<sup>(4)</sup> | 209000 | 194061 |
|  |  | **194061** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 2.9%** |  |  |
| &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 | 182898 |
| &nbsp;&nbsp;&nbsp; Banco de Credito del Peru SA<br>5.65% (5.65% fixed rate until 10/15/2031; 5 yr.<br>CMT rate + 1.96% thereafter)<br> due 1/15/2037<sup>(1)(4)</sup> | 232000 | 233044 |
| &nbsp;&nbsp;&nbsp; BankUnited, Inc.<br>5.125% due 6/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289399 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc.<br>5.718% (5.718% fixed rate until 7/23/2031; 1 day USD SOFR + 1.91% thereafter)<br> due 7/23/2032<sup>(1)</sup> | 350000 | 366943 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. 5.60% (5.60% fixed rate until 9/5/2030; 5 yr.<br>CMT rate + 1.85% thereafter)<br> due 9/5/2035<sup>(1)</sup> | 296000 | 295485 |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Corp.<br>12.25% due 10/1/2030<sup>(4)</sup> | 200000 | 221829 |
| &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>(1)</sup> | 310000 | 277640 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co.<br>5.294% (5.294% fixed rate until 7/22/2034; 1 day USD SOFR + 1.46% thereafter)<br> due 7/22/2035<sup>(1)</sup> | 156000 | 160942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576% (5.576% fixed rate until 7/23/2035; 1 day USD SOFR + 1.64% thereafter)<br> due 7/23/2036<sup>(1)</sup> | 174000 | 179994 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley<br>5.297% (5.297% fixed rate until 4/20/2032; 1 day USD SOFR + 2.62% thereafter)<br> due 4/20/2037<sup>(1)</sup> | 729000 | 741539 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc.<br>5.676% (5.676% fixed rate until 1/22/2034; 1 day USD SOFR + 1.90% thereafter)<br> due 1/22/2035<sup>(1)</sup> | 417000 | 439572 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) |  |  |  |  |
| &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> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273000 | $| 287174 |
| &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>(1)</sup> |  | 365000 |  | 356639 |
|  |  |  |  | **4033098** |
| &nbsp;&nbsp;&nbsp;**Commercial Services – 1.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC<br>7.875% due 2/15/2031<sup>(4)</sup> |  | 205000 |  | 216045 |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc.<br>9.00% due 5/15/2028<sup>(4)</sup> |  | 277000 |  | 287853 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc.<br>2.90% due 11/15/2031 |  | 242000 |  | 216886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 11/15/2035 |  | 308000 |  | 306131 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc.<br>7.25% due 6/15/2033<sup>(4)</sup> |  | 209000 |  | 221620 |
| &nbsp;&nbsp;&nbsp; Rentokil Terminix Funding LLC<br>5.625% due 4/28/2035<sup>(4)</sup> |  | 400000 |  | 412243 |
| &nbsp;&nbsp;&nbsp; Rollins, Inc.<br>5.25% due 2/24/2035 |  | 34000 |  | 34689 |
|  |  |  |  | **1695467** |
| &nbsp;&nbsp;&nbsp;**Computers – 0.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CACI International, Inc.<br>6.375% due 6/15/2033<sup>(4)</sup> |  | 133000 |  | 137612 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc.<br>4.50% due 7/1/2028<sup>(4)</sup> |  | 309000 |  | 308001 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp.<br>6.50% due 1/15/2028 |  | 83000 |  | 87126 |
|  |  |  |  | **532739** |
| &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.3%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.3%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.3%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.3%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.3%** |
| &nbsp;&nbsp;&nbsp; Kenvue, Inc.<br>5.10% due 3/22/2043 |  | 219000 |  | 210274 |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS<br>6.50% due 3/31/2032<sup>(4)</sup> |  | 230000 |  | 235570 |
|  |  |  |  | **445844** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.1%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.1%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.1%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.1%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.1%** |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd.<br>2.85% due 1/26/2028<sup>(4)</sup> |  | 600000 |  | 582971 |
| &nbsp;&nbsp;&nbsp; Atlas Warehouse Lending Co. LP<br>4.95% due 11/15/2030<sup>(4)</sup> |  | 302000 |  | 303004 |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC<br>6.375% due 7/15/2030<sup>(4)</sup> |  | 280000 |  | 299124 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd.<br>2.125% due 2/21/2026<sup>(4)</sup> |  | 289000 |  | 288057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.528% due 11/18/2027<sup>(4)</sup> |  | 35000 |  | 33931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 5/30/2030<sup>(4)</sup> |  | 245000 |  | 251519 |
| &nbsp;&nbsp;&nbsp; Citadel Securities Global Holdings LLC<br>6.20% due 6/18/2035<sup>(4)</sup> |  | 500000 |  | 526321 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc.<br>6.75% due 5/1/2033<sup>(4)</sup> |  | 202000 |  | 210847 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; LPL Holdings, Inc.<br>4.00% due 3/15/2029<sup>(4)</sup> | $| 672000 | $| 660775 |
| &nbsp;&nbsp;&nbsp; Muthoot Finance Ltd., Reg S<br>6.375% due 4/23/2029 |  | 225000 |  | 228408 |
| &nbsp;&nbsp;&nbsp; Navient Corp.<br>11.50% due 3/15/2031 |  | 197000 |  | 220653 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<br>4.50% due 3/15/2027<sup>(4)</sup> |  | 365000 |  | 365560 |
| &nbsp;&nbsp;&nbsp; Osaic Holdings, Inc.<br>6.75% due 8/1/2032<sup>(4)</sup> |  | 147000 |  | 153559 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc.<br>6.375% due 8/1/2033<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187000 |  | 194970 |
|  |  |  |  | **4319699** |
| &nbsp;&nbsp;&nbsp;**Electric – 3.6%** | &nbsp;&nbsp;&nbsp;**Electric – 3.6%** | &nbsp;&nbsp;&nbsp;**Electric – 3.6%** | &nbsp;&nbsp;&nbsp;**Electric – 3.6%** | &nbsp;&nbsp;&nbsp;**Electric – 3.6%** |
| &nbsp;&nbsp;&nbsp; AES Corp. <br>3.95% due 7/15/2030<sup>(4)</sup> |  | 781000 |  | 762282 |
| &nbsp;&nbsp;&nbsp; Appalachian Power Co. <br>5.65% due 4/1/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348956 |
| &nbsp;&nbsp;&nbsp; Capital Power U.S. Holdings, Inc. <br>6.189% due 6/1/2035<sup>(4)</sup> |  | 200000 |  | 208795 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC <br>5.60% due 6/15/2042 |  | 118000 |  | 118355 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc.<br>5.45% due 3/15/2035 |  | 238000 |  | 243821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 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 |  | 150717 |
| &nbsp;&nbsp;&nbsp; Entergy Louisiana LLC<br>5.70% due 3/15/2054 |  | 233000 |  | 231433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 3/15/2055 |  | 156000 |  | 156774 |
| &nbsp;&nbsp;&nbsp; FIEMEX Energia – Banco Actinver SA Institucion de Banca Multiple <br>7.25% due 1/31/2041<sup>(4)</sup> |  | 198101 |  | 208211 |
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co.<br>5.60% due 2/15/2066 |  | 143000 |  | 140757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 3/15/2065 |  | 107000 |  | 108696 |
| &nbsp;&nbsp;&nbsp; Lightning Power LLC <br>7.25% due 8/15/2032<sup>(4)</sup> |  | 184000 |  | 195656 |
| &nbsp;&nbsp;&nbsp; Louisville Gas & Electric Co. <br>5.85% due 8/15/2055 |  | 154000 |  | 155122 |
| &nbsp;&nbsp;&nbsp; Narragansett Electric Co. <br>5.35% due 5/1/2034<sup>(4)</sup> |  | 333000 |  | 343092 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc.<br>4.45% due 6/15/2029<sup>(4)</sup> |  | 280000 |  | 278764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.407% due 10/15/2035<sup>(4)</sup> |  | 163000 |  | 162827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 2/1/2033<sup>(4)</sup> |  | 146000 |  | 148891 |
| &nbsp;&nbsp;&nbsp; Oglethorpe Power Corp. <br>5.80% due 6/1/2054 |  | 194000 |  | 189546 |
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC <br>6.25% due 2/1/2034<sup>(4)</sup> |  | 166000 |  | 169306 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC<br>5.70% due 12/30/2034<sup>(4)</sup> |  | 441000 |  | 455183 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; 7.75% due 10/15/2031<sup>(4)</sup> | $| 138000 | $| 146166 |
| &nbsp;&nbsp;&nbsp; VoltaGrid LLC <br>7.375% due 11/1/2030<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143000 |  | 141677 |
|  |  |  |  | **5065027** |
| &nbsp;&nbsp;&nbsp;**Electronics – 0.3%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.3%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.3%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.3%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.3%** |
| &nbsp;&nbsp;&nbsp; Flex Ltd. <br>5.375% due 11/13/2035 |  | 191000 |  | 190551 |
| &nbsp;&nbsp;&nbsp; Vontier Corp. <br>2.95% due 4/1/2031 |  | 243000 |  | 222917 |
|  |  |  |  | **413468** |
| &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; MasTec, Inc. <br>4.50% due 8/15/2028<sup>(4)</sup> |  | 351000 |  | 348803 |
|  |  |  |  | **348803** |
| &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 Treasury DAC <br>5.875% due 6/4/2031<sup>(4)</sup> |  | 443000 |  | 449158 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. <br>4.279% due 3/15/2032 |  | 174000 |  | 152740 |
|  |  |  |  | **601898** |
| &nbsp;&nbsp;&nbsp;**Food – 0.8%** | &nbsp;&nbsp;&nbsp;**Food – 0.8%** | &nbsp;&nbsp;&nbsp;**Food – 0.8%** | &nbsp;&nbsp;&nbsp;**Food – 0.8%** | &nbsp;&nbsp;&nbsp;**Food – 0.8%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC <br>5.75% due 3/31/2034<sup>(4)</sup> |  | 145000 |  | 145586 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL<br>3.625% due 1/15/2032 |  | 239000 |  | 223650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 4/1/2033 |  | 207000 |  | 216256 |
| &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 |  | 210088 |
| &nbsp;&nbsp;&nbsp; Mars, Inc. <br>5.20% due 3/1/2035<sup>(4)</sup> |  | 156000 |  | 160341 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. <br>3.50% due 3/1/2032 |  | 181000 |  | 167207 |
|  |  |  |  | **1123128** |
| &nbsp;&nbsp;&nbsp;**Gas – 0.2%** | &nbsp;&nbsp;&nbsp;**Gas – 0.2%** | &nbsp;&nbsp;&nbsp;**Gas – 0.2%** | &nbsp;&nbsp;&nbsp;**Gas – 0.2%** | &nbsp;&nbsp;&nbsp;**Gas – 0.2%** |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. <br>5.95% due 3/15/2035 |  | 288000 |  | 301036 |
|  |  |  |  | **301036** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.8%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.8%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.8%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.8%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.8%** |
| &nbsp;&nbsp;&nbsp; 180 Medical, Inc. <br>5.30% due 10/8/2035<sup>(4)</sup> |  | 216000 |  | 215248 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc.<br>2.539% due 2/1/2032 |  | 440000 |  | 383422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 12/15/2035 |  | 303000 |  | 306641 |
| &nbsp;&nbsp;&nbsp; VSP Optical Group, Inc. <br>5.45% due 12/1/2035<sup>(4)</sup> |  | 229000 |  | 230525 |
|  |  |  |  | **1135836** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services – 1.2%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 1.2%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 1.2%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 1.2%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 1.2%** |
| &nbsp;&nbsp;&nbsp; Centene Corp.<br>2.45% due 7/15/2028 |  | 322000 |  | 301501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 12/15/2027 |  | 229000 |  | 227652 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fresenius Medical Care U.S. Finance III, Inc. <br>2.375% due 2/16/2031<sup>(4)</sup> | $| 241000 | $| 214076 |
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC <br>6.00% due 5/8/2034 |  | 200000 |  | 211498 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. <br>6.00% due 11/15/2033<sup>(4)</sup> |  | 147000 |  | 151351 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. <br>3.45% due 1/15/2027 |  | 167000 |  | 166330 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. <br>2.65% due 1/15/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504000 |  | 445021 |
|  |  |  |  | **1717429** |
| &nbsp;&nbsp;&nbsp;**Insurance – 3.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.6%** |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <br>6.75% due 4/15/2028<sup>(4)</sup> |  | 160000 |  | 162908 |
| &nbsp;&nbsp;&nbsp; Athene Global Funding<br>1.985% due 8/19/2028<sup>(4)</sup> |  | 43000 |  | 40366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 3/24/2028<sup>(4)</sup> |  | 83000 |  | 79717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.033% due 7/17/2030<sup>(4)</sup> |  | 623000 |  | 627652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.62% due 5/8/2026<sup>(4)</sup> |  | 283000 |  | 284343 |
| &nbsp;&nbsp;&nbsp; Beacon Funding Trust <br>6.266% due 8/15/2054<sup>(4)</sup> |  | 273000 |  | 277157 |
| &nbsp;&nbsp;&nbsp; Belrose Funding Trust II <br>6.792% due 5/15/2055<sup>(4)</sup> |  | 140000 |  | 145368 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial Global Funding <br>5.65% due 6/10/2029<sup>(4)</sup> |  | 408000 |  | 416917 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc.<br>2.375% due 3/15/2031 |  | 601000 |  | 538864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 6/23/2032 |  | 38000 |  | 38860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 6/23/2035 |  | 78000 |  | 79978 |
| &nbsp;&nbsp;&nbsp; CNO Global Funding <br>5.875% due 6/4/2027<sup>(4)</sup> |  | 362000 |  | 370001 |
| &nbsp;&nbsp;&nbsp; Corebridge Global Funding <br>4.90% due 8/21/2032<sup>(4)</sup> |  | 179000 |  | 180077 |
| &nbsp;&nbsp;&nbsp; GA Global Funding Trust<br>5.20% due 12/9/2031<sup>(4)</sup> |  | 352000 |  | 357256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 4/1/2032<sup>(4)</sup> |  | 343000 |  | 350589 |
| &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding <br>4.60% due 10/1/2029<sup>(4)</sup> |  | 302000 |  | 302604 |
| &nbsp;&nbsp;&nbsp; Pricoa Global Funding I <br>4.75% due 8/26/2032<sup>(4)</sup> |  | 182000 |  | 183233 |
| &nbsp;&nbsp;&nbsp; RGA Global Funding <br>5.00% due 8/25/2032<sup>(4)</sup> |  | 449000 |  | 452401 |
| &nbsp;&nbsp;&nbsp; Sammons Financial Group Global Funding <br>5.10% due 12/10/2029<sup>(4)</sup> |  | 187000 |  | 191495 |
|  |  |  |  | **5079786** |
| &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; Meta Platforms, Inc.<br>4.875% due 11/15/2035 |  | 200000 |  | 199732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 11/15/2045 |  | 146000 |  | 141769 |
| &nbsp;&nbsp;&nbsp; Prosus NV, Reg S <br>4.027% due 8/3/2050 |  | 247000 |  | 170899 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Uber Technologies, Inc. <br>5.35% due 9/15/2054 | $| 187000 | $| 178337 |
| &nbsp;&nbsp;&nbsp; Weibo Corp. <br>3.375% due 7/8/2030 |  | 200000 |  | 189841 |
|  |  |  |  | **880578** |
| &nbsp;&nbsp;&nbsp;**Iron & Steel – 0.4%** | &nbsp;&nbsp;&nbsp;**Iron & Steel – 0.4%** | &nbsp;&nbsp;&nbsp;**Iron & Steel – 0.4%** | &nbsp;&nbsp;&nbsp;**Iron & Steel – 0.4%** | &nbsp;&nbsp;&nbsp;**Iron & Steel – 0.4%** |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. <br>5.625% due 3/1/2034<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146265 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. <br>5.75% due 11/15/2033<sup>(4)</sup> |  | 145000 |  | 148267 |
| &nbsp;&nbsp;&nbsp; Vale Overseas Ltd. <br>6.00% (6.00% fixed rate until 11/25/2030; 5 yr.<br>CMT rate + 2.43% thereafter) <br> due 2/25/2056<sup>(1)(4)</sup> |  | 200000 |  | 200060 |
|  |  |  |  | **494592** |
| &nbsp;&nbsp;&nbsp;**Leisure Time – 0.6%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.6%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.6%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.6%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.6%** |
| &nbsp;&nbsp;&nbsp; Carnival Corp. <br>6.125% due 2/15/2033<sup>(4)</sup> |  | 145000 |  | 149726 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.<br>5.375% due 7/15/2027<sup>(4)</sup> |  | 227000 |  | 228720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 1/15/2036 |  | 266000 |  | 267114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 9/30/2031<sup>(4)</sup> |  | 205000 |  | 209575 |
|  |  |  |  | **855135** |
| &nbsp;&nbsp;&nbsp;**Lodging – 0.5%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.5%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.5%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.5%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.5%** |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc. <br>5.50% due 3/31/2034<sup>(4)</sup> |  | 207000 |  | 208422 |
| &nbsp;&nbsp;&nbsp; MGM China Holdings Ltd., Reg S <br>4.75% due 2/1/2027 |  | 240000 |  | 238927 |
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd. <br>6.75% due 2/15/2034<sup>(4)</sup> |  | 200000 |  | 202574 |
|  |  |  |  | **649923** |
| &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.7%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.7%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.7%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.7%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.7%** |
| &nbsp;&nbsp;&nbsp; nVent Finance SARL <br>4.55% due 4/15/2028 |  | 403000 |  | 405260 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. <br>6.05% due 2/15/2026 |  | 541000 |  | 542037 |
|  |  |  |  | **947297** |
| &nbsp;&nbsp;&nbsp;**Media – 0.8%** | &nbsp;&nbsp;&nbsp;**Media – 0.8%** | &nbsp;&nbsp;&nbsp;**Media – 0.8%** | &nbsp;&nbsp;&nbsp;**Media – 0.8%** | &nbsp;&nbsp;&nbsp;**Media – 0.8%** |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.50% due 5/1/2032 |  | 164000 |  | 147196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 3/1/2030<sup>(4)</sup> |  | 171000 |  | 163313 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC <br>8.875% due 2/1/2030<sup>(4)</sup> |  | 156000 |  | 157840 |
| &nbsp;&nbsp;&nbsp; Paramount Global<br>3.375% due 2/15/2028 |  | 255000 |  | 247474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 8/15/2044 |  | 99000 |  | 71046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 4/30/2036 |  | 235000 |  | 231175 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc. <br>8.50% due 7/31/2031<sup>(4)</sup> |  | 141000 |  | 147293 |
|  |  |  |  | **1165337** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Mining – 1.7%** | &nbsp;&nbsp;&nbsp;**Mining – 1.7%** | &nbsp;&nbsp;&nbsp;**Mining – 1.7%** |
| &nbsp;&nbsp;&nbsp; Anglo American Capital PLC<br>3.875% due 3/16/2029<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | $335501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/2/2033<sup>(4)</sup> | 200000 | 206907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 4/5/2034<sup>(4)</sup> | 294000 | 308378 |
| &nbsp;&nbsp;&nbsp; Antofagasta PLC <br>6.25% due 5/2/2034<sup>(4)</sup> | 200000 | 215430 |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC <br>6.375% due 10/6/2030<sup>(4)</sup> | 216000 | 232457 |
| &nbsp;&nbsp;&nbsp; Hecla Mining Co. <br>7.25% due 2/15/2028 | 99000 | 99623 |
| &nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd. <br>7.875% due 1/23/2030<sup>(4)</sup> | 245000 | 252770 |
| &nbsp;&nbsp;&nbsp; Navoi Mining & Metallurgical Combinat <br>6.75% due 5/14/2030<sup>(4)</sup> | 200000 | 208926 |
| &nbsp;&nbsp;&nbsp; Novelis Corp. <br>6.875% due 1/30/2030<sup>(4)</sup> | 247000 | 256473 |
| &nbsp;&nbsp;&nbsp; Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. <br>5.854% due 5/13/2032<sup>(4)</sup> | 200000 | 208882 |
|  |  | **2325347** |
| &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.1%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.1%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.1%** |
| &nbsp;&nbsp;&nbsp; LSB Industries, Inc. <br>6.25% due 10/15/2028<sup>(4)</sup> | 192000 | 191694 |
|  |  | **191694** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.8%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.8%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.8%** |
| &nbsp;&nbsp;&nbsp; Aethon United BR LP/Aethon United Finance Corp. <br>7.50% due 10/1/2029<sup>(4)</sup> | 149000 | 156104 |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. <br>7.625% due 2/1/2029<sup>(4)</sup> | 449000 | 455693 |
| &nbsp;&nbsp;&nbsp; Caturus Energy LLC <br>8.50% due 2/15/2030<sup>(4)</sup> | 250000 | 260361 |
| &nbsp;&nbsp;&nbsp; Continental Resources, Inc. <br>5.75% due 1/15/2031<sup>(4)</sup> | 235000 | 240965 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC <br>7.375% due 1/15/2033<sup>(4)</sup> | 204000 | 193586 |
| &nbsp;&nbsp;&nbsp; EQT Corp.<br>6.375% due 4/1/2029 | 109000 | 112791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 2/1/2030 | 148000 | 160751 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. <br>5.375% due 3/15/2030 | 80000 | 81087 |
| &nbsp;&nbsp;&nbsp; ORLEN SA <br>6.00% due 1/30/2035<sup>(4)</sup> | 200000 | 210815 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos <br>6.70% due 2/16/2032 | 213000 | 212431 |
| &nbsp;&nbsp;&nbsp; SM Energy Co. <br>6.75% due 8/1/2029<sup>(4)</sup> | 158000 | 159160 |
| &nbsp;&nbsp;&nbsp; Transocean International Ltd. <br>7.875% due 10/15/2032<sup>(4)</sup> | 146000 | 152482 |
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC <br>5.70% due 8/1/2035 | 135000 | 137772 |
|  |  | **2533998** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Oil & Gas Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Oil & Gas Services – 0.2%** |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC <br>6.50% due 10/1/2033<sup>(4)</sup> | $147000 | $150118 |
| &nbsp;&nbsp;&nbsp; WBI Operating LLC <br>6.25% due 10/15/2030<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | 150905 |
|  |  | **301023** |
| &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 | 148072 |
|  |  | **148072** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.0%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.0%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.0%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. <br>4.80% due 3/15/2027 | 249000 | 251608 |
| &nbsp;&nbsp;&nbsp; Bayer Corp. <br>6.65% due 2/15/2028<sup>(4)</sup> | 343000 | 359069 |
| &nbsp;&nbsp;&nbsp; Bayer U.S. Finance LLC <br>6.375% due 11/21/2030<sup>(4)</sup> | 400000 | 427650 |
| &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte Ltd. <br>4.45% due 5/19/2028 | 250000 | 253315 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV <br>3.15% due 10/1/2026 | 25000 | 24711 |
|  |  | **1316353** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 1.9%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.9%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.9%** |
| &nbsp;&nbsp;&nbsp; Boardwalk Pipelines LP <br>3.40% due 2/15/2031 | 231000 | 218555 |
| &nbsp;&nbsp;&nbsp; Colonial Enterprises, Inc. <br>5.627% due 11/15/2035<sup>(4)</sup> | 155000 | 156203 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC <br>4.999% due 11/17/2032<sup>(4)</sup> | 334000 | 333970 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. <br>4.125% due 6/15/2029<sup>(4)</sup> | 286000 | 282230 |
| &nbsp;&nbsp;&nbsp; Eastern Energy Gas Holdings LLC 5.65% due 10/15/2054 | 116000 | 112210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 1/15/2035 | 207000 | 218567 |
| &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> | 300000 | 344001 |
| &nbsp;&nbsp;&nbsp; Florida Gas Transmission Co. LLC <br>5.75% due 7/15/2035<sup>(4)</sup> | 202000 | 209603 |
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC <br>3.25% due 7/15/2031<sup>(4)</sup> | 564000 | 518857 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp. <br>5.50% due 3/1/2030 | 310000 | 314776 |
|  |  | **2708972** |
| &nbsp;&nbsp;&nbsp;**Real Estate – 0.2%** | &nbsp;&nbsp;&nbsp;**Real Estate – 0.2%** | &nbsp;&nbsp;&nbsp;**Real Estate – 0.2%** |
| &nbsp;&nbsp;&nbsp; Kennedy-Wilson, Inc. <br>4.75% due 3/1/2029 | 201000 | 195180 |
|  |  | **195180** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.3%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.3%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.3%** |
| &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership LP <br>4.55% due 10/1/2029 | $194000 | $185156 |
| &nbsp;&nbsp;&nbsp; CFE Fibra E <br>5.875% due 9/23/2040<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198334 | 197951 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. <br>3.30% due 7/1/2030 | 308000 | 292155 |
| &nbsp;&nbsp;&nbsp; EPR Properties <br>4.50% due 6/1/2027 | 180000 | 180275 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts LP <br>5.70% due 6/15/2032 | 219000 | 228666 |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services, Inc. <br>5.00% due 7/15/2032<sup>(4)</sup> | 161000 | 153701 |
| &nbsp;&nbsp;&nbsp; Millrose Properties, Inc. <br>6.375% due 8/1/2030<sup>(4)</sup> | 151000 | 154507 |
| &nbsp;&nbsp;&nbsp; Piedmont Operating Partnership LP 5.625% due 1/15/2033 | 104000 | 105066 |
| &nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc. <br>4.625% due 12/1/2029<sup>(4)</sup> | 314000 | 313387 |
|  |  | **1810864** |
| &nbsp;&nbsp;&nbsp;**Retail – 0.3%** | &nbsp;&nbsp;&nbsp;**Retail – 0.3%** | &nbsp;&nbsp;&nbsp;**Retail – 0.3%** |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. <br>7.00% due 8/1/2030<sup>(4)</sup> | 126000 | 126667 |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc. <br>6.75% due 4/30/2032<sup>(4)</sup> | 315000 | 328992 |
|  |  | **455659** |
| &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>(4)</sup> | 427000 | 417539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 11/15/2031 | 225000 | 233426 |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC<br>5.50% due 1/25/2031<sup>(4)</sup> | 200000 | 206439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90% due 1/25/2033<sup>(4)</sup> | 447000 | 467717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% due 1/25/2032<sup>(4)</sup> | 200000 | 211938 |
|  |  | **1537059** |
| &nbsp;&nbsp;&nbsp;**Software – 0.8%** | &nbsp;&nbsp;&nbsp;**Software – 0.8%** | &nbsp;&nbsp;&nbsp;**Software – 0.8%** |
| &nbsp;&nbsp;&nbsp; Atlassian Corp. <br>5.50% due 5/15/2034 | 269000 | 278366 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp. <br>6.00% due 5/15/2033<sup>(4)</sup> | 251000 | 257814 |
| &nbsp;&nbsp;&nbsp; Oracle Corp.<br>5.95% due 9/26/2055 | 479000 | 424401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% due 11/9/2052 | 150000 | 148219 |
|  |  | **1108800** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 0.3%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.3%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.3%** |
| &nbsp;&nbsp;&nbsp; Cipher Compute LLC <br>7.125% due 11/15/2030<sup>(4)</sup> | 140000 | 142588 |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp. <br>8.75% due 3/15/2032 | 212000 | 256383 |
|  |  | **398971** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Transportation – 0.8%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.8%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.8%** |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc. <br>6.50% due 5/6/2034 | $521000 | $562813 |
| &nbsp;&nbsp;&nbsp; Rand Parent LLC <br>8.50% due 2/15/2030<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276000 | 287551 |
| &nbsp;&nbsp;&nbsp; Watco Cos. LLC/Watco Finance Corp.<br>7.125% due 8/1/2032<sup>(4)</sup> | 209000 | 218887 |
|  |  | **1069251** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $54,286,935) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $54,286,935) | **55242380** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 12.1%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 12.1%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 12.1%** |
| &nbsp;&nbsp;&nbsp; BANK <br>Series 2019-BN21, Class A5 <br>2.851% due 10/17/2052 | 200000 | 189461 |
| &nbsp;&nbsp;&nbsp; Bank5 <br>Series 2025-5YR14, Class A3 <br>5.646% due 4/15/2058 | 610000 | 637925 |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust | &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust | &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C21, Class A5 <br>6.00% due 9/15/2056<sup>(1)(2)</sup> | 370000 | 397935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C33, Class A4 <br>5.839% due 3/15/2058 | 170000 | 178973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 <br>5.659% due 5/15/2058 | 210000 | 219859 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust | &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust | &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2, Class A5 <br>3.882% due 2/15/2051<sup>(1)(2)</sup> | 290000 | 287727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 <br>5.909% due 11/15/2057<sup>(1)(2)</sup> | 200000 | 210199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V12, Class A3 <br>5.739% due 12/15/2057 | 320000 | 334777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V6, Class A3 <br>5.926% due 3/15/2057 | 160000 | 167165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V7, Class A3 <br>6.228% due 5/15/2056<sup>(1)(2)</sup> | 330000 | 348282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V9, Class A3 <br>5.602% due 8/15/2057 | 480000 | 498761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V18, Class A3 <br>5.184% due 10/15/2058 | 280000 | 288345 |
| &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 | 228770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C5, Class A3 <br>5.857% due 2/15/2057 | 250000 | 261123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C8, Class A3 <br>5.625% due 12/15/2057<sup>(1)(2)</sup> | 270000 | 281067 |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust <br>Series 2025-COPT, Class A <br>5.50% due 8/15/2042<sup>(1)(2)(4)</sup> | 240000 | 240446 |
| &nbsp;&nbsp;&nbsp; BX Trust<br>Series 2025-ARIA, Class A <br>5.031% due 12/13/2042<sup>(1)(2)(4)</sup> | 340000 | 343082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class B <br>5.144% due 3/15/2030<sup>(1)(2)(4)</sup> | 308796 | 307638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class B <br>5.643% due 3/15/2042<sup>(1)(2)(4)</sup> | 100000 | 99813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VOLT, Class D <br>6.50% due 12/15/2044<sup>(1)(2)(4)</sup> | 220000 | 220000 |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; CIM Trust<br>Series 2021-INV1, Class A2 <br>2.50% due 7/1/2051<sup>(1)(2)(4)</sup> | $398110 | $332702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-J3, Class A1 <br>2.50% due 6/25/2051<sup>(1)(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654639 |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, Inc. <br>Series 2022-INV1, Class A3B <br>3.00% due 11/27/2051<sup>(1)(2)(4)</sup> | 74237 | 65152 |
| &nbsp;&nbsp;&nbsp; CONE Trust <br>Series 2024-DFW1, Class A <br>5.392% due 8/15/2041<sup>(1)(2)(4)</sup> | 210000 | 209673 |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust<br>Series 2022-R02, Class 2M1 <br>5.074% due 1/25/2042<sup>(1)(2)(4)</sup> | 10584 | 10581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M2 <br>7.624% due 12/25/2042<sup>(1)(2)(4)</sup> | 180000 | 188002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R03, Class 2M2 <br>7.774% due 4/25/2043<sup>(1)(2)(4)</sup> | 85000 | 89378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M1 <br>6.174% due 5/25/2043<sup>(1)(2)(4)</sup> | 187620 | 191148 |
| &nbsp;&nbsp;&nbsp; DBC Mortgage Trust <br>Series 2025-DBC, Class A <br>5.101% due 11/15/2042<sup>(1)(2)(4)</sup> | 190000 | 190147 |
| &nbsp;&nbsp;&nbsp; EFMT <br>Series 2025-INV4, Class A1 <br>5.10% due 10/25/2070<sup>(1)(2)(4)</sup> | 227640 | 228270 |
| &nbsp;&nbsp;&nbsp; Flagstar Mortgage Trust<br>Series 2021-3INV, Class A2 <br>2.50% due 6/25/2051<sup>(1)(2)(4)</sup> | 529936 | 443531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7, Class A1 <br>2.50% due 8/25/2051<sup>(1)(2)(4)</sup> | 387776 | 324783 |
| &nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust<br>Series 2022-DNA1, Class M2 <br>6.374% due 1/25/2042<sup>(1)(2)(4)</sup> | 225000 | 228220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M2 <br>8.224% due 4/25/2042<sup>(1)(2)(4)</sup> | 150000 | 156236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M2 <br>9.124% due 3/25/2042<sup>(1)(2)(4)</sup> | 160000 | 167830 |
| &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> | 299011 | 250258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ2, Class A2 <br>2.50% due 7/25/2051<sup>(1)(2)(4)</sup> | 411301 | 344240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ8, Class A2 <br>2.50% due 1/25/2052<sup>(1)(2)(4)</sup> | 543990 | 455621 |
| &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust<br>Series 2021-13, Class A3 <br>2.50% due 4/25/2052<sup>(1)(2)(4)</sup> | 420559 | 351988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV6, Class A2 <br>3.00% due 4/25/2052<sup>(1)(2)(4)</sup> | 169236 | 148414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV8, Class A2 <br>3.00% due 5/25/2052<sup>(1)(2)(4)</sup> | 389576 | 341412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A3 <br>2.50% due 7/25/2052<sup>(1)(2)(4)</sup> | 191454 | 160238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A3 <br>3.00% due 10/25/2052<sup>(1)(2)(4)</sup> | 306873 | 267783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV1, Class A3 <br>3.00% due 3/25/2052<sup>(1)(2)(4)</sup> | 234006 | 204923 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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 2022-INV3, Class A3B <br>3.00% due 9/25/2052<sup>(1)(2)(4)</sup> | $223495 | $195167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC1, Class A1 <br>5.577% due 9/25/2065<sup>(1)(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VIS3, Class A1 <br>5.062% due 2/25/2066<sup>(1)(2)(4)</sup> | 196694 | 197368 |
| &nbsp;&nbsp;&nbsp; KIND Commercial Mortgage Trust <br>Series 2024-1, Class A <br>5.64% due 8/15/2041<sup>(1)(2)(4)</sup> | 220000 | 220137 |
| &nbsp;&nbsp;&nbsp; MAD Commercial Mortgage Trust <br>Series 2025-11MD, Class A <br>4.754% due 10/15/2042<sup>(1)(2)(4)</sup> | 190000 | 190720 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust <br>Series 2025-5C1, Class A3 <br>5.635% due 3/15/2058 | 150000 | 156707 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust <br>Series 2025-DSC2, Class A1 <br>5.443% due 7/25/2070<sup>(1)(2)(4)</sup> | 280151 | 282863 |
| &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> | 299202 | 302465 |
| &nbsp;&nbsp;&nbsp; NYMT Loan Trust <br>Series 2025-INV2, Class A1 <br>5.00% due 10/25/2060<sup>(1)(2)(4)</sup> | 98904 | 99394 |
| &nbsp;&nbsp;&nbsp; OBX Trust<br>Series 2025-NQM16, Class A1 <br>4.905% due 8/25/2065<sup>(1)(2)(4)</sup> | 124448 | 124528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM17, Class A1FC <br>4.848% due 8/25/2065<sup>(1)(2)(4)</sup> | 213836 | 213686 |
| &nbsp;&nbsp;&nbsp; Rate Mortgage Trust <br>Series 2021-HB1, Class A1 <br>2.50% due 12/25/2051<sup>(1)(2)(4)</sup> | 326681 | 272600 |
| &nbsp;&nbsp;&nbsp; RCKT Mortgage Trust <br>Series 2021-4, Class A1 <br>2.50% due 9/25/2051<sup>(1)(2)(4)</sup> | 85615 | 71977 |
| &nbsp;&nbsp;&nbsp; ROCK Trust <br>Series 2024-CNTR, Class A <br>5.388% due 11/13/2041<sup>(4)</sup> | 240000 | 246571 |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust <br>Series 2025-S2, Class A1 <br>4.00% due 11/25/2055<sup>(1)(2)(4)</sup> | 99489 | 93083 |
| &nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust <br>Series 2025-DATA, Class A <br>5.193% due 2/15/2042<sup>(1)(2)(4)</sup> | 370000 | 366555 |
| &nbsp;&nbsp;&nbsp; TEXAS Commercial Mortgage Trust <br>Series 2025-TWR, Class B <br>5.343% due 4/15/2042<sup>(1)(2)(4)</sup> | 200000 | 199502 |
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust <br>Series 2019-HY1, Class M2 <br>5.846% due 10/25/2048<sup>(1)(2)(4)</sup> | 210000 | 218362 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust <br>Series 2025-9, Class A1 <br>4.935% due 10/27/2070<sup>(1)(2)(4)</sup> | 303211 | 303566 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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 | $| 254230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C61, Class A4 <br>2.658% due 11/15/2054 |  | 250000 |  | 224767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C3, Class A3 <br>6.096% due 1/15/2058 |  | 220000 |  | 232950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C65, Class A5 <br>5.292% due 10/15/2058 |  | 320000 |  | 328902 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $16,777,436) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $16,777,436) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $16,777,436) |  | **16902800** |
| &nbsp;&nbsp;&nbsp;**Senior Secured Loans – 1.8%** | &nbsp;&nbsp;&nbsp;**Senior Secured Loans – 1.8%** | &nbsp;&nbsp;&nbsp;**Senior Secured Loans – 1.8%** | &nbsp;&nbsp;&nbsp;**Senior Secured Loans – 1.8%** | &nbsp;&nbsp;&nbsp;**Senior Secured Loans – 1.8%** |
| &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>6.134% (3 mo. USD Term SOFR + 2.25%) <br> due 4/20/2028<sup>(1)</sup> |  | 115214 |  | 115415 |
|  |  |  |  | **115415** |
| &nbsp;&nbsp;&nbsp;**Commercial Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.2%** |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC <br>2025 Incremental Term Loan B <br>5.585% (1 mo. USD Term SOFR + 1.75%) <br> due 3/7/2032<sup>(1)</sup> |  | 221882 |  | 221175 |
|  |  |  |  | **221175** |
| &nbsp;&nbsp;&nbsp;**Distribution/Wholesale – 0.1%** | &nbsp;&nbsp;&nbsp;**Distribution/Wholesale – 0.1%** | &nbsp;&nbsp;&nbsp;**Distribution/Wholesale – 0.1%** | &nbsp;&nbsp;&nbsp;**Distribution/Wholesale – 0.1%** | &nbsp;&nbsp;&nbsp;**Distribution/Wholesale – 0.1%** |
| &nbsp;&nbsp;&nbsp; Resideo Funding, Inc. <br>2025 Incremental Term Loan <br>5.723% (3 mo. USD Term<br>SOFR + 2.00%) <br> due 8/13/2032<sup>(1)</sup> |  | 97755 |  | 97877 |
|  |  |  |  | **97877** |
| &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; Avolon TLB Borrower 1 U.S. LLC <br>2023 Term Loan B6 <br>5.484% (1 mo. USD Term<br>SOFR + 1.75%) <br> due 6/24/2030<sup>(1)</sup> |  | 418770 |  | 420985 |
| &nbsp;&nbsp;&nbsp; Hudson River Trading LLC <br>2024 Term Loan B <br>6.486% (1 mo. USD Term SOFR + 2.75%) <br> due 3/18/2030<sup>(1)</sup> |  | 79597 |  | 79890 |
|  |  |  |  | **500875** |
| &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; Alpha Generation LLC <br>Term Loan B <br>5.716% (1 mo. USD Term<br>SOFR + 2.00%) <br> due 9/30/2031<sup>(1)</sup> |  | 336445 |  | 337320 |
| &nbsp;&nbsp;&nbsp; Calpine Corp. <br>2024 Term Loan B10 <br>5.466% (1 mo. USD Term<br>SOFR + 1.75%) <br> due 1/31/2031<sup>(1)</sup> |  | 181000 |  | 180980 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. <br>2024 Term Loan <br>5.593% (3 mo. USD Term<br>SOFR + 1.75%) <br> due 4/16/2031<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77154 | $77334 |
|  |  | **595634** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.4%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Flutter Financing BV <br>2024 Term Loan B <br>5.422% (3 mo. USD Term<br>SOFR + 1.75%) <br> due 11/30/2030<sup>(1)</sup> | 365265 | 364655 |
| &nbsp;&nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc. <br>2024 Term Loan B3 <br>5.716% (1 mo. USD Term<br>SOFR + 2.00%) <br> due 12/4/2031<sup>(1)</sup> | 80619 | 79980 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.<br>2024 Term Loan B <br>5.716% (1 mo. USD Term<br>SOFR + 2.00%) <br> due 5/1/2031<sup>(1)</sup> | 76684 | 75694 |
|  |  | **520329** |
| &nbsp;&nbsp;&nbsp;**Environmental Control – 0.1%** | &nbsp;&nbsp;&nbsp;**Environmental Control – 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc. <br>2025 Term Loan <br>5.216% (1 mo. USD Term<br>SOFR + 1.50%) <br> due 10/8/2032<sup>(1)</sup> | 207000 | 208724 |
|  |  | **208724** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Colossus Acquireco LLC <br>Term Loan B <br>5.41% (3 mo. USD Term<br>SOFR + 1.75%) <br> due 7/30/2032<sup>(1)</sup> | 235410 | 235116 |
|  |  | **235116** |
| &nbsp;&nbsp;&nbsp;**Total Senior Secured Loans** <br> (Cost $2,492,202) | &nbsp;&nbsp;&nbsp;**Total Senior Secured Loans** <br> (Cost $2,492,202) | **2495145** |
| &nbsp;&nbsp;&nbsp;**Foreign Government – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government International Bonds <br>6.125% due 12/11/2037<sup>(4)</sup> | USD 200,000 | 197299 |
| &nbsp;&nbsp;&nbsp; Romania Government International Bonds <br>6.625% due 5/16/2036<sup>(4)</sup> | USD 266,000 | 277252 |
| &nbsp;&nbsp;&nbsp;**Total Foreign Government** <br> (Cost $463,434) | &nbsp;&nbsp;&nbsp;**Total Foreign Government** <br> (Cost $463,434) | **474551** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 18.9%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 18.9%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 18.9%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds<br>4.00% due 11/15/2042 | $2326000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/15/2054 | 3365900 | 3174727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2044 | 4277000 | 4191126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 2/15/2045 | 3873000 | 3853333 |

---

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

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; 4.75% due 5/15/2055 | $| 5393000 | $5299465 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes<br>3.625% due 8/31/2027 |  | 3398000 | 3405566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/2030 |  | 4413000 | 4397313 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $26,496,819) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $26,496,819) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $26,496,819) | **26453454** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.3%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.3%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.3%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.3%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.06%, dated 12/31/2025, proceeds at maturity value of $1,879,245, due 1/2/2026<sup>(5)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879134 | 1879134 |
| &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements**<br> (Cost $1,879,134) | &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements**<br> (Cost $1,879,134) | &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements**<br> (Cost $1,879,134) | **1879134** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 116.1%** <br> (Cost $161,623,466) | &nbsp;&nbsp;&nbsp;**Total Investments – 116.1%** <br> (Cost $161,623,466) | &nbsp;&nbsp;&nbsp;**Total Investments – 116.1%** <br> (Cost $161,623,466) | **162645499** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (16.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (16.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (16.1)%** | **(22569684)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**140075815** |

---

<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 December 31, 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 December 31, 2025, the aggregate market value of these securities amounted to $57,521,505, representing 41.1% 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> 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 | 2.75% | 4/30/2027 | $1926100 | $1916768 |

---

#### Open futures contracts at December 31, 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 | March 2026 | 39 | Long | $8136334 | $8142773 | $6439 |
| &nbsp;&nbsp;&nbsp;U.S. Ultra 10-Year Treasury Note | March 2026 | 15 | Long | 1820281 | 1725234 | (95047) |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | $**9956615** | $**9868007** | $**(88608)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Depreciation** |
| &nbsp;&nbsp;&nbsp;U.S. 5-Year Treasury Note | March 2026 | 4 | Short | $(435806) | $(437219) | $(1413) |

---

#### Legend:
ACES — Alternative Credit Enhancement Securities

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

------

#### SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND
**The following is a summary of the inputs used as of December 31, 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;Agency Mortgage-Backed Securities | $— | $39296510 | $— | $39296510 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 19901525 |  | 19901525 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 55242380 |  | 55242380 |
| &nbsp;&nbsp;&nbsp;Non-Agency Mortgage-Backed Securities |  | 16902800 |  | 16902800 |
| &nbsp;&nbsp;&nbsp;Senior Secured Loans |  | 2495145 |  | 2495145 |
| &nbsp;&nbsp;&nbsp;Foreign Government |  | 474551 |  | 474551 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 26453454 |  | 26453454 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1879134 |  | 1879134 |
| &nbsp;&nbsp;&nbsp;**Total** | $**—** | $**162645499** | $**—** | $**162645499** |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | $6439 | $— | $— | $6439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (96460) |  |  | (96460) |
| &nbsp;&nbsp;&nbsp;**Total** | $**(90021)** | $**—** | $**—** | $**(90021)** |

---

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 December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $162645499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 31913773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 1285563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash deposits with brokers for futures contracts | 81757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 13316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 7081 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **195953838** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 55636869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 54520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 54104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 49935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 30058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 14079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for variation margin on futures contracts | 5087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 32616 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **55878023** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**140075815** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $105841455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 34234360 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**140075815** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $161623466 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **12173805** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$11.51** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $7878128 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **7878128** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 690586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 383659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 165900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 82011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 53492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 48582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 16864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 9600 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1453307** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (200358) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1252949** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **6625179** |
| &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 | (1114756) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (165873) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 4907039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | 185929 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Derivative Contracts** | **3812339** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**10437518** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |
|  | **For the<br>Year Ended<br>12/31/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $6625179 | $8849335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and derivative contracts | (1280629) | (698191) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and derivative contracts | 5092968 | (3233090) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **10437518** | **4918054** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 10211036 | 24217318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (50004378) | (84348756) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(39793342)** | **(60131438)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(29355824)** | **(55213384)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 169431639 | 224645023 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140075815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169431639 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 914341 | 2301423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4504310) | (7926283) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(3589969)** | **(5624860)** |

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

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This Page Intentionally Left Blank

**15**

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The Financial Highlights table is intended to help you understand the Fund's financial performance for the past five years. 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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Financial Highlights** | | | | | | |
|  | **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; Year Ended 12/31/25 | $10.75 | $0.48 | $0.28 | $0.76 | $11.51 | 7.07% |
| &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% |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| $140076 | 0.82% | 0.95% | 4.31% | 4.18% | 116% |
| 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% |

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<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.

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

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#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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.

18.0 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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**

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**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, the 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 December 31, 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 December 31, 2025.

**f. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars.

20.0 ------

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.

**g. Foreign 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**h. 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.

**i. 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.

**j. Segment Reporting** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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,

**21**

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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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $200,358.

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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $383,659 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 year ended December 31, 2025, were as follows:

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| | | |
|:---|:---|:---|
|  | **Other**<br> **Investments** | **U.S. Government and**<br> **Agency Obligations** |
| &nbsp;&nbsp;&nbsp;Purchases | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83963035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91485240 |
| &nbsp;&nbsp;&nbsp;Sales | 101896765 | 100694635 |

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**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

22.0 ------

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.

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, the Fund agrees to accept any mortgage-backed security that meets specified terms. Thus, the 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 the Fund to purchase the securities. The 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. Mortgage Dollar Rolls** The Fund may engage from time to time in mortgage dollar roll transactions, which involve a sale by the Fund of a mortgage-backed security concurrently with an agreement by the Fund to repurchase a similar security at a later date at an agreed-upon price. These transactions are typically used for short term financing. Pools of mortgage securities are used to collateralize mortgage dollar roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, the Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for the Fund. The Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered

financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Fund at the end of the roll transaction, while substantially similar, may be inferior to the securities initially sold by the Fund to the counterparty. The transactions involve the risk that the market price of mortgage-backed securities in a mortgage dollar roll transaction decline below the agreed-upon future repurchase price. Conversely, the market value of the securities subject to a Fund's forward sale commitment may increase above the exercise price of the forward commitment. Dollar rolls (and when-issued, delayed delivery and to-be-announced transactions) are speculative techniques that may result in leverage and increased volatility. These transactions may also increase risk associated with volatility and losses and are subject to counterparty risk. In addition, investment in mortgage dollar rolls may significantly increase the Fund's portfolio turnover rate.

**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 December 31, 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

**23**

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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 year ended December 31, 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 December 31, 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> | $6439 |
| &nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $(96460) |

---

<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 year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  | **Interest Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $(165873) |
| &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> | $185929 |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>3</sup> | 90 |

---

<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, or the threat or potential of one or more such events and

24.0 ------

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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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.

**l. 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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**

------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g103424g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Core Plus Fixed Income VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Core Plus Fixed Income VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, agents, and brokers; when replies were not received from agents and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

26.0 ------

#### 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
Not applicable.

**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](g103424g84s34.jpg)

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

PUB8167

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Diversified Research VIP Fund
![LOGO](g100169g40s74.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](#fin3100169_1)** |  |
| [Schedule of Investments](#fin3100169_2) | 1 |
| [Statement of Assets and Liabilities](#fin3100169_3) | 4 |
| [Statement of Operations](#fin3100169_4) | 4 |
| [Statements of Changes in Net Assets](#fin3100169_5) | 5 |
| [Financial Highlights](#fin3100169_6) | 6 |
| [Notes to Financial Statements](#fin3100169_7) | 8 |
| [Report of Independent Registered Public Accounting Firm](#fin3100169_8) | 13 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin3100169_9)** | 14 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin3100169_10)** | 14 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin3100169_11)** | 15 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin3100169_12)** | 15 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 98.0%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.0%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.0%** |
| &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) | 1912 | $443495 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 796 | 453887 |
| &nbsp;&nbsp;&nbsp; RTX Corp. | 3431 | 629245 |
|  |  | **1526627** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.9%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.9%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.9%** |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 2966 | 856759 |
|  |  | **856759** |
| &nbsp;&nbsp;&nbsp;**Automobiles – 2.5%** | &nbsp;&nbsp;&nbsp;**Automobiles – 2.5%** | &nbsp;&nbsp;&nbsp;**Automobiles – 2.5%** |
| &nbsp;&nbsp;&nbsp; General Motors Co. | 3475 | 282587 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.<sup>(1)</sup> | 4924 | 2214421 |
|  |  | **2497008** |
| &nbsp;&nbsp;&nbsp;**Banks – 2.3%** | &nbsp;&nbsp;&nbsp;**Banks – 2.3%** | &nbsp;&nbsp;&nbsp;**Banks – 2.3%** |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 11219 | 1309145 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 2491 | 802650 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. | 884 | 184517 |
|  |  | **2296312** |
| &nbsp;&nbsp;&nbsp;**Beverages – 1.3%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.3%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.3%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | 13739 | 960494 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 6308 | 176687 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 1208 | 173372 |
|  |  | **1310553** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 1.9%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.9%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.9%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 3556 | 812510 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 2461 | 302063 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 757 | 584306 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 499 | 226227 |
|  |  | **1925106** |
| &nbsp;&nbsp;&nbsp;**Broadline Retail – 4.5%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 4.5%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 4.5%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 19215 | 4435206 |
|  |  | **4435206** |
| &nbsp;&nbsp;&nbsp;**Building Products – 0.4%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.4%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.4%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies PLC | 919 | 357675 |
|  |  | **357675** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.2%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.2%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.2%** |
| &nbsp;&nbsp;&nbsp; Blackrock, Inc. | 490 | 524466 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 5780 | 577480 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | 964 | 263249 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 3467 | 336750 |
| &nbsp;&nbsp;&nbsp; TPG, Inc. | 7743 | 494313 |
|  |  | **2196258** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.9%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.9%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.9%** |
| &nbsp;&nbsp;&nbsp; Corteva, Inc. | 4699 | 314974 |
| &nbsp;&nbsp;&nbsp; Linde PLC | 325 | 138577 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 2463 | 252359 |
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc.<sup>(1)</sup> | 4364 | 212003 |
|  |  | **917913** |
| &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; Cintas Corp. | 827 | 155534 |
| &nbsp;&nbsp;&nbsp; Copart, Inc.<sup>(1)</sup> | 3940 | 154251 |
| &nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 1261 | 221129 |
|  |  | **530914** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 26216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019418 |
|  |  | **2019418** |
| &nbsp;&nbsp;&nbsp;**Construction Materials – 0.7%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.7%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.7%** |
| &nbsp;&nbsp;&nbsp; CRH PLC<sup>(2)</sup> | 5900 | 736320 |
|  |  | **736320** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.1%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.1%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.1%** |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 4504 | 1091589 |
|  |  | **1091589** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 2.0%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 2.0%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 2.0%** |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 1454 | 130904 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 446 | 384604 |
| &nbsp;&nbsp;&nbsp; Target Corp. | 1958 | 191394 |
| &nbsp;&nbsp;&nbsp; U.S. Foods Holding Corp.<sup>(1)</sup> | 1007 | 75847 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 10900 | 1214369 |
|  |  | **1997118** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.7%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.7%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.7%** |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 524 | 185113 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 6250 | 501750 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 2899 | 461637 |
| &nbsp;&nbsp;&nbsp; PPL Corp. | 7313 | 256101 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 3038 | 224387 |
|  |  | **1628988** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.5%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.5%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.5%** |
| &nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 788 | 515013 |
|  |  | **515013** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.1%** |
| &nbsp;&nbsp;&nbsp; SLB Ltd. | 1577 | 60525 |
|  |  | **60525** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 3.0%** | &nbsp;&nbsp;&nbsp;**Entertainment – 3.0%** | &nbsp;&nbsp;&nbsp;**Entertainment – 3.0%** |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty<br>Formula One, Class C<sup>(1)</sup> | 2486 | 244896 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.<sup>(1)</sup> | 3690 | 525825 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.<sup>(1)</sup> | 6488 | 608315 |
| &nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A<sup>(1)</sup> | 3470 | 281174 |
| &nbsp;&nbsp;&nbsp; Spotify Technology SA<sup>(1)</sup> | 492 | 285709 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 9095 | 1034738 |
|  |  | **2980657** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 4.3%** | &nbsp;&nbsp;&nbsp;**Financial Services – 4.3%** | &nbsp;&nbsp;&nbsp;**Financial Services – 4.3%** |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 3408 | 493342 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 2215 | 1113370 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. | 2258 | 68124 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 2716 | 1550510 |
| &nbsp;&nbsp;&nbsp; Toast, Inc., Class A<sup>(1)</sup> | 4112 | 146017 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 2583 | 905884 |
|  |  | **4277247** |
| &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 | 3004 | 161705 |
|  |  | **161705** |
| &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. | 2011 | 465185 |
|  |  | **465185** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &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; Abbott Laboratories | 1279 | $160246 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 2279 | 442286 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.<sup>(1)</sup> | 4584 | 437084 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc.<sup>(1)</sup> | 2334 | 154908 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.<sup>(1)</sup> | 1919 | 163595 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.<sup>(1)</sup> | 651 | 368700 |
| &nbsp;&nbsp;&nbsp; Medtronic PLC | 1546 | 148509 |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | 169 | 59398 |
|  |  | **1934726** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 1.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 1.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 1.9%** |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 679 | 139535 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc.<sup>(2)</sup> | 143 | 48298 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 2521 | 200067 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 356 | 166202 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 839 | 688223 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 2059 | 679696 |
|  |  | **1922021** |
| &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. | 2773 | 514697 |
|  |  | **514697** |
| &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; Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 4246 | 157102 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 1066 | 325801 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 1713 | 144252 |
|  |  | **627155** |
| &nbsp;&nbsp;&nbsp;**Household Products – 0.6%** | &nbsp;&nbsp;&nbsp;**Household Products – 0.6%** | &nbsp;&nbsp;&nbsp;**Household Products – 0.6%** |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 4207 | 602905 |
|  |  | **602905** |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 0.7%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 0.7%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 0.7%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 3515 | 685741 |
|  |  | **685741** |
| &nbsp;&nbsp;&nbsp;**Industrial REITs – 0.5%** | &nbsp;&nbsp;&nbsp;**Industrial REITs – 0.5%** | &nbsp;&nbsp;&nbsp;**Industrial REITs – 0.5%** |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 3903 | 498257 |
|  |  | **498257** |
| &nbsp;&nbsp;&nbsp;**Insurance – 3.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.0%** |
| &nbsp;&nbsp;&nbsp; Allstate Corp. | 4009 | 834473 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | 6713 | 574297 |
| &nbsp;&nbsp;&nbsp; Aon PLC, Class A | 733 | 258661 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.<sup>(1)</sup> | 2661 | 255243 |
| &nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 1017 | 91398 |
| &nbsp;&nbsp;&nbsp; AXA SA (France) | 1909 | 91813 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. | 1492 | 339758 |
| &nbsp;&nbsp;&nbsp; Prudential PLC (United Kingdom) | 21733 | 335324 |
| &nbsp;&nbsp;&nbsp; Unum Group | 2009 | 155698 |
|  |  | **2936665** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 8.1%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 8.1%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 8.1%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 17060 | 5339780 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 4050 | 2673365 |
|  |  | **8013145** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.7%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.7%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.7%** |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 1325 | $401462 |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | 783 | 179244 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 1815 | 1051702 |
|  |  | **1632408** |
| &nbsp;&nbsp;&nbsp;**Machinery – 1.4%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.4%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.4%** |
| &nbsp;&nbsp;&nbsp; Fortive Corp. | 8036 | 443667 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 3887 | 307928 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 6762 | 590661 |
|  |  | **1342256** |
| &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> | 543 | 113351 |
|  |  | **113351** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 0.7%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 0.7%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 0.7%** |
| &nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 6227 | 271186 |
| &nbsp;&nbsp;&nbsp; Glencore PLC (United Kingdom)<sup>(1)</sup> | 70744 | 384829 |
|  |  | **656015** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.6%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.6%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.6%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 4217 | 421110 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 5412 | 207496 |
|  |  | **628606** |
| &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> | 4340 | 149556 |
| &nbsp;&nbsp;&nbsp; BP PLC (United Kingdom) | 30510 | 177110 |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. (Canada) | 24774 | 419112 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 6705 | 627655 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 12453 | 1498594 |
| &nbsp;&nbsp;&nbsp; Shell PLC (United Kingdom) | 11498 | 422371 |
|  |  | **3294398** |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines – 0.3%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines – 0.3%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines – 0.3%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 6608 | 273109 |
|  |  | **273109** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 3.1%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 3.1%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 3.1%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 1634 | 1756027 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 3897 | 806484 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 4287 | 451250 |
|  |  | **3013761** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 16.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 16.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 16.7%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.<sup>(1)</sup> | 6117 | 1310017 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 3555 | 964116 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 9990 | 3457539 |
| &nbsp;&nbsp;&nbsp; Intel Corp.<sup>(1)</sup> | 25234 | 931135 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 11031 | 1888287 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 14018 | 1191250 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 34551 | 6443761 |
| &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc., Class W/I | 2751 | 224619 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 467 | 79880 |
|  |  | **16490604** |
| &nbsp;&nbsp;&nbsp;**Software – 7.9%** | &nbsp;&nbsp;&nbsp;**Software – 7.9%** | &nbsp;&nbsp;&nbsp;**Software – 7.9%** |
| &nbsp;&nbsp;&nbsp; AppLovin Corp., Class A<sup>(1)</sup> | 212 | 142850 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 13348 | 6455360 |

---

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

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Software** (continued) | &nbsp;&nbsp;&nbsp;**Software** (continued) | &nbsp;&nbsp;&nbsp;**Software** (continued) | &nbsp;&nbsp;&nbsp;**Software** (continued) |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 1226 | $| 238960 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A<sup>(1)</sup> | 5747 |  | 1021529 |
|  |  |  | **7858699** |
| &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. | 5579 |  | 979505 |
|  |  |  | **979505** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.1%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.1%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.1%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.1%** |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | 1602 |  | 551248 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. | 2990 |  | 459294 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.<sup>(1)</sup> | 109 |  | 65946 |
|  |  |  | **1076488** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.9%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.9%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.9%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.9%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 18715 |  | 5087860 |
| &nbsp;&nbsp;&nbsp; Pure Storage, Inc., Class A<sup>(1)</sup> | 10630 |  | 712316 |
|  |  |  | **5800176** |
| &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; Levi Strauss & Co., Class A | 5417 |  | 112348 |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 414 |  | 26376 |
| &nbsp;&nbsp;&nbsp; On Holding AG, Class A<sup>(1)</sup> | 3895 |  | 181040 |
|  |  |  | **319764** |
| &nbsp;&nbsp;&nbsp;**Tobacco – 0.6%** | &nbsp;&nbsp;&nbsp;**Tobacco – 0.6%** | &nbsp;&nbsp;&nbsp;**Tobacco – 0.6%** | &nbsp;&nbsp;&nbsp;**Tobacco – 0.6%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 3655 |  | 586262 |
|  |  |  | **586262** |
| &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; United Rentals, Inc. | 452 |  | 365813 |
|  |  |  | **365813** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $63,893,400) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $63,893,400) |  | **96950623** |
| &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 1.1%** | &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 1.1%** | &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 1.1%** | &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 1.1%** |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 1519 |  | 1035837 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds** <br> (Cost $1,019,328) | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds** <br> (Cost $1,019,328) |  | **1035837** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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>1.06%, dated 12/31/2025,<br>proceeds at maturity value of<br>$1,022,547, due 1/2/2026<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022487 | $1022487 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,022,487) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,022,487) | **1022487** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $65,935,215) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $65,935,215) | **99008947** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | **(63530)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**98945417** |

---

<sup>(1)</sup> Non–income–producing security.

<sup>(2)</sup> The table below presents securities 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; CRH PLC | $5900 | $565059 | $736320 | 1/30/2025 | 0.74% |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | 143 | 39774 | 48298 | 4/8/2025 | 0.05% |

---

<sup>(3)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.50% | 5/15/2027 | $1023300 | $1043107 |

---

#### Legend:
REITs – Real Estate Investment Trusts

**The following is a summary of the inputs used as of December 31, 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 | $95095681 | $1854942 \* | $— | $96950623 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 1035837 |  |  | 1035837 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1022487 |  | 1022487 |
| &nbsp;&nbsp;&nbsp;**Total** | $**96131518** | $**2877429** | $**—** | $**99008947** |

---

<sup>\*</sup> 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 December 31, 2025  | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $99008947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 53041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 7591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 6336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 4169 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **99080084** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian foreign currency | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 50969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 21237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 16148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative fees | 13781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 10320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 9268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 11854 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **134667** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**98945417** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $(75095901) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 174041318 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**98945417** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65935215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, proceeds | $535 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **2655560** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$37.26** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1225062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 7348 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1232410** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 628432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 261846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 54824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 43260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 36323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 35746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 16302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 3130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 6948 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1086811** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (88313) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **998498** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **233912** |
| &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 | 28914303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (11738601) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **17178520** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**17412432** |

---

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

------

---

| | | |
|:---|:---|:---|
| &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** |
|  | **For the<br>Year Ended<br>12/31/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $233912 | $412420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 28916359 | 32192761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | (11737839) | (2207695) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **17412432** | **30397486** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 3526651 | 647071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (36164926) | (54621613) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(32638275)** | **(53974542)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(15225843)** | **(23577056)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 114171260 | 137748316 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98945417 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114171260 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 114655 | 21915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1076994) | (1898253) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(962339)** | **(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 five years. 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** | | | | | | |
|  | **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<br>of Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/25 | $31.56 | $0.07 | $5.63 | $5.70 | $37.26 | 18.06% |
| &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% |

---

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** |
| $98945 | 0.95% | 1.04% | 0.23% | 0.14% | 75% |
| 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% |

---

<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.

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

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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 year ended December 31, 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 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**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** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $88,313.

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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $261,846 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 $79,042,260 and $111,814,776, respectively, for the year ended December 31, 2025. During the year ended December 31, 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

**11**

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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 December 31, 2025, the Fund held two 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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g100169g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Diversified Research VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Diversified Research VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

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

/s/ PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**13**

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#### 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
At a meeting of the Board of Trustees (the "Board") of Guardian Variable Products Trust (the "Trust") held on December 4-5, 2024 the Board approved submitting the following proposals (the "Proposals") to shareholders of the applicable Funds at a special shareholder meeting (the "Special Meeting"). The Special Meeting was originally scheduled to be held on January 31, 2025 and was adjourned to February 14, 2025.

*Proposal with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund only:* 

<u>Proposal 1</u>: To change the sub-classification of each of Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund from a "diversified" fund to a "non-diversified" fund and to eliminate the related fundamental investment restrictions.

*Proposal with respect to Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund only:* 

<u>Proposal 2</u>: To permit Park Avenue Institutional Advisers LLC, under certain circumstances, to enter into and/or materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisers on behalf of Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund without obtaining shareholder approval.

On or about January 3, 2025, shareholders of record of the applicable Funds as of the close of business on October 31, 2024 were sent a proxy statement containing information regarding each of the Proposals. The proxy statement(s) also included information about the Special Meeting, at which shareholders of the applicable Funds were asked to consider and approve the Proposals. In addition, the proxy statement(s)

included information about voting (or providing voting instructions) on the Proposals and options shareholders had to do so.

The Special Meeting was reconvened on February 14, 2025, and each of the above Proposals passed.

The results of the Special Meeting were as follows:

<u>Proposal 1</u>: To change the sub-classification of each of Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund from a "diversified" fund to a "non-diversified" fund and to eliminate the related fundamental investment restrictions.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes**<br> **Against/**<br> **Withheld** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Fundamental Growth VIP Fund | 5486811.696 | 627234.899 | 407511.095 |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Disciplined Growth VIP Fund | 9790610.732 | 1292415.741 | 925701.672 |

---

<u>Proposal 2</u>: To permit Park Avenue Institutional Advisers LLC, under certain circumstances, to enter into and/or materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisers on behalf of Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund without obtaining shareholder approval.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes**<br> **Against/**<br> **Withheld** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;Guardian Mid Cap Traditional Growth VIP Fund | 1878743.904 | 184448.897 | 97299.135 |
| &nbsp;&nbsp;&nbsp;Guardian Diversified Research VIP Fund | 3315653.786 | 298055.043 | 306599.121 |
| &nbsp;&nbsp;&nbsp;Guardian Growth & Income VIP Fund | 4307788.446 | 465121.321 | 287991.312 |
| &nbsp;&nbsp;&nbsp;Guardian Mid Cap Relative Value VIP Fund | 4701812.837 | 499998.861 | 282721.822 |
| &nbsp;&nbsp;&nbsp;Guardian Balanced Allocation VIP Fund | 14321528.326 | 1887736.077 | 1430466.129 |
| &nbsp;&nbsp;&nbsp;Guardian Short Duration Bond VIP Fund | 12135837.474 | 1244133.676 | 710288.153 |
| &nbsp;&nbsp;&nbsp;Guardian Total Return Bond VIP Fund | 19195546.683 | 1928257.330 | 1377051.537 |

---

14.0 ------

#### 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
Not applicable.

**15**

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16.0 ------

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**17**

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**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](g100169g84s34.jpg)

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

PUB8168

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## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Global Utilities VIP Fund
![LOGO](g25606g40s74.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](#fin425606_1)** |  |
| [Schedule of Investments](#fin425606_2) | 1 |
| [Statement of Assets and Liabilities](#fin425606_3) | 3 |
| [Statement of Operations](#fin425606_4) | 3 |
| [Statements of Changes in Net Assets](#fin425606_5) | 4 |
| [Financial Highlights](#fin425606_6) | 6 |
| [Notes to Financial Statements](#fin425606_7) | 8 |
| [Report of Independent Registered Public Accounting Firm](#fin425606_8) | 13 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin425606_9)** | 14 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin425606_10)** | 14 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin425606_11)** | 14 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin425606_12)** | 14 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **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;**Bermuda – 2.6%** | &nbsp;&nbsp;&nbsp;**Bermuda – 2.6%** | &nbsp;&nbsp;&nbsp;**Bermuda – 2.6%** |
| &nbsp;&nbsp;&nbsp; CK Infrastructure Holdings Ltd. | 151199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119014 |
|  |  | **1119014** |
| &nbsp;&nbsp;&nbsp;**Brazil – 3.8%** | &nbsp;&nbsp;&nbsp;**Brazil – 3.8%** | &nbsp;&nbsp;&nbsp;**Brazil – 3.8%** |
| &nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo | 66618 | 1596649 |
|  |  | **1596649** |
| &nbsp;&nbsp;&nbsp;**China – 3.2%** | &nbsp;&nbsp;&nbsp;**China – 3.2%** | &nbsp;&nbsp;&nbsp;**China – 3.2%** |
| &nbsp;&nbsp;&nbsp; ENN Energy Holdings Ltd. | 150394 | 1335405 |
|  |  | **1335405** |
| &nbsp;&nbsp;&nbsp;**France – 5.8%** | &nbsp;&nbsp;&nbsp;**France – 5.8%** | &nbsp;&nbsp;&nbsp;**France – 5.8%** |
| &nbsp;&nbsp;&nbsp; Engie SA | 93091 | 2447697 |
|  |  | **2447697** |
| &nbsp;&nbsp;&nbsp;**Germany – 5.8%** | &nbsp;&nbsp;&nbsp;**Germany – 5.8%** | &nbsp;&nbsp;&nbsp;**Germany – 5.8%** |
| &nbsp;&nbsp;&nbsp; E.ON SE | 129843 | 2461421 |
|  |  | **2461421** |
| &nbsp;&nbsp;&nbsp;**Italy – 5.1%** | &nbsp;&nbsp;&nbsp;**Italy – 5.1%** | &nbsp;&nbsp;&nbsp;**Italy – 5.1%** |
| &nbsp;&nbsp;&nbsp; Enel SpA | 207680 | 2163842 |
|  |  | **2163842** |
| &nbsp;&nbsp;&nbsp;**Japan – 4.4%** | &nbsp;&nbsp;&nbsp;**Japan – 4.4%** | &nbsp;&nbsp;&nbsp;**Japan – 4.4%** |
| &nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. | 72100 | 1131315 |
| &nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | 18800 | 743370 |
|  |  | **1874685** |
| &nbsp;&nbsp;&nbsp;**Spain – 2.1%** | &nbsp;&nbsp;&nbsp;**Spain – 2.1%** | &nbsp;&nbsp;&nbsp;**Spain – 2.1%** |
| &nbsp;&nbsp;&nbsp; Iberdrola SA | 40609 | 878987 |
|  |  | **878987** |
| &nbsp;&nbsp;&nbsp;**United Kingdom – 10.0%** | &nbsp;&nbsp;&nbsp;**United Kingdom – 10.0%** | &nbsp;&nbsp;&nbsp;**United Kingdom – 10.0%** |
| &nbsp;&nbsp;&nbsp; National Grid PLC | 126725 | 1952974 |
| &nbsp;&nbsp;&nbsp; SSE PLC | 78334 | 2296937 |
|  |  | **4249911** |
| &nbsp;&nbsp;&nbsp;**United States – 56.3%** | &nbsp;&nbsp;&nbsp;**United States – 56.3%** | &nbsp;&nbsp;&nbsp;**United States – 56.3%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 22303 | 2571759 |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 11176 | 1873433 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 2962 | 1046386 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 32975 | 1932005 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 13906 | 1629922 |
| &nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 16343 | 626918 |
| &nbsp;&nbsp;&nbsp; Eversource Energy | 6345 | 427209 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 26320 | 1147289 |
| &nbsp;&nbsp;&nbsp; IDACORP, Inc. | 11515 | 1457338 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 36022 | 2891846 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 1508 | 240134 |
| &nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 9293 | 717884 |
| &nbsp;&nbsp;&nbsp; Sempra | 29166 | 2575066 |
| &nbsp;&nbsp;&nbsp; Southern Co. | 18719 | 1632297 |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | 8622 | 1390987 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 15248 | 1608054 |
|  |  | **23768527** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $29,060,531) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $29,060,531) | **41896138** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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., 1.06%, dated 12/31/2025, proceeds at maturity value of $239,904, due 1/2/2026<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239890 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $239,890) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $239,890) | **239890** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.7%** <br> (Cost $29,300,421) | &nbsp;&nbsp;&nbsp;**Total Investments – 99.7%** <br> (Cost $29,300,421) | **42136028** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.3%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.3%** | **111938** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**42247966** |

---

<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 | 4.50% | 5/15/2027 | $240100 | $244767 |

---

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 December 31, 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bermuda | $— | $1119014 \* | $— | $1119014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil |  | 1596649 \* |  | 1596649 |
| &nbsp;&nbsp;&nbsp;&nbsp; China |  | 1335405 \* |  | 1335405 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 2447697 \* |  | 2447697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 2461421 \* |  | 2461421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 2163842 \* |  | 2163842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 1874685 \* |  | 1874685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 878987 \* |  | 878987 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 4249911 \* |  | 4249911 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 23768527 |  |  | 23768527 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 239890 |  | 239890 |
| &nbsp;&nbsp;&nbsp;**Total** | $**23768527** | $**18367501** | $**—** | $**42136028** |

---

\* 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 December 31, 2025 | &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2025 |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $42136028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 125575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 96938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 2992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **42363459** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 34602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 26471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 15529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative fees | 10913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 10726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 9065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 7960 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **115493** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**42247966** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $2685905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 39562061 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**42247966** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $29300421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $91 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **2269523** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$18.62** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1795751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 4341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (86364) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1713728** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 338236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 115834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 46712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 43426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 27090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 16033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 13925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 1823 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **603079** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (98464) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **504615** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **1209113** |
| &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 | 7647950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (2082) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 2407671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 14378 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **10067917** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**11277030** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |
|  | **For the<br>Year Ended<br>12/31/25** | **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) | $1209113 | $1449315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 7645868 | 5288557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies | 2422049 | 2839643 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **11277030** | **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 | 1961751 | 4502379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (18948710) | (24412129) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(16986959)** | **(19909750)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(5709929)** | **(10332235)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 47957895 | 58290130 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42247966 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | 131505 | 376630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1130260) | (1784902) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(998755)** | **(1408272)** |

---

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

------

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**5**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past five years. 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** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** |
|  | **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; Year Ended 12/31/25 | $14.67 | $0.44 | $3.51 | $3.95 | $18.62 | 26.93% |
| &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% |

---

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** |
| $42248 | 1.09% | 1.30% | 2.61% | 2.40% | 28% |
| 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% |

---

<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.

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

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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 year ended December 31, 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 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**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** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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

10.0 ------

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 0.73% 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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $98,464.

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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $115,834 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 $12,863,851 and $28,826,125, respectively, for the year ended December 31, 2025. During the year ended December 31, 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 December 31, 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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g25606g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Global Utilities VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Global Utilities VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

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

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**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
Not applicable.

14.0 ------

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**15**

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16.0 ------

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**17**

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**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](g25606g84s34.jpg)

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

PUB10537

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Growth & Income VIP Fund
![LOGO](g40998g40s74.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](#fin5toc40998_1)** |  |
| [Schedule of Investments](#fin5toc40998_2) | 1 |
| [Statement of Assets and Liabilities](#fin5toc40998_3) | 4 |
| [Statement of Operations](#fin5toc40998_4) | 4 |
| [Statements of Changes in Net Assets](#fin5toc40998_5) | 5 |
| [Financial Highlights](#fin5toc40998_6) | 6 |
| [Notes to Financial Statements](#fin5toc40998_7) | 8 |
| [Report of Independent Registered Public](#fin5toc40998_8)<br>Accounting Firm | 13 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin5toc40998_9)** | 14 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin5toc40998_10)** | 14 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin5toc40998_11)** | 15 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin5toc40998_12)** | 15 |

---

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

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 99.2%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.2%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.2%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 4.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 4.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 4.3%** |
| &nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 929 | $512130 |
| &nbsp;&nbsp;&nbsp; RTX Corp. | 19930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655162 |
|  |  | **4167292** |
| &nbsp;&nbsp;&nbsp;**Automobile Components – 0.6%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.6%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.6%** |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 12259 | 552391 |
|  |  | **552391** |
| &nbsp;&nbsp;&nbsp;**Banks – 9.7%** | &nbsp;&nbsp;&nbsp;**Banks – 9.7%** | &nbsp;&nbsp;&nbsp;**Banks – 9.7%** |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 21543 | 2513852 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 14635 | 4715690 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 23144 | 2157021 |
|  |  | **9386563** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 4.7%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 4.7%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 4.7%** |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 14204 | 1743399 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 2906 | 2243054 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp.<sup>(1)</sup> | 1136 | 553516 |
|  |  | **4539969** |
| &nbsp;&nbsp;&nbsp;**Building Products – 1.2%** | &nbsp;&nbsp;&nbsp;**Building Products – 1.2%** | &nbsp;&nbsp;&nbsp;**Building Products – 1.2%** |
| &nbsp;&nbsp;&nbsp; Allegion PLC | 4656 | 741328 |
| &nbsp;&nbsp;&nbsp; Owens Corning | 3802 | 425482 |
|  |  | **1166810** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.5%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.5%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.5%** |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 5318 | 854018 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 2933 | 1532756 |
|  |  | **2386774** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.7%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.7%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.7%** |
| &nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 8550 | 661257 |
|  |  | **661257** |
| &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. | 15352 | 1531823 |
|  |  | **1531823** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 2.5%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 2.5%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 2.5%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 31243 | 2406648 |
|  |  | **2406648** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 4.1%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 4.1%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 4.1%** |
| &nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 1815 | 1003169 |
| &nbsp;&nbsp;&nbsp; U.S. Foods Holding Corp.<sup>(1)</sup> | 6421 | 483630 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 22267 | 2480766 |
|  |  | **3967565** |
| &nbsp;&nbsp;&nbsp;**Distributors – 1.4%** | &nbsp;&nbsp;&nbsp;**Distributors – 1.4%** | &nbsp;&nbsp;&nbsp;**Distributors – 1.4%** |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co. | 4664 | 573485 |
| &nbsp;&nbsp;&nbsp; Pool Corp. | 3317 | 758764 |
|  |  | **1332249** |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 1.5%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 57786 | 1435404 |
|  |  | **1435404** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.3%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.3%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.3%** |
| &nbsp;&nbsp;&nbsp; Generac Holdings, Inc.<sup>(1)</sup> | 5881 | 801992 |
| &nbsp;&nbsp;&nbsp; nVent Electric PLC | 4397 | 448362 |
|  |  | **1250354** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.1%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.1%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.1%** |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A<sup>(1)</sup> | 4377 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062823 |
|  |  | **1062823** |
| &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; Cactus, Inc., Class A | 8491 | 387869 |
|  |  | **387869** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 2.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 2.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 2.3%** |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 1368 | 279523 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 17241 | 1961509 |
|  |  | **2241032** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 6.1%** | &nbsp;&nbsp;&nbsp;**Financial Services – 6.1%** | &nbsp;&nbsp;&nbsp;**Financial Services – 6.1%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 7679 | 3859849 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 2927 | 1670966 |
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 11249 | 328696 |
|  |  | **5859511** |
| &nbsp;&nbsp;&nbsp;**Ground Transportation – 3.1%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 3.1%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 3.1%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | 25312 | 917560 |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 3412 | 663088 |
| &nbsp;&nbsp;&nbsp; Landstar System, Inc. | 6722 | 965951 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.<sup>(1)</sup> | 5688 | 464767 |
|  |  | **3011366** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.4%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.4%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.4%** |
| &nbsp;&nbsp;&nbsp; Align Technology, Inc.<sup>(1)</sup> | 2671 | 417077 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 11410 | 935848 |
| &nbsp;&nbsp;&nbsp; ResMed, Inc. | 3983 | 959385 |
|  |  | **2312310** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 5.5%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 5.5%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 5.5%** |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. | 4686 | 1582696 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 1736 | 810469 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 7353 | 1275966 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 5063 | 1671347 |
|  |  | **5340478** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.1%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.1%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.1%** |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 6958 | 1052606 |
|  |  | **1052606** |
| &nbsp;&nbsp;&nbsp;**Insurance – 1.8%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.8%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.8%** |
| &nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 8458 | 905767 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 10607 | 837317 |
|  |  | **1743084** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 3.3%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 3.3%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 3.3%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 8330 | 2613954 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 874 | 576919 |
|  |  | **3190873** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.0%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.0%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.0%** |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 12413 | 1689037 |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.<sup>(1)</sup> | 6120 | 1220818 |
|  |  | **2909855** |
| &nbsp;&nbsp;&nbsp;**Machinery – 4.4%** | &nbsp;&nbsp;&nbsp;**Machinery – 4.4%** | &nbsp;&nbsp;&nbsp;**Machinery – 4.4%** |
| &nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 4468 | 437417 |
| &nbsp;&nbsp;&nbsp; ITT, Inc. | 5698 | 988660 |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Machinery –** (continued) | &nbsp;&nbsp;&nbsp;**Machinery –** (continued) | &nbsp;&nbsp;&nbsp;**Machinery –** (continued) |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 9372 | 818644 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | 10261 | 1123682 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 4023 | 858710 |
|  |  | **4227113** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.0%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.0%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.0%** |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 5979 | 1013142 |
|  |  | **1013142** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 5.8%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 5.8%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 5.8%** |
| &nbsp;&nbsp;&nbsp; APA Corp. | 28083 | 686910 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 13880 | 2115451 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 10627 | 994793 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 11832 | 1242478 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 4038 | 521064 |
|  |  | **5560696** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.9%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.9%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.9%** |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 23099 | 4780338 |
|  |  | **4780338** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.4%** |
| &nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 2255 | 359357 |
|  |  | **359357** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 1.0%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 1.0%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 1.0%** |
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.<sup>(1)</sup> | 2925 | 984175 |
|  |  | **984175** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 3.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 3.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 3.1%** |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5151 | 1565337 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 8157 | 1415158 |
|  |  | **2980495** |
| &nbsp;&nbsp;&nbsp;**Software – 1.5%** | &nbsp;&nbsp;&nbsp;**Software – 1.5%** | &nbsp;&nbsp;&nbsp;**Software – 1.5%** |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | 5541 | 1467866 |
|  |  | **1467866** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.7%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.7%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.7%** |
| &nbsp;&nbsp;&nbsp; Public Storage | 2735 | 709732 |
|  |  | **709732** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 6.0%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 6.0%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 6.0%** |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 5844 | 1156937 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 8140 | 1963042 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 10586 | 1906962 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.<sup>(1)</sup> | 1266 | 765943 |
|  |  | **5792884** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 0.5%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 0.5%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 0.5%** |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | 4126 | 441853 |
|  |  | **441853** |
| &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; NIKE, Inc., Class B | 9304 | 592758 |
|  |  | **592758** |
| &nbsp;&nbsp;&nbsp;**Tobacco – 2.5%** | &nbsp;&nbsp;&nbsp;**Tobacco – 2.5%** | &nbsp;&nbsp;&nbsp;**Tobacco – 2.5%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 15359 | 2463584 |
|  |  | **2463584** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &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 | 7184 | $604174 |
|  |  | **604174** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $72,975,836) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $72,975,836) | **95875073** |

---

---

| | | |
|:---|:---|:---|
|  | **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., 1.06%, dated 12/31/2025, proceeds at maturity value of $671,511, due 1/2/2026<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671472 | 671472 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $671,472) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $671,472) | **671472** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.9%** <br> (Cost $73,647,308) | &nbsp;&nbsp;&nbsp;**Total Investments – 99.9%** <br> (Cost $73,647,308) | **96546545** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.1%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.1%** | **55547** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**96602092** |

---

<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 | 2.75% | 4/30/2027 | $688300 | $685011 |

---

#### Legend:
ADR — American Depositary Receipt

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 December 31, 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 | $95875073 | $— | $— | $95875073 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 671472 |  | 671472 |
| &nbsp;&nbsp;&nbsp;**Total** | $**95875073** | $**671472** | $**—** | $**96546545** |

---

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 December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96546545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 98477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 79226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 7175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3971 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **96735394** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 54009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 20773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative fees | 13509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 12280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 10592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 9971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 11640 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **133302** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**96602092** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $(21048721) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 117650813 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**96602092** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $73647308 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **3898921** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$24.78** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 17614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (6096) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1770270** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 655182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 252408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 53766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 37100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 35338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 35315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 16418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 4010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 6733 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1096270** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (116925) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **979345** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **790925** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 10005700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (1015038) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments** | **8990662** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**9781587** |

---

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

------

---

| | | |
|:---|:---|:---|
| &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** |
|  | **For the<br>Year Ended<br>12/31/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $790925 | $1144954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 10005700 | 21318328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (1015038) | (8305508) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **9781587** | **14157774** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 4052524 | 2091892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (25193775) | (44478877) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(21141251)** | **(42386985)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(11359664)** | **(28229211)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107961756 | 136190967 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $96602092 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107961756 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 177217 | 95465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1076466) | (2015076) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(899249)** | **(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 five years. 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** | | | | | | |
|  | **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; Year Ended 12/31/25 | $22.50 | $0.18 | $2.10 | $2.28 | $24.78 | 10.13% |
| &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% |

---

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** |
| $96602 | 0.97% | 1.09% | 0.78% | 0.66% | 59% |
| 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% |

---

<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.

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

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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 year ended December 31, 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 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**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** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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, 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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $116,925.

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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $252,408 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 $59,453,055 and $79,680,864, respectively, for the year ended December 31, 2025. During the year ended December 31, 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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g40998g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Growth & Income VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Growth & Income VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

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

/s/ PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**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
At a meeting of the Board of Trustees (the "Board") of Guardian Variable Products Trust (the "Trust") held on December 4-5, 2024 the Board approved submitting the following proposals (the "Proposals") to shareholders of the applicable Funds at a special shareholder meeting (the "Special Meeting"). The Special Meeting was originally scheduled to be held on January 31, 2025 and was adjourned to February 14, 2025.

*Proposal with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund only:* 

<u>Proposal 1</u>: To change the sub-classification of each of Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund from a "diversified" fund to a "non-diversified" fund and to eliminate the related fundamental investment restrictions.

*Proposal with respect to Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund only:* 

<u>Proposal 2</u>: To permit Park Avenue Institutional Advisers LLC, under certain circumstances, to enter into and/or materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisers on behalf of Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund without obtaining shareholder approval.

On or about January 3, 2025, shareholders of record of the applicable Funds as of the close of business on October 31, 2024 were sent a proxy statement containing information regarding each of the Proposals. The proxy statement(s) also included information about the Special Meeting, at which shareholders of the applicable Funds were asked to consider and approve

the Proposals. In addition, the proxy statement(s) included information about voting (or providing voting instructions) on the Proposals and options shareholders had to do so.

The Special Meeting was reconvened on February 14, 2025, and each of the above Proposals passed.

The results of the Special Meeting were as follows:

<u>Proposal 1</u>: To change the sub-classification of each of Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund from a "diversified" fund to a "non-diversified" fund and to eliminate the related fundamental investment restrictions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes For** | **Votes Against/<br>Withheld** | **Votes Against/<br>Withheld** | **Abstentions** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Fundamental Growth VIP Fund |  | 5486811.696 |  | 627234.899 |  | 407511.095 |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Disciplined Growth VIP Fund |  | 9790610.732 |  | 1292415.741 |  | 925701.672 |

---

<u>Proposal 2</u>: To permit Park Avenue Institutional Advisers LLC, under certain circumstances, to enter into and/or materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisers on behalf of Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund without obtaining shareholder approval.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes Against/<br>Withheld** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;Guardian Mid Cap Traditional Growth VIP Fund | 1878743.904 | 184448.897 | 97299.135 |
| &nbsp;&nbsp;&nbsp;Guardian Diversified Research VIP Fund | 3315653.786 | 298055.043 | 306599.121 |
| &nbsp;&nbsp;&nbsp;Guardian Growth & Income VIP Fund | 4307788.446 | 465121.321 | 287991.312 |
| &nbsp;&nbsp;&nbsp;Guardian Mid Cap Relative Value VIP Fund | 4701812.837 | 499998.861 | 282721.822 |
| &nbsp;&nbsp;&nbsp;Guardian Balanced Allocation VIP Fund | 14321528.326 | 1887736.077 | 1430466.129 |

---

14.0 ------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes Against/<br>Withheld** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;Guardian Short Duration Bond VIP Fund | 12135837.474 | 1244133.676 | 710288.153 |
| &nbsp;&nbsp;&nbsp;Guardian Total Return Bond VIP Fund | 19195546.683 | 1928257.330 | 1377051.537 |

---

#### 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
Not applicable.

**15**

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16.0 ------

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**17**

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**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](g40998g84s34.jpg)

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

PUB8169

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian All Cap Core VIP Fund
![LOGO](g50143g40s74.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 Highlights for Open-End Management Investment Companies](#fin6toc50143_1)** |  |
| [Schedule of Investments](#fin6toc50143_2) | 1 |
| [Statement of Assets and Liabilities](#fin6toc50143_3) | 5 |
| [Statement of Operations](#fin6toc50143_4) | 5 |
| [Statements of Changes in Net Assets](#fin6toc50143_5) | 6 |
| [Financial Highlights](#fin6toc50143_6) | 8 |
| [Notes to Financial Statements](#fin6toc50143_7) | 10 |
| [Report of Independent Registered Public Accounting Firm](#fin6toc50143_8) | 15 |
| [**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**](#fin6toc50143_9) | 16 |
| [**Item 9. Proxy Disclosures for Open-End Management Investment Companies**](#fin6toc50143_10) | 16 |
| [**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**](#fin6toc50143_11) | 16 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin6toc50143_12)** | 16 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **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 – 2.6%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.6%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.6%** |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 2604 | $450075 |
| &nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 1337 | 737048 |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 1997 | 672310 |
| &nbsp;&nbsp;&nbsp; General Electric Co. | 4660 | 1435420 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 4783 | 980611 |
| &nbsp;&nbsp;&nbsp; RTX Corp. | 7729 | 1417498 |
| &nbsp;&nbsp;&nbsp; StandardAero, Inc.<sup>(1)</sup> | 3760 | 107837 |
|  |  | **5800799** |
| &nbsp;&nbsp;&nbsp;**Automobile Components – 0.9%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.9%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.9%** |
| &nbsp;&nbsp;&nbsp; Aptiv PLC<sup>(1)</sup> | 17806 | 1354859 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co.<sup>(1)</sup> | 60474 | 529752 |
|  |  | **1884611** |
| &nbsp;&nbsp;&nbsp;**Banks – 4.1%** | &nbsp;&nbsp;&nbsp;**Banks – 4.1%** | &nbsp;&nbsp;&nbsp;**Banks – 4.1%** |
| &nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 12086 | 337804 |
| &nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 5731 | 364950 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 15047 | 4848444 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. | 9001 | 1878779 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 18937 | 1764928 |
|  |  | **9194905** |
| &nbsp;&nbsp;&nbsp;**Beverages – 1.1%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.1%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.1%** |
| &nbsp;&nbsp;&nbsp; Celsius Holdings, Inc.<sup>(1)</sup> | 4546 | 207934 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC | 6915 | 627190 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 10438 | 1498062 |
|  |  | **2333186** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 1.5%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.5%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.5%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 2871 | 655995 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 22469 | 2757845 |
|  |  | **3413840** |
| &nbsp;&nbsp;&nbsp;**Broadline Retail – 4.6%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 4.6%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 4.6%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 44296 | 10224403 |
|  |  | **10224403** |
| &nbsp;&nbsp;&nbsp;**Building Products – 0.6%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.6%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.6%** |
| &nbsp;&nbsp;&nbsp; Allegion PLC | 2566 | 408558 |
| &nbsp;&nbsp;&nbsp; Trane Technologies PLC | 2184 | 850013 |
|  |  | **1258571** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 3.5%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 3.5%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 3.5%** |
| &nbsp;&nbsp;&nbsp; Bullish<sup>(1)</sup> | 1515 | 57373 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 13718 | 1370565 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | 3342 | 912633 |
| &nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 10112 | 1289078 |
| &nbsp;&nbsp;&nbsp; Moody's Corp. | 2134 | 1090154 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 9523 | 1690618 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | 2224 | 303776 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 3013 | 483858 |
| &nbsp;&nbsp;&nbsp; TPG, Inc. | 8203 | 523680 |
|  |  | **7721735** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.6%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.6%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.6%** |
| &nbsp;&nbsp;&nbsp; Linde PLC | 1799 | 767076 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 1840 | 596215 |
|  |  | **1363291** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.6%** |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc. | 30990 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331021 |
|  |  | **1331021** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.9%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.9%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.9%** |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.<sup>(1)</sup> | 9750 | 1277542 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 1599 | 612929 |
|  |  | **1890471** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.9%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.9%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.9%** |
| &nbsp;&nbsp;&nbsp; API Group Corp.<sup>(1)</sup> | 11423 | 437044 |
| &nbsp;&nbsp;&nbsp; Legence Corp., Class A<sup>(1)</sup> | 20959 | 902075 |
| &nbsp;&nbsp;&nbsp; MYR Group, Inc.<sup>(1)</sup> | 2573 | 562201 |
|  |  | **1901320** |
| &nbsp;&nbsp;&nbsp;**Construction Materials – 0.7%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.7%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.7%** |
| &nbsp;&nbsp;&nbsp; CRH PLC | 12477 | 1557130 |
|  |  | **1557130** |
| &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; BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 17579 | 1582637 |
|  |  | **1582637** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.3%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.3%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.3%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 2242 | 407775 |
| &nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 8347 | 322778 |
|  |  | **730553** |
| &nbsp;&nbsp;&nbsp;**Distributors – 0.2%** | &nbsp;&nbsp;&nbsp;**Distributors – 0.2%** | &nbsp;&nbsp;&nbsp;**Distributors – 0.2%** |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | 14503 | 437991 |
|  |  | **437991** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.3%** |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | 3107 | 315050 |
| &nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.<sup>(1)</sup> | 1276 | 212212 |
| &nbsp;&nbsp;&nbsp; Phoenix Education Partners, Inc.<sup>(1)</sup> | 3771 | 114261 |
|  |  | **641523** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.8%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.8%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.8%** |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 6319 | 740650 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 5233 | 379340 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 13389 | 583627 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 8243 | 661748 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. | 68087 | 1094158 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 6384 | 471522 |
|  |  | **3931045** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.9%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.9%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.9%** |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | 5688 | 1167803 |
| &nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 2555 | 813793 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | 10771 | 1429527 |
| &nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 1282 | 837877 |
|  |  | **4249000** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.2%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.2%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.2%** |
| &nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 2089 | 437374 |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 9900 | 1337886 |
| &nbsp;&nbsp;&nbsp; Coherent Corp.<sup>(1)</sup> | 1493 | 275563 |
| &nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.<sup>(1)</sup> | 8680 | 707160 |
|  |  | **2757983** |

---

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

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &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; Baker Hughes Co. | 7736 | $352298 |
| &nbsp;&nbsp;&nbsp; TechnipFMC PLC | 5856 | 260943 |
|  |  | **613241** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 1.6%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.6%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.6%** |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.<sup>(1)</sup> | 2006 | 285855 |
| &nbsp;&nbsp;&nbsp; Spotify Technology SA<sup>(1)</sup> | 2667 | 1548753 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.<sup>(1)</sup> | 2137 | 547136 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 10766 | 1224848 |
|  |  | **3606592** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 2.5%** | &nbsp;&nbsp;&nbsp;**Financial Services – 2.5%** | &nbsp;&nbsp;&nbsp;**Financial Services – 2.5%** |
| &nbsp;&nbsp;&nbsp; Block, Inc.<sup>(1)</sup> | 4460 | 290301 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 7184 | 477449 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 5686 | 3246024 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 4307 | 1510508 |
|  |  | **5524282** |
| &nbsp;&nbsp;&nbsp;**Food Products – 0.3%** | &nbsp;&nbsp;&nbsp;**Food Products – 0.3%** | &nbsp;&nbsp;&nbsp;**Food Products – 0.3%** |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 14109 | 759487 |
|  |  | **759487** |
| &nbsp;&nbsp;&nbsp;**Ground Transportation – 0.4%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 0.4%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 0.4%** |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.<sup>(1)</sup> | 11136 | 909923 |
|  |  | **909923** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.3%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.3%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.3%** |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 8307 | 1612139 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.<sup>(1)</sup> | 10784 | 1028254 |
| &nbsp;&nbsp;&nbsp; Masimo Corp.<sup>(1)</sup> | 1562 | 203154 |
| &nbsp;&nbsp;&nbsp; Medtronic PLC | 18649 | 1791423 |
| &nbsp;&nbsp;&nbsp; STERIS PLC | 2192 | 555716 |
|  |  | **5190686** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 1.4%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 1.4%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 1.4%** |
| &nbsp;&nbsp;&nbsp; Cigna Group | 4752 | 1307893 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 2300 | 589099 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 973 | 798142 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc.<sup>(1)</sup> | 10382 | 330771 |
|  |  | **3025905** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.0%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.0%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.0%** |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A<sup>(1)</sup> | 5133 | 696651 |
| &nbsp;&nbsp;&nbsp; Aramark | 39438 | 1453685 |
| &nbsp;&nbsp;&nbsp; DraftKings, Inc., Class A<sup>(1)</sup> | 6766 | 233156 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 3209 | 921785 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 7615 | 641259 |
| &nbsp;&nbsp;&nbsp; Viking Holdings Ltd.<sup>(1)</sup> | 6728 | 480447 |
|  |  | **4426983** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 0.2%** | &nbsp;&nbsp;&nbsp;**Household Durables – 0.2%** | &nbsp;&nbsp;&nbsp;**Household Durables – 0.2%** |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 4591 | 538341 |
|  |  | **538341** |
| &nbsp;&nbsp;&nbsp;**Household Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Household Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Household Products – 0.5%** |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 7576 | 598656 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 4165 | 596886 |
|  |  | **1195542** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity<br>Producers – 0.3%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity<br>Producers – 0.3%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity<br>Producers – 0.3%** |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | 3738 | $603052 |
|  |  | **603052** |
| &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. | 14421 | 558381 |
|  |  | **558381** |
| &nbsp;&nbsp;&nbsp;**Insurance – 3.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.6%** |
| &nbsp;&nbsp;&nbsp; Aon PLC, Class A | 4048 | 1428458 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 3759 | 972792 |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. | 1674 | 403183 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 4794 | 1496303 |
| &nbsp;&nbsp;&nbsp; Everest Group Ltd. | 1039 | 352585 |
| &nbsp;&nbsp;&nbsp; Lincoln National Corp. | 13770 | 613178 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 5911 | 521409 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. | 4627 | 1053661 |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 4115 | 344302 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 2509 | 824457 |
|  |  | **8010328** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 7.1%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 7.1%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 7.1%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 31631 | 9900503 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 8801 | 5809452 |
|  |  | **15709955** |
| &nbsp;&nbsp;&nbsp;**IT Services – 1.3%** | &nbsp;&nbsp;&nbsp;**IT Services – 1.3%** | &nbsp;&nbsp;&nbsp;**IT Services – 1.3%** |
| &nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 4610 | 1236863 |
| &nbsp;&nbsp;&nbsp; MongoDB, Inc.<sup>(1)</sup> | 2476 | 1039152 |
| &nbsp;&nbsp;&nbsp; Okta, Inc.<sup>(1)</sup> | 6749 | 583586 |
|  |  | **2859601** |
| &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. | 2278 | 169119 |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | 3580 | 293560 |
|  |  | **462679** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.6%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.6%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.6%** |
| &nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 11471 | 674609 |
| &nbsp;&nbsp;&nbsp; Illumina, Inc.<sup>(1)</sup> | 4381 | 574612 |
| &nbsp;&nbsp;&nbsp; Waters Corp.<sup>(1)</sup> | 5830 | 2214409 |
|  |  | **3463630** |
| &nbsp;&nbsp;&nbsp;**Machinery – 1.7%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.7%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.7%** |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 3088 | 1769023 |
| &nbsp;&nbsp;&nbsp; Crane Co. | 2287 | 421791 |
| &nbsp;&nbsp;&nbsp; Nordson Corp. | 3630 | 872761 |
| &nbsp;&nbsp;&nbsp; Pentair PLC | 7771 | 809272 |
|  |  | **3872847** |
| &nbsp;&nbsp;&nbsp;**Media – 0.4%** | &nbsp;&nbsp;&nbsp;**Media – 0.4%** | &nbsp;&nbsp;&nbsp;**Media – 0.4%** |
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Class A<sup>(1)</sup> | 5193 | 564479 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 3207 | 258965 |
|  |  | **823444** |
| &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 | 7029 | 620590 |
|  |  | **620590** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &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. | 9745 | $251616 |
|  |  | **251616** |
| &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; Cheniere Energy, Inc. | 4168 | 810217 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 12751 | 1193621 |
| &nbsp;&nbsp;&nbsp; EQT Corp. | 6923 | 371073 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 21479 | 2584783 |
| &nbsp;&nbsp;&nbsp; Permian Resources Corp. | 21429 | 300649 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 2064 | 266339 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 1832 | 298231 |
|  |  | **5824913** |
| &nbsp;&nbsp;&nbsp;**Personal Care Products – 0.4%** | &nbsp;&nbsp;&nbsp;**Personal Care Products – 0.4%** | &nbsp;&nbsp;&nbsp;**Personal Care Products – 0.4%** |
| &nbsp;&nbsp;&nbsp; e.l.f. Beauty, Inc.<sup>(1)</sup> | 3783 | 287659 |
| &nbsp;&nbsp;&nbsp; Kenvue, Inc. | 34835 | 600904 |
|  |  | **888563** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 3.2%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 3.2%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 3.2%** |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 20210 | 4182459 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 119372 | 2972363 |
|  |  | **7154822** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 2.3%** | &nbsp;&nbsp;&nbsp;**Professional Services – 2.3%** | &nbsp;&nbsp;&nbsp;**Professional Services – 2.3%** |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 7106 | 941261 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 7584 | 1368153 |
| &nbsp;&nbsp;&nbsp; TransUnion | 9032 | 774494 |
| &nbsp;&nbsp;&nbsp; TriNet Group, Inc. | 25085 | 1483276 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 2494 | 557883 |
|  |  | **5125067** |
| &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 | 7165 | 722232 |
| &nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 14316 | 567343 |
|  |  | **1289575** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 12.8%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 12.8%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 12.8%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 18618 | 6443690 |
| &nbsp;&nbsp;&nbsp; First Solar, Inc.<sup>(1)</sup> | 1186 | 309819 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 1416 | 1720553 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 15409 | 2637712 |
| &nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 2100 | 359688 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 90588 | 16894662 |
|  |  | **28366124** |
| &nbsp;&nbsp;&nbsp;**Software – 10.4%** | &nbsp;&nbsp;&nbsp;**Software – 10.4%** | &nbsp;&nbsp;&nbsp;**Software – 10.4%** |
| &nbsp;&nbsp;&nbsp; Atlassian Corp., Class A<sup>(1)</sup> | 1563 | 253425 |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc.<sup>(1)</sup> | 4945 | 1463770 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.<sup>(1)</sup> | 6652 | 2079282 |
| &nbsp;&nbsp;&nbsp; Guidewire Software, Inc.<sup>(1)</sup> | 5598 | 1125254 |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc.<sup>(1)</sup> | 2444 | 980777 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 2803 | 1856763 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 27857 | 13472202 |
| &nbsp;&nbsp;&nbsp; Netskope, Inc., Class A<sup>(1)</sup> | 13041 | 228739 |
| &nbsp;&nbsp;&nbsp; SentinelOne, Inc., Class A<sup>(1)</sup> | 19737 | 296055 |
| &nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.<sup>(1)</sup> | 2148 | 975085 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Software** (continued) | &nbsp;&nbsp;&nbsp;**Software** (continued) | &nbsp;&nbsp;&nbsp;**Software** (continued) |
| &nbsp;&nbsp;&nbsp; Vertex, Inc., Class A<sup>(1)</sup> | 22238 | $444093 |
|  |  | **23175445** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.7%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.7%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.7%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp. | 7021 | 1232677 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 2302 | 299766 |
|  |  | **1532443** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.6%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.6%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.6%** |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 17862 | 1087617 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 6193 | 1115607 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. | 1284 | 197235 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | 20765 | 1038458 |
|  |  | **3438917** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.5%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.5%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.5%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 42465 | 11544535 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC | 2514 | 692330 |
|  |  | **12236865** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.5%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.5%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.5%** |
| &nbsp;&nbsp;&nbsp; Amer Sports, Inc.<sup>(1)</sup> | 7864 | 293720 |
| &nbsp;&nbsp;&nbsp; Birkenstock Holding PLC<sup>(1)</sup> | 12025 | 491822 |
| &nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | 2423 | 133483 |
| &nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. | 7170 | 130136 |
|  |  | **1049161** |
| &nbsp;&nbsp;&nbsp;**Tobacco – 0.6%** | &nbsp;&nbsp;&nbsp;**Tobacco – 0.6%** | &nbsp;&nbsp;&nbsp;**Tobacco – 0.6%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 7792 | 1249837 |
|  |  | **1249837** |
| &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; Ferguson Enterprises, Inc. | 1995 | 444147 |
| &nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 734 | 740643 |
|  |  | **1184790** |
| &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. | 5993 | 1216819 |
|  |  | **1216819** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $171,648,605) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $171,648,605) | **220966461** |
|  | **Principal<br>Amount** | **<br>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., 1.06%, dated 12/31/2025, proceeds at maturity value of $1,218,434, due 1/2/2026<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218363 | 1218363 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,218,363) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,218,363) | **1218363** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.2%** <br> (Cost $172,866,968) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.2%** <br> (Cost $172,866,968) | **222184824** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.2)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.2)%** | **(367251)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**221817573** |

---

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

------

<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 | 4.50% | 5/15/2027 | $1219300 | $1242869 |

---

#### Legend:
REITs — Real Estate Investment Trusts

**The following is a summary of the inputs used as of December 31, 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 | $220966461 | $— | $— | $220966461 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1218363 |  | 1218363 |
| &nbsp;&nbsp;&nbsp;**Total** | $**220966461** | $**1218363** | $**—** | $**222184824** |

---

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 December 31, 2025 |  |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222184824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 118908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 7997 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **222312520** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 291822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 83873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 47655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 21146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 9969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 39319 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **494947** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**221817573** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $135392426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 86425147 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**221817573** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $172866968 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **15821552** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$14.02** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $2647794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 19695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (3837) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **2663652** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 940428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 534334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 83159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 70822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 62563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 52550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 19286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 4575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 12243 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1779960** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **883692** |
| &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 | 25748692 |
| &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 | 4333203 |
| &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** | **30081893** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**30965585** |

---

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** |
|  | **For the<br>Year Ended<br>12/31/25** | **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) | $883692 | $833785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25748694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12886519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | 4333199 | 19232328 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **30965585** | **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 | 59607458 | 2447778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (49387963) | (29233265) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions** | **10219495** | **(26785487)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets** | **41185080** | **6167145** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 180632493 | 174465348 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $221817573 | $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 | 5068940 | 215911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3708905) | (2523550) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease)** | **1360035** | **(2307639)** |

---

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

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**7**

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The Financial Highlights table is intended to help you understand the Fund's financial performance for the past five years (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** | | | | | | |
|  | **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; Year Ended 12/31/25 | $12.49 | $0.05 | $1.48 | $1.53 | $14.02 | 12.25% |
| &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>(4)</sup> | 10.00 | 0.01 | 0.25 | 0.26 | 10.26 | 2.60%<sup>(5)</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** |
| $221818 | 0.83% | 0.83% | 0.42% | 0.42% | 69% |
| 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>(5)</sup> | 1.14%<sup>(5)</sup> | 1.06%<sup>(5)</sup> | 0.30%<sup>(5)</sup> | 7%<sup>(5)</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> Commenced operations on October 25, 2021.

<sup>(5)</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. 

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

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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 year ended December 31, 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**

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**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 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**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** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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,

12.0 ------

interest, transaction costs and brokerage commissions, 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 year ended December 31, 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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $534,334 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 $158,208,499 and $147,628,218, respectively, for the year ended December 31, 2025. During the year ended December 31, 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

**13**

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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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g50143g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian All Cap Core VIP Fund
**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian All Cap Core VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period October 25, 2021 (commencement of operations) through December 31, 2021 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period October 25, 2021 (commencement of operations) through December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

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

/s/ PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**15**

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#### 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
Not applicable.

16.0 ------

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**17**

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**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](g50143g84s34.jpg)

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

PUB11407

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## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Balanced Allocation VIP Fund
![LOGO](g45430g40s74.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](#fin7toc45430_1)** |  |
| [Schedule of Investments](#fin7toc45430_2) | 1 |
| [Statement of Assets and Liabilities](#fin7toc45430_3) | 9 |
| [Statement of Operations](#fin7toc45430_4) | 9 |
| [Statements of Changes in Net Assets](#fin7toc45430_5) | 10 |
| [Financial Highlights](#fin7toc45430_6) | 12 |
| [Notes to Financial Statements](#fin7toc45430_7) | 14 |
| [Report of Independent Registered Public<br>Accounting Firm](#fin7toc45430_8) | 22 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin7toc45430_9)** | 23 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin7toc45430_10)** | 23 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin7toc45430_11)** | 24 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin7toc45430_12)** | 24 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 63.8%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 63.8%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 63.8%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.1%** |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.<sup>(1)</sup> | 1650 | $937085 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 2340 | 1334291 |
|  |  | **2271376** |
| &nbsp;&nbsp;&nbsp;**Automobiles – 1.1%** | &nbsp;&nbsp;&nbsp;**Automobiles – 1.1%** | &nbsp;&nbsp;&nbsp;**Automobiles – 1.1%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.<sup>(1)</sup> | 4931 | 2217569 |
|  |  | **2217569** |
| &nbsp;&nbsp;&nbsp;**Banks – 2.5%** | &nbsp;&nbsp;&nbsp;**Banks – 2.5%** | &nbsp;&nbsp;&nbsp;**Banks – 2.5%** |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 55455 | 5168406 |
|  |  | **5168406** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 1.2%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.2%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.2%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 3052 | 697352 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 3639 | 1649777 |
|  |  | **2347129** |
| &nbsp;&nbsp;&nbsp;**Broadline Retail – 3.2%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 3.2%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 3.2%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 28265 | 6524127 |
|  |  | **6524127** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 3.4%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 3.4%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 3.4%** |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 2653 | 2331987 |
| &nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 26726 | 3407031 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 11796 | 1145745 |
|  |  | **6884763** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.7%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.7%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.7%** |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | 5295 | 223873 |
| &nbsp;&nbsp;&nbsp; Linde PLC | 2173 | 926545 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 3632 | 372135 |
|  |  | **1522553** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 1.1%** | &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> | 7263 | 1703028 |
| &nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 3110 | 545370 |
|  |  | **2248398** |
| &nbsp;&nbsp;&nbsp;**Construction Materials – 0.6%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.6%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.6%** |
| &nbsp;&nbsp;&nbsp; James Hardie Industries PLC<sup>(1)</sup> | 58384 | 1211468 |
|  |  | **1211468** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.1%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.1%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.1%** |
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America | 1008 | 207880 |
|  |  | **207880** |
| &nbsp;&nbsp;&nbsp;**Distributors – 0.5%** | &nbsp;&nbsp;&nbsp;**Distributors – 0.5%** | &nbsp;&nbsp;&nbsp;**Distributors – 0.5%** |
| &nbsp;&nbsp;&nbsp; Pool Corp. | 4090 | 935588 |
|  |  | **935588** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.3%** |
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A | 3729 | 604135 |
|  |  | **604135** |
| &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; Celestica, Inc.<sup>(1)</sup> | 3417 | 1010099 |
| &nbsp;&nbsp;&nbsp; Flex Ltd.<sup>(1)</sup> | 18464 | 1115595 |
|  |  | **2125694** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.9%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.9%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.9%** |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.<sup>(1)</sup> | 8695 | 815243 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 8984 | 1022110 |
|  |  | **1837353** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 1.9%** | &nbsp;&nbsp;&nbsp;**Financial Services – 1.9%** | &nbsp;&nbsp;&nbsp;**Financial Services – 1.9%** |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 6749 | $3852869 |
|  |  | **3852869** |
| &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> | 9883 | 942344 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.<sup>(1)</sup> | 19789 | 1687012 |
|  |  | **2629356** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.7%** |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 4273 | 1410560 |
|  |  | **1410560** |
| &nbsp;&nbsp;&nbsp;**Health Care REITs – 0.9%** | &nbsp;&nbsp;&nbsp;**Health Care REITs – 0.9%** | &nbsp;&nbsp;&nbsp;**Health Care REITs – 0.9%** |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 10245 | 1901575 |
|  |  | **1901575** |
| &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; Airbnb, Inc., Class A<sup>(1)</sup> | 4563 | 619290 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.<sup>(1)</sup> | 94593 | 2888870 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A<sup>(1)</sup> | 11480 | 2599991 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 4760 | 1476742 |
|  |  | **7584893** |
| &nbsp;&nbsp;&nbsp;**Insurance – 0.4%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.4%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.4%** |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | 9851 | 842753 |
|  |  | **842753** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 5.4%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 5.4%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 5.4%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 30895 | 9670135 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 2036 | 1343943 |
|  |  | **11014078** |
| &nbsp;&nbsp;&nbsp;**IT Services – 1.2%** | &nbsp;&nbsp;&nbsp;**IT Services – 1.2%** | &nbsp;&nbsp;&nbsp;**IT Services – 1.2%** |
| &nbsp;&nbsp;&nbsp; Shopify, Inc., Class A<sup>(1)</sup> | 8243 | 1326876 |
| &nbsp;&nbsp;&nbsp; Snowflake, Inc.<sup>(1)</sup> | 4946 | 1084954 |
|  |  | **2411830** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 0.9%** |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | 3982 | 911560 |
| &nbsp;&nbsp;&nbsp; ICON PLC<sup>(1)</sup> | 5564 | 1013872 |
|  |  | **1925432** |
| &nbsp;&nbsp;&nbsp;**Machinery – 0.5%** | &nbsp;&nbsp;&nbsp;**Machinery – 0.5%** | &nbsp;&nbsp;&nbsp;**Machinery – 0.5%** |
| &nbsp;&nbsp;&nbsp; IDEX Corp. | 5627 | 1001268 |
|  |  | **1001268** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.8%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.8%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.8%** |
| &nbsp;&nbsp;&nbsp; Sempra | 40922 | 3613003 |
|  |  | **3613003** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 2.0%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 2.0%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 2.0%** |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 20871 | 2511616 |
| &nbsp;&nbsp;&nbsp; Shell PLC, ADR | 20511 | 1507148 |
|  |  | **4018764** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.6%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.6%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.6%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 2782 | 2989760 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 21097 | 2220670 |
|  |  | **5210430** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 10.8%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 10.8%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 10.8%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 13099 | $4533564 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 1121 | 1362105 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 7895 | 2253312 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 65761 | 12264426 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4859 | 1476602 |
|  |  | **21890009** |
| &nbsp;&nbsp;&nbsp;**Software – 6.9%** | &nbsp;&nbsp;&nbsp;**Software – 6.9%** | &nbsp;&nbsp;&nbsp;**Software – 6.9%** |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc.<sup>(1)</sup> | 3580 | 1059716 |
| &nbsp;&nbsp;&nbsp; Figma, Inc., Class A<sup>(1)</sup> | 2334 | 87222 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 19422 | 9392868 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A<sup>(1)</sup> | 5045 | 896749 |
| &nbsp;&nbsp;&nbsp; Samsara, Inc., Class A<sup>(1)</sup> | 13767 | 488040 |
| &nbsp;&nbsp;&nbsp; SAP SE, ADR | 3294 | 800145 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc.<sup>(1)</sup> | 4195 | 642632 |
| &nbsp;&nbsp;&nbsp; Trimble, Inc.<sup>(1)</sup> | 7464 | 584804 |
|  |  | **13952176** |
| &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> | 25565 | 2331784 |
|  |  | **2331784** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 2.6%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 2.6%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 2.6%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 19265 | 5237383 |
|  |  | **5237383** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.8%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.8%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.8%** |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 4344 | 967105 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. | 2566 | 627746 |
|  |  | **1594851** |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.6%** |
| &nbsp;&nbsp;&nbsp; T-Mobile U.S., Inc. | 6283 | 1275700 |
|  |  | **1275700** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $101,486,626) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $101,486,626) | **129805153** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 9.1%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 9.1%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 9.1%** |
| &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 | $848294 | 692100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102745 | 907007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/1/2041 | 309553 | 279371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/1/2042 | 452794 | 405836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/1/2051 | 830852 | 715197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 10/1/2051 | 53605 | 45667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 11/1/2051 | 329793 | 282657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/1/2047 | 7572 | 7382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/1/2048 | 99042 | 95911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 5/1/2049 | 13116 | 12703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/1/2049 | 15921 | 15553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/1/2052 | 285421 | 272439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 1/1/2038 | 81380 | 81527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/1/2038 | 17780 | 17812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/1/2048 | 19757 | 19568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/1/2049 | 45606 | 45249 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; 4.50% due 8/1/2052 | $48449 | $47520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 10/1/2052 | 78597 | 77307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108000 | 108150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 6/1/2040 | 343757 | 354975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 9/1/2052 | 213797 | 218778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 2/1/2053 | 20190 | 20550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/1/2053 | 30539 | 31126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/1/2053 | 46280 | 47085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 6/1/2053 | 62137 | 63175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/1/2053 | 383231 | 389718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 8/1/2053 | 107027 | 108838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 9/1/2053 | 29685 | 30312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 11/1/2053 | 152873 | 157203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 11/1/2053 | 282239 | 293934 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 12/1/2050 | 181201 | 147934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/1/2041 | 52834 | 47418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/1/2051 | 490992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 6/1/2043 | 191438 | 177027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 10/1/2051 | 623932 | 553815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 8/1/2043 | 189876 | 180797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 4/1/2052 | 259463 | 241238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 3/1/2046 | 7809 | 7589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 1/1/2049 | 9883 | 9623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/1/2049 | 6572 | 6387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/1/2051 | 8780 | 8570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/1/2052 | 20475 | 19443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/1/2052 | 110965 | 105848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% due 10/1/2030 | 530000 | 531149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22% due 9/1/2030 | 520419 | 521937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34% due 8/1/2030 | 284000 | 286282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% due 9/1/2030 | 330000 | 333733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42% due 8/1/2030 | 327000 | 330731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47% due 5/1/2030 | 289000 | 292457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 4/1/2038 | 306017 | 306569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 7/1/2048 | 64900 | 64506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/1/2048 | 28642 | 28474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 10/1/2050 | 14572 | 14464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/1/2052 | 13811 | 13535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 9/1/2052 | 102660 | 101146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/1/2052 | 66039 | 65316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83% due 10/1/2030 | 275000 | 282352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2052 | 557760 | 559592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 9/1/2052 | 32228 | 32406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 10/1/2052 | 20499 | 20575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/1/2040 | 278662 | 287756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/1/2053 | 123161 | 125384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 8/1/2053 | 30800 | 31328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 9/1/2053 | 906043 | 932657 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass-Through Certificates | &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass-Through Certificates | &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-150, Class A2 <br>3.71% due 9/25/2032<sup>(2)(3)</sup> | 78000 | 75387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-157, Class A2 <br>3.99% due 5/25/2033<sup>(2)(3)</sup> | 125000 | 124510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-758, Class A2 <br>4.68% due 10/25/2031<sup>(2)(3)</sup> | 100000 | 102357 |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association | &nbsp;&nbsp;&nbsp; Government National Mortgage Association | &nbsp;&nbsp;&nbsp; Government National Mortgage Association |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 12/20/2050 | 356239 | 295124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 1/20/2051 | 97205 | 80533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 2/20/2051 | 85698 | 70996 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; 2.00% due 1/20/2055<sup>(4)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | $| 194572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/20/2051 |  | 439862 |  | 379621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 8/20/2051 |  | 440909 |  | 380520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 1/20/2055<sup>(4)</sup> |  | 444000 |  | 382915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 1/20/2051 |  | 406024 |  | 366639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/20/2051 |  | 212587 |  | 191264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 1/20/2052 |  | 367758 |  | 338430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 2/20/2052 |  | 367041 |  | 336805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/20/2052 |  | 69703 |  | 66414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 5/20/2052 |  | 200131 |  | 190769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/20/2052 |  | 297084 |  | 282606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/20/2048 |  | 142979 |  | 141846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/20/2055<sup>(4)</sup> |  | 300000 |  | 302909 |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security | &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security | &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; 5.00% due 1/1/2040<sup>(4)</sup> |  | 943000 |  | 955003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/1/2055<sup>(4)</sup> |  | 358000 |  | 363006 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $18,673,138) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $18,673,138) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $18,673,138) |  | **18558914** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 1.1%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 1.1%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 1.1%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 1.1%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 1.1%** |
| &nbsp;&nbsp;&nbsp; CF Hippolyta Issuer LLC <br>Series 2022-1A, Class A1 <br>5.97% due 8/15/2062<sup>(5)</sup> |  | 96560 |  | 94987 |
| &nbsp;&nbsp;&nbsp; Chesapeake Funding II LLC <br>Series 2024-1A, Class A1 <br>5.52% due 5/15/2036<sup>(5)</sup> |  | 92520 |  | 93618 |
| &nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC | &nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC | &nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC | &nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC | &nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A2 <br>6.40% due 3/20/2030<sup>(5)</sup> |  | 108300 |  | 109632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A3 <br>4.98% due 8/21/2028<sup>(5)</sup> |  | 300000 |  | 304226 |
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust <br>Series 2023-2, Class A3 <br>4.47% due 2/16/2028 |  | 41694 |  | 41766 |
| &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 |  | 182613 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust <br>Series 2025-B, Class A4 <br>4.57% due 4/16/2029<sup>(5)</sup> |  | 425000 |  | 429490 |
| &nbsp;&nbsp;&nbsp; Kubota Credit Owner Trust<br>Series 2023-2A, Class A3 <br>5.28% due 1/18/2028<sup>(5)</sup> |  | 118802 |  | 119688 |
| &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> |  | 134506 |  | 138248 |
| &nbsp;&nbsp;&nbsp; Toyota Lease Owner Trust <br>Series 2025-B, Class A3 <br>3.96% due 11/20/2028<sup>(5)</sup> |  | 150000 |  | 150370 |
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Lease Trust | &nbsp;&nbsp;&nbsp; Volkswagen Auto Lease Trust | &nbsp;&nbsp;&nbsp; Volkswagen Auto Lease Trust | &nbsp;&nbsp;&nbsp; Volkswagen Auto Lease Trust | &nbsp;&nbsp;&nbsp; Volkswagen Auto Lease Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3 <br>5.21% due 6/21/2027 |  | 190000 |  | 191009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A3 <br>4.01% due 1/22/2029 |  | 195000 |  | 195763 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; 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 2023-1A, Class A <br>5.80% due 4/18/2038<sup>(5)</sup> | $| 114452 | $| 115183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A <br>6.46% due 8/18/2038<sup>(5)</sup> |  | 66888 |  | 67673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A1 <br>4.87% due 6/21/2039<sup>(5)</sup> |  | 76439 |  | 77192 |
| &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $2,292,056) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $2,292,056) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $2,292,056) |  | **2311458** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 8.2%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 8.2%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 8.2%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 8.2%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 8.2%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.2%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.2%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.2%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.2%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.2%** |
| &nbsp;&nbsp;&nbsp; Boeing Co.<br>5.705% due 5/1/2040 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119000 |  | 121473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.858% due 5/1/2054 |  | 196000 |  | 220135 |
|  |  |  |  | **341608** |
| &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp.<br>5.35% due 8/15/2032 |  | 75000 |  | 77925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 8/15/2035 |  | 50000 |  | 52081 |
| &nbsp;&nbsp;&nbsp; JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group <br>5.95% due 4/20/2035<sup>(5)</sup> |  | 40000 |  | 42059 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. 4.25% due 10/29/2032 |  | 153000 |  | 150561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 2/13/2034 |  | 55000 |  | 56849 |
|  |  |  |  | **379475** |
| &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 |  | 34672 |  | 33779 |
|  |  |  |  | **33779** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 2.2%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 2.2%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 2.2%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 2.2%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 2.2%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.<br>4.948% (4.948% fixed rate until 7/22/2027; 1 day USD<br>SOFR + 2.04% thereafter) <br> due 7/22/2028<sup>(3)</sup> |  | 173000 |  | 175450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.015% (5.015% fixed rate until 7/22/2032; 1 day USD<br>SOFR + 2.16% thereafter) <br> due 7/22/2033<sup>(3)</sup> |  | 58000 |  | 59140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.162% (5.162% fixed rate until 1/24/2030; 1 day USD<br>SOFR + 1.00% thereafter) <br> due 1/24/2031<sup>(3)</sup> |  | 305000 |  | 314868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511% (5.511% fixed rate until 1/24/2035; 1 day USD<br>SOFR + 1.31% thereafter) <br> due 1/24/2036<sup>(3)</sup> |  | 129000 |  | 134495 |
| &nbsp;&nbsp;&nbsp; BPCE SA <br>5.876% (5.876% fixed rate until 1/14/2030; 1 day USD<br>SOFR + 1.68% thereafter) <br> due 1/14/2031<sup>(3)(5)</sup> |  | 500000 |  | 522293 |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.<br>4.503% (4.503% fixed rate until 9/11/2030; 1 day USD<br>SOFR + 1.17% thereafter) <br> due 9/11/2031<sup>(3)</sup> | $80000 | $80248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.952% (4.952% fixed rate until 5/7/2030; 1 day USD<br>SOFR + 1.46% thereafter) <br> due 5/7/2031<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148000 | 151165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174% (5.174% fixed rate until 9/11/2035; 1 day USD<br>SOFR + 1.49% thereafter) <br> due 9/11/2036<sup>(3)</sup> | 50000 | 50467 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc.<br>6.645% (6.645% fixed rate until 4/25/2034; 1 day USD<br>SOFR + 2.33% thereafter) <br> due 4/25/2035<sup>(3)</sup> | 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302382 |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia <br>5.071% due 9/14/2028<sup>(5)</sup> | 250000 | 258352 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC <br>5.741% (5.741% fixed rate until 9/10/2035; 1 day USD<br>SOFR + 1.96% thereafter) <br> due 9/10/2036<sup>(3)</sup> | 200000 | 205878 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. 4.912% (4.912% fixed rate until 7/25/2032; 1 day USD<br>SOFR + 2.08% thereafter) <br> due 7/25/2033<sup>(3)</sup> | 165000 | 168087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04% (5.04% fixed rate until 1/23/2027; 1 day USD<br>SOFR + 1.19% thereafter) <br> due 1/23/2028<sup>(3)</sup> | 174000 | 175801 |
| &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> | 84000 | 86728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14% (5.14% fixed rate until 1/24/2030; 1 day USD<br>SOFR + 1.01% thereafter) <br> due 1/24/2031<sup>(3)</sup> | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129199 |
| &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> | 134000 | 140587 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC <br>4.425% (4.425% fixed rate until 11/4/2030; 1 yr. CMT rate + 0.82% thereafter) <br> due 11/4/2031<sup>(3)</sup> | 200000 | 199376 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley<br>4.35% due 9/8/2026 | 268000 | 268458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 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> | 161000 | 162948 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Private Bank NA<br>4.204% (4.204% fixed rate until 11/17/2027; 1 day USD<br>SOFR + 0.78% thereafter) <br> due 11/17/2028<sup>(3)</sup> | $| 250000 | $| 250781 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.<br>5.244% (5.244% fixed rate until 1/24/2030; 1 day USD<br>SOFR + 1.11% thereafter) <br> due 1/24/2031<sup>(3)</sup> |  | 185000 |  | 191571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.707% (5.707% fixed rate until 4/22/2027; 1 day USD<br>SOFR + 1.07% thereafter) <br> due 4/22/2028<sup>(3)</sup> |  | 169000 |  | 172498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.303% (6.303% fixed rate until 10/23/2028; 1 day USD<br>SOFR + 1.79% thereafter) <br> due 10/23/2029<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 |  | 232450 |
|  |  |  |  | **4433222** |
| &nbsp;&nbsp;&nbsp;**Commercial Services – 0.0%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.0%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.0%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.0%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.0%** |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. <br>4.80% due 12/4/2035<sup>(5)</sup> |  | 25000 |  | 24923 |
|  |  |  |  | **24923** |
| &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.1%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.1%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.1%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.1%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.1%** |
| &nbsp;&nbsp;&nbsp; Kenvue, Inc. <br>4.90% due 3/22/2033 |  | 136000 |  | 138776 |
|  |  |  |  | **138776** |
| &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; American Express Co.<br>4.918% (4.918% fixed rate until 7/20/2032; 1 day USD<br>SOFR + 1.22% thereafter) <br> due 7/20/2033<sup>(3)</sup> |  | 165000 |  | 167920 |
| &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> |  | 500000 |  | 514968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.667% (5.667% fixed rate until 4/25/2035; 1 day USD<br>SOFR + 1.79% thereafter) <br> due 4/25/2036<sup>(3)</sup> |  | 200000 |  | 211173 |
| &nbsp;&nbsp;&nbsp; Equitable America Global Funding <br>3.95% due 9/15/2027<sup>(5)</sup> |  | 50000 |  | 49922 |
|  |  |  |  | **943983** |
| &nbsp;&nbsp;&nbsp;**Electric – 0.8%** | &nbsp;&nbsp;&nbsp;**Electric – 0.8%** | &nbsp;&nbsp;&nbsp;**Electric – 0.8%** | &nbsp;&nbsp;&nbsp;**Electric – 0.8%** | &nbsp;&nbsp;&nbsp;**Electric – 0.8%** |
| &nbsp;&nbsp;&nbsp; Alabama Power Co.<br>5.10% due 4/2/2035 |  | 20000 |  | 20472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20-A <br>1.45% due 9/15/2030 |  | 18000 |  | 15963 |
| &nbsp;&nbsp;&nbsp; Arizona Public Service Co.<br>3.75% due 5/15/2046 |  | 50000 |  | 37896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90% due 8/15/2055 |  | 65000 |  | 66088 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp.<br>4.95% due 9/15/2035 |  | 45000 |  | 44622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 9/15/2055 |  | 55000 |  | 53441 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electric** (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC<br>4.20% due 12/1/2030 | $| 45000 | $| 45016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85% due 12/1/2035 |  | 55000 |  | 54760 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co.<br>3.60% due 6/1/2029<sup>(5)</sup> |  | 34000 |  | 33268 |
| &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 |  | 10210 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co.<br>4.95% due 5/17/2033 |  | 166000 |  | 169247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-C <br>4.75% due 9/1/2040 |  | 38000 |  | 36031 |
| &nbsp;&nbsp;&nbsp; Ohio Edison Co. <br>4.95% due 12/15/2029<sup>(5)</sup> |  | 20000 |  | 20452 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.<br>4.75% due 2/15/2044 |  | 60000 |  | 50670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 7/1/2050 |  | 196867 |  | 166398 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of Oklahoma <br>5.45% due 1/15/2036 |  | 175000 |  | 179424 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co.<br>4.00% due 4/1/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128000 |  | 95987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% due 10/1/2043 |  | 122000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% due 9/15/2055 |  | 6000 |  | 6028 |
| &nbsp;&nbsp;&nbsp; Texas Electric Market Stabilization Funding LLC <br>Series A-1<br>4.265% due 8/1/2034<sup>(5)</sup> |  | 171008 |  | 170382 |
| &nbsp;&nbsp;&nbsp; Trans-Allegheny Interstate Line Co. <br>5.00% due 1/15/2031<sup>(5)</sup> |  | 20000 |  | 20545 |
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co. | &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co. | &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co. | &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co. | &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C <br>4.90% due 9/15/2035 |  | 222000 |  | 220948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D<br>5.60% due 9/15/2055 |  | 62000 |  | 60217 |
|  |  |  |  | **1686802** |
| &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 Food Co./JBS Lux Co. SARL 3.00% due 5/15/2032 |  | 80000 |  | 71812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 4/1/2033 |  | 60000 |  | 62683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 3/15/2034 |  | 25000 |  | 27620 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co.<br>6.25% due 3/1/2056<sup>(5)</sup> |  | 140000 |  | 139340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 4/15/2066<sup>(5)</sup> |  | 155000 |  | 154330 |
| &nbsp;&nbsp;&nbsp; Mars, Inc.<br>5.20% due 3/1/2035<sup>(5)</sup> |  | 187000 |  | 192204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 5/1/2045<sup>(5)</sup> |  | 117000 |  | 117938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 5/1/2055<sup>(5)</sup> |  | 104000 |  | 103597 |
|  |  |  |  | **869524** |
| &nbsp;&nbsp;&nbsp;**Gas – 0.0%** | &nbsp;&nbsp;&nbsp;**Gas – 0.0%** | &nbsp;&nbsp;&nbsp;**Gas – 0.0%** | &nbsp;&nbsp;&nbsp;**Gas – 0.0%** | &nbsp;&nbsp;&nbsp;**Gas – 0.0%** |
| &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp. <br>Series B <br>5.10% due 9/15/2035 |  | 55000 |  | 55421 |
|  |  |  |  | **55421** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &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 | $113406 |
| &nbsp;&nbsp;&nbsp; Sutter Health <br>Series 20A <br>2.294% due 8/15/2030 | 25000 | 22991 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. <br>5.625% due 7/15/2054 | 35000 | 34328 |
|  |  | **170725** |
| &nbsp;&nbsp;&nbsp;**Insurance – 0.9%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.9%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.9%** |
| &nbsp;&nbsp;&nbsp; Athene Global Funding<br>2.50% due 3/24/2028<sup>(5)</sup> | 382000 | 366893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.583% due 1/9/2029<sup>(5)</sup> | 175000 | 179764 |
| &nbsp;&nbsp;&nbsp; Fortitude Global Funding <br>4.625% due 10/6/2028<sup>(5)</sup> | 125000 | 125025 |
| &nbsp;&nbsp;&nbsp; GA Global Funding Trust <br>5.20% due 12/9/2031<sup>(5)</sup> | 230000 | 233434 |
| &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc. <br>4.569% due 2/1/2029<sup>(5)</sup> | 109000 | 109498 |
| &nbsp;&nbsp;&nbsp; NLG Global Funding <br>4.35% due 9/15/2030<sup>(5)</sup> | 120000 | 118421 |
| &nbsp;&nbsp;&nbsp; Protective Life Global Funding <br>5.432% due 1/14/2032<sup>(5)</sup> | 185000 | 192441 |
| &nbsp;&nbsp;&nbsp; RGA Global Funding | &nbsp;&nbsp;&nbsp; RGA Global Funding | &nbsp;&nbsp;&nbsp; RGA Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% due 8/25/2028<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | 205867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/25/2032<sup>(5)</sup> | 45000 | 45341 |
| &nbsp;&nbsp;&nbsp; Sammons Financial Group Global Funding <br>4.95% due 6/12/2030<sup>(5)</sup> | 260000 | 263685 |
|  |  | **1840369** |
| &nbsp;&nbsp;&nbsp;**Internet – 0.1%** | &nbsp;&nbsp;&nbsp;**Internet – 0.1%** | &nbsp;&nbsp;&nbsp;**Internet – 0.1%** |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc.<br>4.60% due 11/15/2032 | 40000 | 40321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 11/15/2045 | 100000 | 97102 |
|  |  | **137423** |
| &nbsp;&nbsp;&nbsp;**Media – 0.0%** | &nbsp;&nbsp;&nbsp;**Media – 0.0%** | &nbsp;&nbsp;&nbsp;**Media – 0.0%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications<br>Operating Capital <br>5.85% due 12/1/2035 | 20000 | 19951 |
| &nbsp;&nbsp;&nbsp; Comcast Corp.<br>2.80% due 1/15/2051 | 15000 | 8690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.887% due 11/1/2051 | 30000 | 17544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.999% due 11/1/2049 | 5000 | 3687 |
|  |  | **49872** |
| &nbsp;&nbsp;&nbsp;**Mining – 0.5%** | &nbsp;&nbsp;&nbsp;**Mining – 0.5%** | &nbsp;&nbsp;&nbsp;**Mining – 0.5%** |
| &nbsp;&nbsp;&nbsp; Anglo American Capital PLC<br>2.625% due 9/10/2030<sup>(5)</sup> | 331000 | 305081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 3/15/2028<sup>(5)</sup> | 200000 | 201142 |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC<br>5.371% due 4/4/2029<sup>(5)</sup> | 110000 | 113523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.893% due 4/4/2054<sup>(5)</sup> | 92000 | 91519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.141% due 4/1/2055<sup>(5)</sup> | 35000 | 36118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 10/6/2030<sup>(5)</sup> | 309000 | 332542 |
|  |  | **1079925** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.1%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.1%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.1%** |
| &nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co. <br>5.375% due 6/2/2035<sup>(5)</sup> | $240000 | $247417 |
|  |  | **247417** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 0.6%** | &nbsp;&nbsp;&nbsp;**Pipelines – 0.6%** | &nbsp;&nbsp;&nbsp;**Pipelines – 0.6%** |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC<br>4.999% due 11/17/2032<sup>(5)</sup> | 45000 | 44996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.097% due 10/1/2031<sup>(5)</sup> | 75000 | 76266 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC<br>5.927% due 8/15/2030<sup>(5)</sup> | 120000 | 126943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.497% due 8/15/2043<sup>(5)</sup> | 59000 | 62328 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP<br>4.95% due 6/15/2028 | 12000 | 12198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% due 4/1/2055 | 53000 | 51949 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC <br>3.45% due 10/15/2027<sup>(5)</sup> | 15000 | 14825 |
| &nbsp;&nbsp;&nbsp; Greensaif Pipelines Bidco SARL<br>5.853% due 2/23/2036<sup>(5)</sup> | 200000 | 208963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.103% due 8/23/2042<sup>(5)</sup> | 205000 | 213414 |
| &nbsp;&nbsp;&nbsp; Whistler Pipeline LLC<br>5.40% due 9/30/2029<sup>(5)</sup> | 193000 | 198959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 9/30/2031<sup>(5)</sup> | 130000 | 134915 |
|  |  | **1145756** |
| &nbsp;&nbsp;&nbsp;**Real Estate – 0.1%** | &nbsp;&nbsp;&nbsp;**Real Estate – 0.1%** | &nbsp;&nbsp;&nbsp;**Real Estate – 0.1%** |
| &nbsp;&nbsp;&nbsp; CBRE Services, Inc. <br>4.90% due 1/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | 261249 |
|  |  | **261249** |
| &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; American Tower Trust I <br>5.49% due 3/15/2028<sup>(5)</sup> | 315000 | 320275 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. <br>5.00% due 1/11/2028 | 523000 | 531173 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP<br>4.95% due 1/15/2033 | 35000 | 35379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 6/15/2035 | 216000 | 221432 |
| &nbsp;&nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc.<br>3.25% due 1/15/2032 | 275000 | 248809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 6/1/2028 | 270000 | 277031 |
| &nbsp;&nbsp;&nbsp; Kilroy Realty LP<br>2.65% due 11/15/2033 | 95000 | 77942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 10/15/2035 | 80000 | 80367 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group LP <br>5.20% due 8/15/2032 | 25000 | 25542 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. <br>5.125% due 4/15/2035 | 94000 | 95614 |
| &nbsp;&nbsp;&nbsp; WEA Finance LLC<br>2.875% due 1/15/2027<sup>(5)</sup> | 20000 | 19684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 6/15/2029<sup>(5)</sup> | 45000 | 43542 |
|  |  | **1976790** |
| &nbsp;&nbsp;&nbsp;**Semiconductors – 0.2%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.2%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.2%** |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC <br>5.90% due 1/25/2033<sup>(5)</sup> | 200000 | 209269 |
| &nbsp;&nbsp;&nbsp; Intel Corp. <br>4.60% due 3/25/2040 | 307000 | 273804 |
|  |  | **483073** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Software – 0.1%** | &nbsp;&nbsp;&nbsp;**Software – 0.1%** | &nbsp;&nbsp;&nbsp;**Software – 0.1%** |
| &nbsp;&nbsp;&nbsp; Oracle Corp. <br>3.60% due 4/1/2050 | $175000 | $109009 |
|  |  | **109009** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 0.1%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.1%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.1%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc.<br>4.55% due 11/1/2032 | 160000 | 158960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 11/1/2045 | 165000 | 158899 |
|  |  | **317859** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $16,493,159) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $16,493,159) | **16726980** |
| &nbsp;&nbsp;&nbsp;**Municipals – 0.5%** | &nbsp;&nbsp;&nbsp;**Municipals – 0.5%** | &nbsp;&nbsp;&nbsp;**Municipals – 0.5%** |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales & Transfer Tax Receipts Revenue <br>Series A <br>6.899% due 12/1/2040 | 45231 | 50736 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport <br>Series A <br>4.087% due 11/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 82008 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br>Series C2 <br>5.175% due 11/15/2049 | 10000 | 9233 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia <br>Series A <br>6.637% due 4/1/2057 | 144000 | 155728 |
| &nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue <br>Series N <br>3.006% due 5/15/2050 | 125000 | 83467 |
| &nbsp;&nbsp;&nbsp; State of Illinois <br>5.10% due 6/1/2033 | 545343 | 558906 |
| &nbsp;&nbsp;&nbsp; Texas Natural Gas Securitization Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.102% due 4/1/2035 | 100477 | 103144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.169% due 4/1/2041 | 35000 | 35695 |
| &nbsp;&nbsp;&nbsp;**Total Municipals** <br> (Cost $1,123,956) | &nbsp;&nbsp;&nbsp;**Total Municipals** <br> (Cost $1,123,956) | **1078917** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 1.0%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 1.0%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 1.0%** |
| &nbsp;&nbsp;&nbsp; BX Trust <br>Series 2025-ARIA, Class A 5.031% due 12/13/2042<sup>(2)(3)(5)</sup> | 50000 | 50453 |
| &nbsp;&nbsp;&nbsp; Fannie Mae REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-42, Class LA 3.00% due 8/25/2049 | 216320 | 200821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-27, Class HC 1.50% due 10/25/2049 | 320366 | 255639 |
| &nbsp;&nbsp;&nbsp; Ginnie Mae REMIC <br>Series 2021-215, Class KA 2.50% due 10/20/2049 | 232133 | 209005 |
| &nbsp;&nbsp;&nbsp; PRET Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL2, Class A1 4.00% due 8/25/2064<sup>(2)(3)(5)</sup> | 236561 | 231309 |

---

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

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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 2025-RPL6, Class A<br>13.85% due 9/25/2069<sup>(2)(3)(5)</sup> | $360576 | $| 360936 |
| &nbsp;&nbsp;&nbsp; RFR Trust <br>Series 2025-SGRM, Class A <br>5.379% due 3/11/2041<sup>(2)(3)(5)</sup> | 324333 |  | 331897 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust <br>Series 2025-R2, Class A1 <br>5.086% due 7/25/2067<sup>(2)(3)(5)</sup> | 305000 |  | 305246 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** (Cost $1,940,146) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** (Cost $1,940,146) |  | **1945306** |
| &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 | USD 220,000 |  | 226407 |
| &nbsp;&nbsp;&nbsp; Saudi Government International Bonds <br>5.375% due 1/13/2031<sup>(5)</sup> | USD 270,000 |  | 282868 |
| &nbsp;&nbsp;&nbsp;**Total Foreign Government** <br> (Cost $488,455) | &nbsp;&nbsp;&nbsp;**Total Foreign Government** <br> (Cost $488,455) |  | **509275** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 15.2%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 15.2%** |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% due 2/15/2052 | $566900 |  | 343949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 5/15/2051 | 358700 |  | 226051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/15/2045 | 207700 |  | 147094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 11/15/2044 | 70500 |  | 54522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 5/15/2042 | 25000 |  | 20850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 8/15/2042 | 29600 |  | 25012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 2/15/2053 | 385000 |  | 311700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 5/15/2053 | 232300 |  | 187918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 2/15/2043 | 544700 |  | 490017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 5/15/2043 | 536200 |  | 481009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/15/2042 | 796900 |  | 730409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/15/2052 | 389300 |  | 337581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 8/15/2044 | 334800 |  | 307271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 8/15/2053 | 268100 |  | 237331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 2/15/2054 | 38700 |  | 34987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 8/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478600 |  | 457156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 2/15/2044 | 392900 |  | 380100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/15/2054 | 211400 |  | 199393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 5/15/2044 | 478200 |  | 469495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2044 | 382000 |  | 374330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2045 | 328700 |  | 321202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 5/15/2054 | 312700 |  | 301157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2055 | 49800 |  | 47969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2055 | 159500 |  | 153668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 11/15/2043 | 435700 |  | 435751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 2/15/2045 | 70000 |  | 69645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 11/15/2053 | 377800 |  | 370879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 5/15/2055 | 810400 |  | 796345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 8/15/2055 | 386800 |  | 380273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 8/15/2045 | 568900 |  | 574411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 5/15/2045 | 408300 |  | 419145 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes<br>2.75% due 4/30/2027 | 230700 |  | 228465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/30/2027 | 352800 |  | 352125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 12/31/2027 | 636800 |  | 635556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 9/15/2028 | 610700 |  | 608195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 10/31/2027 | 463200 |  | 463309 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** | **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; 3.50% due 9/30/2029 | $479300 | $| 477072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 11/30/2030 | 801900 |  | 793818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/2027 | 974600 |  | 976770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/2029 | 849600 |  | 849467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/2030 | 853700 |  | 850665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 10/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555600 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 6/30/2027 | 226000 |  | 226874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 8/15/2027 | 282900 |  | 284071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 8/31/2031 | 10000 |  | 9967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 10/31/2032 | 28600 |  | 28283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 11/30/2032 | 78800 |  | 77889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 5/31/2027 | 179300 |  | 180218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 7/31/2027 | 615500 |  | 619082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 10/15/2027 | 141500 |  | 142445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 12/31/2027 | 219600 |  | 221238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 12/31/2029 | 147100 |  | 148347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 4/30/2030 | 489200 |  | 493022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 6/30/2030 | 448600 |  | 451982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 7/31/2030 | 351300 |  | 353894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 8/31/2032 | 227100 |  | 226506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 12/15/2027 | 491300 |  | 496059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/31/2029 | 310500 |  | 314515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/31/2029 | 441900 |  | 447683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 2/28/2030 | 306500 |  | 310403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 3/31/2030 | 407700 |  | 412892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 5/31/2030 | 793600 |  | 803706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/31/2032 | 228200 |  | 229394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/15/2035 | 572900 |  | 564665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 9/30/2027 | 373400 |  | 377397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 3/31/2029 | 324900 |  | 330281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/2029 | 24400 |  | 24817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/30/2029 | 429200 |  | 436610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/2031 | 41800 |  | 42443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 3/31/2032 | 191100 |  | 193720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 5/31/2032 | 87300 |  | 88446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 1/15/2028 | 279800 |  | 283920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 6/30/2029 | 464000 |  | 473806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 11/15/2034 | 63000 |  | 63662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 5/15/2035 | 947000 |  | 954842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 8/15/2035 | 884000 |  | 890354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 7/15/2027 | 280500 |  | 284225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 12/31/2029 | 340200 |  | 349290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/31/2029 | 468600 |  | 482072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 12/31/2031 | 50300 |  | 52053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 4/30/2029 | 554400 |  | 572310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 4/30/2031 | 12600 |  | 13115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2035 | 529700 |  | 549833 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $31,376,573) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $31,376,573) |  | **30977430** |
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 0.6%** | &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 0.6%** | &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 0.6%** | &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 0.6%** |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 1854 |  | 1264280 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds** <br> (Cost $1,257,501) | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds** <br> (Cost $1,257,501) |  | **1264280** |
|  | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.0%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.0%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.0%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.0%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills <br>3.614% due 4/7/2026<sup>(6)</sup> | $75000 |  | 74303 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $74,275) | &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $74,275) |  | **74303** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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., 1.06%, dated 12/31/2025, proceeds at maturity value of $2,368,909, due 1/2/2026<sup>(7)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368770 | $2368770 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,368,770) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,368,770) | **2368770** |
| &nbsp;&nbsp;&nbsp;**Total Investments Before TBA Sale Commitments – 101.0%** | &nbsp;&nbsp;&nbsp;**Total Investments Before TBA Sale Commitments – 101.0%** | &nbsp;&nbsp;&nbsp;**Total Investments Before TBA Sale Commitments – 101.0%** |
| &nbsp;&nbsp;&nbsp;(Cost $177,574,655) | &nbsp;&nbsp;&nbsp;(Cost $177,574,655) | **205620786** |
| &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 – (1.3)%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – (1.3)%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – (1.3)%** |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association  | &nbsp;&nbsp;&nbsp; Government National Mortgage Association  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 1/20/2055<sup>(4)</sup> | (128000) | (114995) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 1/20/2055<sup>(4)</sup> | (403000) | (380630) |
| &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; 4.00% due 1/1/2056<sup>(4)</sup> | (213000) | (202014) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 1/1/2040<sup>(4)</sup> | (359000) | (359126) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 1/1/2055<sup>(4)</sup> | (251000) | (245012) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 2/1/2056<sup>(4)</sup> | (80000) | (78029) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/1/2055<sup>(4)</sup> | (623000) | (621248) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 1/1/2055<sup>(4)</sup> | (534000) | (548273) |
| &nbsp;&nbsp;&nbsp;**Total TBA Sale Commitments** <br> (Proceeds $2,540,803) | &nbsp;&nbsp;&nbsp;**Total TBA Sale Commitments** <br> (Proceeds $2,540,803) | **(2549327)** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.3%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.3%** | **469894** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**203541353** |

---

<sup>(1)</sup> Non–income–producing security.

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

<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 December 31, 2025.

<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 December 31, 2025, the aggregate market value of these securities amounted to $10,152,546, representing 5.0% 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> Interest rate shown reflects the discount rate at time of purchase.

<sup>(7)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 2.75% | 4/30/2027 | $2428000 | $2416263 |

---

#### Legend:
ADR — American Depositary Receipt

CMT — Constant Maturity Treasury

REITs — Real Estate Investment Trusts

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

**The following is a summary of the inputs used as of December 31, 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 | $129805153 | $— | $— | $129805153 |
| &nbsp;&nbsp;&nbsp;Agency Mortgage-Backed Securities |  | 18558914 |  | 18558914 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 2311458 |  | 2311458 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 16726980 |  | 16726980 |
| &nbsp;&nbsp;&nbsp;Municipals |  | 1078917 |  | 1078917 |
| &nbsp;&nbsp;&nbsp;Non-Agency Mortgage-Backed Securities |  | 1945306 |  | 1945306 |
| &nbsp;&nbsp;&nbsp;Foreign Government |  | 509275 |  | 509275 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 30977430 |  | 30977430 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 1264280 |  |  | 1264280 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 74303 |  | 74303 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 2368770 |  | 2368770 |
| &nbsp;&nbsp;&nbsp;**Total** | $**131069433** | $**74551353** | $**—** | $**205620786** |
| &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;TBA Sale Commitments | &nbsp;&nbsp;&nbsp;TBA Sale Commitments | &nbsp;&nbsp;&nbsp;TBA Sale Commitments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | $— | $(2549327) | $— | $(2549327) |
| &nbsp;&nbsp;&nbsp;**Total** | $**—** | $**(2549327)** | $**—** | $**(2549327)** |

---

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 December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205620786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 3357410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 666050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 8116 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **209652362** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 3182919 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA sale commitments, at value | 2549327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 152490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 83263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 47569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 43366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 12757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 38263 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **6111009** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**203541353** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $126301663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 77239690 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**203541353** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $177574655 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA Sale Commitments, Proceeds | $2540803 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **14208532** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$14.33** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $3352817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1338260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (9187) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **4681890** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1005464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 523679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 125779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 91565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 72847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 51967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 23654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 6325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 13252 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1914532** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **2767358** |
| &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 | 19620037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | 6945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 2877566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | (948) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Derivative Contracts** | **22503600** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**25270958** |

---

The accompanying notes are an integral part of these financial statements.<sub>9</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** |
|  | **For the**<br> **Year Ended<br>12/31/25** | **For the**<br> **Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $2767358 | $3116532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and derivative contracts | 19626982 | 23158178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and derivative contracts | 2876618 | 2746156 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **25270958** | **29020866** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 2601421 | 4729385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (43508454) | (36474915) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(40907033)** | **(31745530)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(15636075)** | **(2724664)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 219177428 | 221902092 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203541353 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219177428 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 191258 | 401623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3253840) | (3032921) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(3062582)** | **(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 five years (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** | | | | | | |
|  | **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; Year Ended 12/31/25 | $12.69 | $0.18 | $1.46 | $1.64 | $14.33 | 12.92% |
| &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>(4)</sup>** | 10.00 | 0.07 | (0.61) | (0.54) | 9.46 | (5.40)%<sup>(5)</sup> |

---

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<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $203541 | 0.91% | 0.91% | 1.33% | 1.33% | 137% |
| 219177 | 0.89% | 0.89% | 1.39% | 1.39% | 82% |
| 221902 | 0.88% | 0.88% | 1.41% | 1.41% | 93% |
| 214197 | 0.86%<sup>(5)</sup> | 0.86%<sup>(5)</sup> | 1.17%<sup>(5)</sup> | 1.17%<sup>(5)</sup> | 59%<sup>(5)</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> Commenced operations on May 2, 2022.

<sup>(5)</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. 

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

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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

14.0 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND
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.

• **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 year ended December 31, 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 December 31, 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 December 31, 2025, the Fund had no securities classified as Level 3.

**15**

------

**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 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, the 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 December 31, 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

16.0 ------

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.

**f. Foreign 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**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** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund

operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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 year ended December 31, 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

**17**

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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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $523,679 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 year ended December 31, 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;227075201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57781927 |
| &nbsp;&nbsp;&nbsp;Sales | 259040473 | 62711251 |

---

**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.

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,

18.0 ------

the seller does not specify the particular mortgage-backed securities to be delivered. Instead, the Fund agrees to accept any mortgage-backed security that meets specified terms. Thus, the 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 the Fund to purchase the securities. The 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. Mortgage Dollar Rolls** The Fund may engage from time to time in mortgage dollar roll transactions, which involve a sale by the Fund of a mortgage-backed security concurrently with an agreement by the Fund to repurchase a similar security at a later date at an agreed-upon price. These transactions are typically used for short term financing. Pools of mortgage securities are used to collateralize mortgage dollar roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, the Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for the Fund. The Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Fund at the end of the roll transaction, while substantially similar, may be inferior to the securities initially sold by the Fund to the counterparty. The transactions involve the risk that the market price of mortgage-backed securities in a mortgage dollar roll transaction decline below the agreed-upon future repurchase price. Conversely, the market value of the securities subject to a Fund's forward sale commitment may increase above the exercise price of the forward commitment. Dollar rolls (and when-issued, delayed delivery and to-be-

announced transactions) are speculative techniques that may result in leverage and increased volatility. These transactions may also increase risk associated with volatility and losses and are subject to counterparty risk. In addition, investment in mortgage dollar rolls may significantly increase the Fund's portfolio turnover rate.

**g. 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 December 31, 2025, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

**h. 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.

**i. 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.,

**19**

------

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.

**j. 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.

**k. 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 year ended December 31, 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.

Transactions in derivative investments for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  | **Interest Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>1</sup> | $6945 |
| &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> | $(948) |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>3</sup> | 5 |

---

<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. 

**l. 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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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

20.0 ------

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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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**

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g45430g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Balanced Allocation VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Balanced Allocation VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the three years in the period ended December 31, 2025 and for the period May 2, 2022 (commencement of operations) through December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the three years in the period ended December 31, 2025 and for the period May 2, 2022 (commencement of operations) through December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New

York February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

22.0 ------

#### 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
At a meeting of the Board of Trustees (the "Board") of Guardian Variable Products Trust (the "Trust") held on December 4-5, 2024 the Board approved submitting the following proposals (the "Proposals") to shareholders of the applicable Funds at a special shareholder meeting (the "Special Meeting"). The Special Meeting was originally scheduled to be held on January 31, 2025 and was adjourned to February 14, 2025.

*Proposal with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund only:* 

<u>Proposal 1</u>: To change the sub-classification of each of Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund from a "diversified" fund to a "non-diversified" fund and to eliminate the related fundamental investment restrictions.

*Proposal with respect to Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund only:* 

<u>Proposal 2</u>: To permit Park Avenue Institutional Advisers LLC, under certain circumstances, to enter into and/or materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisers on behalf of Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund without obtaining shareholder approval.

On or about January 3, 2025, shareholders of record of the applicable Funds as of the close of business on October 31, 2024 were sent a proxy statement containing information regarding each of the Proposals. The proxy statement(s) also included information about the Special Meeting, at which shareholders of the applicable Funds were asked to consider and approve the Proposals. In addition, the proxy statement(s)

included information about voting (or providing voting instructions) on the Proposals and options shareholders had to do so.

The Special Meeting was reconvened on February 14, 2025, and each of the above Proposals passed.

The results of the Special Meeting were as follows:

<u>Proposal 1:</u> To change the sub-classification of each of Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund from a "diversified" fund to a "non-diversified" fund and to eliminate the related fundamental investment restrictions.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes<br>Against/<br>Withheld** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Fundamental Growth VIP Fund | 5486811.696 | 627234.899 | 407511.095 |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Disciplined Growth VIP Fund | 9790610.732 | 1292415.741 | 925701.672 |

---

<u>Proposal 2</u>: To permit Park Avenue Institutional Advisers LLC, under certain circumstances, to enter into and/or materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisers on behalf of Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund without obtaining shareholder approval.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes<br>Against/<br>Withheld** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;Guardian Mid Cap Traditional Growth VIP Fund | 1878743.904 | 184448.897 | 97299.135 |
| &nbsp;&nbsp;&nbsp;Guardian Diversified Research VIP Fund | 3315653.786 | 298055.043 | 306599.121 |
| &nbsp;&nbsp;&nbsp;Guardian Growth & Income VIP Fund | 4307788.446 | 465121.321 | 287991.312 |
| &nbsp;&nbsp;&nbsp;Guardian Mid Cap Relative Value VIP Fund | 4701812.837 | 499998.861 | 282721.822 |
| &nbsp;&nbsp;&nbsp;Guardian Balanced Allocation VIP Fund | 14321528.326 | 1887736.077 | 1430466.129 |
| &nbsp;&nbsp;&nbsp;Guardian Short Duration Bond VIP Fund | 12135837.474 | 1244133.676 | 710288.153 |
| &nbsp;&nbsp;&nbsp;Guardian Total Return Bond VIP Fund | 19195546.683 | 1928257.330 | 1377051.537 |

---

**23**

------

#### 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
Not applicable.

24.0 ------

This Page Intentionally Left Blank

**25**

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**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](g45430g84s34.jpg)

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

PUB11738

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Equity Income VIP Fund
![LOGO](g61977g40s74.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](#fin8toc61977_1)** |  |
| [Schedule of Investments](#fin8toc61977_2) | 1 |
| [Statement of Assets and Liabilities](#fin8toc61977_3) | 3 |
| [Statement of Operations](#fin8toc61977_4) | 3 |
| [Statements of Changes in Net Assets](#fin8toc61977_5) | 4 |
| [Financial Highlights](#fin8toc61977_6) | 6 |
| [Notes to Financial Statements](#fin8toc61977_7) | 8 |
| [Report of Independent Registered Public Accounting Firm](#fin8toc61977_8) | 13 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin8toc61977_9)** | 14 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin8toc61977_10)** | 14 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin8toc61977_11)** | 14 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin8toc61977_12)** | 14 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **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 – 1.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.3%** |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 39611 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11628601 |
|  |  | **11628601** |
| &nbsp;&nbsp;&nbsp;**Banks – 8.0%** | &nbsp;&nbsp;&nbsp;**Banks – 8.0%** | &nbsp;&nbsp;&nbsp;**Banks – 8.0%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 411595 | 22637725 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 550940 | 9558809 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 42812 | 13794883 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 71484 | 14402596 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 423362 | 11473110 |
|  |  | **71867123** |
| &nbsp;&nbsp;&nbsp;**Beverages – 3.7%** | &nbsp;&nbsp;&nbsp;**Beverages – 3.7%** | &nbsp;&nbsp;&nbsp;**Beverages – 3.7%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 66669 | 9197655 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 534853 | 14981233 |
| &nbsp;&nbsp;&nbsp; Pernod Ricard SA (France) | 100745 | 8624672 |
|  |  | **32803560** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 1.5%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.5%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.5%** |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 111994 | 13746144 |
|  |  | **13746144** |
| &nbsp;&nbsp;&nbsp;**Building Products – 1.0%** | &nbsp;&nbsp;&nbsp;**Building Products – 1.0%** | &nbsp;&nbsp;&nbsp;**Building Products – 1.0%** |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 75524 | 9043999 |
|  |  | **9043999** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 6.3%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 6.3%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 6.3%** |
| &nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 50728 | 8199167 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 63526 | 10288671 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 95231 | 16906359 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 111247 | 10805421 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 67381 | 10820715 |
|  |  | **57020333** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 2.7%** | &nbsp;&nbsp;&nbsp;**Chemicals – 2.7%** | &nbsp;&nbsp;&nbsp;**Chemicals – 2.7%** |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. | 78535 | 4847180 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 122522 | 12553604 |
| &nbsp;&nbsp;&nbsp; Westlake Corp. | 97689 | 7223125 |
|  |  | **24623909** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 1.8%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 1.8%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 1.8%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 209229 | 16116910 |
|  |  | **16116910** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 1.3%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 1.3%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 1.3%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 63810 | 11605763 |
|  |  | **11605763** |
| &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. | 110322 | 12721230 |
| &nbsp;&nbsp;&nbsp; PPL Corp. | 374317 | 13108581 |
|  |  | **25829811** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.2%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.2%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.2%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 22622 | 7205333 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | 96810 | 12848623 |
|  |  | **20053956** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.3%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.3%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.3%** |
| &nbsp;&nbsp;&nbsp; TE Connectivity PLC | 49246 | 11203957 |
|  |  | **11203957** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.3%** |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 26200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980774 |
|  |  | **2980774** |
| &nbsp;&nbsp;&nbsp;**Food Products – 1.6%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.6%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.6%** |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 252546 | 14518870 |
|  |  | **14518870** |
| &nbsp;&nbsp;&nbsp;**Gas Utilities – 1.1%** | &nbsp;&nbsp;&nbsp;**Gas Utilities – 1.1%** | &nbsp;&nbsp;&nbsp;**Gas Utilities – 1.1%** |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 59616 | 9993430 |
|  |  | **9993430** |
| &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; Becton Dickinson & Co. | 51312 | 9958120 |
|  |  | **9958120** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 4.4%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 4.4%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 4.4%** |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 103731 | 8232092 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 36742 | 12879908 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 55148 | 18204907 |
|  |  | **39316907** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.2%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.2%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.2%** |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 55922 | 10290766 |
|  |  | **10290766** |
| &nbsp;&nbsp;&nbsp;**Household Products – 1.0%** | &nbsp;&nbsp;&nbsp;**Household Products – 1.0%** | &nbsp;&nbsp;&nbsp;**Household Products – 1.0%** |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 89705 | 9050337 |
|  |  | **9050337** |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 1.5%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 1.5%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 1.5%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 69350 | 13529492 |
|  |  | **13529492** |
| &nbsp;&nbsp;&nbsp;**Insurance – 4.4%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.4%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.4%** |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | 145497 | 12447268 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 74165 | 13759091 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. | 58867 | 13405193 |
|  |  | **39611552** |
| &nbsp;&nbsp;&nbsp;**IT Services – 2.5%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.5%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.5%** |
| &nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 41315 | 11084814 |
| &nbsp;&nbsp;&nbsp; Amdocs Ltd. | 141737 | 11411246 |
|  |  | **22496060** |
| &nbsp;&nbsp;&nbsp;**Machinery – 2.7%** | &nbsp;&nbsp;&nbsp;**Machinery – 2.7%** | &nbsp;&nbsp;&nbsp;**Machinery – 2.7%** |
| &nbsp;&nbsp;&nbsp; IDEX Corp. | 52593 | 9358398 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | 136535 | 14951948 |
|  |  | **24310346** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.4%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.4%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.4%** |
| &nbsp;&nbsp;&nbsp; Anglo American PLC (United Kingdom) | 299941 | 12360386 |
|  |  | **12360386** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 3.9%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 3.9%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 3.9%** |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 237240 | 13899892 |
| &nbsp;&nbsp;&nbsp; Sempra | 152533 | 13467138 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 74598 | 7867105 |
|  |  | **35234135** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &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; ConocoPhillips | 142699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13358053 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 534832 | 14076778 |
| &nbsp;&nbsp;&nbsp; EQT Corp. | 222150 | 11907240 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 31176 | 5070153 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | 63003 | 11624054 |
|  |  | **56036278** |
| &nbsp;&nbsp;&nbsp;**Personal Care Products – 1.8%** | &nbsp;&nbsp;&nbsp;**Personal Care Products – 1.8%** | &nbsp;&nbsp;&nbsp;**Personal Care Products – 1.8%** |
| &nbsp;&nbsp;&nbsp; Unilever PLC, ADR | 251045 | 16418343 |
|  |  | **16418343** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 9.6%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 9.6%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 9.6%** |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC, ADR | 109057 | 10025610 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 6800 | 7307824 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 87401 | 18087637 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 219952 | 23152148 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 343166 | 8544833 |
| &nbsp;&nbsp;&nbsp; Roche Holding AG (Switzerland) | 23964 | 9903556 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | 73193 | 9209143 |
|  |  | **86230751** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Professional Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Professional Services – 1.0%** |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 35451 | 9119061 |
|  |  | **9119061** |
| &nbsp;&nbsp;&nbsp;**Residential REITs – 1.0%** | &nbsp;&nbsp;&nbsp;**Residential REITs – 1.0%** | &nbsp;&nbsp;&nbsp;**Residential REITs – 1.0%** |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 75079 | 9303039 |
|  |  | **9303039** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.3%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 22596 | 7820475 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 59361 | 12884899 |
|  |  | **20705374** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs – 5.5%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 5.5%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 5.5%** |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 155141 | 13787381 |
| &nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 323234 | 14445327 |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 86427 | 10939930 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 414498 | 9819457 |
|  |  | **48992095** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 3.5%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 3.5%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 3.5%** |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 53860 | 10662664 |
| &nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 172205 | 11343208 |
| &nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA, ADR | 35196 | 580734 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | 168467 | 8425035 |
|  |  | **31011641** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &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; NetApp, Inc. | 111283 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11917297 |
|  |  | **11917297** |
| &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; NIKE, Inc., Class B | 100407 | 6396930 |
|  |  | **6396930** |
| &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. | 75844 | 12165378 |
|  |  | **12165378** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.5%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.5%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.5%** |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 61149 | 13613602 |
|  |  | **13613602** |
| &nbsp;&nbsp;&nbsp;**Water Utilities – 1.0%** | &nbsp;&nbsp;&nbsp;**Water Utilities – 1.0%** | &nbsp;&nbsp;&nbsp;**Water Utilities – 1.0%** |
| &nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 68670 | 8961435 |
|  |  | **8961435** |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 1.7%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 1.7%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 1.7%** |
| &nbsp;&nbsp;&nbsp; T-Mobile U.S., Inc. | 76363 | 15504744 |
|  |  | **15504744** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $830,780,272) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $830,780,272) | **895571209** |

---

---

| | | |
|:---|:---|:---|
|  | **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., 1.06%, dated 12/31/2025, proceeds at maturity value of $4,503,514, due 1/2/2026<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4503249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4503249 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $4,503,249) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $4,503,249) | **4503249** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $835,283,521) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $835,283,521) | **900074458** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | **(767040)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**899307418** |

---

<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 | 2.75% | 4/30/2027 | $4615800 | $4593437 |

---

#### Legend:
ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

**The following is a summary of the inputs used as of December 31, 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 | $853339387 | $42231822 \* | $— | $895571209 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 4503249 |  | 4503249 |
| &nbsp;&nbsp;&nbsp;**Total** | $**853339387** | $**46735071** | $**—** | $**900074458** |

---

\* 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 December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900074458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 1308672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 46458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 10722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 22295 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **901462616** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 858755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 762534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 385549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 23441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 10727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 4523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 109669 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **2155198** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**899307418** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $748690802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 150616616 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**899307418** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $835283521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $11 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **64599173** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$13.92** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $18889309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 169381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (253998) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **18804692** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 3297150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 178205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 177242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 114586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 72501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 20422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 12747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 22451 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **3895304** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (212917) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **3682387** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **15122305** |
| &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 | 51852957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 125891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 57108838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 5294 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **109092980** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**124215285** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the**<br> **Year Ended<br>12/31/25** | **For the**<br> **Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $15122305 | $3180750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 51978848 | 7465288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies | 57114132 | 2358083 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **124215285** | **13004121** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 790873244<sup>1</sup> | 4493981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (140053534) | (32101112) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions** | **650819710** | **(27607131)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets** | **775034995** | **(14603010)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 124272423 | 138875433 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899307418 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124272423 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 64985263 | 393803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (10633775) | (2748425) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease)** | **54351488** | **(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.*

------

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**5**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past five years (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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **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; Year Ended 12/31/25 | $12.13 | $0.30 | $1.49 | $1.79 | $13.92 | 14.76% |
| &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>(4)</sup>** | 10.00 | 0.18 | 0.08 | 0.26 | 10.26 | 2.60%**<sup>(5)</sup>** |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| $899307 | 0.56% | 0.59% | 2.29% | 2.26% | 152% |
| 124272 | 0.63% | 0.67% | 2.38% | 2.34% | 37% |
| 138875 | 0.55% | 0.65% | 2.60% | 2.50% | 37% |
| 143109 | 0.54%**<sup>(5)</sup>** | 0.64%**<sup>(5)</sup>** | 2.68%**<sup>(5)</sup>** | 2.58%**<sup>(5)</sup>** | 36%**<sup>(5)</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> Commenced operations on May 2, 2022.

<sup>(5)</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. 

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

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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 year ended December 31, 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 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**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** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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,

10.0 ------

litigation and extraordinary expenses). Prior to May 1, 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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $212,917.

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 $992,462,008 and $1,023,387,039, respectively, for the year ended December 31, 2025. During the year ended December 31, 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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on

**11**

------

trade) 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g61977g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Equity Income VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Equity Income VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the three years in the period ended December 31, 2025 and for the period May 2, 2022 (commencement of operations) through December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the three years in the period ended December 31, 2025 and for the period May 2, 2022 (commencement of operations) through December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**13**

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#### 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
Not applicable.

14.0 ------

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**15**

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**17**

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**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](g61977g84s34.jpg)

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

PUB11739

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Select Mid Cap Core VIP Fund
![LOGO](g56861g40s74.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](#fin9toc56861_1)** |  |
| [Schedule of Investments](#fin9toc56861_2) | 1 |
| [Statement of Assets and Liabilities](#fin9toc56861_3) | 5 |
| [Statement of Operations](#fin9toc56861_4) | 5 |
| [Statements of Changes in Net Assets](#fin9toc56861_5) | 6 |
| [Financial Highlights](#fin9toc56861_6) | 8 |
| [Notes to Financial Statements](#fin9toc56861_7) | 10 |
| [Report of Independent Registered Public Accounting Firm](#fin9toc56861_8) | 15 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin9toc56861_9)** | 16 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin9toc56861_10)** | 16 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin9toc56861_11)** | 16 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin9toc56861_12)** | 16 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 99.2%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.2%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.2%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 4.6%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 4.6%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 4.6%** |
| &nbsp;&nbsp;&nbsp; Beta Technologies, Inc., Class A<sup>(1)</sup> | 900 | $25389 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 6661 | 2097149 |
| &nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 750 | 413452 |
| &nbsp;&nbsp;&nbsp; HEICO Corp., Class A | 6746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702893 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 9080 | 1861582 |
| &nbsp;&nbsp;&nbsp; StandardAero, Inc.<sup>(1)</sup> | 1010 | 28967 |
| &nbsp;&nbsp;&nbsp; Woodward, Inc. | 5420 | 1638574 |
|  |  | **7768006** |
| &nbsp;&nbsp;&nbsp;**Automobile Components – 0.4%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.4%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.4%** |
| &nbsp;&nbsp;&nbsp; LCI Industries | 5251 | 637156 |
|  |  | **637156** |
| &nbsp;&nbsp;&nbsp;**Banks – 7.7%** | &nbsp;&nbsp;&nbsp;**Banks – 7.7%** | &nbsp;&nbsp;&nbsp;**Banks – 7.7%** |
| &nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 12836 | 330655 |
| &nbsp;&nbsp;&nbsp; Bancorp, Inc.<sup>(1)</sup> | 34660 | 2340243 |
| &nbsp;&nbsp;&nbsp; Comerica, Inc. | 6172 | 536532 |
| &nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 8409 | 945088 |
| &nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 43563 | 802866 |
| &nbsp;&nbsp;&nbsp; First Horizon Corp. | 42897 | 1025238 |
| &nbsp;&nbsp;&nbsp; FNB Corp. | 65248 | 1115741 |
| &nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 10976 | 698952 |
| &nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 4702 | 333842 |
| &nbsp;&nbsp;&nbsp; Piraeus Bank SA (Greece) | 41098 | 326738 |
| &nbsp;&nbsp;&nbsp; Popular, Inc. | 7070 | 880356 |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 16281 | 814864 |
| &nbsp;&nbsp;&nbsp; UMB Financial Corp. | 5613 | 645720 |
| &nbsp;&nbsp;&nbsp; Webster Financial Corp. | 17846 | 1123227 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorp | 7871 | 661715 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 4400 | 615208 |
|  |  | **13196985** |
| &nbsp;&nbsp;&nbsp;**Beverages – 0.5%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.5%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.5%** |
| &nbsp;&nbsp;&nbsp; Boston Beer Co., Inc., Class A<sup>(1)</sup> | 251 | 48978 |
| &nbsp;&nbsp;&nbsp; Celsius Holdings, Inc.<sup>(1)</sup> | 8420 | 385131 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 3124 | 478909 |
|  |  | **913018** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 1.9%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.9%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.9%** |
| &nbsp;&nbsp;&nbsp; Cytokinetics, Inc.<sup>(1)</sup> | 8550 | 543267 |
| &nbsp;&nbsp;&nbsp; Legend Biotech Corp., ADR<sup>(1)</sup> | 15540 | 337840 |
| &nbsp;&nbsp;&nbsp; Moderna, Inc.<sup>(1)</sup> | 14000 | 412860 |
| &nbsp;&nbsp;&nbsp; Roivant Sciences Ltd.<sup>(1)</sup> | 13180 | 286006 |
| &nbsp;&nbsp;&nbsp; Soleno Therapeutics, Inc.<sup>(1)</sup> | 6000 | 277800 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp.<sup>(1)</sup> | 1440 | 701640 |
| &nbsp;&nbsp;&nbsp; Veracyte, Inc.<sup>(1)</sup> | 15550 | 654655 |
|  |  | **3214068** |
| &nbsp;&nbsp;&nbsp;**Building Products – 1.4%** | &nbsp;&nbsp;&nbsp;**Building Products – 1.4%** | &nbsp;&nbsp;&nbsp;**Building Products – 1.4%** |
| &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 3516 | 1124628 |
| &nbsp;&nbsp;&nbsp; Owens Corning | 3630 | 406233 |
| &nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 1730 | 279343 |
| &nbsp;&nbsp;&nbsp; Trex Co., Inc.<sup>(1)</sup> | 15510 | 544091 |
|  |  | **2354295** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.5%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.5%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.5%** |
| &nbsp;&nbsp;&nbsp; Amundi SA (France)<sup>(2)</sup> | 7140 | $590508 |
| &nbsp;&nbsp;&nbsp; Blue Owl Capital, Inc. | 54696 | 817158 |
| &nbsp;&nbsp;&nbsp; Carlyle Group, Inc. | 6310 | 372984 |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 10589 | 656200 |
| &nbsp;&nbsp;&nbsp; Marex Group PLC | 22072 | 846682 |
| &nbsp;&nbsp;&nbsp; Patria Investments Ltd., Class A | 53553 | 850957 |
| &nbsp;&nbsp;&nbsp; Wealthfront Corp.<sup>(1)</sup> | 5350 | 72707 |
|  |  | **4207196** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 1.1%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.1%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.1%** |
| &nbsp;&nbsp;&nbsp; Avient Corp. | 13143 | 410587 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc. | 10984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142336 |
| &nbsp;&nbsp;&nbsp; Westlake Corp. | 5592 | 413473 |
|  |  | **1966396** |
| &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. | 11776 | 1374612 |
|  |  | **1374612** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 1.4%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 1.4%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 1.4%** |
| &nbsp;&nbsp;&nbsp; Ciena Corp.<sup>(1)</sup> | 10237 | 2394127 |
|  |  | **2394127** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 2.4%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 2.4%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 2.4%** |
| &nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 1860 | 1735920 |
| &nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 2870 | 1755837 |
| &nbsp;&nbsp;&nbsp; WillScot Holdings Corp. | 33095 | 623179 |
|  |  | **4114936** |
| &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. | 4256 | 879630 |
|  |  | **879630** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.1%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.1%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.1%** |
| &nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 2612 | 416300 |
| &nbsp;&nbsp;&nbsp; SLM Corp. | 56727 | 1535033 |
|  |  | **1951333** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 3.1%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 3.1%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 3.1%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., Class A | 14872 | 255352 |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 8625 | 776509 |
| &nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 2218 | 1225911 |
| &nbsp;&nbsp;&nbsp; Maplebear, Inc.<sup>(1)</sup> | 7413 | 333437 |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co.<sup>(1)</sup> | 12201 | 1097114 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc.<sup>(1)</sup> | 5226 | 416355 |
| &nbsp;&nbsp;&nbsp; U.S. Foods Holding Corp.<sup>(1)</sup> | 14865 | 1119632 |
|  |  | **5224310** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.6%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.6%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.6%** |
| &nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 10639 | 1095498 |
|  |  | **1095498** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 1.1%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 1.1%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 1.1%** |
| &nbsp;&nbsp;&nbsp; Duolingo, Inc.<sup>(1)</sup> | 2980 | 522990 |
| &nbsp;&nbsp;&nbsp; Service Corp. International | 16619 | 1295783 |
|  |  | **1818773** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 0.2%** |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc.<sup>(1)</sup> | 9395 | $357668 |
|  |  | **357668** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.2%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.2%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.2%** |
| &nbsp;&nbsp;&nbsp; IDACORP, Inc. | 1187 | 150227 |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp. | 15580 | 665266 |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 3295 | 292266 |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | 9508 | 456289 |
| &nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 9115 | 536691 |
|  |  | **2100739** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.3%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.3%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.3%** |
| &nbsp;&nbsp;&nbsp; Acuity, Inc. | 2470 | 889299 |
| &nbsp;&nbsp;&nbsp; Nextpower, Inc., Class A<sup>(1)</sup> | 9080 | 790959 |
| &nbsp;&nbsp;&nbsp; nVent Electric PLC | 12640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288901 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 6402 | 898328 |
|  |  | **3867487** |
| &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; Coherent Corp.<sup>(1)</sup> | 19091 | 3523626 |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. | 5737 | 1308151 |
| &nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 8691 | 1305649 |
|  |  | **6137426** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.8%** |
| &nbsp;&nbsp;&nbsp; Liberty Energy, Inc. | 22871 | 422199 |
| &nbsp;&nbsp;&nbsp; Weatherford International PLC | 11923 | 933094 |
|  |  | **1355293** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.1%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.1%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.1%** |
| &nbsp;&nbsp;&nbsp; Warner Music Group Corp., Class A | 2999 | 91979 |
|  |  | **91979** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 1.2%** | &nbsp;&nbsp;&nbsp;**Financial Services – 1.2%** | &nbsp;&nbsp;&nbsp;**Financial Services – 1.2%** |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | 3113 | 202376 |
| &nbsp;&nbsp;&nbsp; NMI Holdings, Inc.<sup>(1)</sup> | 18025 | 735240 |
| &nbsp;&nbsp;&nbsp; UWM Holdings Corp. | 3771 | 16517 |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 15447 | 1150647 |
|  |  | **2104780** |
| &nbsp;&nbsp;&nbsp;**Food Products – 0.4%** | &nbsp;&nbsp;&nbsp;**Food Products – 0.4%** | &nbsp;&nbsp;&nbsp;**Food Products – 0.4%** |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.<sup>(1)</sup> | 10279 | 370044 |
| &nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | 3925 | 42704 |
| &nbsp;&nbsp;&nbsp; Ingredion, Inc. | 3257 | 359117 |
|  |  | **771865** |
| &nbsp;&nbsp;&nbsp;**Gas Utilities – 1.1%** | &nbsp;&nbsp;&nbsp;**Gas Utilities – 1.1%** | &nbsp;&nbsp;&nbsp;**Gas Utilities – 1.1%** |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 7581 | 606935 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 5765 | 461315 |
| &nbsp;&nbsp;&nbsp; UGI Corp. | 21045 | 787715 |
|  |  | **1855965** |
| &nbsp;&nbsp;&nbsp;**Ground Transportation – 2.2%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 2.2%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 2.2%** |
| &nbsp;&nbsp;&nbsp; Landstar System, Inc. | 8548 | 1228347 |
| &nbsp;&nbsp;&nbsp; XPO, Inc.<sup>(1)</sup> | 18671 | 2537576 |
|  |  | **3765923** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &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; Insulet Corp.<sup>(1)</sup> | 1830 | $520159 |
| &nbsp;&nbsp;&nbsp; Masimo Corp.<sup>(1)</sup> | 10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352624 |
| &nbsp;&nbsp;&nbsp; Penumbra, Inc.<sup>(1)</sup> | 5250 | 1632278 |
|  |  | **3505061** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.1%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.1%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.1%** |
| &nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc.<sup>(1)</sup> | 26000 | 513500 |
| &nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc.<sup>(1)</sup> | 18900 | 707805 |
| &nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.<sup>(1)</sup> | 2400 | 77928 |
| &nbsp;&nbsp;&nbsp; Privia Health Group, Inc.<sup>(1)</sup> | 22090 | 523754 |
| &nbsp;&nbsp;&nbsp; Surgery Partners, Inc.<sup>(1)</sup> | 15770 | 243646 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.<sup>(1)</sup> | 7630 | 1516234 |
|  |  | **3582867** |
| &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. | 15633 | 1209682 |
|  |  | **1209682** |
| &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; Doximity, Inc., Class A<sup>(1)</sup> | 3000 | 132840 |
| &nbsp;&nbsp;&nbsp; Waystar Holding Corp.<sup>(1)</sup> | 23800 | 779450 |
|  |  | **912290** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.1%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.1%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.1%** |
| &nbsp;&nbsp;&nbsp; Aramark | 34563 | 1273992 |
| &nbsp;&nbsp;&nbsp; Brinker International, Inc.<sup>(1)</sup> | 3807 | 546381 |
| &nbsp;&nbsp;&nbsp; Cava Group, Inc.<sup>(1)</sup> | 8011 | 470165 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc.<sup>(1)</sup> | 13833 | 619027 |
| &nbsp;&nbsp;&nbsp; Sportradar Group AG, Class A<sup>(1)</sup> | 16127 | 383339 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 2676 | 322003 |
|  |  | **3614907** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 2.5%** | &nbsp;&nbsp;&nbsp;**Household Durables – 2.5%** | &nbsp;&nbsp;&nbsp;**Household Durables – 2.5%** |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc. | 21386 | 1909342 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp.<sup>(1)</sup> | 12815 | 754419 |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 11243 | 1520279 |
|  |  | **4184040** |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers – 1.1%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers – 1.1%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers – 1.1%** |
| &nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 5135 | 567263 |
| &nbsp;&nbsp;&nbsp; Talen Energy Corp.<sup>(1)</sup> | 3453 | 1294323 |
|  |  | **1861586** |
| &nbsp;&nbsp;&nbsp;**Industrial REITs – 1.1%** | &nbsp;&nbsp;&nbsp;**Industrial REITs – 1.1%** | &nbsp;&nbsp;&nbsp;**Industrial REITs – 1.1%** |
| &nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 5130 | 913858 |
| &nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 15920 | 934663 |
|  |  | **1848521** |
| &nbsp;&nbsp;&nbsp;**Insurance – 4.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.0%** |
| &nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 10396 | 1420925 |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. | 3736 | 899816 |
| &nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc.<sup>(1)</sup> | 47276 | 1136042 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.<sup>(1)</sup> | 1440 | 93298 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 9033 | 1837854 |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 6066 | 507542 |
| &nbsp;&nbsp;&nbsp; Unum Group | 11470 | 888925 |
|  |  | **6784402** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 0.4%** |
| &nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A<sup>(1)</sup> | 28100 | $727509 |
|  |  | **727509** |
| &nbsp;&nbsp;&nbsp;**IT Services – 2.4%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.4%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.4%** |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.<sup>(1)</sup> | 22666 | 602009 |
| &nbsp;&nbsp;&nbsp; Okta, Inc.<sup>(1)</sup> | 14890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287538 |
| &nbsp;&nbsp;&nbsp; Twilio, Inc., Class A<sup>(1)</sup> | 15575 | 2215388 |
|  |  | **4104935** |
| &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; 10X Genomics, Inc., Class A<sup>(1)</sup> | 13990 | 228177 |
| &nbsp;&nbsp;&nbsp; Repligen Corp.<sup>(1)</sup> | 7100 | 1163406 |
| &nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech (France) | 2600 | 639745 |
|  |  | **2031328** |
| &nbsp;&nbsp;&nbsp;**Machinery – 5.4%** | &nbsp;&nbsp;&nbsp;**Machinery – 5.4%** | &nbsp;&nbsp;&nbsp;**Machinery – 5.4%** |
| &nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 8496 | 831758 |
| &nbsp;&nbsp;&nbsp; Crane Co. | 9330 | 1720732 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | 2450 | 478338 |
| &nbsp;&nbsp;&nbsp; Esab Corp. | 16000 | 1787520 |
| &nbsp;&nbsp;&nbsp; Flowserve Corp. | 30815 | 2137945 |
| &nbsp;&nbsp;&nbsp; ITT, Inc. | 12841 | 2228042 |
|  |  | **9184335** |
| &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> | 13952 | 1537231 |
|  |  | **1537231** |
| &nbsp;&nbsp;&nbsp;**Media – 0.9%** | &nbsp;&nbsp;&nbsp;**Media – 0.9%** | &nbsp;&nbsp;&nbsp;**Media – 0.9%** |
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Class A<sup>(1)</sup> | 6283 | 682962 |
| &nbsp;&nbsp;&nbsp; New York Times Co., Class A | 7490 | 519956 |
| &nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. | 1372 | 278584 |
|  |  | **1481502** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.8%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.8%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.8%** |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.<sup>(1)</sup> | 49160 | 652845 |
| &nbsp;&nbsp;&nbsp; Lundin Mining Corp. (Canada) | 52786 | 1134521 |
| &nbsp;&nbsp;&nbsp; Reliance, Inc. | 4547 | 1313492 |
|  |  | **3100858** |
| &nbsp;&nbsp;&nbsp;**Office REITs – 0.6%** | &nbsp;&nbsp;&nbsp;**Office REITs – 0.6%** | &nbsp;&nbsp;&nbsp;**Office REITs – 0.6%** |
| &nbsp;&nbsp;&nbsp; Postal Realty Trust, Inc., Class A | 52368 | 845220 |
| &nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 5320 | 244028 |
|  |  | **1089248** |
| &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> | 37822 | 1303346 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. | 6929 | 764684 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 16815 | 774835 |
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 15489 | 332549 |
| &nbsp;&nbsp;&nbsp; Permian Resources Corp. | 81320 | 1140920 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP | 28572 | 513153 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | 3951 | 728960 |
|  |  | **5558447** |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products – 0.4%** | &nbsp;&nbsp;&nbsp;**Paper & Forest Products – 0.4%** | &nbsp;&nbsp;&nbsp;**Paper & Forest Products – 0.4%** |
| &nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 8527 | 688641 |
|  |  | **688641** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Personal Care Products – 0.2%** | &nbsp;&nbsp;&nbsp;**Personal Care Products – 0.2%** | &nbsp;&nbsp;&nbsp;**Personal Care Products – 0.2%** |
| &nbsp;&nbsp;&nbsp; BellRing Brands, Inc.<sup>(1)</sup> | 6455 | $172542 |
| &nbsp;&nbsp;&nbsp; e.l.f. Beauty, Inc.<sup>(1)</sup> | 2921 | 222113 |
|  |  | **394655** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.1%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.1%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.1%** |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.<sup>(1)</sup> | 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244650 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A | 17720 | 684701 |
|  |  | **1929351** |
| &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> | 3400 | 1811554 |
| &nbsp;&nbsp;&nbsp; KBR, Inc. | 18210 | 732042 |
|  |  | **2543596** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 1.0%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 1.0%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 1.0%** |
| &nbsp;&nbsp;&nbsp; Compass, Inc., Class A<sup>(1)</sup> | 45220 | 477975 |
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.<sup>(1)</sup> | 3440 | 1157457 |
|  |  | **1635432** |
| &nbsp;&nbsp;&nbsp;**Residential REITs – 0.9%** | &nbsp;&nbsp;&nbsp;**Residential REITs – 0.9%** | &nbsp;&nbsp;&nbsp;**Residential REITs – 0.9%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 18390 | 590319 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | 4030 | 443622 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 4490 | 556356 |
|  |  | **1590297** |
| &nbsp;&nbsp;&nbsp;**Retail REITs – 0.8%** | &nbsp;&nbsp;&nbsp;**Retail REITs – 0.8%** | &nbsp;&nbsp;&nbsp;**Retail REITs – 0.8%** |
| &nbsp;&nbsp;&nbsp; Macerich Co. | 17850 | 329511 |
| &nbsp;&nbsp;&nbsp; Tanger, Inc. | 8120 | 270964 |
| &nbsp;&nbsp;&nbsp; Urban Edge Properties | 41190 | 790436 |
|  |  | **1390911** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 3.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 3.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 3.1%** |
| &nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc.<sup>(1)</sup> | 27551 | 726795 |
| &nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 11071 | 1896241 |
| &nbsp;&nbsp;&nbsp; MKS, Inc. | 7061 | 1128348 |
| &nbsp;&nbsp;&nbsp; Nova Ltd.<sup>(1)</sup> | 1639 | 538231 |
| &nbsp;&nbsp;&nbsp; Rambus, Inc.<sup>(1)</sup> | 10021 | 920830 |
|  |  | **5210445** |
| &nbsp;&nbsp;&nbsp;**Software – 3.0%** | &nbsp;&nbsp;&nbsp;**Software – 3.0%** | &nbsp;&nbsp;&nbsp;**Software – 3.0%** |
| &nbsp;&nbsp;&nbsp; Commvault Systems, Inc.<sup>(1)</sup> | 4505 | 564747 |
| &nbsp;&nbsp;&nbsp; Dynatrace, Inc.<sup>(1)</sup> | 23533 | 1019920 |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 19490 | 529933 |
| &nbsp;&nbsp;&nbsp; Guidewire Software, Inc.<sup>(1)</sup> | 6055 | 1217116 |
| &nbsp;&nbsp;&nbsp; Nutanix, Inc., Class A<sup>(1)</sup> | 9662 | 499429 |
| &nbsp;&nbsp;&nbsp; PTC, Inc.<sup>(1)</sup> | 2899 | 505035 |
| &nbsp;&nbsp;&nbsp; Rubrik, Inc., , Class A<sup>(1)</sup> | 9184 | 702392 |
|  |  | **5038572** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.3%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.3%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.3%** |
| &nbsp;&nbsp;&nbsp; CubeSmart | 15319 | 552250 |
| &nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 30690 | 707711 |
| &nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 40791 | 983063 |
|  |  | **2243024** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 3.8%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 3.8%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 3.8%** |
| &nbsp;&nbsp;&nbsp; Aritzia, Inc. (Canada)<sup>(1)</sup> | 10067 | 860706 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 37871 | 760450 |

---

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

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **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; Burlington Stores, Inc.<sup>(1)</sup> | 3585 | $| 1035527 |
| &nbsp;&nbsp;&nbsp; Chewy, Inc., Class A<sup>(1)</sup> | 16454 |  | 543805 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 5469 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082698 |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 9620 |  | 585762 |
| &nbsp;&nbsp;&nbsp; Gap, Inc. | 25316 |  | 648089 |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 1717 |  | 692844 |
| &nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 1108 |  | 197878 |
|  |  |  | **6407759** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 0.8%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 0.8%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 0.8%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 0.8%** |
| &nbsp;&nbsp;&nbsp; Pure Storage, Inc., Class A<sup>(1)</sup> | 570 |  | 38195 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | 7251 |  | 1249130 |
|  |  |  | **1287325** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.6%** |
| &nbsp;&nbsp;&nbsp; Amer Sports, Inc.<sup>(1)</sup> | 22798 |  | 851505 |
| &nbsp;&nbsp;&nbsp; Birkenstock Holding PLC<sup>(1)</sup> | 18208 |  | 744707 |
| &nbsp;&nbsp;&nbsp; PVH Corp. | 6472 |  | 433754 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | 6075 |  | 776203 |
|  |  |  | **2806169** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 2.4%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 2.4%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 2.4%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 2.4%** |
| &nbsp;&nbsp;&nbsp; Core & Main, Inc., Class A<sup>(1)</sup> | 14590 |  | 758242 |
| &nbsp;&nbsp;&nbsp; Watsco, Inc. | 2740 |  | 923243 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. | 9769 |  | 2389888 |
|  |  |  | **4071373** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks**<br> (Cost $133,533,401) | &nbsp;&nbsp;&nbsp;**Total Common Stocks**<br> (Cost $133,533,401) |  | **169075763** |
|  | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.1%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.1%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.1%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.1%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills<br>3.807%% due 2/26/2026<sup>(3)</sup> | $20000 |  | 19890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% due 1/29/2026<sup>(3)</sup> | 110000 |  | 109710 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills**<br> (Cost $129,560) | &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills**<br> (Cost $129,560) |  | **129600** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **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., 1.06%, dated 12/31/2025, proceeds at maturity value of $1,454,136, due 1/2/2026<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454051 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454051 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,454,051) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,454,051) | **1454051** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $135,117,012) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $135,117,012) | **170659414** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | **(224230)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**170435184** |

---

<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 December 31, 2025, the aggregate market value of this security amounted to $590,508, representing 0.3% 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. 

<sup>(3)</sup> Interest rate shown reflects the discount rate at time of purchase.

<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 | 4.50% | 5/15/2027 | $1455100 | $1483156 |

---

#### Legend:
ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

**The following is a summary of the inputs used as of December 31, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167518772 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556991 \* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169075763 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 129600 |  | 129600 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1454051 |  | 1454051 |
| &nbsp;&nbsp;&nbsp;**Total** | $**167518772** | $**3140642** | $**—** | $**170659414** |

---

\* 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 December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170659414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 216053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 127603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 4653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 6905 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **171014628** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian foreign currency | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 309331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 78253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 77965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 36912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 31217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 11252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 32844 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **579444** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**170435184** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $129253861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 41181323 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**170435184** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $135117012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, proceeds | $147 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **13658605** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$12.48** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $2375125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 36224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (10036) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **2401313** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 937228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 442089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 94819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 76505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 61841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 47185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 17674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 11417 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1689337** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **711976** |
| &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 | 17214976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (103745) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 3467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (195914) |
| &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 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments, Derivative Contracts and Foreign Currency Transactions** | **16930079** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**17642055** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | **For the<br>Year Ended<br>12/31/25** | **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) | $711976 | $1538667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions | 17114698 | 10532840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies | (184619) | 12815751 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **17642055** | **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 | 6623963 | 3574721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (43566444) | (62649377) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(36942481)** | **(59074656)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(19300426)** | **(34187398)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 189735610 | 223923008 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170435184 | $&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 | 605293 | 336885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3729133) | (5821766) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(3123840)** | **(5484881)** |

---

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

------

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**7**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past five years (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> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | **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<br>of Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/25 | $11.31 | $0.05 | $1.12 | $1.17 | $12.48 | 10.34% |
| &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>(4)</sup> | 10.00 | 0.02 | 0.06 | 0.08 | 10.08 | 0.80%<sup>(5)</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** |
| $170435 | 0.96% | 0.96% | 0.40% | 0.40% | 60% |
| 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>(5)</sup> | 0.90%<sup>(5)</sup> | 0.96%<sup>(5)</sup> | 0.88%<sup>(5)</sup> | 93%<sup>(5)</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> Commenced operations on October 25, 2021.

<sup>(5)</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. 

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

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

10.0 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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. 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 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**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** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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.

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

12.0 ------

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 year ended December 31, 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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $442,089 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 $104,755,437 and $140,083,277, respectively, for the year ended December 31, 2025. During the year ended December 31, 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.

**13**

------

**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 year ended December 31, 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 December 31, 2025.

Transactions in derivative investments for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  | **Equity**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>1</sup> | $(103745) |
| &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> | $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. 

**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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g56861g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Select Mid Cap Core VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Select Mid Cap Core VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period October 25, 2021 (commencement of operations) through December 31, 2021 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period October 25, 2021 (commencement of operations) through December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**15**

------

#### &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
Not applicable.

16.0 ------

This Page Intentionally Left Blank

**17**

------

**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](g56861g84s34.jpg)

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

PUB11408

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Small-Mid Cap Core VIP Fund
![LOGO](g32496g40s74.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](#fin10toc32496_1)** |  |
| [Schedule of Investments](#fin10toc32496_2) | 1 |
| [Statement of Assets and Liabilities](#fin10toc32496_3) | 3 |
| [Statement of Operations](#fin10toc32496_4) | 3 |
| [Statements of Changes in Net Assets](#fin10toc32496_5) | 4 |
| [Financial Highlights](#fin10toc32496_6) | 6 |
| [Notes to Financial Statements](#fin10toc32496_7) | 8 |
| [Report of Independent Registered<br>Public Accounting Firm](#fin10toc32496_8) | 13 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin10toc32496_9)** | 14 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin10toc32496_10)** | 14 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin10toc32496_11)** | 14 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin10toc32496_12)** | 14 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **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 – 4.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 4.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 4.1%** |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 18320 | $&nbsp;&nbsp;&nbsp;&nbsp;3166429 |
| &nbsp;&nbsp;&nbsp; Melrose Industries PLC<br>(United Kingdom) | 384577 | 3025696 |
| &nbsp;&nbsp;&nbsp; V2X, Inc.<sup>(1)</sup> | 47803 | 2607654 |
|  |  | **8799779** |
| &nbsp;&nbsp;&nbsp;**Automobile Components – 1.3%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 1.3%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 1.3%** |
| &nbsp;&nbsp;&nbsp; Gentherm, Inc.<sup>(1)</sup> | 76676 | 2788706 |
|  |  | **2788706** |
| &nbsp;&nbsp;&nbsp;**Banks – 6.1%** | &nbsp;&nbsp;&nbsp;**Banks – 6.1%** | &nbsp;&nbsp;&nbsp;**Banks – 6.1%** |
| &nbsp;&nbsp;&nbsp; Ameris Bancorp | 44591 | 3311774 |
| &nbsp;&nbsp;&nbsp; Axos Financial, Inc.<sup>(1)</sup> | 33918 | 2922375 |
| &nbsp;&nbsp;&nbsp; Webster Financial Corp. | 54509 | 3430796 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 24551 | 3432721 |
|  |  | **13097666** |
| &nbsp;&nbsp;&nbsp;**Building Products – 3.8%** | &nbsp;&nbsp;&nbsp;**Building Products – 3.8%** | &nbsp;&nbsp;&nbsp;**Building Products – 3.8%** |
| &nbsp;&nbsp;&nbsp; AAON, Inc. | 34688 | 2644960 |
| &nbsp;&nbsp;&nbsp; AZZ, Inc. | 27983 | 2999218 |
| &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 8133 | 2601421 |
|  |  | **8245599** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 3.2%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 3.2%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 3.2%** |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 13656 | 3427656 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 21452 | 3444977 |
|  |  | **6872633** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 2.2%** | &nbsp;&nbsp;&nbsp;**Chemicals – 2.2%** | &nbsp;&nbsp;&nbsp;**Chemicals – 2.2%** |
| &nbsp;&nbsp;&nbsp; Ashland, Inc. | 46159 | 2708148 |
| &nbsp;&nbsp;&nbsp; Westlake Corp. | 26936 | 1991648 |
|  |  | **4699796** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 2.1%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 2.1%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 2.1%** |
| &nbsp;&nbsp;&nbsp; Montrose Environmental Group, Inc.<sup>(1)</sup> | 103175 | 2561835 |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | 9578 | 2029866 |
|  |  | **4591701** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.8%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.8%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.8%** |
| &nbsp;&nbsp;&nbsp; API Group Corp.<sup>(1)</sup> | 100130 | 3830974 |
|  |  | **3830974** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 2.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 2.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 2.2%** |
| &nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 30499 | 3140482 |
| &nbsp;&nbsp;&nbsp; International Paper Co. | 42219 | 1663006 |
|  |  | **4803488** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 3.7%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 3.7%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 3.7%** |
| &nbsp;&nbsp;&nbsp; Allient, Inc. | 72975 | 3922406 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 28165 | 3952113 |
|  |  | **7874519** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 5.8%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 5.8%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 5.8%** |
| &nbsp;&nbsp;&nbsp; Littelfuse, Inc. | 13176 | 3332474 |
| &nbsp;&nbsp;&nbsp; Mirion Technologies, Inc.<sup>(1)</sup> | 116111 | 2719320 |
| &nbsp;&nbsp;&nbsp; Ralliant Corp. | 61444 | 3128114 |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.<sup>(1)</sup> | 6629 | 3385629 |
|  |  | **12565537** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 1.5%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.5%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.5%** |
| &nbsp;&nbsp;&nbsp; Roku, Inc.<sup>(1)</sup> | 28915 | $3136988 |
|  |  | **3136988** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 1.4%** | &nbsp;&nbsp;&nbsp;**Financial Services – 1.4%** | &nbsp;&nbsp;&nbsp;**Financial Services – 1.4%** |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | 46414 | 3017374 |
|  |  | **3017374** |
| &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; Haemonetics Corp.<sup>(1)</sup> | 35099 | 2813185 |
| &nbsp;&nbsp;&nbsp; LivaNova PLC<sup>(1)</sup> | 48650 | 2993434 |
|  |  | **5806619** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.5%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.5%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.5%** |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc.<sup>(1)</sup> | 37273 | 3414580 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 7426 | 1902021 |
|  |  | **5316601** |
| &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.4%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.4%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.4%** |
| &nbsp;&nbsp;&nbsp; Schrodinger, Inc.<sup>(1)</sup> | 46710 | 835175 |
|  |  | **835175** |
| &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; DraftKings, Inc., Class A<sup>(1)</sup> | 56027 | 1930690 |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Inc., Class A<sup>(1)</sup> | 31557 | 3422988 |
|  |  | **5353678** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 1.7%** | &nbsp;&nbsp;&nbsp;**Household Durables – 1.7%** | &nbsp;&nbsp;&nbsp;**Household Durables – 1.7%** |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 27085 | 3662434 |
|  |  | **3662434** |
| &nbsp;&nbsp;&nbsp;**Industrial REITs – 1.5%** | &nbsp;&nbsp;&nbsp;**Industrial REITs – 1.5%** | &nbsp;&nbsp;&nbsp;**Industrial REITs – 1.5%** |
| &nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 53416 | 3136053 |
|  |  | **3136053** |
| &nbsp;&nbsp;&nbsp;**Insurance – 7.1%** | &nbsp;&nbsp;&nbsp;**Insurance – 7.1%** | &nbsp;&nbsp;&nbsp;**Insurance – 7.1%** |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.<sup>(1)</sup> | 22659 | 2173451 |
| &nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 26412 | 2828461 |
| &nbsp;&nbsp;&nbsp; First American Financial Corp. | 43510 | 2673254 |
| &nbsp;&nbsp;&nbsp; HCI Group, Inc. | 10397 | 1993001 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 13478 | 2742234 |
| &nbsp;&nbsp;&nbsp; Unum Group | 36319 | 2814723 |
|  |  | **15225124** |
| &nbsp;&nbsp;&nbsp;**IT Services – 1.2%** | &nbsp;&nbsp;&nbsp;**IT Services – 1.2%** | &nbsp;&nbsp;&nbsp;**IT Services – 1.2%** |
| &nbsp;&nbsp;&nbsp; Okta, Inc.<sup>(1)</sup> | 28849 | 2494573 |
|  |  | **2494573** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 6.2%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 6.2%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 6.2%** |
| &nbsp;&nbsp;&nbsp; Azenta, Inc.<sup>(1)</sup> | 108933 | 3623111 |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 15235 | 4616053 |
| &nbsp;&nbsp;&nbsp; Bruker Corp. | 64416 | 3034638 |
| &nbsp;&nbsp;&nbsp; ICON PLC<sup>(1)</sup> | 11945 | 2176618 |
|  |  | **13450420** |
| &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> | 32790 | 3612802 |
|  |  | **3612802** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.6%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.6%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.6%** |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | 50618 | 3503778 |
|  |  | **3503778** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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> | 96510 | $3325735 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 84833 | 2232804 |
|  |  | **5558539** |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products – 1.5%** | &nbsp;&nbsp;&nbsp;**Paper & Forest Products – 1.5%** | &nbsp;&nbsp;&nbsp;**Paper & Forest Products – 1.5%** |
| &nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 41075 | 3317217 |
|  |  | **3317217** |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines – 1.1%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines – 1.1%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines – 1.1%** |
| &nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.<sup>(1)</sup> | 47829 | 2405799 |
|  |  | **2405799** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.7%** |
| &nbsp;&nbsp;&nbsp; TransUnion | 16986 | 1456550 |
|  |  | **1456550** |
| &nbsp;&nbsp;&nbsp;**Residential REITs – 1.2%** | &nbsp;&nbsp;&nbsp;**Residential REITs – 1.2%** | &nbsp;&nbsp;&nbsp;**Residential REITs – 1.2%** |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 21783 | 2699132 |
|  |  | **2699132** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.6%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.6%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.6%** |
| &nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc.<sup>(1)</sup> | 89820 | 2369451 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 66403 | 5642927 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.<sup>(1)</sup> | 73445 | 3977047 |
|  |  | **11989425** |
| &nbsp;&nbsp;&nbsp;**Software – 3.3%** | &nbsp;&nbsp;&nbsp;**Software – 3.3%** | &nbsp;&nbsp;&nbsp;**Software – 3.3%** |
| &nbsp;&nbsp;&nbsp; CCC Intelligent Solutions <br>Holdings,<br>Inc.<sup>(1)</sup> | 275351 | 2189040 |
| &nbsp;&nbsp;&nbsp; Dynatrace, Inc.<sup>(1)</sup> | 63084 | 2734061 |
| &nbsp;&nbsp;&nbsp; SPS Commerce, Inc.<sup>(1)</sup> | 25771 | 2296969 |
|  |  | **7220070** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.3%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.3%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.3%** |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | 14978 | 2897195 |
|  |  | **2897195** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 7.2%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 7.2%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 7.2%** |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc.<sup>(1)</sup> | 13966 | 2883700 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc.<sup>(1)</sup> | 9962 | 2877524 |
| &nbsp;&nbsp;&nbsp; Chewy, Inc., Class A<sup>(1)</sup> | 76526 | 2529184 |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.<sup>(1)</sup> | 126315 | 3261453 |
| &nbsp;&nbsp;&nbsp; Revolve Group, Inc.<sup>(1)</sup> | 129226 | 3901333 |
|  |  | **15453194** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 5.0%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 5.0%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 5.0%** |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 25847 | $3835178 |
| &nbsp;&nbsp;&nbsp; QXO, Inc.<sup>(1)</sup> | 175598 | 3387285 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. | 14279 | 3493215 |
|  |  | **10715678** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $188,065,301) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $188,065,301) | **210434816** |
| &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 1.6%** | &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 1.6%** |  |
| &nbsp;&nbsp;&nbsp; State Street SPDR S&P Biotech ETF | 28410 | 3464031 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds** <br> (Cost $2,110,564) | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds** <br> (Cost $2,110,564) | **3464031** |
|  | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.8%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.06%, dated 12/31/2025, proceeds at maturity value of $1,771,882, due 1/2/2026<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771777 | 1771777 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements**<br> (Cost $1,771,777) |  | **1771777** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.2%** <br> (Cost $191,947,642) |  | **215670624** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.2)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.2)%** | **(340393)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** |  | $**215330231** |

---

<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 | 4.50% | 5/15/2027 | $1773100 | $1807333 |

---

#### Legend:
REITs — Real Estate Investment Trusts

**The following is a summary of the inputs used as of December 31, 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 | $207409120 | $3025696 \* | $— | $210434816 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 3464031 |  |  | 3464031 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1771777 |  | 1771777 |
| &nbsp;&nbsp;&nbsp;**Total** | $**210873151** | $**4797473** | $**—** | $**215670624** |

---

\* 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 December 31, 2025 | &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2025 |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215670624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 488274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 89299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 18105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 8639 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **216274941** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 605236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 120728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 109267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 46764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 13197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 10727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 37674 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **944710** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**215330231** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $212005648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 3324583 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**215330231** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $191947642 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **20640302** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$10.43** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 23250 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **2284245** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1430553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 554487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 85003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 77628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 54084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 38948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 17540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 13830 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **2272073** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **12172** |
| &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 | 4930306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (1340131) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **3594368** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**3606540** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/25** | **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) | $12172 | $202825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 4932352 | (914671) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies | (1337984) | 17531972 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **3606540** | **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 | 23669695 | 5730953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (51107068) | (78799143) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(27437373)** | **(73068190)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(23830833)** | **(56248064)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 239161064 | 295409128 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215330231 | $&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 | 2457795 | 578073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (5094719) | (7874055) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(2636924)** | **(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 five years (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** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **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/(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; Year Ended 12/31/25 | $10.27 | $0.00<sup>(4)</sup> | $0.16 | $0.16 | $10.43 | 1.56% |
| &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>(7)</sup> |

---

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>(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** |
| $215330 | 1.02% | 1.02% | 0.01% | 0.01% | 72% |
| 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>(7)</sup> | 0.98%<sup>(7)</sup> | (0.12)%<sup>(7)</sup> | (0.20)%<sup>(7)</sup> | 59%<sup>(7)</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/(Loss) to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Rounds to $0.00 per share. 

<sup>(5)</sup> Commenced operations on October 25, 2021.

<sup>(6)</sup> Rounds to $(0.00) per share. 

<sup>(7)</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. 

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

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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 year ended December 31, 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 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**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** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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,

10.0 ------

interest, transaction costs and brokerage commissions, 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 year ended December 31, 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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $554,487 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 $158,608,755 and $186,464,903, respectively, for the year ended December 31, 2025. During the year ended December 31, 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

**11**

------

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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g32496g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Small-Mid Cap Core VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Small-Mid Cap Core VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period October 25, 2021 (commencement of operations) through December 31, 2021 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period October 25, 2021 (commencement of operations) through December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**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
Not applicable.

14.0 ------

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**15**

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16.0 ------

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**17**

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**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](g32496g84s34.jpg)

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

PUB11409

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Strategic Large Cap Core VIP Fund
![LOGO](g90671g40s74.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](#fin11toc90671_12)** | 1 |
| [Schedule of Investments](#fin11toc90671_1) | 1 |
| [Statement of Assets and Liabilities](#fin11toc90671_2) | 3 |
| [Statement of Operations](#fin11toc90671_3) | 3 |
| [Statements of Changes in Net Assets](#fin11toc90671_4) | 4 |
| [Financial Highlights](#fin11toc90671_5) | 6 |
| [Notes to Financial Statements](#fin11toc90671_6) | 8 |
| [Report of Independent Registered Public Accounting Firm](#fin11toc90671_7) | 13 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin11toc90671_8)** | 14 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin11toc90671_9)** | 14 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin11toc90671_10)** | 14 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin11toc90671_11)** | 14 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 99.3%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.3%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.3%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.9%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.9%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.9%** |
| &nbsp;&nbsp;&nbsp; BAE Systems PLC, ADR | 25146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335560 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 11303 | 3318222 |
|  |  | **5653782** |
| &nbsp;&nbsp;&nbsp;**Banks – 3.8%** | &nbsp;&nbsp;&nbsp;**Banks – 3.8%** | &nbsp;&nbsp;&nbsp;**Banks – 3.8%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 56250 | 3093750 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 9865 | 3178700 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 4723 | 951590 |
|  |  | **7224040** |
| &nbsp;&nbsp;&nbsp;**Beverages – 1.3%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.3%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.3%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | 20807 | 1454617 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.<sup>(1)</sup> | 14320 | 1097915 |
|  |  | **2552532** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 3.4%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 3.4%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 3.4%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 13324 | 3044401 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 28492 | 3497108 |
|  |  | **6541509** |
| &nbsp;&nbsp;&nbsp;**Broadline Retail – 3.8%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 3.8%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 3.8%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 31600 | 7293912 |
|  |  | **7293912** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 3.0%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 3.0%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 3.0%** |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 7881 | 1978131 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | 2475 | 675873 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 5943 | 3105752 |
|  |  | **5759756** |
| &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; Veralto Corp. | 5800 | 578724 |
|  |  | **578724** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 2.7%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 2.7%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 2.7%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 44669 | 3440853 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 4672 | 1790871 |
|  |  | **5231724** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.8%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.8%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.8%** |
| &nbsp;&nbsp;&nbsp; Stantec, Inc. | 16434 | 1550712 |
|  |  | **1550712** |
| &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. | 82290 | 664080 |
|  |  | **664080** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.8%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.8%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.8%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 26448 | 3049719 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 27850 | 2235798 |
|  |  | **5285517** |
| &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 | 693715 |
|  |  | **693715** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.8%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.8%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.8%** |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.<sup>(1)</sup> | 17290 | 1621110 |
|  |  | **1621110** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 3.9%** | &nbsp;&nbsp;&nbsp;**Financial Services – 3.9%** | &nbsp;&nbsp;&nbsp;**Financial Services – 3.9%** |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 5556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3171809 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 12609 | 4422103 |
|  |  | **7593912** |
| &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 | 22814 | 2191513 |
|  |  | **2191513** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.8%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.8%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.8%** |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 4804 | 3940673 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 4536 | 1497379 |
|  |  | **5438052** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.2%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.2%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.2%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 355 | 1901142 |
| &nbsp;&nbsp;&nbsp; Compass Group PLC, ADR | 70247 | 2247202 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 13814 | 2089782 |
|  |  | **6238126** |
| &nbsp;&nbsp;&nbsp;**Household Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Household Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Household Products – 1.3%** |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 22072 | 1744130 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 5514 | 790211 |
|  |  | **2534341** |
| &nbsp;&nbsp;&nbsp;**Insurance – 4.1%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.1%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.1%** |
| &nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 6094 | 832928 |
| &nbsp;&nbsp;&nbsp; Everest Group Ltd. | 1365 | 463213 |
| &nbsp;&nbsp;&nbsp; Hanover Insurance Group, Inc. | 5170 | 944921 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 7567 | 1403830 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 3077 | 626046 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. | 7419 | 2151955 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 4321 | 1419880 |
|  |  | **7842773** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 7.5%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 7.5%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 7.5%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 37625 | 11806725 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 4090 | 2699768 |
|  |  | **14506493** |
| &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; Thermo Fisher Scientific, Inc. | 2687 | 1556982 |
|  |  | **1556982** |
| &nbsp;&nbsp;&nbsp;**Media – 0.7%** | &nbsp;&nbsp;&nbsp;**Media – 0.7%** | &nbsp;&nbsp;&nbsp;**Media – 0.7%** |
| &nbsp;&nbsp;&nbsp; New York Times Co., Class A | 19240 | 1335641 |
|  |  | **1335641** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.3%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.3%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.3%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 25180 | 2514475 |
|  |  | **2514475** |
| &nbsp;&nbsp;&nbsp;**Office REITs – 0.4%** | &nbsp;&nbsp;&nbsp;**Office REITs – 0.4%** | &nbsp;&nbsp;&nbsp;**Office REITs – 0.4%** |
| &nbsp;&nbsp;&nbsp; COPT Defense Properties | 27650 | 768670 |
|  |  | **768670** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 1.7%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 1.7%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 1.7%** |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 9187 | 1105564 |
| &nbsp;&nbsp;&nbsp; Shell PLC, ADR | 28769 | 2113946 |
|  |  | **3219510** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.3%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 3278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3522801 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 35279 | 3713468 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | 8610 | 1083310 |
|  |  | **8319579** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 6.4%** | &nbsp;&nbsp;&nbsp;**Professional Services – 6.4%** | &nbsp;&nbsp;&nbsp;**Professional Services – 6.4%** |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 5094 | 1310330 |
| &nbsp;&nbsp;&nbsp; Experian PLC, ADR | 37495 | 1693649 |
| &nbsp;&nbsp;&nbsp; Genpact Ltd. | 18856 | 882084 |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 6428 | 851453 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 17192 | 3101437 |
| &nbsp;&nbsp;&nbsp; RELX PLC, ADR | 44267 | 1789272 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 20711 | 1810555 |
| &nbsp;&nbsp;&nbsp; Wolters Kluwer NV, ADR | 9259 | 958862 |
|  |  | **12397642** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 11.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 11.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 11.4%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 8792 | 2384390 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 19627 | 6792905 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 49156 | 9167594 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 11838 | 3597450 |
|  |  | **21942339** |
| &nbsp;&nbsp;&nbsp;**Software – 12.3%** | &nbsp;&nbsp;&nbsp;**Software – 12.3%** | &nbsp;&nbsp;&nbsp;**Software – 12.3%** |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 4723 | 3128610 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 31929 | 15441503 |
| &nbsp;&nbsp;&nbsp; Nice Ltd., ADR<sup>(1)</sup> | 11228 | 1269213 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 2430 | 1081666 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc.<sup>(1)</sup> | 17405 | 2666272 |
|  |  | **23587264** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.9%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.9%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.9%** |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 6314 | 976839 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 5550 | 722721 |
|  |  | **1699560** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.9%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.9%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.9%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc.<sup>(1)</sup> | 802 | $2719983 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.<sup>(1)</sup> | 9725 | 887017 |
|  |  | **3607000** |
| &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. | 37993 | 10328777 |
|  |  | **10328777** |
| &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. | 17600 | 2823040 |
|  |  | **2823040** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks**<br> (Cost $140,260,396) |  | **191096802** |
|  | **Principal<br>Amount** | **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., 1.06%, dated 12/31/2025, proceeds at maturity value of $1,564,694, due 1/2/2026<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564601 | 1564601 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements**<br> (Cost $1,564,601) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements**<br> (Cost $1,564,601) | **1564601** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%**<br> (Cost $141,824,997) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%**<br> (Cost $141,824,997) | **192661403** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | **(127957)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**192533446** |

---

<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 | 2.75% | 4/30/2027 | $1603700 | $1595924 |

---

#### Legend:
ADR – American Depositary Receipt

REITs – Real Estate Investment Trusts

**The following is a summary of the inputs used as of December 31, 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 | $191096802 | $— | $— | $191096802 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1564601 |  | 1564601 |
| &nbsp;&nbsp;&nbsp;**Total** | $**191096802** | $**1564601** | $**—** | $**192661403** |

---

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 December 31, 2025 | &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2025 |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192661403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 118849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 26117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 7842 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **192814211** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 91002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 90083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 41365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative fees | 17985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 10903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 9971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 18414 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **280765** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**192533446** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $103787576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 88745870 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**192533446** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $141824997 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **12905505** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$14.92** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $2665390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 33173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (18240) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **2680323** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1090190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 496044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 77517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 68112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 49198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 34547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 22246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 12355 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1850209** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (20445) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1829764** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **850559** |
| &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 | 22160514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (1361975) |
| &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** | **20798554** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**21649113** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $850559 | $1428601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 22160535 | 30035114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | (1361981) | 12512144 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **21649113** | **43975859** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 11944002 | 4017351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (52901228) | (88029905) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(40957226)** | **(84012554)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(19308113)** | **(40036695)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 211841559 | 251878254 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192533446 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211841559 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 804060 | 337350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3761587) | (7062923) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(2957527)** | **(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 five years (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> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | **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; Year Ended 12/31/25 | $13.35 | $0.06 | $1.51 | $1.57 | $14.92 | 11.76% |
| &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>(4)</sup> | 10.00 | 0.01 | 0.31 | 0.32 | 10.32 | 3.20%<sup>(5)</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** |
| $192533 | 0.92% | 0.93% | 0.43% | 0.42% | 43% |
| 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>(5)</sup> | 0.89%<sup>(5)</sup> | 0.82%<sup>(5)</sup> | 0.74%<sup>(5)</sup> | 80%<sup>(5)</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> Commenced operations on October 25, 2021.

<sup>(5)</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. 

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

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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 year ended December 31, 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 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

&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** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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

10.0 ------

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 0.91%. 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 year ended December 31, 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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $496,044 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 $84,879,051 and $122,356,962, respectively, for the year ended December 31, 2025. During the year ended December 31, 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

**11**

------

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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g90671g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Strategic Large Cap Core VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Strategic Large Cap Core VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period October 25, 2021 (commencement of operations) through December 31, 2021 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period October 25, 2021 (commencement of operations) through December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

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

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**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
Not applicable.

14.0 ------

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**15**

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16.0 ------

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**17**

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**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](g90671g84s34.jpg)

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

PUB11410

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Integrated Research VIP Fund
![LOGO](g89944g40s74.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](#fin12toc89944_1)** |  |
| [Schedule of Investments](#fin12toc89944_2) | 1 |
| [Statement of Assets and Liabilities](#fin12toc89944_3) | 3 |
| [Statement of Operations](#fin12toc89944_4) | 3 |
| [Statements of Changes in Net Assets](#fin12toc89944_5) | 4 |
| [Financial Highlights](#fin12toc89944_6) | 6 |
| [Notes to Financial Statements](#fin12toc89944_7) | 8 |
| [Report of Independent Registered Public Accounting Firm](#fin12toc89944_8) | 13 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin12toc89944_9)** | 14 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin12toc89944_10)** | 14 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin12toc89944_11)** | 14 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin12toc89944_12)** | 14 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 99.8%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.8%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.8%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 3.2%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 3.2%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 3.2%** |
| &nbsp;&nbsp;&nbsp; Boeing Co.<sup>(1)</sup> | 10538 | $2288011 |
| &nbsp;&nbsp;&nbsp; General Electric Co. | 10150 | 3126505 |
| &nbsp;&nbsp;&nbsp; RTX Corp. | 13596 | 2493506 |
|  |  | **7908022** |
| &nbsp;&nbsp;&nbsp;**Automobiles – 0.8%** | &nbsp;&nbsp;&nbsp;**Automobiles – 0.8%** | &nbsp;&nbsp;&nbsp;**Automobiles – 0.8%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.<sup>(1)</sup> | 4151 | 1866788 |
|  |  | **1866788** |
| &nbsp;&nbsp;&nbsp;**Banks – 3.9%** | &nbsp;&nbsp;&nbsp;**Banks – 3.9%** | &nbsp;&nbsp;&nbsp;**Banks – 3.9%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 18306 | 5898559 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 40339 | 3759595 |
|  |  | **9658154** |
| &nbsp;&nbsp;&nbsp;**Beverages – 0.5%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.5%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.5%** |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.<sup>(1)</sup> | 15892 | 1218440 |
|  |  | **1218440** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 2.5%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 2.5%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 2.5%** |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 19554 | 2400058 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp.<sup>(1)</sup> | 2733 | 1331654 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 5529 | 2506628 |
|  |  | **6238340** |
| &nbsp;&nbsp;&nbsp;**Broadline Retail – 5.1%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 5.1%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 5.1%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 53699 | 12394803 |
|  |  | **12394803** |
| &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> | 10072 | 1036308 |
|  |  | **1036308** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 4.4%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 4.4%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 4.4%** |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 3729 | 3277791 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 16153 | 2616140 |
| &nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 18211 | 2321538 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 27183 | 2640285 |
|  |  | **10855754** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 1.9%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.9%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.9%** |
| &nbsp;&nbsp;&nbsp; Linde PLC | 5514 | 2351115 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 6839 | 2216041 |
|  |  | **4567156** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.4%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.4%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.4%** |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | 5161 | 1093771 |
|  |  | **1093771** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 0.4%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 0.4%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 0.4%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | 2473 | 914886 |
|  |  | **914886** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 2.8%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 2.8%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 2.8%** |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 24692 | 2223021 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 41264 | 4597222 |
|  |  | **6820243** |
| &nbsp;&nbsp;&nbsp;**Distributors – 0.7%** | &nbsp;&nbsp;&nbsp;**Distributors – 0.7%** | &nbsp;&nbsp;&nbsp;**Distributors – 0.7%** |
| &nbsp;&nbsp;&nbsp; Pool Corp. | 7383 | 1688861 |
|  |  | **1688861** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Emerson Electric Co. | 12426 | $1649179 |
| &nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 2541 | 1660721 |
|  |  | **3309900** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.8%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.8%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.8%** |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | 21372 | 1871332 |
|  |  | **1871332** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 2.0%** | &nbsp;&nbsp;&nbsp;**Entertainment – 2.0%** | &nbsp;&nbsp;&nbsp;**Entertainment – 2.0%** |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty<br>Formula One, Class C<sup>(1)</sup> | 18399 | 1812485 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.<sup>(1)</sup> | 32126 | 3012134 |
|  |  | **4824619** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 2.3%** | &nbsp;&nbsp;&nbsp;**Financial Services – 2.3%** | &nbsp;&nbsp;&nbsp;**Financial Services – 2.3%** |
| &nbsp;&nbsp;&nbsp; Klarna Group PLC<sup>(1)</sup> | 28289 | 817835 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 8456 | 4827361 |
|  |  | **5645196** |
| &nbsp;&nbsp;&nbsp;**Food Products – 0.7%** | &nbsp;&nbsp;&nbsp;**Food Products – 0.7%** | &nbsp;&nbsp;&nbsp;**Food Products – 0.7%** |
| &nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 24365 | 1659500 |
|  |  | **1659500** |
| &nbsp;&nbsp;&nbsp;**Gas Utilities – 0.7%** | &nbsp;&nbsp;&nbsp;**Gas Utilities – 0.7%** | &nbsp;&nbsp;&nbsp;**Gas Utilities – 0.7%** |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 10789 | 1808560 |
|  |  | **1808560** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.2%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.2%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.2%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 25988 | 3256037 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.<sup>(1)</sup> | 23880 | 2035770 |
|  |  | **5291807** |
| &nbsp;&nbsp;&nbsp;**Health Care REITs – 1.3%** | &nbsp;&nbsp;&nbsp;**Health Care REITs – 1.3%** | &nbsp;&nbsp;&nbsp;**Health Care REITs – 1.3%** |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 16590 | 3079270 |
|  |  | **3079270** |
| &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.6%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.6%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.6%** |
| &nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A<sup>(1)</sup> | 6121 | 1366391 |
|  |  | **1366391** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.8%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.8%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.8%** |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 8593 | 2665892 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 21555 | 1815147 |
|  |  | **4481039** |
| &nbsp;&nbsp;&nbsp;**Insurance – 1.7%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.7%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.7%** |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 7337 | 1898742 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 7187 | 2243207 |
|  |  | **4141949** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 9.3%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 9.3%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 9.3%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 50704 | 15870352 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 10493 | 6926324 |
|  |  | **22796676** |
| &nbsp;&nbsp;&nbsp;**Machinery – 3.2%** | &nbsp;&nbsp;&nbsp;**Machinery – 3.2%** | &nbsp;&nbsp;&nbsp;**Machinery – 3.2%** |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 5938 | 3401702 |
| &nbsp;&nbsp;&nbsp; Cummins, Inc. | 2518 | 1285313 |
| &nbsp;&nbsp;&nbsp; ITT, Inc. | 7372 | 1279116 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 2079 | 1827358 |
|  |  | **7793489** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.7%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.7%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.7%** |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 37509 | $2197652 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 17830 | 1880352 |
|  |  | **4078004** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 2.9%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 2.9%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 2.9%** |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 7098 | 1067042 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. | 9454 | 1043343 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 29608 | 3563027 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. | 24106 | 1449012 |
|  |  | **7122424** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 3.2%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 3.2%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 3.2%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 5380 | 5781778 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 20053 | 2110779 |
|  |  | **7892557** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 14.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 14.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 14.3%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.<sup>(1)</sup> | 12137 | 2599260 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 23711 | 8206377 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 2398 | 2913762 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 113373 | 21144064 |
|  |  | **34863463** |
| &nbsp;&nbsp;&nbsp;**Software – 11.2%** | &nbsp;&nbsp;&nbsp;**Software – 11.2%** | &nbsp;&nbsp;&nbsp;**Software – 11.2%** |
| &nbsp;&nbsp;&nbsp; AppLovin Corp., Class A<sup>(1)</sup> | 1176 | 792412 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 3087 | 2044891 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 35985 | 17403066 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 13293 | 2590939 |
| &nbsp;&nbsp;&nbsp; PTC, Inc.<sup>(1)</sup> | 9308 | 1621547 |
| &nbsp;&nbsp;&nbsp; Trimble, Inc.<sup>(1)</sup> | 19384 | 1518736 |
| &nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.<sup>(1)</sup> | 3076 | 1396350 |
|  |  | **27367941** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.7%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.7%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.7%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc.<sup>(1)</sup> | 537 | $1821236 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 10014 | 2414976 |
|  |  | **4236212** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 7.5%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 7.5%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 7.5%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 67892 | 18457119 |
|  |  | **18457119** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.6%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.6%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.6%** |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 7136 | 1588688 |
| &nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | 11396 | 2243302 |
|  |  | **3831990** |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.8%** |
| &nbsp;&nbsp;&nbsp; T-Mobile U.S., Inc. | 9308 | 1889896 |
|  |  | **1889896** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $160,516,634) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $160,516,634) | **244070860** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.8%** <br> (Cost $160,516,634) | &nbsp;&nbsp;&nbsp;**Total Investments – 99.8%** <br> (Cost $160,516,634) | **244070860** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.2%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.2%** | **437517** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**244508377** |

---

<sup>(1)</sup> Non–income–producing security.

#### Legend:
REITs — Real Estate Investment Trusts

**The following is a summary of the inputs used as of December 31, 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 | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244070860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244070860 |
| &nbsp;&nbsp;&nbsp;**Total** | $**244070860** | $**—** | $**—** | $**244070860** |

---

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

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#### FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244070860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 707591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 32967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 10271 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **244824127** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 105508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 91261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 52505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative fees | 21132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 11786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 11020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 21184 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **315750** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**244508377** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $106591138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 137917239 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**244508377** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $160516634 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **7908047** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$30.92** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $2418778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 16085 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **2434863** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1258528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 650307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 92535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 90341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 58974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 39887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 20897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 15797 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **2227266** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (13413) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **2213853** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **221010** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 35006654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 177093 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments** | **35183747** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**35404757** |

---

The accompanying notes are an integral part of these financial statements.<sub>3</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** |
|  | **For the<br>Year Ended<br>12/31/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $221010 | $710249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 35006654 | 37006227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 177093 | 37295870 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **35404757** | **75012346** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 7452795 | 1376880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (84273639) | (133472999) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(76820844)** | **(132096119)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(41416087)** | **(57083773)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 285924464 | 343008237 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244508377 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285924464 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 287526 | 56820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2981192) | (5460277) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(2693666)** | **(5403457)** |

---

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

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**5**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past five years. 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** | | | | | | |
|  | **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; Year Ended 12/31/25 | $26.97 | $0.02 | $3.93 | $3.95 | $30.92 | 14.65% |
| &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% |

---

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** |
| $244508 | 0.85% | 0.86% | 0.09% | 0.08% | 34% |
| 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>(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, expense limitations, and recoupments, if any.

<sup>(4)</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>7</sub>

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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 year ended December 31, 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 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**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** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $13,413.

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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $650,307 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 $88,530,324 and $165,148,571, respectively, for the year ended December 31, 2025. During the year ended December 31, 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. 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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g89944g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of Guardian Integrated Research VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Integrated Research VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

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

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**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
Not applicable.

14.0 ------

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**15**

------

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16.0 ------

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**17**

------

**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](g89944g84s34.jpg)

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

PUB8170

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian International Equity VIP Fund
![LOGO](g45407g40s74.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](#fin1345407_1)** |  |
| [Schedule of Investments](#fin1345407_2) | 1 |
| [Statement of Assets and Liabilities](#fin1345407_3) | 4 |
| [Statement of Operations](#fin1345407_4) | 4 |
| [Statements of Changes in Net Assets](#fin1345407_5) | 5 |
| [Financial Highlights](#fin1345407_6) | 6 |
| [Notes to Financial Statements](#fin1345407_7) | 8 |
| [Report of Independent Registered Public Accounting Firm](#fin1345407_8) | 13 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin1345407_9)** | 14 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin1345407_10)** | 14 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin1345407_11)** | 14 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin1345407_12)** | 14 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 99.3%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.3%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.3%** |
| &nbsp;&nbsp;&nbsp;**Australia – 1.1%** | &nbsp;&nbsp;&nbsp;**Australia – 1.1%** | &nbsp;&nbsp;&nbsp;**Australia – 1.1%** |
| &nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | 23841 | $2336365 |
|  |  | **2336365** |
| &nbsp;&nbsp;&nbsp;**Austria – 1.4%** | &nbsp;&nbsp;&nbsp;**Austria – 1.4%** | &nbsp;&nbsp;&nbsp;**Austria – 1.4%** |
| &nbsp;&nbsp;&nbsp; Erste Group Bank AG | 23157 | 2786011 |
|  |  | **2786011** |
| &nbsp;&nbsp;&nbsp;**Belgium – 1.1%** | &nbsp;&nbsp;&nbsp;**Belgium – 1.1%** | &nbsp;&nbsp;&nbsp;**Belgium – 1.1%** |
| &nbsp;&nbsp;&nbsp; UCB SA | 7662 | 2137063 |
|  |  | **2137063** |
| &nbsp;&nbsp;&nbsp;**Canada – 1.6%** | &nbsp;&nbsp;&nbsp;**Canada – 1.6%** | &nbsp;&nbsp;&nbsp;**Canada – 1.6%** |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. | 18270 | 1127707 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 21877 | 2061862 |
|  |  | **3189569** |
| &nbsp;&nbsp;&nbsp;**Cayman Islands – 1.3%** | &nbsp;&nbsp;&nbsp;**Cayman Islands – 1.3%** | &nbsp;&nbsp;&nbsp;**Cayman Islands – 1.3%** |
| &nbsp;&nbsp;&nbsp; NU Holdings Ltd., Class A<sup>(1)</sup> | 41173 | 689236 |
| &nbsp;&nbsp;&nbsp; Sea Ltd., ADR<sup>(1)</sup> | 8362 | 1066741 |
| &nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group, ADR | 46493 | 815022 |
|  |  | **2570999** |
| &nbsp;&nbsp;&nbsp;**China – 0.4%** | &nbsp;&nbsp;&nbsp;**China – 0.4%** | &nbsp;&nbsp;&nbsp;**China – 0.4%** |
| &nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd., Class A | 16600 | 869047 |
|  |  | **869047** |
| &nbsp;&nbsp;&nbsp;**Denmark – 1.5%** | &nbsp;&nbsp;&nbsp;**Denmark – 1.5%** | &nbsp;&nbsp;&nbsp;**Denmark – 1.5%** |
| &nbsp;&nbsp;&nbsp; Pandora AS | 7391 | 817499 |
| &nbsp;&nbsp;&nbsp; Vestas Wind Systems AS | 79175 | 2137617 |
|  |  | **2955116** |
| &nbsp;&nbsp;&nbsp;**France – 7.7%** | &nbsp;&nbsp;&nbsp;**France – 7.7%** | &nbsp;&nbsp;&nbsp;**France – 7.7%** |
| &nbsp;&nbsp;&nbsp; EssilorLuxottica SA | 4195 | 1326350 |
| &nbsp;&nbsp;&nbsp; Legrand SA | 18693 | 2777891 |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 4466 | 3366918 |
| &nbsp;&nbsp;&nbsp; Safran SA | 8383 | 2917125 |
| &nbsp;&nbsp;&nbsp; Sanofi SA | 22634 | 2195899 |
| &nbsp;&nbsp;&nbsp; Schneider Electric SE | 11481 | 3146958 |
|  |  | **15731141** |
| &nbsp;&nbsp;&nbsp;**Germany – 9.5%** | &nbsp;&nbsp;&nbsp;**Germany – 9.5%** | &nbsp;&nbsp;&nbsp;**Germany – 9.5%** |
| &nbsp;&nbsp;&nbsp; Allianz SE, Reg S | 8965 | 4111961 |
| &nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 19086 | 2086799 |
| &nbsp;&nbsp;&nbsp; Beiersdorf AG | 18406 | 2025504 |
| &nbsp;&nbsp;&nbsp; Infineon Technologies AG | 62191 | 2755612 |
| &nbsp;&nbsp;&nbsp; SAP SE | 19556 | 4784930 |
| &nbsp;&nbsp;&nbsp; Siemens AG, Reg S | 9530 | 2676367 |
| &nbsp;&nbsp;&nbsp; Siemens Healthineers AG<sup>(2)</sup> | 19169 | 1005939 |
|  |  | **19447112** |
| &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. | &nbsp;&nbsp;&nbsp;&nbsp;259000 | 1309544 |
| &nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | 62000 | 712305 |
|  |  | **2021849** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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 | 21632 | $790433 |
|  |  | **790433** |
| &nbsp;&nbsp;&nbsp;**Indonesia – 0.4%** | &nbsp;&nbsp;&nbsp;**Indonesia – 0.4%** | &nbsp;&nbsp;&nbsp;**Indonesia – 0.4%** |
| &nbsp;&nbsp;&nbsp; Bank Central Asia Tbk. PT | 1698000 | 819619 |
|  |  | **819619** |
| &nbsp;&nbsp;&nbsp;**Ireland – 0.9%** | &nbsp;&nbsp;&nbsp;**Ireland – 0.9%** | &nbsp;&nbsp;&nbsp;**Ireland – 0.9%** |
| &nbsp;&nbsp;&nbsp; Kingspan Group PLC | 20776 | 1795259 |
|  |  | **1795259** |
| &nbsp;&nbsp;&nbsp;**Israel – 2.0%** | &nbsp;&nbsp;&nbsp;**Israel – 2.0%** | &nbsp;&nbsp;&nbsp;**Israel – 2.0%** |
| &nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd.<sup>(1)</sup> | 6881 | 1276839 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries Ltd., ADR<sup>(1)</sup> | 90749 | 2832276 |
|  |  | **4109115** |
| &nbsp;&nbsp;&nbsp;**Italy – 2.3%** | &nbsp;&nbsp;&nbsp;**Italy – 2.3%** | &nbsp;&nbsp;&nbsp;**Italy – 2.3%** |
| &nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | 103037 | 2675780 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;303560 | 2102425 |
|  |  | **4778205** |
| &nbsp;&nbsp;&nbsp;**Japan – 20.1%** | &nbsp;&nbsp;&nbsp;**Japan – 20.1%** | &nbsp;&nbsp;&nbsp;**Japan – 20.1%** |
| &nbsp;&nbsp;&nbsp; Daikin Industries Ltd. | 12700 | 1630338 |
| &nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | 5600 | 2030853 |
| &nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | 62900 | 1343932 |
| &nbsp;&nbsp;&nbsp; Hitachi Ltd. | 100300 | 3111672 |
| &nbsp;&nbsp;&nbsp; Hoya Corp. | 10900 | 1651013 |
| &nbsp;&nbsp;&nbsp; ITOCHU Corp. | 178000 | 2246830 |
| &nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. | 139300 | 1486796 |
| &nbsp;&nbsp;&nbsp; KDDI Corp. | 115700 | 2001421 |
| &nbsp;&nbsp;&nbsp; Keyence Corp. | 3900 | 1412988 |
| &nbsp;&nbsp;&nbsp; Lasertec Corp. | 8100 | 1537261 |
| &nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 60200 | 1466185 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 297500 | 4724390 |
| &nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. | 114200 | 2689084 |
| &nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 27100 | 1830587 |
| &nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 26700 | 1523156 |
| &nbsp;&nbsp;&nbsp; Shimano, Inc. | 8600 | 907983 |
| &nbsp;&nbsp;&nbsp; SMC Corp. | 2700 | 940130 |
| &nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 58000 | 1635152 |
| &nbsp;&nbsp;&nbsp; Sony Group Corp. | 132300 | 3381609 |
| &nbsp;&nbsp;&nbsp; Terumo Corp. | 70300 | 1024224 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 116000 | 2481451 |
|  |  | **41057055** |
| &nbsp;&nbsp;&nbsp;**Luxembourg – 0.8%** | &nbsp;&nbsp;&nbsp;**Luxembourg – 0.8%** | &nbsp;&nbsp;&nbsp;**Luxembourg – 0.8%** |
| &nbsp;&nbsp;&nbsp; Spotify Technology SA<sup>(1)</sup> | 2885 | 1675348 |
|  |  | **1675348** |
| &nbsp;&nbsp;&nbsp;**Netherlands – 4.2%** | &nbsp;&nbsp;&nbsp;**Netherlands – 4.2%** | &nbsp;&nbsp;&nbsp;**Netherlands – 4.2%** |
| &nbsp;&nbsp;&nbsp; ASM International NV | 1383 | 833698 |
| &nbsp;&nbsp;&nbsp; ASML Holding NV | 4921 | 5260136 |
| &nbsp;&nbsp;&nbsp; Heineken NV | 29407 | 2405534 |
|  |  | **8499368** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Norway – 1.8%** | &nbsp;&nbsp;&nbsp;**Norway – 1.8%** | &nbsp;&nbsp;&nbsp;**Norway – 1.8%** |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA | 98923 | $2754885 |
| &nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 119037 | 919756 |
|  |  | **3674641** |
| &nbsp;&nbsp;&nbsp;**Portugal – 0.8%** | &nbsp;&nbsp;&nbsp;**Portugal – 0.8%** | &nbsp;&nbsp;&nbsp;**Portugal – 0.8%** |
| &nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS SA | 64588 | 1538509 |
|  |  | **1538509** |
| &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. | 17144 | 1444152 |
|  |  | **1444152** |
| &nbsp;&nbsp;&nbsp;**Singapore – 0.7%** | &nbsp;&nbsp;&nbsp;**Singapore – 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. | 420200 | 1488788 |
|  |  | **1488788** |
| &nbsp;&nbsp;&nbsp;**Spain – 6.3%** | &nbsp;&nbsp;&nbsp;**Spain – 6.3%** | &nbsp;&nbsp;&nbsp;**Spain – 6.3%** |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | 212606 | 4972884 |
| &nbsp;&nbsp;&nbsp; Bankinter SA | 111666 | 1848968 |
| &nbsp;&nbsp;&nbsp; Iberdrola SA | 136662 | 2958066 |
| &nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | 46278 | 3048349 |
|  |  | **12828267** |
| &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 | 102718 | 1497984 |
|  |  | **1497984** |
| &nbsp;&nbsp;&nbsp;**Switzerland – 7.2%** | &nbsp;&nbsp;&nbsp;**Switzerland – 7.2%** | &nbsp;&nbsp;&nbsp;**Switzerland – 7.2%** |
| &nbsp;&nbsp;&nbsp; Alcon AG | 23157 | 1839440 |
| &nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG | 96 | 1404004 |
| &nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA, Reg S, Class A | 16444 | 3548882 |
| &nbsp;&nbsp;&nbsp; Lonza Group AG, Reg S | 2992 | 2024259 |
| &nbsp;&nbsp;&nbsp; Roche Holding AG | 14347 | 5929157 |
|  |  | **14745742** |
| &nbsp;&nbsp;&nbsp;**Taiwan – 1.3%** | &nbsp;&nbsp;&nbsp;**Taiwan – 1.3%** | &nbsp;&nbsp;&nbsp;**Taiwan – 1.3%** |
| &nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. | 135000 | 980873 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 33000 | 1612161 |
|  |  | **2593034** |
| &nbsp;&nbsp;&nbsp;**United Kingdom – 21.5%** | &nbsp;&nbsp;&nbsp;**United Kingdom – 21.5%** | &nbsp;&nbsp;&nbsp;**United Kingdom – 21.5%** |
| &nbsp;&nbsp;&nbsp; Antofagasta PLC | 37433 | 1642941 |
| &nbsp;&nbsp;&nbsp; ARM Holdings PLC, ADR<sup>(1)</sup> | 4068 | 444673 |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC | 27640 | 5091066 |
| &nbsp;&nbsp;&nbsp; BAE Systems PLC | 103368 | 2376329 |
| &nbsp;&nbsp;&nbsp; Bunzl PLC | 38507 | 1074610 |
| &nbsp;&nbsp;&nbsp; Diageo PLC | 53331 | 1148787 |
| &nbsp;&nbsp;&nbsp; GSK PLC | 90996 | 2236277 |
| &nbsp;&nbsp;&nbsp; Haleon PLC | 561478 | 2841163 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 209200 | 3276043 |
| &nbsp;&nbsp;&nbsp; Kingfisher PLC | 282648 | 1185175 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC | 2107186 | 2776937 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**United Kingdom** (continued) | &nbsp;&nbsp;&nbsp;**United Kingdom** (continued) | &nbsp;&nbsp;&nbsp;**United Kingdom** (continued) | &nbsp;&nbsp;&nbsp;**United Kingdom** (continued) |
| &nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | 22050 | $| 2655140 |
| &nbsp;&nbsp;&nbsp; National Grid PLC | 116160 |  | 1790156 |
| &nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 26221 |  | 2122883 |
| &nbsp;&nbsp;&nbsp; RELX PLC | 53273 |  | 2154800 |
| &nbsp;&nbsp;&nbsp; Sage Group PLC | 94083 |  | 1370006 |
| &nbsp;&nbsp;&nbsp; Shell PLC | 116892 |  | 4314350 |
| &nbsp;&nbsp;&nbsp; Tesco PLC | 194811 |  | 1159882 |
| &nbsp;&nbsp;&nbsp; Unilever PLC | 47707 |  | 3119149 |
| &nbsp;&nbsp;&nbsp; Whitbread PLC | 30072 |  | 1026592 |
|  |  |  | **43806959** |
| &nbsp;&nbsp;&nbsp;**United States – 0.6%** | &nbsp;&nbsp;&nbsp;**United States – 0.6%** | &nbsp;&nbsp;&nbsp;**United States – 0.6%** | &nbsp;&nbsp;&nbsp;**United States – 0.6%** |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 6253 |  | 615983 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc.<sup>(1)</sup> | 260 |  | 523708 |
|  |  |  | **1139691** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $150,049,835) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $150,049,835) |  | **202326441** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.3%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.3%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.3%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp.,<br>1.06%, dated 12/31/2025, proceeds at maturity value of $709,711, due 1/2/2026<sup>(3)</sup> | $709669 | 709669 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $709,669) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $709,669) | **709669** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.6%**<br> (Cost $150,759,504) | &nbsp;&nbsp;&nbsp;**Total Investments – 99.6%**<br> (Cost $150,759,504) | **203036110** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.4%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.4%** | **784548** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**203820658** |

---

<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 December 31, 2025, the aggregate market value of this security amounted to $1,005,939, representing 0.5% 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. 

<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 | 2.75% | 4/30/2027 | $727400 | $723870 |

---

#### 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 December 31, 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $2336365 \* | $— | $2336365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 2786011 \* |  | 2786011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 2137063 \* |  | 2137063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 3189569 |  |  | 3189569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands | 2570999 |  |  | 2570999 |
| &nbsp;&nbsp;&nbsp;&nbsp; China |  | 869047 \* |  | 869047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 2955116 \* |  | 2955116 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 15731141 \* |  | 15731141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 19447112 \* |  | 19447112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 2021849 \* |  | 2021849 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 790433 |  |  | 790433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 819619 \* |  | 819619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland |  | 1795259 \* |  | 1795259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel | 4109115 |  |  | 4109115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 4778205 \* |  | 4778205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 41057055 \* |  | 41057055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 1675348 |  |  | 1675348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 8499368 \* |  | 8499368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 3674641 \* |  | 3674641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 1538509 \* |  | 1538509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea |  | 1444152 \* |  | 1444152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 1488788 \* |  | 1488788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 12828267 \* |  | 12828267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 1497984 \* |  | 1497984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 14745742 \* |  | 14745742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 2593034 \* |  | 2593034 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 444673 | 43362286 \* |  | 43806959 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 1139691 |  |  | 1139691 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 709669 |  | 709669 |
| &nbsp;&nbsp;&nbsp;**Total** | $**13919828** | $**189116282** | $**—** | $**203036110** |

---

\* 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 December 31, 2025 | &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2025 |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $203036110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 137257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 921666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 80704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 8680 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **204184417** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 142116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 89729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 43392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 35652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative fees | 18920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 10727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 22115 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **363759** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**203820658** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $126344917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 77475741 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**203820658** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | 150759504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $134997 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **11687213** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$17.44** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $5903942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 14688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (570352) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **5348278** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1692250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 547417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 107752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 83308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 76429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 52793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 16194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 14596 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **2590768** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (87783) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **2502985** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **2845293** |
| &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 | 17165274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 67865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes paid | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 33227317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 114335 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments, Foreign Currency Transactions and Foreign Capital Gains Tax** | **50574774** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**53420067** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/25** | **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) | $2845293 | $4013501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments, foreign currency transactions and foreign capital gains tax | 17233122 | 5520426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies | 33341652 | 4644671 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **53420067** | **14178598** |
| &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 | 10892633 | 15398424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (86060670) | (97618778) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(75168037)** | **(82220354)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(21747970)** | **(68041756)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 225568628 | 293610384 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203820658 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225568628 |
| &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 | 708362 | 1134673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (5459017) | (7003003) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(4750655)** | **(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 five years. 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** | | | | | | |
|  | **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; Year Ended 12/31/25 | $13.72 | $0.20 | $3.52 | $3.72 | $17.44 | 27.11% |
| &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>(4)</sup> | 0.41 | 0.71 | 13.87 | 5.40% |

---

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** |
| $203821 | 1.14% | 1.18% | 1.30% | 1.26% | 33% |
| 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>(4)</sup> | 2.13%<sup>(4)</sup> | 40% |

---

<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> 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

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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 year ended December 31, 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.

**e. Foreign 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**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** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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

10.0 ------

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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $87,783.

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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $547,417 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 $71,196,812 and $143,925,796, respectively, for the year ended December 31, 2025. During the year ended December 31, 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. 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 December 31, 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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g45407g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian International Equity VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian International Equity VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

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

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**13**

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#### 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
Not applicable.

14.0 ------

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**15**

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**17**

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**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](g45407g84s34.jpg)

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

PUB8172

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian International Growth VIP Fund
![LOGO](g49107g40s74.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](#fin14toc49107_1)** |  |
| [Schedule of Investments](#fin14toc49107_1a) | 1 |
| [Statement of Assets and Liabilities](#fin14toc49107_2) | 3 |
| [Statement of Operations](#fin14toc49107_3) | 3 |
| [Statements of Changes in Net Assets](#fin14toc49107_4) | 4 |
| [Financial Highlights](#fin14toc49107_5) | 6 |
| [Notes to Financial Statements](#fin14toc49107_6) | 8 |
| [Report of Independent Registered Public Accounting Firm](#fin14toc49107_7) | 13 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin14toc49107_8)** | 14 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin14toc49107_9)** | 14 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin14toc49107_10)** | 14 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin14toc49107_11)** | 14 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **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;**Australia – 1.0%** | &nbsp;&nbsp;&nbsp;**Australia – 1.0%** | &nbsp;&nbsp;&nbsp;**Australia – 1.0%** |
| &nbsp;&nbsp;&nbsp; Telstra Group Ltd. | 213869 | $693780 |
|  |  | **693780** |
| &nbsp;&nbsp;&nbsp;**Cayman Islands – 0.8%** | &nbsp;&nbsp;&nbsp;**Cayman Islands – 0.8%** | &nbsp;&nbsp;&nbsp;**Cayman Islands – 0.8%** |
| &nbsp;&nbsp;&nbsp; Sea Ltd., ADR<sup>(1)</sup> | 4391 | 560160 |
|  |  | **560160** |
| &nbsp;&nbsp;&nbsp;**Denmark – 4.8%** | &nbsp;&nbsp;&nbsp;**Denmark – 4.8%** | &nbsp;&nbsp;&nbsp;**Denmark – 4.8%** |
| &nbsp;&nbsp;&nbsp; DSV A/S | 5141 | 1293713 |
| &nbsp;&nbsp;&nbsp; Novo Nordisk AS, Class B | 15417 | 785848 |
| &nbsp;&nbsp;&nbsp; Novonesis (Novozymes) B | 18790 | 1203309 |
|  |  | **3282870** |
| &nbsp;&nbsp;&nbsp;**France – 15.0%** | &nbsp;&nbsp;&nbsp;**France – 15.0%** | &nbsp;&nbsp;&nbsp;**France – 15.0%** |
| &nbsp;&nbsp;&nbsp; Air Liquide SA | 10503 | 1976505 |
| &nbsp;&nbsp;&nbsp; Capgemini SE | 2748 | 455103 |
| &nbsp;&nbsp;&nbsp; EssilorLuxottica SA | 3940 | 1245726 |
| &nbsp;&nbsp;&nbsp; Kering SA | 1242 | 438254 |
| &nbsp;&nbsp;&nbsp; Legrand SA | 7274 | 1080960 |
| &nbsp;&nbsp;&nbsp; Safran SA | 8330 | 2898682 |
| &nbsp;&nbsp;&nbsp; Schneider Electric SE | 5989 | 1641593 |
| &nbsp;&nbsp;&nbsp; SPIE SA | 9080 | 522668 |
|  |  | **10259491** |
| &nbsp;&nbsp;&nbsp;**Germany – 5.7%** | &nbsp;&nbsp;&nbsp;**Germany – 5.7%** | &nbsp;&nbsp;&nbsp;**Germany – 5.7%** |
| &nbsp;&nbsp;&nbsp; Bilfinger SE | 3802 | 479848 |
| &nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG | 1171 | 773303 |
| &nbsp;&nbsp;&nbsp; SAP SE | 4675 | 1143872 |
| &nbsp;&nbsp;&nbsp; Scout24 SE<sup>(2)</sup> | 4374 | 440880 |
| &nbsp;&nbsp;&nbsp; Siemens Energy AG<sup>(1)</sup> | 7340 | 1037345 |
|  |  | **3875248** |
| &nbsp;&nbsp;&nbsp;**Hong Kong – 3.4%** | &nbsp;&nbsp;&nbsp;**Hong Kong – 3.4%** | &nbsp;&nbsp;&nbsp;**Hong Kong – 3.4%** |
| &nbsp;&nbsp;&nbsp; AIA Group Ltd. | 89000 | 914163 |
| &nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 26800 | 1400299 |
|  |  | **2314462** |
| &nbsp;&nbsp;&nbsp;**Ireland – 2.0%** | &nbsp;&nbsp;&nbsp;**Ireland – 2.0%** | &nbsp;&nbsp;&nbsp;**Ireland – 2.0%** |
| &nbsp;&nbsp;&nbsp; Ryanair Holdings PLC, ADR | 18649 | 1346271 |
|  |  | **1346271** |
| &nbsp;&nbsp;&nbsp;**Italy – 1.4%** | &nbsp;&nbsp;&nbsp;**Italy – 1.4%** | &nbsp;&nbsp;&nbsp;**Italy – 1.4%** |
| &nbsp;&nbsp;&nbsp; Prysmian SpA | 9681 | 965311 |
|  |  | **965311** |
| &nbsp;&nbsp;&nbsp;**Japan – 22.6%** | &nbsp;&nbsp;&nbsp;**Japan – 22.6%** | &nbsp;&nbsp;&nbsp;**Japan – 22.6%** |
| &nbsp;&nbsp;&nbsp; Advantest Corp. | 4300 | 542849 |
| &nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. | 27300 | 577417 |
| &nbsp;&nbsp;&nbsp; Azbil Corp. | 73100 | 664466 |
| &nbsp;&nbsp;&nbsp; Cosmos Pharmaceutical Corp. | 7700 | 391487 |
| &nbsp;&nbsp;&nbsp; Hitachi Ltd. | 63100 | 1957592 |
| &nbsp;&nbsp;&nbsp; IHI Corp. | 50500 | 890422 |
| &nbsp;&nbsp;&nbsp; Kao Corp. | 16700 | 668265 |
| &nbsp;&nbsp;&nbsp; Kinden Corp. | 14300 | 620816 |
| &nbsp;&nbsp;&nbsp; Lasertec Corp. | 3400 | 645270 |
| &nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 15300 | 1033505 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Japan** (continued) | &nbsp;&nbsp;&nbsp;**Japan** (continued) | &nbsp;&nbsp;&nbsp;**Japan** (continued) | &nbsp;&nbsp;&nbsp;**Japan** (continued) |
| &nbsp;&nbsp;&nbsp; Obic Co. Ltd. | 16500 | $| 518490 |
| &nbsp;&nbsp;&nbsp; Penta-Ocean Construction Co. Ltd. | 28800 |  | 290097 |
| &nbsp;&nbsp;&nbsp; Rakuten Bank Ltd.<sup>(1)</sup> | 8900 |  | 389455 |
| &nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 20400 |  | 1163760 |
| &nbsp;&nbsp;&nbsp; Sanrio Co. Ltd. | 7200 |  | 225889 |
| &nbsp;&nbsp;&nbsp; Sony Group Corp. | 79900 |  | 2042257 |
| &nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | 15400 |  | 623530 |
| &nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 58600 |  | 870324 |
| &nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 6100 |  | 1339667 |
|  |  |  | **15455558** |
| &nbsp;&nbsp;&nbsp;**Netherlands – 7.2%** | &nbsp;&nbsp;&nbsp;**Netherlands – 7.2%** | &nbsp;&nbsp;&nbsp;**Netherlands – 7.2%** | &nbsp;&nbsp;&nbsp;**Netherlands – 7.2%** |
| &nbsp;&nbsp;&nbsp; Argenx SE<sup>(1)</sup> | 948 |  | 797888 |
| &nbsp;&nbsp;&nbsp; ASML Holding NV | 2117 |  | 2262895 |
| &nbsp;&nbsp;&nbsp; Ferrovial SE | 14442 |  | 934033 |
| &nbsp;&nbsp;&nbsp; Prosus NV | 15620 |  | 964748 |
|  |  |  | **4959564** |
| &nbsp;&nbsp;&nbsp;**Singapore – 2.9%** | &nbsp;&nbsp;&nbsp;**Singapore – 2.9%** | &nbsp;&nbsp;&nbsp;**Singapore – 2.9%** | &nbsp;&nbsp;&nbsp;**Singapore – 2.9%** |
| &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | 35240 |  | 1542256 |
| &nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. | 32400 |  | 425740 |
|  |  |  | **1967996** |
| &nbsp;&nbsp;&nbsp;**Spain – 3.4%** | &nbsp;&nbsp;&nbsp;**Spain – 3.4%** | &nbsp;&nbsp;&nbsp;**Spain – 3.4%** | &nbsp;&nbsp;&nbsp;**Spain – 3.4%** |
| &nbsp;&nbsp;&nbsp; Indra Sistemas SA | 24247 |  | 1374903 |
| &nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | 14934 |  | 983708 |
|  |  |  | **2358611** |
| &nbsp;&nbsp;&nbsp;**Switzerland – 6.1%** | &nbsp;&nbsp;&nbsp;**Switzerland – 6.1%** | &nbsp;&nbsp;&nbsp;**Switzerland – 6.1%** | &nbsp;&nbsp;&nbsp;**Switzerland – 6.1%** |
| &nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA, Reg S, Class A | 8725 |  | 1882997 |
| &nbsp;&nbsp;&nbsp; Lonza Group AG, Reg S | 1346 |  | 910646 |
| &nbsp;&nbsp;&nbsp; UBS Group AG, Reg S | 13269 |  | 613387 |
| &nbsp;&nbsp;&nbsp; VAT Group AG<sup>(2)</sup> | 1537 |  | 738060 |
|  |  |  | **4145090** |
| &nbsp;&nbsp;&nbsp;**Taiwan – 2.0%** | &nbsp;&nbsp;&nbsp;**Taiwan – 2.0%** | &nbsp;&nbsp;&nbsp;**Taiwan – 2.0%** | &nbsp;&nbsp;&nbsp;**Taiwan – 2.0%** |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4497 |  | 1366593 |
|  |  |  | **1366593** |
| &nbsp;&nbsp;&nbsp;**United Kingdom – 20.4%** | &nbsp;&nbsp;&nbsp;**United Kingdom – 20.4%** | &nbsp;&nbsp;&nbsp;**United Kingdom – 20.4%** | &nbsp;&nbsp;&nbsp;**United Kingdom – 20.4%** |
| &nbsp;&nbsp;&nbsp; 3i Group PLC | 23464 |  | 1020857 |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC | 14554 |  | 2680730 |
| &nbsp;&nbsp;&nbsp; Compass Group PLC | 41393 |  | 1316919 |
| &nbsp;&nbsp;&nbsp; Diageo PLC | 15688 |  | 337930 |
| &nbsp;&nbsp;&nbsp; Haleon PLC | 159434 |  | 806760 |
| &nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC | 9016 |  | 1262936 |
| &nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | 8197 |  | 987038 |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC | 75926 |  | 662224 |
| &nbsp;&nbsp;&nbsp; Next PLC | 2847 |  | 523804 |
| &nbsp;&nbsp;&nbsp; RELX PLC | 28497 |  | 1161491 |
| &nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC | 126069 |  | 1959509 |
| &nbsp;&nbsp;&nbsp; Sage Group PLC | 16427 |  | 239205 |
| &nbsp;&nbsp;&nbsp; SSE PLC | 27999 |  | 820996 |
| &nbsp;&nbsp;&nbsp; Standard Chartered PLC | 8574 |  | 209386 |
|  |  |  | **13989785** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $49,813,411) |  |  | **67540790** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **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., 1.06%, dated 12/31/2025, proceeds at maturity value of $512,395, due 1/2/2026<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512364 | $512364 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $512,364) |  | **512364** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.5%** <br> (Cost $50,325,775) |  | **68053154** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.5%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.5%** | **358889** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** |  | $**68412043** |

---

<sup>(1)</sup> Non–income–producing security.

<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 December 31, 2025, the aggregate market value of these securities amounted to $1,178,940, representing 1.7% 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> 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 | 2.75% | 4/30/2027 | $525200 | $522685 |

---

#### Legend:
ADR — American Depositary Receipt

**The following is a summary of the inputs used as of December 31, 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $693780 \* | $— | $693780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands | 560160 |  |  | 560160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 3282870 \* |  | 3282870 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 10259491 \* |  | 10259491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 3875248 \* |  | 3875248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 2314462 \* |  | 2314462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 1346271 |  |  | 1346271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 965311 \* |  | 965311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 15455558 \* |  | 15455558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 4959564 \* |  | 4959564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 1967996 \* |  | 1967996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 2358611 \* |  | 2358611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 4145090 \* |  | 4145090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 1366593 |  |  | 1366593 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 13989785 \* |  | 13989785 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 512364 |  | 512364 |
| &nbsp;&nbsp;&nbsp;**Total** | $**3273024** | $**64780130** | $**—** | $**68053154** |

---

\* 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.*

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#### FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $68053154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 19748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 404817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 39548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 25162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 3804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 2984 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **68549217** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 46945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 26618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 15609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 14670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative fees | 12357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 10727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 9882 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **137174** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**68412043** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $9439656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 58972387 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**68412043** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50325775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $19706 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **3439725** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$19.89** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1383948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 10399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (114929) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1279418** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 601061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 187831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 77610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 49772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 31400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 26321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 15738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 3305 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **993038** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (123814) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **869224** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **410194** |
| &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 | 15773711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 20101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (3391132) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 45756 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **12448436** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**12858630** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the**<br> **Year Ended**<br> **12/31/25** | **For the**<br> **Year Ended**<br> **12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $410194 | $354422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 15793812 | 10662818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | (3345376) | (5058878) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **12858630** | **5958362** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 2387570 | 3269660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (25815772) | (34109699) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(23428202)** | **(30840039)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(10569572)** | **(24881677)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78981615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103863292 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $68412043 | $78981615 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 126870 | 195991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1372751) | (1995821) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(1245881)** | **(1799830)** |

---

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

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**5**

------

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past five years. 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**  | &nbsp;&nbsp;&nbsp; **Financial Highlights**  | &nbsp;&nbsp;&nbsp; **Financial Highlights**  | &nbsp;&nbsp;&nbsp; **Financial Highlights**  | &nbsp;&nbsp;&nbsp; **Financial Highlights**  | &nbsp;&nbsp;&nbsp; **Financial Highlights**  | &nbsp;&nbsp;&nbsp; **Financial Highlights**  |
|  | **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/(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; Year Ended 12/31/25 | $16.86 | $0.10 | $2.93 | $3.03 | $19.89 | 17.97% |
| &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% |

---

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** |
| $68412 | 1.16% | 1.32% | 0.54% | 0.38% | 57% |
| 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% |

---

<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.

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

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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 year ended December 31, 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 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**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** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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

10.0 ------

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 1.17%. 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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $123,814.

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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $187,831 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 $42,025,984 and $64,591,776, respectively, for the year ended December 31, 2025. During the year ended December 31, 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

**11**

------

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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g49107g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian International Growth VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian International Growth VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

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

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**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
Not applicable.

14.0 ------

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**15**

------

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16.0 ------

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**17**

------

**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](g49107g84s34.jpg)

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

PUB8171

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Large Cap Disciplined Growth VIP Fund
![LOGO](g48847g40s74.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](#fin15toc48847_1)** |  |
| [Schedule of Investments](#fin15toc48847_2) | 1 |
| [Statement of Assets and Liabilities](#fin15toc48847_3) | 3 |
| [Statement of Operations](#fin15toc48847_4) | 3 |
| [Statements of Changes in Net Assets](#fin15toc48847_5) | 4 |
| [Financial Highlights](#fin15toc48847_6) | 6 |
| [Notes to Financial Statements](#fin15toc48847_7) | 8 |
| [Report of Independent Registered Public Accounting Firm](#fin15toc48847_8) | 13 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin15toc48847_9)** | 14 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin15toc48847_10)** | 14 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin15toc48847_11)** | 15 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin15toc48847_12)** | 15 |

---

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

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **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 – 2.2%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.2%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.2%** |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.<sup>(1)</sup> | 3155 | $1791819 |
| &nbsp;&nbsp;&nbsp; General Electric Co. | 17709 | 5454903 |
|  |  | **7246722** |
| &nbsp;&nbsp;&nbsp;**Automobiles – 2.4%** | &nbsp;&nbsp;&nbsp;**Automobiles – 2.4%** | &nbsp;&nbsp;&nbsp;**Automobiles – 2.4%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.<sup>(1)</sup> | 18014 | 8101256 |
|  |  | **8101256** |
| &nbsp;&nbsp;&nbsp;**Banks – 0.6%** | &nbsp;&nbsp;&nbsp;**Banks – 0.6%** | &nbsp;&nbsp;&nbsp;**Banks – 0.6%** |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 22546 | 2101287 |
|  |  | **2101287** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 1.5%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.5%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.5%** |
| &nbsp;&nbsp;&nbsp; Natera, Inc.<sup>(1)</sup> | 5024 | 1150948 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 8620 | 3907963 |
|  |  | **5058911** |
| &nbsp;&nbsp;&nbsp;**Broadline Retail – 5.7%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 5.7%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 5.7%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 83332 | 19234692 |
|  |  | **19234692** |
| &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> | 11244 | 1156895 |
|  |  | **1156895** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 1.7%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 1.7%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 1.7%** |
| &nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 10064 | 1626645 |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 25720 | 1654053 |
| &nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 19236 | 2452205 |
|  |  | **5732903** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.9%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.9%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.9%** |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 8841 | 2864749 |
|  |  | **2864749** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.4%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.4%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.4%** |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | 5758 | 1220293 |
|  |  | **1220293** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 1.0%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 1.0%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 1.0%** |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.<sup>(1)</sup> | 24174 | 3167519 |
|  |  | **3167519** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 0.7%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 0.7%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 0.7%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | 6615 | 2447219 |
|  |  | **2447219** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 1.7%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 1.7%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 1.7%** |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 28057 | 2525972 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 28244 | 3146664 |
|  |  | **5672636** |
| &nbsp;&nbsp;&nbsp;**Distributors – 0.4%** | &nbsp;&nbsp;&nbsp;**Distributors – 0.4%** | &nbsp;&nbsp;&nbsp;**Distributors – 0.4%** |
| &nbsp;&nbsp;&nbsp; Pool Corp. | 6058 | 1385768 |
|  |  | **1385768** |
| &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. | 4729 | 3090733 |
|  |  | **3090733** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 2.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 2.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 2.3%** |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty<br>Formula One, Class C<sup>(1)</sup> | 19318 | 1903016 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.<sup>(1)</sup> | 62033 | 5816214 |
|  |  | **7719230** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 3.5%** | &nbsp;&nbsp;&nbsp;**Financial Services – 3.5%** | &nbsp;&nbsp;&nbsp;**Financial Services – 3.5%** |
| &nbsp;&nbsp;&nbsp; Klarna Group PLC<sup>(1)</sup> | 36933 | $1067733 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 15196 | 8675093 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 5989 | 2100402 |
|  |  | **11843228** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 0.4%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 0.4%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 0.4%** |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc.<sup>(1)</sup> | 22227 | 1475206 |
|  |  | **1475206** |
| &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.6%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.6%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.6%** |
| &nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A<sup>(1)</sup> | 9528 | 2126935 |
|  |  | **2126935** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.2%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.2%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.2%** |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 73835 | 2731895 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A<sup>(1)</sup> | 10902 | 2469085 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 12117 | 3480608 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 6957 | 1940447 |
|  |  | **10622035** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 10.9%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 10.9%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 10.9%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 77343 | 24208359 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 18795 | 12406392 |
|  |  | **36614751** |
| &nbsp;&nbsp;&nbsp;**IT Services – 0.6%** | &nbsp;&nbsp;&nbsp;**IT Services – 0.6%** | &nbsp;&nbsp;&nbsp;**IT Services – 0.6%** |
| &nbsp;&nbsp;&nbsp; Shopify, Inc., Class A<sup>(1)</sup> | 13189 | 2123033 |
|  |  | **2123033** |
| &nbsp;&nbsp;&nbsp;**Machinery – 1.4%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.4%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.4%** |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 5555 | 3182293 |
| &nbsp;&nbsp;&nbsp; Cummins, Inc. | 2830 | 1444573 |
|  |  | **4626866** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 3.8%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 3.8%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 3.8%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 11842 | 12726361 |
|  |  | **12726361** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 19.8%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 19.8%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 19.8%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.<sup>(1)</sup> | 10542 | 2257675 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 47788 | 16539427 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 3020 | 3669542 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 236397 | 44088040 |
|  |  | **66554684** |
| &nbsp;&nbsp;&nbsp;**Software – 17.5%** | &nbsp;&nbsp;&nbsp;**Software – 17.5%** | &nbsp;&nbsp;&nbsp;**Software – 17.5%** |
| &nbsp;&nbsp;&nbsp; AppLovin Corp., Class A<sup>(1)</sup> | 4103 | 2764683 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.<sup>(1)</sup> | 9148 | 2859482 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 4830 | 3199489 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 72314 | 34972497 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 23966 | 4671213 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A<sup>(1)</sup> | 14245 | 2532049 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.<sup>(1)</sup> | 13671 | 2518198 |
| &nbsp;&nbsp;&nbsp; PTC, Inc.<sup>(1)</sup> | 10202 | 1777290 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc.<sup>(1)</sup> | 21850 | 3347202 |
|  |  | **58642103** |

---

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

------

#### SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.4%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.4%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.4%** |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 10169 | $2452356 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.<sup>(1)</sup> | 23233 | 2119082 |
|  |  | **4571438** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 12.0%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 12.0%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 12.0%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 147776 | 40174383 |
|  |  | **40174383** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.5%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.5%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.5%** |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 10038 | 2234760 |
| &nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | 14799 | 2913183 |
|  |  | **5147943** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $183,387,040) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $183,387,040) | **333449779** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **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., 1.06%, dated 12/31/2025, proceeds at maturity value of $2,544,454, due 1/2/2026<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544304 | $2544304 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,544,304) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,544,304) | **2544304** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.2%** <br> (Cost $185,931,344) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.2%** <br> (Cost $185,931,344) | **335994083** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.2)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.2)%** | **(591819)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**335402264** |

---

<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 | 4.50% | 5/15/2027 | $2546200 | $2595355 |

---

**The following is a summary of the inputs used as of December 31, 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 | $333449779 | $— | $— | $333449779 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 2544304 |  | 2544304 |
| &nbsp;&nbsp;&nbsp;**Total** | $**333449779** | $**2544304** | $**—** | $**335994083** |

---

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 December 31, 2025 | &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2025 |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $335994083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 20045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 14437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 14179 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **336043012** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 322269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 167585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 72403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 12658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 9971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 53277 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **640748** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**335402264** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $(210179697) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 545581961 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**335402264** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $185931344 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **7983419** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$42.01** |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1526962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 18794 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1545756** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 2056714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 892693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 123896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 115736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 73683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 39360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 21796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 24451 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **3349554** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (242982) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **3106572** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **(1560816)** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 75613241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (17047519) |
| &nbsp;&nbsp;&nbsp; **Net Gain on Investments** | **58565722** |
| &nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**57004906** |

---

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

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | **For the**<br> **Year Ended**<br> **12/31/25** | **For the**<br> **Year Ended**<br> **12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $(1560816) | $(1348829) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 75613241 | 110591240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (17047519) | 1526116 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **57004906** | **110768527** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 18592818 | 11282613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (131973166) | (181260766) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(113380348)** | **(169978153)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(56375442)** | **(59209626)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391777706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450987332 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $335402264 | $391777706 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 543646 | 357736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3468660) | (5624527) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(2925014)** | **(5266791)** |

---

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

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**5**

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The Financial Highlights table is intended to help you understand the Fund's financial performance for the past five years. 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** | | | | | | |
|  | **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; Year Ended 12/31/25 | $35.92 | $(0.16) | $6.25 | $6.09 | $42.01 | 16.95% |
| &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% |

---

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

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

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| $335402 | 0.87% | 0.94% | (0.44)% | (0.51)% | 42% |
| 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% |

---

<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.

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

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#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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 year ended December 31, 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**

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**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 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**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** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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,

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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $242,982.

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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $892,693 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 $150,167,112 and $266,894,523, respectively, for the year ended December 31, 2025. During the year ended December 31, 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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g48847g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Large Cap Disciplined Growth VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Large Cap Disciplined Growth VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

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

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**13**

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#### 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
At a meeting of the Board of Trustees (the "Board") of Guardian Variable Products Trust (the "Trust") held on December 4-5, 2024 the Board approved submitting the following proposals (the "Proposals") to shareholders of the applicable Funds at a special shareholder meeting (the "Special Meeting"). The Special Meeting was originally scheduled to be held on January 31, 2025 and was adjourned to February 14, 2025.

*Proposal with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund only:*

<u>Proposal 1</u>: To change the sub-classification of each of Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund from a "diversified" fund to a "non-diversified" fund and to eliminate the related fundamental investment restrictions.

*Proposal with respect to Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund only:*

<u>Proposal 2</u>: To permit Park Avenue Institutional Advisers LLC, under certain circumstances, to enter into and/or materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisers on behalf of Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund without obtaining shareholder approval.

On or about January 3, 2025, shareholders of record of the applicable Funds as of the close of business on October 31, 2024 were sent a proxy statement containing information regarding each of the Proposals. The proxy statement(s) also included information about the Special Meeting, at which shareholders of the applicable Funds were asked to consider and approve the Proposals. In addition, the proxy statement(s)

included information about voting (or providing voting instructions) on the Proposals and options shareholders had to do so.

The Special Meeting was reconvened on February 14, 2025, and each of the above Proposals passed.

The results of the Special Meeting were as follows:

<u>Proposal 1</u>: To change the sub-classification of each of Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund from a "diversified" fund to a "non-diversified" fund and to eliminate the related fundamental investment restrictions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes For** | **Votes Against/<br>Withheld** | **Votes Against/<br>Withheld** | **Abstentions** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Fundamental Growth VIP Fund |  | 5486811.696 |  | 627234.899 |  | 407511.095 |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Disciplined Growth VIP Fund |  | 9790610.732 |  | 1292415.741 |  | 925701.672 |

---

<u>Proposal 2</u>: To permit Park Avenue Institutional Advisers LLC, under certain circumstances, to enter into and/or materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisers on behalf of Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund without obtaining shareholder approval.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes Against/<br>Withheld** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;Guardian Mid Cap Traditional Growth VIP Fund | 1878743.904 | 184448.897 | 97299.135 |
| &nbsp;&nbsp;&nbsp;Guardian Diversified Research VIP Fund | 3315653.786 | 298055.043 | 306599.121 |
| &nbsp;&nbsp;&nbsp;Guardian Growth & Income VIP Fund | 4307788.446 | 465121.321 | 287991.312 |
| &nbsp;&nbsp;&nbsp;Guardian Mid Cap Relative Value VIP Fund | 4701812.837 | 499998.861 | 282721.822 |
| &nbsp;&nbsp;&nbsp;Guardian Balanced Allocation VIP Fund | 14321528.326 | 1887736.077 | 1430466.129 |
| &nbsp;&nbsp;&nbsp;Guardian Short Duration Bond VIP Fund | 12135837.474 | 1244133.676 | 710288.153 |
| &nbsp;&nbsp;&nbsp;Guardian Total Return Bond VIP Fund | 19195546.683 | 1928257.330 | 1377051.537 |

---

14.0 ------

#### 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
Not applicable.

**15**

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**17**

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**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](g48847g84s34.jpg)

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

PUB8173

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Large Cap Disciplined Value VIP Fund
![LOGO](g47125g40s74.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](#fin16toc47125_1)** |  |
| [Schedule of Investments](#fin16toc47125_2) | 1 |
| [Statement of Assets and Liabilities](#fin16toc47125_3) | 4 |
| [Statement of Operations](#fin16toc47125_4) | 4 |
| [Statements of Changes in Net Assets](#fin16toc47125_5) | 5 |
| [Financial Highlights](#fin16toc47125_6) | 6 |
| [Notes to Financial Statements](#fin16toc47125_7) | 8 |
| [Report of Independent Registered Public Accounting Firm](#fin16toc47125_8) | 13 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin16toc47125_9)** | 14 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin16toc47125_10)** | 14 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin16toc47125_11)** | 14 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin16toc47125_12)** | 14 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **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 – 2.4%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.4%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.4%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 2773 | $933558 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 2968 | 871316 |
|  |  | **1804874** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 2.2%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 2.2%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 2.2%** |
| &nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | 4676 | 751714 |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 2989 | 863402 |
|  |  | **1615116** |
| &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> | 5894 | 448474 |
|  |  | **448474** |
| &nbsp;&nbsp;&nbsp;**Banks – 7.6%** | &nbsp;&nbsp;&nbsp;**Banks – 7.6%** | &nbsp;&nbsp;&nbsp;**Banks – 7.6%** |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 57647 | 1000175 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 10462 | 3371066 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 14594 | 1360161 |
|  |  | **5731402** |
| &nbsp;&nbsp;&nbsp;**Beverages – 1.8%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.8%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.8%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | 12780 | 893450 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC | 5106 | 463114 |
|  |  | **1356564** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 2.4%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 2.4%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 2.4%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 3894 | 889740 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 7518 | 922759 |
|  |  | **1812499** |
| &nbsp;&nbsp;&nbsp;**Broadline Retail – 2.8%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 2.8%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 2.8%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 9039 | 2086382 |
|  |  | **2086382** |
| &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 | 2432 | 387223 |
|  |  | **387223** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 7.0%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 7.0%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 7.0%** |
| &nbsp;&nbsp;&nbsp; Blue Owl Capital, Inc. | 25852 | 386229 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 8416 | 840842 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 897 | 788463 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 5766 | 933861 |
| &nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 3181 | 1136158 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 6820 | 1210755 |
|  |  | **5296308** |
| &nbsp;&nbsp;&nbsp;**Construction Materials – 2.2%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 2.2%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 2.2%** |
| &nbsp;&nbsp;&nbsp; CRH PLC | 13257 | 1654474 |
|  |  | **1654474** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 3.0%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 3.0%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 3.0%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | 3747 | 1386203 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 3645 | 883402 |
|  |  | **2269605** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 2.8%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 2.8%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail – 2.8%** |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | 10662 | 785683 |
| &nbsp;&nbsp;&nbsp; U.S. Foods Holding Corp.<sup>(1)</sup> | 17357 | 1307329 |
|  |  | **2093012** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 4.0%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 4.0%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 4.0%** |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | 7464 | $689897 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 24406 | 1092657 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 2233 | 355583 |
| &nbsp;&nbsp;&nbsp; PPL Corp. | 25314 | 886496 |
|  |  | **3024633** |
| &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. | 3321 | 440763 |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc. | 1807 | 802507 |
|  |  | **1243270** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.9%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.9%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.9%** |
| &nbsp;&nbsp;&nbsp; Flex Ltd.<sup>(1)</sup> | 12009 | 725584 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.<sup>(1)</sup> | 3476 | 706288 |
|  |  | **1431872** |
| &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; SLB Ltd. | 8978 | 344576 |
|  |  | **344576** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 1.5%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.5%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.5%** |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 10215 | 1162161 |
|  |  | **1162161** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 2.0%** | &nbsp;&nbsp;&nbsp;**Financial Services – 2.0%** | &nbsp;&nbsp;&nbsp;**Financial Services – 2.0%** |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 6156 | 891143 |
| &nbsp;&nbsp;&nbsp; Corpay, Inc.<sup>(1)</sup> | 1997 | 600957 |
|  |  | **1492100** |
| &nbsp;&nbsp;&nbsp;**Ground Transportation – 2.4%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 2.4%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 2.4%** |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 3755 | 588784 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.<sup>(1)</sup> | 14666 | 1198359 |
|  |  | **1787143** |
| &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 | 8512 | 817663 |
|  |  | **817663** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 7.1%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 7.1%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 7.1%** |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. | 3989 | 1347285 |
| &nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 1851 | 464379 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 1483 | 1216490 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 4863 | 843876 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.<sup>(1)</sup> | 2377 | 472357 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 3000 | 990330 |
|  |  | **5334717** |
| &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; Booking Holdings, Inc. | 115 | 615863 |
|  |  | **615863** |
| &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. | 6547 | 1277254 |
|  |  | **1277254** |
| &nbsp;&nbsp;&nbsp;**Insurance – 2.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 2.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 2.6%** |
| &nbsp;&nbsp;&nbsp; Allstate Corp. | 2988 | 621952 |
| &nbsp;&nbsp;&nbsp; Aon PLC, Class A | 2573 | 907960 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 1495 | 386891 |
|  |  | **1916803** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &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; Meta Platforms, Inc., Class A | 1730 | $1141956 |
|  |  | **1141956** |
| &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; IQVIA Holdings, Inc.<sup>(1)</sup> | 3913 | 882029 |
|  |  | **882029** |
| &nbsp;&nbsp;&nbsp;**Machinery – 1.9%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.9%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.9%** |
| &nbsp;&nbsp;&nbsp; Cummins, Inc. | 1630 | 832033 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 2910 | 621140 |
|  |  | **1453173** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 6.0%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 6.0%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 6.0%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 10162 | 516128 |
| &nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 61342 | 1727390 |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 12086 | 1206787 |
| &nbsp;&nbsp;&nbsp; Reliance, Inc. | 1893 | 546831 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 3144 | 532751 |
|  |  | **4529887** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.9%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.9%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.9%** |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 18561 | 711629 |
|  |  | **711629** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 4.9%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 4.9%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 4.9%** |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. | 23890 | 404219 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 12971 | 1214215 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 6651 | 999845 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 6626 | 1077586 |
|  |  | **3695865** |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines – 0.6%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines – 0.6%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines – 0.6%** |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.<sup>(1)</sup> | 4202 | 469868 |
|  |  | **469868** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.4%** |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC, ADR | 7581 | 696921 |
| &nbsp;&nbsp;&nbsp; Novo Nordisk AS, ADR | 7628 | 388113 |
|  |  | **1085034** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 1.4%** | &nbsp;&nbsp;&nbsp;**Professional Services – 1.4%** | &nbsp;&nbsp;&nbsp;**Professional Services – 1.4%** |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 4260 | 564279 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 2744 | 495018 |
|  |  | **1059297** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 6.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 6.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 6.4%** |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 4451 | 1143862 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 15725 | 1001997 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 5481 | 1564332 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 5164 | 1120898 |
|  |  | **4831089** |
| &nbsp;&nbsp;&nbsp;**Software – 1.3%** | &nbsp;&nbsp;&nbsp;**Software – 1.3%** | &nbsp;&nbsp;&nbsp;**Software – 1.3%** |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 3105 | 605196 |
| &nbsp;&nbsp;&nbsp; Trimble, Inc.<sup>(1)</sup> | 4995 | 391358 |
|  |  | **996554** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.0%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.0%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.0%** |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc.<sup>(1)</sup> | 1782 | 367947 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc.<sup>(1)</sup> | 173 | 586730 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | 1559 | 536452 |
|  |  | **1491129** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 1.2%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 1.2%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 1.2%** |
| &nbsp;&nbsp;&nbsp; Dell Technologies, Inc., Class C | 6962 | $876377 |
|  |  | **876377** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.5%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.<sup>(1)</sup> | 1668 | 346627 |
|  |  | **346627** |
| &nbsp;&nbsp;&nbsp;**Tobacco – 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 11634 | 1866094 |
|  |  | **1866094** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.4%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.4%** |  |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc. | 1258 | 1018125 |
|  |  | **1018125** |
| &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. | 3650 | 741096 |
|  |  | **741096** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $51,919,388) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $51,919,388) | **74199817** |
|  | **Principal<br>Amount** | **Value** |
| &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., 1.06%, dated 12/31/2025, proceeds at maturity value of $1,050,318, due 1/2/2026<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050256 | 1050256 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,050,256) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,050,256) | **1050256** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $52,969,644) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $52,969,644) | **75250073** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | **(43987)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**75206086** |

---

<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 | 2.75% | 4/30/2027 | $1076500 | $1071279 |

---

#### 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 December 31, 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 | $74199817 | $— | $— | $74199817 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1050256 |  | 1050256 |
| &nbsp;&nbsp;&nbsp;**Total** | $**74199817** | $**1050256** | $**—** | $**75250073** |

---

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 December 31, 2025 | &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2025 |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $75250073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 68123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 52171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 3927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3328 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **75380612** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 68708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 42170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 16219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 14469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative fees | 12777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 9971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 9762 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **174526** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**75206086** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $(61989782) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137195868 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**75206086** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $52969644 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **2773487** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$27.12** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1428300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 13648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (14948) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1427000** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 541117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 208122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 47680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 43860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 32398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 28979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 15020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 5363 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **923805** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (116292) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **807513** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **619487** |
| &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 | 12420014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (152) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 68343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 78 |
| &nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **12488283** |
| &nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**13107770** |

---

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

------

---

| | | |
|:---|:---|:---|
| &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** |
|  | **For the<br>Year Ended<br>12/31/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $619487 | $829444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 12419862 | 30504280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | 68421 | (12735933) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **13107770** | **18597791** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 2413758 | 2172459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (32262551) | (65914940) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(29848793)** | **(63742481)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(16741023)** | **(45144690)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91947109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137091799 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $75206086 | $91947109 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 104362 | 99265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1302478) | (2969888) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(1198116)** | **(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 five years. 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** | | | | | | |
|  | **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; Year Ended 12/31/25 | $23.15 | $0.18 | $3.79 | $3.97 | $27.12 | 17.15% |
| &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% |

---

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 Net<br>Assets** | **Portfolio<br>Turnover Rate** |
| $75206 | 0.97% | 1.11% | 0.74% | 0.60% | 48% |
| 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% |

---

<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.

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

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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 year ended December 31, 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 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. During the .year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund

**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** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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

10.0 ------

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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $116,292.

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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $208,122 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 $39,242,030 and $68,720,874, respectively, for the year ended December 31, 2025. During the year ended December 31, 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

**11**

------

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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g47125g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Large Cap Disciplined Value VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Large Cap Disciplined Value VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

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

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**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
Not applicable.

14.0 ------

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**15**

------

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16.0 ------

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**17**

------

**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](g47125g84s34.jpg)

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

PUB8174

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Large Cap Fundamental Growth VIP Fund
![LOGO](g75584g40s74.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](#fin1775584_100)** |  |
| [Schedule of Investments](#fin1775584_1) | 1 |
| [Statement of Assets and Liabilities](#fin1775584_2) | 4 |
| [Statement of Operations](#fin1775584_3) | 4 |
| [Statements of Changes in Net Assets](#fin1775584_4) | 5 |
| [Financial Highlights](#fin1775584_5) | 6 |
| [Notes to Financial Statements](#fin1775584_6) | 8 |
| [Report of Independent Registered Public<br>Accounting Firm](#fin1775584_7) | 13 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin1775584_8)** | 14 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin1775584_9)** | 14 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin1775584_10)** | 15 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin1775584_11)** | 15 |

---

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

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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 FUNDAMENTAL GROWTH VIP FUND

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Boeing Co.<sup>(1)</sup> | 200 | $43424 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 3931 | 1237636 |
| &nbsp;&nbsp;&nbsp; DroneShield Ltd., Reg S (Australia)<sup>(1)</sup> | 38703 | 78208 |
| &nbsp;&nbsp;&nbsp; Firefly Aerospace, Inc.<sup>(1)</sup> | 600 | 13422 |
| &nbsp;&nbsp;&nbsp; General Electric Co. | 8547 | 2632733 |
| &nbsp;&nbsp;&nbsp; Loar Holdings, Inc.<sup>(1)</sup> | 200 | 13600 |
|  |  | **4019023** |
| &nbsp;&nbsp;&nbsp;**Automobile Components – 0.5%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.5%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.5%** |
| &nbsp;&nbsp;&nbsp; Hesai Group, ADR<sup>(1)</sup> | 35105 | 786352 |
|  |  | **786352** |
| &nbsp;&nbsp;&nbsp;**Automobiles – 2.3%** | &nbsp;&nbsp;&nbsp;**Automobiles – 2.3%** | &nbsp;&nbsp;&nbsp;**Automobiles – 2.3%** |
| &nbsp;&nbsp;&nbsp; BYD Co. Ltd., Class H (China) | 86060 | 1047950 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.<sup>(1)</sup> | 6121 | 2752736 |
|  |  | **3800686** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 4.8%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 4.8%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 4.8%** |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 5349 | 2127030 |
| &nbsp;&nbsp;&nbsp; Arcellx, Inc.<sup>(1)</sup> | 1052 | 68590 |
| &nbsp;&nbsp;&nbsp; Beam Therapeutics, Inc.<sup>(1)</sup> | 13796 | 382425 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc.<sup>(1)</sup> | 8851 | 1557688 |
| &nbsp;&nbsp;&nbsp; BioNTech SE, ADR<sup>(1)</sup> | 6224 | 592525 |
| &nbsp;&nbsp;&nbsp; Blueprint Medicines Corp.<sup>(1)(2)(3)</sup> | 653 | 0 |
| &nbsp;&nbsp;&nbsp; Cytokinetics, Inc.<sup>(1)</sup> | 6223 | 395409 |
| &nbsp;&nbsp;&nbsp; Galapagos NV, ADR<sup>(1)</sup> | 5673 | 185507 |
| &nbsp;&nbsp;&nbsp; Gamida Cell Ltd.<sup>(1)(2)(3)</sup> | 59800 | 1 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 13281 | 1630110 |
| &nbsp;&nbsp;&nbsp; Hookipa Pharma, Inc.<sup>(1)</sup> | 2270 | 2027 |
| &nbsp;&nbsp;&nbsp; Immuneering Corp., Class A<sup>(1)</sup> | 9722 | 63971 |
| &nbsp;&nbsp;&nbsp; Immunocore Holdings PLC, ADR<sup>(1)</sup> | 3314 | 115029 |
| &nbsp;&nbsp;&nbsp; Janux Therapeutics, Inc.<sup>(1)</sup> | 2300 | 31740 |
| &nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.<sup>(1)</sup> | 839 | 206847 |
| &nbsp;&nbsp;&nbsp; Legend Biotech Corp., ADR<sup>(1)</sup> | 5400 | 117396 |
| &nbsp;&nbsp;&nbsp; Moderna, Inc.<sup>(1)</sup> | 5300 | 156297 |
| &nbsp;&nbsp;&nbsp; Newamsterdam Pharma Co. NV<sup>(1)</sup> | 6347 | 222653 |
| &nbsp;&nbsp;&nbsp; Vor BioPharma, Inc.<sup>(1)</sup> | 316 | 4133 |
| &nbsp;&nbsp;&nbsp; XOMA Royalty Corp.<sup>(1)</sup> | 3997 | 106280 |
|  |  | **7965658** |
| &nbsp;&nbsp;&nbsp;**Broadline Retail – 9.9%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 9.9%** | &nbsp;&nbsp;&nbsp;**Broadline Retail – 9.9%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 67858 | 15662984 |
| &nbsp;&nbsp;&nbsp; eBay, Inc. | 3703 | 322531 |
| &nbsp;&nbsp;&nbsp; Etsy, Inc.<sup>(1)</sup> | 7457 | 413416 |
| &nbsp;&nbsp;&nbsp; Savers Value Village, Inc.<sup>(1)</sup> | 22970 | 214540 |
|  |  | **16613471** |
| &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. | 378 | 61036 |
|  |  | **61036** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 3.7%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 3.7%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 3.7%** |
| &nbsp;&nbsp;&nbsp; Blackstone, Inc. | 4981 | 767771 |
| &nbsp;&nbsp;&nbsp; Bullish<sup>(1)</sup> | 7421 | 281033 |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Class A<sup>(1)</sup> | 849 | 191993 |
| &nbsp;&nbsp;&nbsp; Evercore, Inc., Class A | 5939 | 2020745 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Capital Markets** (continued) | &nbsp;&nbsp;&nbsp;**Capital Markets** (continued) | &nbsp;&nbsp;&nbsp;**Capital Markets** (continued) |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 1137 | 999423 |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 4038 | 259684 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 8331 | 1479003 |
| &nbsp;&nbsp;&nbsp; Robinhood Markets, Inc., Class A<sup>(1)</sup> | 2274 | 257189 |
|  |  | **6256841** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.5%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.5%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.5%** |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.<sup>(1)</sup> | 7100 | 930313 |
|  |  | **930313** |
| &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 | 68618 |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 1295 | 806344 |
|  |  | **874962** |
| &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. | 6804 | 1649017 |
| &nbsp;&nbsp;&nbsp; Figure Technology Solutions, Inc., Class A<sup>(1)</sup> | 300 | 12252 |
|  |  | **1661269** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.1%** |
| &nbsp;&nbsp;&nbsp; Duolingo, Inc.<sup>(1)</sup> | 831 | 145840 |
|  |  | **145840** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.1%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.1%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.1%** |
| &nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 2728 | 1782939 |
|  |  | **1782939** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 1.5%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.5%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.5%** |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.<sup>(1)</sup> | 7708 | 1098390 |
| &nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A<sup>(1)</sup> | 18419 | 1492492 |
|  |  | **2590882** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 2.0%** | &nbsp;&nbsp;&nbsp;**Financial Services – 2.0%** | &nbsp;&nbsp;&nbsp;**Financial Services – 2.0%** |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 2861 | 1633288 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc., Class A | 35543 | 688112 |
| &nbsp;&nbsp;&nbsp; Toast, Inc., Class A<sup>(1)</sup> | 30959 | 1099354 |
|  |  | **3420754** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.3%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.3%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.3%** |
| &nbsp;&nbsp;&nbsp; Align Technology, Inc.<sup>(1)</sup> | 4358 | 680502 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.<sup>(1)</sup> | 26060 | 2484821 |
| &nbsp;&nbsp;&nbsp; Ceribell, Inc.<sup>(1)</sup> | 1339 | 29364 |
| &nbsp;&nbsp;&nbsp; Penumbra, Inc.<sup>(1)</sup> | 2010 | 624929 |
| &nbsp;&nbsp;&nbsp; Pulmonx Corp.<sup>(1)</sup> | 3191 | 7052 |
| &nbsp;&nbsp;&nbsp; RxSight, Inc.<sup>(1)</sup> | 716 | 7461 |
|  |  | **3834129** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.6%** |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc.<sup>(1)</sup> | 11740 | 1075501 |
|  |  | **1075501** |
| &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> | 2022 | 451371 |
|  |  | **451371** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.3%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.3%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.3%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 295 | 1579822 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.<sup>(1)</sup> | 13666 | 417360 |
| &nbsp;&nbsp;&nbsp; Kura Sushi USA, Inc., Class A<sup>(1)</sup> | 2944 | 154060 |
|  |  | **2151242** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 0.7%** | &nbsp;&nbsp;&nbsp;**Household Durables – 0.7%** | &nbsp;&nbsp;&nbsp;**Household Durables – 0.7%** |
| &nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 3491 | 502809 |
| &nbsp;&nbsp;&nbsp; TopBuild Corp.<sup>(1)</sup> | 1734 | 723407 |
|  |  | **1226216** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Insurance – 0.7%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.7%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.7%** |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 4359 | $1128066 |
|  |  | **1128066** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 13.4%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 13.4%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 13.4%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 41497 | 12988561 |
| &nbsp;&nbsp;&nbsp; Baidu, Inc., ADR<sup>(1)</sup> | 1263 | 165023 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 10609 | 7002895 |
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd.<br>(Cayman Islands) | 30990 | 2374678 |
|  |  | **22531157** |
| &nbsp;&nbsp;&nbsp;**IT Services – 2.1%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.1%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.1%** |
| &nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 100 | 26830 |
| &nbsp;&nbsp;&nbsp; Shopify, Inc., Class A<sup>(1)</sup> | 17971 | 2892792 |
| &nbsp;&nbsp;&nbsp; Snowflake, Inc.<sup>(1)</sup> | 2500 | 548400 |
|  |  | **3468022** |
| &nbsp;&nbsp;&nbsp;**Leisure Products – 0.3%** | &nbsp;&nbsp;&nbsp;**Leisure Products – 0.3%** | &nbsp;&nbsp;&nbsp;**Leisure Products – 0.3%** |
| &nbsp;&nbsp;&nbsp; Games Workshop Group PLC<br>(United Kingdom) | 1927 | 489088 |
|  |  | **489088** |
| &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> | 6874 | 112115 |
| &nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 1203 | 70748 |
| &nbsp;&nbsp;&nbsp; Chemometec AS (Denmark) | 2149 | 229979 |
| &nbsp;&nbsp;&nbsp; Codexis, Inc.<sup>(1)</sup> | 22776 | 37125 |
| &nbsp;&nbsp;&nbsp; MaxCyte, Inc.<sup>(1)</sup> | 7867 | 12194 |
|  |  | **462161** |
| &nbsp;&nbsp;&nbsp;**Machinery – 2.0%** | &nbsp;&nbsp;&nbsp;**Machinery – 2.0%** | &nbsp;&nbsp;&nbsp;**Machinery – 2.0%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | 3820 | 1778478 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 9146 | 724546 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 4343 | 927013 |
|  |  | **3430037** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 0.4%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 0.4%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 0.4%** |
| &nbsp;&nbsp;&nbsp; Vale SA, ADR | 50388 | 656556 |
|  |  | **656556** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 0.5%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 0.5%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 0.5%** |
| &nbsp;&nbsp;&nbsp; Range Resources Corp. | 21947 | 773851 |
|  |  | **773851** |
| &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 | 19504 | 2042459 |
|  |  | **2042459** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 8.0%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 8.0%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 8.0%** |
| &nbsp;&nbsp;&nbsp; Aclaris Therapeutics, Inc.<sup>(1)</sup> | 4400 | 13244 |
| &nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc.<sup>(1)</sup> | 5850 | 203580 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 5519 | 5931159 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A | 94138 | 3637493 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries Ltd., ADR<sup>(1)</sup> | 52657 | 1643425 |
| &nbsp;&nbsp;&nbsp; UCB SA (Belgium) | 6647 | 1853962 |
| &nbsp;&nbsp;&nbsp; Zevra Therapeutics, Inc.<sup>(1)</sup> | 10371 | 92924 |
|  |  | **13375787** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 1.4%** | &nbsp;&nbsp;&nbsp;**Professional Services – 1.4%** | &nbsp;&nbsp;&nbsp;**Professional Services – 1.4%** |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | 5231 | 1135022 |
| &nbsp;&nbsp;&nbsp; RELX PLC, ADR | 9417 | 380635 |
| &nbsp;&nbsp;&nbsp; UL Solutions, Inc., Class A | 9981 | 787102 |
|  |  | **2302759** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &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> | 3601 | $245696 |
| &nbsp;&nbsp;&nbsp; Zillow Group, Inc., Class C<sup>(1)</sup> | 14978 | 1021799 |
|  |  | **1267495** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 17.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 17.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 17.1%** |
| &nbsp;&nbsp;&nbsp; Astera Labs, Inc.<sup>(1)</sup> | 260 | 43253 |
| &nbsp;&nbsp;&nbsp; BE Semiconductor Industries NV (Netherlands) | 9798 | 1523648 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 113932 | 21248318 |
| &nbsp;&nbsp;&nbsp; SiTime Corp.<sup>(1)</sup> | 2557 | 903107 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 16163 | 4911774 |
|  |  | **28630100** |
| &nbsp;&nbsp;&nbsp;**Software – 6.6%** | &nbsp;&nbsp;&nbsp;**Software – 6.6%** | &nbsp;&nbsp;&nbsp;**Software – 6.6%** |
| &nbsp;&nbsp;&nbsp; Appfolio, Inc., Class A<sup>(1)</sup> | 309 | 71889 |
| &nbsp;&nbsp;&nbsp; BitMine Immersion Technologies, Inc. | 3351 | 90980 |
| &nbsp;&nbsp;&nbsp; CyberArk Software Ltd.<sup>(1)</sup> | 800 | 356848 |
| &nbsp;&nbsp;&nbsp; Figma, Inc., Class A<sup>(1)</sup> | 500 | 18685 |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc.<sup>(1)</sup> | 2057 | 825474 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 11552 | 5586778 |
| &nbsp;&nbsp;&nbsp; Nutanix, Inc., Class A<sup>(1)</sup> | 19544 | 1010229 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.<sup>(1)</sup> | 4213 | 776035 |
| &nbsp;&nbsp;&nbsp; SailPoint, Inc.<sup>(1)</sup> | 1000 | 20230 |
| &nbsp;&nbsp;&nbsp; Samsara, Inc., Class A<sup>(1)</sup> | 7014 | 248646 |
| &nbsp;&nbsp;&nbsp; ServiceTitan, Inc., Class A<sup>(1)</sup> | 9403 | 1001419 |
| &nbsp;&nbsp;&nbsp; Unity Software, Inc.<sup>(1)</sup> | 11500 | 507955 |
| &nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp., Class A<sup>(1)</sup> | 15679 | 319068 |
| &nbsp;&nbsp;&nbsp; Zscaler, Inc.<sup>(1)</sup> | 700 | 157444 |
|  |  | **10991680** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.9%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.9%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.9%** |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 3742 | 227851 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 12455 | 3003648 |
|  |  | **3231499** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.2%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.2%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.2%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 32300 | 8781078 |
|  |  | **8781078** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.1%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.1%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.1%** |
| &nbsp;&nbsp;&nbsp; Kering SA (France) | 500 | 176431 |
|  |  | **176431** |
| &nbsp;&nbsp;&nbsp;**Tobacco – 1.5%** | &nbsp;&nbsp;&nbsp;**Tobacco – 1.5%** | &nbsp;&nbsp;&nbsp;**Tobacco – 1.5%** |
| &nbsp;&nbsp;&nbsp; British American Tobacco PLC, ADR | 16166 | 915318 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 9935 | 1593574 |
|  |  | **2508892** |
| &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.<br>(United Kingdom) | 4482 | 993414 |
|  |  | **993414** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $120,234,824) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $120,234,824) | **166889017** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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., 1.06%, dated 12/31/2025, proceeds at maturity value of $774,888, due 1/2/2026<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774843 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774843 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $774,843) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $774,843) | **774843** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $121,009,667) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $121,009,667) | **167663860** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | **(202707)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**167461153** |

---

<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 securities deemed illiquid by the investment adviser.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Shares** | **Cost** | **Value** | **Acquisition**<br> **Date** | **% of Fund's<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Blueprint Medicines Corp. | 653 | $300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 7/21/2025 | 0.00% |
| &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 | 4.50% | 5/15/2027 | $775400 | $790349 |

---

#### Legend:
ADR — American Depositary Receipt

**The following is a summary of the inputs used as of December 31, 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 | $158121658 | $8767358 \* | $1 | $166889017 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 774843 |  | 774843 |
| &nbsp;&nbsp;&nbsp;**Total** | $**158121658** | $**9542201** | $**1** | $**167663860** |

---

\* 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**<br> As of December 31, 2025 | &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2025 |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $167663860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 83909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 18690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 9982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 7154 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **167783595** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian foreign currency | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 86743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 83272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 52750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 35987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 17930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative fees | 17488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 10321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 16191 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **322442** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**167461153** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $(137853940) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 305315093 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**167461153** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $121009667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, proceeds | $844 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **4377669** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$38.25** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1106208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 20977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (23929) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1103256** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1076785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 450345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 72679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 62353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 54633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 46982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 16931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 12869 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1793577** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (18544) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1775033** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **(671777)** |
| &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 | 33956110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (2445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (7574941) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **26378906** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**25707129** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/25** | **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) | $(671777) | $(1164554) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 33953665 | 85851020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | (7574759) | (22579625) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **25707129** | **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 | 7458797 | 1014798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (63377976) | (112366805) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(55919179)** | **(111352007)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(30212050)** | **(49245166)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 197673203 | 246918369 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167461153 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | 236852 | 33952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1818169) | (3757221) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(1581317)** | **(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 five years. 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> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | **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; Year Ended 12/31/25 | $33.17 | $(0.13) | $5.21 | $5.08 | $38.25 | 15.32% |
| &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% |

---

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** |
| $167461 | 0.99% | 1.00% | (0.38)% | (0.39)% | 40% |
| 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% |

---

<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.

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

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND
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.

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 December 31, 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 December 31, 2025, the Fund had two 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 year ended December 31, 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 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**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** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $18,544.

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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $450,345 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 $71,997,764 and $127,949,946, respectively, for the year ended December 31, 2025. During the year ended December 31, 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 December 31, 2025, the Fund held two 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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g75584g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Large Cap Fundamental Growth VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Large Cap Fundamental Growth VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**13**

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#### 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
At a meeting of the Board of Trustees (the "Board") of Guardian Variable Products Trust (the "Trust") held on December 4-5, 2024 the Board approved submitting the following proposals (the "Proposals") to shareholders of the applicable Funds at a special shareholder meeting (the "Special Meeting"). The Special Meeting was originally scheduled to be held on January 31, 2025 and was adjourned to February 14, 2025.

*Proposal with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund only:* 

<u>Proposal 1</u>: To change the sub-classification of each of Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund from a "diversified" fund to a "non-diversified" fund and to eliminate the related fundamental investment restrictions.

*Proposal with respect to Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund only:* 

<u>Proposal 2</u>: To permit Park Avenue Institutional Advisers LLC, under certain circumstances, to enter into and/or materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisers on behalf of Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund without obtaining shareholder approval.

On or about January 3, 2025, shareholders of record of the applicable Funds as of the close of business on October 31, 2024 were sent a proxy statement containing information regarding each of the Proposals. The proxy statement(s) also included information about the Special Meeting, at which shareholders of the applicable Funds were asked to consider and approve the Proposals. In addition, the proxy statement(s)

included information about voting (or providing voting instructions) on the Proposals and options shareholders had to do so.

The Special Meeting was reconvened on February 14, 2025, and each of the above Proposals passed.

The results of the Special Meeting were as follows:

<u>Proposal 1</u>: To change the sub-classification of each of Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund from a "diversified" fund to a "non-diversified" fund and to eliminate the related fundamental investment restrictions.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes**<br> **Against/**<br> **Withheld** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Fundamental Growth VIP Fund | 5486811.696 | 627234.899 | 407511.095 |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Disciplined Growth VIP Fund | 9790610.732 | 1292415.741 | 925701.672 |

---

<u>Proposal 2</u>: To permit Park Avenue Institutional Advisers LLC, under certain circumstances, to enter into and/or materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisers on behalf of Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund without obtaining shareholder approval.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes**<br> **Against/**<br> **Withheld** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;Guardian Mid Cap Traditional Growth VIP Fund | 1878743.904 | 184448.897 | 97299.135 |
| &nbsp;&nbsp;&nbsp;Guardian Diversified Research VIP Fund | 3315653.786 | 298055.043 | 306599.121 |
| &nbsp;&nbsp;&nbsp;Guardian Growth & Income VIP Fund | 4307788.446 | 465121.321 | 287991.312 |
| &nbsp;&nbsp;&nbsp;Guardian Mid Cap Relative Value VIP Fund | 4701812.837 | 499998.861 | 282721.822 |
| &nbsp;&nbsp;&nbsp;Guardian Balanced Allocation VIP Fund | 14321528.326 | 1887736.077 | 1430466.129 |
| &nbsp;&nbsp;&nbsp;Guardian Short Duration Bond VIP Fund | 12135837.474 | 1244133.676 | 710288.153 |
| &nbsp;&nbsp;&nbsp;Guardian Total Return Bond VIP Fund | 19195546.683 | 1928257.330 | 1377051.537 |

---

14.0 ------

#### 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
Not applicable.

**15**

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16.0 ------

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**17**

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**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](g75584g84s34.jpg)

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

PUB8175

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Mid Cap Relative Value VIP Fund
![LOGO](g47715g40s74.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](#fin47715_1)** |  |
| [Schedule of Investments](#fin47715_2) | 1 |
| [Statement of Assets and Liabilities](#fin47715_3) | 4 |
| [Statement of Operations](#fin47715_4) | 4 |
| [Statements of Changes in Net Assets](#fin47715_5) | 5 |
| [Financial Highlights](#fin47715_6) | 6 |
| [Notes to Financial Statements](#fin47715_7) | 8 |
| [Report of Independent Registered Public Accounting Firm](#fin47715_8) | 13 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin47715_9)** | 14 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin47715_10)** | 14 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin47715_11)** | 15 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin47715_12)** | 15 |

---

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

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 97.1%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 97.1%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 97.1%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.7%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.7%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.7%** |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 3042 | $893040 |
| &nbsp;&nbsp;&nbsp; StandardAero, Inc.<sup>(1)</sup> | 60095 | 1723525 |
|  |  | **2616565** |
| &nbsp;&nbsp;&nbsp;**Automobile Components – 1.3%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 1.3%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 1.3%** |
| &nbsp;&nbsp;&nbsp; Aptiv PLC<sup>(1)</sup> | 16460 | 1252441 |
|  |  | **1252441** |
| &nbsp;&nbsp;&nbsp;**Banks – 4.6%** | &nbsp;&nbsp;&nbsp;**Banks – 4.6%** | &nbsp;&nbsp;&nbsp;**Banks – 4.6%** |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 48636 | 2276651 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | 384 | 824133 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 48584 | 1316627 |
|  |  | **4417411** |
| &nbsp;&nbsp;&nbsp;**Beverages – 2.6%** | &nbsp;&nbsp;&nbsp;**Beverages – 2.6%** | &nbsp;&nbsp;&nbsp;**Beverages – 2.6%** |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 77275 | 2164473 |
| &nbsp;&nbsp;&nbsp; Primo Brands Corp. | 22244 | 363689 |
|  |  | **2528162** |
| &nbsp;&nbsp;&nbsp;**Building Products – 1.0%** | &nbsp;&nbsp;&nbsp;**Building Products – 1.0%** | &nbsp;&nbsp;&nbsp;**Building Products – 1.0%** |
| &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 3035 | 970775 |
|  |  | **970775** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.7%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.7%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.7%** |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 41789 | 2589664 |
|  |  | **2589664** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 1.9%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.9%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.9%** |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 10853 | 692747 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc. | 10859 | 1129336 |
|  |  | **1822083** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 1.5%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 1.5%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 1.5%** |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | 6600 | 1398738 |
|  |  | **1398738** |
| &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> | 25878 | 990092 |
|  |  | **990092** |
| &nbsp;&nbsp;&nbsp;**Construction Materials – 3.5%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 3.5%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 3.5%** |
| &nbsp;&nbsp;&nbsp; Amrize Ltd.<sup>(1)</sup> | 18518 | 1001453 |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 8095 | 2308856 |
|  |  | **3310309** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 1.8%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 1.8%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 1.8%** |
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 111438 | 1678256 |
|  |  | **1678256** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 5.6%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 5.6%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 5.6%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 25202 | 2906042 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 53488 | 2394658 |
|  |  | **5300700** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 4.1%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 4.1%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 4.1%** |
| &nbsp;&nbsp;&nbsp; CDW Corp. | 10982 | 1495749 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.<sup>(1)</sup> | 10632 | 2160316 |
| &nbsp;&nbsp;&nbsp; Novanta, Inc.<sup>(1)</sup> | 1978 | 235362 |
|  |  | **3891427** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 2.1%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 2.1%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 2.1%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 43266 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970334 |
|  |  | **1970334** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 0.0%** | &nbsp;&nbsp;&nbsp;**Financial Services – 0.0%** | &nbsp;&nbsp;&nbsp;**Financial Services – 0.0%** |
| &nbsp;&nbsp;&nbsp; Pershing Square Tontine Holdings Ltd.<sup>(1)(2)(3)</sup> | 125172 | 0 |
| &nbsp;&nbsp;&nbsp;**Ground Transportation – 3.3%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 3.3%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 3.3%** |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 22937 | 1688851 |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 27309 | 1427715 |
|  |  | **3116566** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.4%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.4%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.4%** |
| &nbsp;&nbsp;&nbsp; Alcon AG | 16778 | 1322274 |
|  |  | **1322274** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.7%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.7%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.7%** |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 3181 | 814750 |
| &nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 10999 | 2759429 |
|  |  | **3574179** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 2.0%** | &nbsp;&nbsp;&nbsp;**Household Durables – 2.0%** | &nbsp;&nbsp;&nbsp;**Household Durables – 2.0%** |
| &nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 6559 | 944693 |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc. | 10830 | 966902 |
|  |  | **1911595** |
| &nbsp;&nbsp;&nbsp;**Household Products – 1.6%** | &nbsp;&nbsp;&nbsp;**Household Products – 1.6%** | &nbsp;&nbsp;&nbsp;**Household Products – 1.6%** |
| &nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 18154 | 1522213 |
|  |  | **1522213** |
| &nbsp;&nbsp;&nbsp;**Insurance – 5.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 5.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 5.2%** |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.<sup>(1)</sup> | 20759 | 1991203 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 15491 | 1234633 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | 16566 | 1744565 |
|  |  | **4970401** |
| &nbsp;&nbsp;&nbsp;**IT Services – 2.4%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.4%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.4%** |
| &nbsp;&nbsp;&nbsp; Amdocs Ltd. | 18550 | 1493461 |
| &nbsp;&nbsp;&nbsp; Okta, Inc.<sup>(1)</sup> | 9096 | 786531 |
|  |  | **2279992** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 5.5%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 5.5%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 5.5%** |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.<sup>(1)</sup> | 11727 | 2339302 |
| &nbsp;&nbsp;&nbsp; ICON PLC<sup>(1)</sup> | 6071 | 1106258 |
| &nbsp;&nbsp;&nbsp; Qiagen NV | 18473 | 830731 |
| &nbsp;&nbsp;&nbsp; Revvity, Inc. | 9958 | 963436 |
|  |  | **5239727** |
| &nbsp;&nbsp;&nbsp;**Machinery – 5.7%** | &nbsp;&nbsp;&nbsp;**Machinery – 5.7%** | &nbsp;&nbsp;&nbsp;**Machinery – 5.7%** |
| &nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | 5508 | 488339 |
| &nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC<sup>(1)</sup> | 75956 | 1630775 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 9004 | 713297 |
| &nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 7483 | 859049 |
| &nbsp;&nbsp;&nbsp; Toro Co. | 22487 | 1770177 |
|  |  | **5461637** |
| &nbsp;&nbsp;&nbsp;**Media – 0.3%** | &nbsp;&nbsp;&nbsp;**Media – 0.3%** | &nbsp;&nbsp;&nbsp;**Media – 0.3%** |
| &nbsp;&nbsp;&nbsp; NIQ Global Intelligence PLC<sup>(1)</sup> | 16491 | 271937 |
|  |  | **271937** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.9%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.9%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.9%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 26197 | $1330546 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 3058 | 498790 |
|  |  | **1829336** |
| &nbsp;&nbsp;&nbsp;**Mortgage REITs – 2.3%** | &nbsp;&nbsp;&nbsp;**Mortgage REITs – 2.3%** | &nbsp;&nbsp;&nbsp;**Mortgage REITs – 2.3%** |
| &nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 97664 | 2183767 |
|  |  | **2183767** |
| &nbsp;&nbsp;&nbsp;**Office REITs – 0.9%** | &nbsp;&nbsp;&nbsp;**Office REITs – 0.9%** | &nbsp;&nbsp;&nbsp;**Office REITs – 0.9%** |
| &nbsp;&nbsp;&nbsp; BXP, Inc. | 12083 | 815361 |
|  |  | **815361** |
| &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. | 11654 | 1223787 |
| &nbsp;&nbsp;&nbsp; EQT Corp. | 30040 | 1610144 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 8647 | 1407645 |
|  |  | **4241576** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 3.4%** | &nbsp;&nbsp;&nbsp;**Professional Services – 3.4%** | &nbsp;&nbsp;&nbsp;**Professional Services – 3.4%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 15484 | 1306230 |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 14501 | 1920803 |
|  |  | **3227033** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 1.2%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 1.2%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 1.2%** |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A<sup>(1)</sup> | 7127 | 1145950 |
|  |  | **1145950** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.8%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.8%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.8%** |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.<sup>(1)</sup> | 32556 | 1762907 |
| &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc., Class W/I | 3028 | 247236 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 17985 | 3481177 |
|  |  | **5491320** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.7%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.7%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 1.7%** |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 67044 | 1588272 |
|  |  | **1588272** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.6%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.6%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.6%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc.<sup>(1)</sup> | 440 | 1492260 |
|  |  | **1492260** |
| &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. | 12710 | 851824 |
|  |  | **851824** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 3.8%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 3.8%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 3.8%** |
| &nbsp;&nbsp;&nbsp; AerCap Holdings NV | 13600 | 1955136 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. | 6950 | 1700248 |
|  |  | **3655384** |
| &nbsp;&nbsp;&nbsp;**Water Utilities – 1.7%** | &nbsp;&nbsp;&nbsp;**Water Utilities – 1.7%** | &nbsp;&nbsp;&nbsp;**Water Utilities – 1.7%** |
| &nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 12520 | 1633860 |
|  |  | **1633860** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $70,916,463) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $70,916,463) | **92563421** |

---

---

| | | |
|:---|:---|:---|
|  | **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 | 0 |
| &nbsp;&nbsp;&nbsp;**Total Warrants**<br> (Cost $0) | &nbsp;&nbsp;&nbsp;**Total Warrants**<br> (Cost $0) | **0** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &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> | 38465 | $0 |
| &nbsp;&nbsp;&nbsp;**Total Rights**<br> (Cost $0) | &nbsp;&nbsp;&nbsp;**Total Rights**<br> (Cost $0) | **0** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.9%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.9%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.9%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.06%, dated 12/31/2025, proceeds at maturity value of $2,794,043, due 1/2/2026<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793879 | 2793879 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,793,879) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,793,879) | **2793879** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.0%** <br> (Cost $73,710,342) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.0%** <br> (Cost $73,710,342) | **95357300** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.0)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.0)%** | **(106)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**95357194** |

---

<sup>(1)</sup> Non–income–producing security.

<sup>(2)</sup> The table below presents securities 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; Pershing Square Tontine Holdings Ltd. | 125172 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.50% | 5/15/2027 | $1550900 | $1580812 |

---

#### Legend:
REITs – Real Estate Investment Trusts

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

------

#### SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND
**The following is a summary of the inputs used as of December 31, 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 | $92563421 | $0 | $— | $92563421 |
| &nbsp;&nbsp;&nbsp;Warrants |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;Rights |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 2793879 |  | 2793879 |
| &nbsp;&nbsp;&nbsp;**Total** | $**92563421** | $**2793879** | $**—** | $**95357300** |

---

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 December 31, 2025  | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $95357300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 157024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 9351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 3454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 4049 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **95531178** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 59523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 31573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 20668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 14830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative fees | 13616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 11512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 9971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 11781 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **173984** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**95357194** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $(50684488) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 146041682 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**95357194** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $73710342 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **4221937** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$22.59** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1919483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 23408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (1383) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1941508** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 737859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 256862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 53143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 38549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 36138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 35565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 17555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 1430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 6489 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1183590** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (67209) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1116381** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **825127** |
| &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 | 14669498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (10034250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **4635294** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**5460421** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/25** | **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) | $825127 | $1354530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 14669555 | 22025685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies | (10034261) | (7118772) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **5460421** | **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 | 7296847 | 2702047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (29997106) | (60172262) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(22700259)** | **(57470215)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(17239838)** | **(41208772)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 112597032 | 153805804 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $95357194 | $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 | 337996 | 134943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1380736) | (2898166) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(1042740)** | **(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 five years. 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> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | **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<br>of Period** | **Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/25 | $21.39 | $0.17 | $1.03 | $1.20 | $22.59 | 5.61% |
| &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% |

---

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** |
| $95357 | 1.09% | 1.15% | 0.80% | 0.74% | 33% |
| 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% |

---

<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.

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

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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 year ended December 31, 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**

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**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 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**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** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $67,209.

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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $256,862 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 $33,214,855 and $57,106,815, respectively, for the year ended December 31, 2025. During the year ended December 31, 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

**11**

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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 December 31, 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, or the threat or potential of one or more such events and developments, may be magnified if social, or 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, supply chain disruptions, tariffs and other restrictions on trade) 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g47715g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Mid Cap Relative Value VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Mid Cap Relative Value VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**13**

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#### 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
At a meeting of the Board of Trustees (the "Board") of Guardian Variable Products Trust (the "Trust") held on December 4-5, 2024 the Board approved submitting the following proposals (the "Proposals") to shareholders of the applicable Funds at a special shareholder meeting (the "Special Meeting"). The Special Meeting was originally scheduled to be held on January 31, 2025 and was adjourned to February 14, 2025.

*Proposal with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund only:* 

<u>Proposal 1</u>: To change the sub-classification of each of Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund from a "diversified" fund to a "non-diversified" fund and to eliminate the related fundamental investment restrictions.

*Proposal with respect to Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund only:*

<u>Proposal 2</u>: To permit Park Avenue Institutional Advisers LLC, under certain circumstances, to enter into and/or materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisers on behalf of Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund without obtaining shareholder approval.

On or about January 3, 2025, shareholders of record of the applicable Funds as of the close of business on October 31, 2024 were sent a proxy statement containing information regarding each of the Proposals. The proxy statement(s) also included information about the Special Meeting, at which shareholders of the applicable Funds were asked to consider and approve

the Proposals. In addition, the proxy statement(s) included information about voting (or providing voting instructions) on the Proposals and options shareholders had to do so.

The Special Meeting was reconvened on February 14, 2025, and each of the above Proposals passed.

The results of the Special Meeting were as follows:

<u>Proposal 1</u>: To change the sub-classification of each of Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund from a "diversified" fund to a "non-diversified" fund and to eliminate the related fundamental investment restrictions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes For** | **Votes Against/<br>Withheld** | **Votes Against/<br>Withheld** | **Abstentions** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Fundamental Growth VIP Fund |  | 5486811.696 |  | 627234.899 |  | 407511.095 |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Disciplined Growth VIP Fund |  | 9790610.732 |  | 1292415.741 |  | 925701.672 |

---

<u>Proposal 2</u>: To permit Park Avenue Institutional Advisers LLC, under certain circumstances, to enter into and/or materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisers on behalf of Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund without obtaining shareholder approval.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes Against/<br>Withheld** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;Guardian Mid Cap Traditional Growth VIP Fund | 1878743.904 | 184448.897 | 97299.135 |
| &nbsp;&nbsp;&nbsp;Guardian Diversified Research VIP Fund | 3315653.786 | 298055.043 | 306599.121 |
| &nbsp;&nbsp;&nbsp;Guardian Growth & Income VIP Fund | 4307788.446 | 465121.321 | 287991.312 |
| &nbsp;&nbsp;&nbsp;Guardian Mid Cap Relative Value VIP Fund | 4701812.837 | 499998.861 | 282721.822 |
| &nbsp;&nbsp;&nbsp;Guardian Balanced Allocation VIP Fund | 14321528.326 | 1887736.077 | 1430466.129 |
| &nbsp;&nbsp;&nbsp;Guardian Short Duration Bond VIP Fund | 12135837.474 | 1244133.676 | 710288.153 |
| &nbsp;&nbsp;&nbsp;Guardian Total Return Bond VIP Fund | 19195546.683 | 1928257.330 | 1377051.537 |

---

14.0 ------

#### 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
Not applicable.

**15**

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**17**

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**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](g47715g84s34.jpg)

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

PUB8176

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## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Mid Cap Traditional Growth VIP Fund
![LOGO](g74404g40s74.jpg)

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

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#### **TABLE OF CONTENTS**

#### Guardian Mid Cap Traditional Growth VIP Fund

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| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin19toc74404_1)** |  |
| [Schedule of Investments](#fin19toc74404_2) | 1 |
| [Statement of Assets and Liabilities](#fin19toc74404_3) | 3 |
| [Statement of Operations](#fin19toc74404_4) | 3 |
| [Statements of Changes in Net Assets](#fin19toc74404_5) | 4 |
| [Financial Highlights](#fin19toc74404_6) | 6 |
| [Notes to Financial Statements](#fin19toc74404_7) | 8 |
| [Report of Independent Registered Public<br>Accounting Firm](#fin19toc74404_8) | 13 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin19toc74404_9)** | 14 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin19toc74404_10)** | 14 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin19toc74404_11)** | 15 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin19toc74404_12)** | 15 |

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**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

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

#### SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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 – 0.7%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.7%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.7%** |
| &nbsp;&nbsp;&nbsp; StandardAero, Inc.<sup>(1)</sup> | 10286 | $295002 |
|  |  | **295002** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 3.7%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 3.7%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 3.7%** |
| &nbsp;&nbsp;&nbsp; Argenx SE, ADR<sup>(1)</sup> | 608 | 511298 |
| &nbsp;&nbsp;&nbsp; Ascendis Pharma AS, ADR<sup>(1)</sup> | 1314 | 280197 |
| &nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc.<sup>(1)</sup> | 2495 | 190843 |
| &nbsp;&nbsp;&nbsp; Revolution Medicines, Inc.<sup>(1)</sup> | 3715 | 295900 |
| &nbsp;&nbsp;&nbsp; Vaxcyte, Inc.<sup>(1)</sup> | 5345 | 246618 |
|  |  | **1524856** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 3.9%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 3.9%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 3.9%** |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 1119 | 280869 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 2813 | 281047 |
| &nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 2919 | 1042579 |
|  |  | **1604495** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 1.4%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.4%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.4%** |
| &nbsp;&nbsp;&nbsp; Corteva, Inc. | 8824 | 591473 |
|  |  | **591473** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 5.5%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 5.5%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 5.5%** |
| &nbsp;&nbsp;&nbsp; Cimpress PLC<sup>(1)</sup> | 5170 | 344270 |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc.<sup>(1)</sup> | 2482 | 581980 |
| &nbsp;&nbsp;&nbsp; RB Global, Inc. | 5675 | 583787 |
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC (United Kingdom) | 27544 | 164516 |
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC, ADR | 11631 | 342649 |
| &nbsp;&nbsp;&nbsp; Veralto Corp. | 2628 | 262222 |
|  |  | **2279424** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 2.1%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 2.1%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 2.1%** |
| &nbsp;&nbsp;&nbsp; API Group Corp.<sup>(1)</sup> | 23073 | 882773 |
|  |  | **882773** |
| &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> | 2053 | 252540 |
|  |  | **252540** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.1%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.1%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.1%** |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 13399 | 871069 |
|  |  | **871069** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.5%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.5%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.5%** |
| &nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 18930 | 630180 |
|  |  | **630180** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 7.5%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 7.5%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 7.5%** |
| &nbsp;&nbsp;&nbsp; CDW Corp. | 2425 | 330285 |
| &nbsp;&nbsp;&nbsp; Flex Ltd.<sup>(1)</sup> | 24348 | 1471106 |
| &nbsp;&nbsp;&nbsp; TE Connectivity PLC | 1434 | 326249 |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.<sup>(1)</sup> | 1827 | 933104 |
|  |  | **3060744** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 2.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 2.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 2.3%** |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One, Class A<sup>(1)</sup> | 1266 | 113155 |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 8601 | 847285 |
|  |  | **960440** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Financial Services – 2.0%** | &nbsp;&nbsp;&nbsp;**Financial Services – 2.0%** | &nbsp;&nbsp;&nbsp;**Financial Services – 2.0%** |
| &nbsp;&nbsp;&nbsp; WEX, Inc.<sup>(1)</sup> | 5395 | $803747 |
|  |  | **803747** |
| &nbsp;&nbsp;&nbsp;**Ground Transportation – 4.5%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 4.5%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 4.5%** |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 6546 | 481982 |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 5238 | 1017953 |
| &nbsp;&nbsp;&nbsp; TFI International, Inc. | 3377 | 349013 |
|  |  | **1848948** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 7.7%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 7.7%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 7.7%** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.<sup>(1)</sup> | 9786 | 933095 |
| &nbsp;&nbsp;&nbsp; Cooper Cos., Inc.<sup>(1)</sup> | 3120 | 255715 |
| &nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A<sup>(1)</sup> | 3962 | 345922 |
| &nbsp;&nbsp;&nbsp; ICU Medical, Inc.<sup>(1)</sup> | 2388 | 340696 |
| &nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc.<sup>(1)</sup> | 2039 | 135696 |
| &nbsp;&nbsp;&nbsp; Medline, Inc., Class A<sup>(1)</sup> | 4873 | 204666 |
| &nbsp;&nbsp;&nbsp; STERIS PLC | 1048 | 265689 |
| &nbsp;&nbsp;&nbsp; Teleflex, Inc. | 5409 | 660114 |
|  |  | **3141593** |
| &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 | 17862 | 658394 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A<sup>(1)</sup> | 3136 | 710241 |
| &nbsp;&nbsp;&nbsp; Entain PLC (United Kingdom) | 20995 | 216191 |
|  |  | **1584826** |
| &nbsp;&nbsp;&nbsp;**Insurance – 3.9%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.9%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.9%** |
| &nbsp;&nbsp;&nbsp; Intact Financial Corp. (Canada) | 4358 | 907225 |
| &nbsp;&nbsp;&nbsp; W.R. Berkley Corp. | 4583 | 321360 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 1094 | 359488 |
|  |  | **1588073** |
| &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> | 2884 | 101373 |
|  |  | **101373** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 4.8%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 4.8%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 4.8%** |
| &nbsp;&nbsp;&nbsp; Illumina, Inc.<sup>(1)</sup> | 2265 | 297078 |
| &nbsp;&nbsp;&nbsp; Revvity, Inc. | 10204 | 987237 |
| &nbsp;&nbsp;&nbsp; Waters Corp.<sup>(1)</sup> | 1787 | 678756 |
|  |  | **1963071** |
| &nbsp;&nbsp;&nbsp;**Machinery – 1.6%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.6%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.6%** |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 8361 | 662358 |
|  |  | **662358** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 2.8%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 2.8%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 2.8%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 6372 | 636308 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | 3984 | 513856 |
|  |  | **1150164** |
| &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. | 2106 | 154791 |
|  |  | **154791** |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines – 1.9%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines – 1.9%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines – 1.9%** |
| &nbsp;&nbsp;&nbsp; Ryanair Holdings PLC, ADR | 10699 | 772361 |
|  |  | **772361** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 7.6%** | &nbsp;&nbsp;&nbsp;**Professional Services – 7.6%** | &nbsp;&nbsp;&nbsp;**Professional Services – 7.6%** |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 2623 | $585375 |
| &nbsp;&nbsp;&nbsp; Dayforce, Inc.<sup>(1)</sup> | 10443 | 722238 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 14776 | 1291718 |
| &nbsp;&nbsp;&nbsp; TransUnion | 3770 | 323277 |
| &nbsp;&nbsp;&nbsp; UL Solutions, Inc., Class A | 2607 | 205588 |
|  |  | **3128196** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 2.2%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 2.2%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 2.2%** |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc.<sup>(1)</sup> | 9625 | 647185 |
| &nbsp;&nbsp;&nbsp; FirstService Corp. | 1597 | 248381 |
|  |  | **895566** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.0%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.0%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.0%** |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 438 | 532205 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 3501 | 759927 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.<sup>(1)</sup> | 13838 | 749328 |
|  |  | **2041460** |
| &nbsp;&nbsp;&nbsp;**Software – 11.1%** | &nbsp;&nbsp;&nbsp;**Software – 11.1%** | &nbsp;&nbsp;&nbsp;**Software – 11.1%** |
| &nbsp;&nbsp;&nbsp; AppLovin Corp., Class A<sup>(1)</sup> | 2481 | 1671748 |
| &nbsp;&nbsp;&nbsp; Constellation Software, Inc. (Canada) | 437 | 1051118 |
| &nbsp;&nbsp;&nbsp; Descartes Systems Group, Inc.<sup>(1)</sup> | 2401 | 210472 |
| &nbsp;&nbsp;&nbsp; Dynatrace, Inc.<sup>(1)</sup> | 4692 | 203351 |
| &nbsp;&nbsp;&nbsp; PTC, Inc.<sup>(1)</sup> | 4530 | 789171 |
| &nbsp;&nbsp;&nbsp; Topicus.com, Inc. (Canada)<sup>(1)</sup> | 1883 | 174437 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A<sup>(1)</sup> | 2135 | 458555 |
|  |  | **4558852** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.9%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.9%** | &nbsp;&nbsp;&nbsp;**Specialized REITs – 0.9%** |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 2809 | 355563 |
|  |  | **355563** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.3%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.3%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.3%** |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc.<sup>(1)</sup> | 1073 | 309936 |
| &nbsp;&nbsp;&nbsp; CarMax, Inc.<sup>(1)</sup> | 6103 | 235820 |
| &nbsp;&nbsp;&nbsp; Wayfair, Inc., Class A<sup>(1)</sup> | 3781 | 379650 |
|  |  | **925406** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 2.2%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 2.2%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 2.2%** |
| &nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. | 14724 | $919661 |
|  |  | **919661** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 3.2%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 3.2%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 3.2%** |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 5862 | 1305057 |
|  |  | **1305057** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $27,693,906) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $27,693,906) | **40854062** |
|  | **Principal<br>Amount** | **<br>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., 1.06%, dated 12/31/2025, proceeds at maturity value of $275,809, due 1/2/2026<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275792 | 275792 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $275,792) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $275,792) | **275792** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.2%** <br> (Cost $27,969,698) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.2%** <br> (Cost $27,969,698) | **41129854** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.2)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.2)%** | **(79198)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**41050656** |

---

<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 | 4.50% | 5/15/2027 | $276000 | $281330 |

---

#### Legend:
ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

**The following is a summary of the inputs used as of December 31, 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.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* **Valuation Inputs &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* **Valuation Inputs &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* **Valuation Inputs &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | |
| &nbsp;&nbsp;&nbsp;Investments in Securities | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $40473355 | $380707 \* | $— | $40854062 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 275792 |  | 275792 |
| &nbsp;&nbsp;&nbsp;**Total** | $**40473355** | $**656499** | $**—** | $**41129854** |

---

\* 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 December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $41129854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 3694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 14854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 8723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1779 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **41158904** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 28491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 24431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 13983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative fees | 10966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 10726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 8903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 2959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 7574 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **108248** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**41050656** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43164389) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 84215045 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**41050656** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $27969698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $3701 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **1471339** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$27.90** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $371859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 4653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (10841) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **365671** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 358577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 112055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 50685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 41784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 26873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 15763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 13065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 2907 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **621715** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (136083) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **485632** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **(119961)** |
| &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 | 7412117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (93) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3776976) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **3635060** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**3515099** |

---

The accompanying notes are an integral part of these financial statements.<sub>3</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** |
|  | **For the<br>Year Ended<br>12/31/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $(119961) | $(133260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 7412024 | 12642492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies | (3776964) | (3501862) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **3515099** | **9007370** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 3078780 | 496474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (16344443) | (36673307) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(13265663)** | **(36176833)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(9750564)** | **(27169463)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 50801220 | 77970683 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $41050656 | $50801220 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 120079 | 21120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (617819) | (1504920) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(497740)** | **(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 five years. 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> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | | | | | | |
|  | **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; Year Ended 12/31/25 | $25.80 | $(0.07) | $2.17 | $2.10 | $27.90 | 8.14% |
| &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>(4)</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% |

---

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | | |
| **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** |
| $41051 | 1.08% | 1.39% | (0.26)% | (0.57)% | 21% |
| 50801 | 1.09% | 1.33% | (0.21)% | (0.45)% | 13% |
| 77971 | 1.09% | 1.24% | (0.11)%<sup>(4)</sup> | (0.26)%<sup>(4)</sup> | 19% |
| 88420 | 1.10% | 1.21% | (0.29)% | (0.40)% | 16% |
| 123102 | 1.10% | 1.17% | (0.24)% | (0.31)% | 10% |

---

<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> 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

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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 year ended December 31, 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 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**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** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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 applicable, any acquired fund fees and expenses, taxes,

10.0 ------

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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $136,083.

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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $112,055 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 $9,548,362 and $22,570,157, respectively, for the year ended December 31, 2025. During the year ended December 31, 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

**11**

------

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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g74404g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Mid Cap Traditional Growth VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Mid Cap Traditional Growth VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**13**

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#### 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
At a meeting of the Board of Trustees (the "Board") of Guardian Variable Products Trust (the "Trust") held on December 4-5, 2024 the Board approved submitting the following proposals (the "Proposals") to shareholders of the applicable Funds at a special shareholder meeting (the "Special Meeting"). The Special Meeting was originally scheduled to be held on January 31, 2025 and was adjourned to February 14, 2025.

*Proposal with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund only:* 

<u>Proposal 1</u>: To change the sub-classification of each of Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund from a "diversified" fund to a "non-diversified" fund and to eliminate the related fundamental investment restrictions.

*Proposal with respect to Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund only:*

<u>Proposal 2</u>: To permit Park Avenue Institutional Advisers LLC, under certain circumstances, to enter into and/or materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisers on behalf of Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund without obtaining shareholder approval.

On or about January 3, 2025, shareholders of record of the applicable Funds as of the close of business on October 31, 2024 were sent a proxy statement containing information regarding each of the Proposals. The proxy statement(s) also included information about the Special Meeting, at which shareholders of the applicable Funds were asked to consider and approve the Proposals. In addition, the proxy statement(s) included information about voting (or providing voting instructions) on the Proposals and options shareholders had to do so.

The Special Meeting was reconvened on February 14, 2025, and each of the above Proposals passed.

The results of the Special Meeting were as follows:

<u>Proposal 1:</u> To change the sub-classification of each of Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund from a "diversified" fund to a "non-diversified" fund and to eliminate the related fundamental investment restrictions.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes Against/**<br> **Withheld** | **Abstentions** |
| &nbsp;&nbsp;&nbsp; Guardian Large Cap Fundamental Growth VIP Fund | 5486811.696 | 627234.899 | 407511.095 |
| &nbsp;&nbsp;&nbsp; Guardian Large Cap Disciplined Growth VIP Fund | 9790610.732 | 1292415.741 | 925701.672 |

---

<u>Proposal 2</u>: To permit Park Avenue Institutional Advisers LLC, under certain circumstances, to enter into and/or materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisers on behalf of Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund without obtaining shareholder approval.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes Against/**<br> **Withheld** | **Abstentions** |
| &nbsp;&nbsp;&nbsp; Guardian Mid Cap Traditional Growth VIP Fund | 1878743.904 | 184448.897 | 97299.135 |
| &nbsp;&nbsp;&nbsp; Guardian Diversified Research VIP Fund | 3315653.786 | 298055.043 | 306599.121 |
| &nbsp;&nbsp;&nbsp; Guardian Growth & Income VIP Fund | 4307788.446 | 465121.321 | 287991.312 |
| &nbsp;&nbsp;&nbsp; Guardian Mid Cap Relative Value VIP Fund | 4701812.837 | 499998.861 | 282721.822 |
| &nbsp;&nbsp;&nbsp; Guardian Balanced Allocation VIP Fund | 14321528.326 | 1887736.077 | 1430466.129 |
| &nbsp;&nbsp;&nbsp; Guardian Short Duration Bond VIP Fund | 12135837.474 | 1244133.676 | 710288.153 |
| &nbsp;&nbsp;&nbsp; Guardian Total Return Bond VIP Fund | 19195546.683 | 1928257.330 | 1377051.537 |

---

14.0 ------

#### 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
Not applicable.

**15**

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16.0 ------

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**17**

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**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](g74404g84s34.jpg)

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

PUB8177

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Multi-Sector Bond VIP Fund
![LOGO](g50707g40s74.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](#fin20toc50707_1)** |  |
| [Schedule of Investments](#fin20toc50707_2) | 1 |
| [Statement of Assets and Liabilities](#fin20toc50707_3) | 13 |
| [Statement of Operations](#fin20toc50707_4) | 13 |
| [Statements of Changes in Net Assets](#fin20toc50707_5) | 14 |
| [Financial Highlights](#fin20toc50707_6) | 16 |
| [Notes to Financial Statements](#fin20toc50707_7) | 18 |
| [Report of Independent Registered Public Accounting Firm](#fin20toc50707_8) | 27 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin20toc50707_9)** | 28 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin20toc50707_10)** | 28 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin20toc50707_11)** | 28 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin20toc50707_12)** | 28 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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; **<br>December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 0.1%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 0.1%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 0.1%** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 0.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 0.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 0.1%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 428 | $148131 |
|  |  | **148131** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $167,189) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $167,189) | **148131** |
|  | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 22.1%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 22.1%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 22.1%** |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association<br>3.50%% due 1/1/2056<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868000 | 2609542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 1/1/2056<sup>(1)</sup> | 472000 | 445800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/1/2056<sup>(1)</sup> | 229000 | 228459 |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed<br>Security<br>2.50% due 1/1/2056<sup>(1)</sup> | 794000 | 671116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 1/1/2056<sup>(1)</sup> | 4985000 | 4408415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 2/1/2056<sup>(1)</sup> | 5102000 | 4700417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 1/1/2056<sup>(1)</sup> | 2369000 | 2246818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 1/1/2056<sup>(1)</sup> | 4180000 | 4080274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/1/2056<sup>(1)</sup> | 3464000 | 3454257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/1/2056<sup>(1)</sup> | 8669000 | 8790215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 1/1/2056<sup>(1)</sup> | 3754000 | 3854335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 1/1/2056<sup>(1)</sup> | 262000 | 272281 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $35,712,660) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $35,712,660) | **35761929** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 20.3%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 20.3%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 20.3%** |
| &nbsp;&nbsp;&nbsp; ACHV ABS Trust <br>Series 2023-1PL, Class D<br>8.47% due 3/18/2030<sup>(2)</sup> | 395353 | 398826 |
| &nbsp;&nbsp;&nbsp; AGL CLO 14 Ltd. <br>Series 2021-14A, Class DR <br>6.72% (3 mo. USD Term<br>SOFR + 2.85%) <br> due 12/2/2034<sup>(2)(3)</sup> | 500000 | 495407 |
| &nbsp;&nbsp;&nbsp; Ally Bank Auto Credit-Linked Notes<br>Series 2025-A, Class E<br>6.066% due 6/15/2033<sup>(2)</sup> | 228338 | 229546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class E <br>6.164% due 9/15/2033<sup>(2)</sup> | 762522 | 764536 |
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables XV LLC <br>Series 2025-1A, Class D <br>5.68% due 8/20/2032<sup>(2)</sup> | 346000 | 352315 |
| &nbsp;&nbsp;&nbsp; Arini European CLO II DAC <br>Series 2A, Class DR <br>5.124% (3 mo. EURIBOR + 3.15%)<br> due 10/15/2038<sup>(2)(3)</sup> | 500000 | 586566 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 21 Ltd. <br>Series 2022-21A, Class BR <br>5.834% (3 mo. USD Term<br>SOFR + 1.95%) <br> due 10/20/2037<sup>(2)(3)</sup> | 1000000 | 998715 |
| &nbsp;&nbsp;&nbsp; Bayview Opportunity Master Fund VII LLC <br>Series 2025-EDU1, Class C <br>5.674% (30 day<br>SOFR + 1.80%) <br> due 7/27/2048<sup>(2)(3)</sup> | 231548 | 231549 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Benefit Street Partners CLO<br>XXVIII Ltd. <br>Series 2022-28A, Class CR <br>5.784% (3 mo. USD Term<br>SOFR + 1.9%) <br> due 10/20/2037<sup>(2)(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000625 |
| &nbsp;&nbsp;&nbsp; Capital Four CLO XI DAC <br>Series 11A, Class D <br>5.224% (3 mo. EURIBOR + 3.1%)<br> due 1/25/2039<sup>(2)(3)</sup> | 500000 | 587600 |
| &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd. <br>Series 2021-7A, Class D1R <br>6.905% (3 mo. USD Term<br>SOFR + 3%) <br> due 4/15/2040<sup>(2)(3)</sup> | 500000 | 500747 |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust <br>Series 2021-N3, Class E<br>3.16% due 6/12/2028<sup>(2)</sup> | 997986 | 972554 |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd. <br>Series 2018-2A, Class CR <br>5.884% (3 mo. USD Term<br>SOFR + 2%) <br> due 10/20/2037<sup>(2)(3)</sup> | 1000000 | 999345 |
| &nbsp;&nbsp;&nbsp; Coinstar Funding LLC <br>Series 2017-1A, Class A2 <br>5.216% due 4/25/2047<sup>(2)</sup> | 915000 | 1045845 |
| &nbsp;&nbsp;&nbsp; Compass Datacenters<br>Issuer II LLC <br>Series 2025-1A, Class B1 <br>5.756% due 5/25/2050<sup>(2)</sup> | 557000 | 562247 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 36 Ltd. <br>Series 2024-12RA, Class CR <br>5.884% (3 mo. USD Term<br>SOFR + 2%) <br> due 10/20/2037<sup>(2)(3)</sup> | 1300000 | 1299151 |
| &nbsp;&nbsp;&nbsp; Empower CLO Ltd. <br>Series 2022-1A, Class CR <br>5.834% (3 mo. USD Term<br>SOFR + 1.95%) <br> due 10/20/2037<sup>(2)(3)</sup> | 1000000 | 998715 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust <br>Series 2024-3A, Class E <br>7.84% due 10/15/2031<sup>(2)</sup> | 230000 | 241180 |
| &nbsp;&nbsp;&nbsp; Exeter Select Automobile Receivables Trust <br>Series 2025-2, Class D <br>5.34% due 1/15/2032 | 180000 | 181291 |
| &nbsp;&nbsp;&nbsp; FHF Issuer Trust<br>Series 2025-1A, Class C <br>5.69% due 8/15/2031<sup>(2)</sup> | 741000 | 707181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D <br>5.95% due 6/15/2032<sup>(2)</sup> | 467000 | 443122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2 <br>5.75% due 5/15/2030<sup>(2)</sup> | 616000 | 616698 |
| &nbsp;&nbsp;&nbsp; Fora Financial Asset<br>Securitization LLC <br>Series 2024-1A, Class A <br>6.33% due 8/15/2029<sup>(2)</sup> | 416000 | 418622 |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Foundation Finance Trust <br>Series 2023-2A, Class D <br>9.10% due 6/15/2049<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693365 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C <br>5.52% due 5/27/2042<sup>(2)</sup> | 327631 | 332609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class C <br>5.12% due 5/25/2044<sup>(2)</sup> | 414904 | 418470 |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C <br>6.168% (30 day<br>SOFR + 2.25%) <br> due 3/21/2033<sup>(2)(3)</sup> | 196170 | 196481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D <br>7.418% (30 day<br>SOFR + 3.50%) <br> due 3/21/2033<sup>(2)(3)</sup> | 363278 | 365754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D <br>7.168% (30 day<br>SOFR + 3.25%) <br> due 9/20/2033<sup>(2)(3)</sup> | 441484 | 443240 |
| &nbsp;&nbsp;&nbsp; Jersey Mike's Funding LLC <br>Series 2025-1A, Class A2 <br>5.61% due 8/16/2055<sup>(2)</sup> | 418950 | 426452 |
| &nbsp;&nbsp;&nbsp; Kennedy Lewis CLO 8 Ltd. <br>Series 8A, Class CR2 <br>5.984% (3 mo. USD Term<br>SOFR + 2.1%) <br> due 1/20/2038<sup>(2)(3)</sup> | 1000000 | 999354 |
| &nbsp;&nbsp;&nbsp; Lmdv Issuer Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B <br>5.90% due 12/15/2055<sup>(2)</sup> | 333000 | 334578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C <br>7.88% due 12/15/2055<sup>(2)</sup> | 237000 | 236976 |
| &nbsp;&nbsp;&nbsp; Luxury Lease Partners Auto<br>Lease Trust <br>Series 2025-A, Class A <br>5.51% due 3/15/2032<sup>(2)</sup> | 664000 | 667699 |
| &nbsp;&nbsp;&nbsp; Marlette Funding Trust <br>Series 2025-1A, Class D <br>6.02% due 7/16/2035<sup>(2)</sup> | 420000 | 423892 |
| &nbsp;&nbsp;&nbsp; MVW LLC <br>Series 2025-1A, Class C <br>5.75% due 9/22/2042<sup>(2)</sup> | 330010 | 333178 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 3 Ltd. <br>Series 2019-3A, Class CR2 <br>5.634% (3 mo. USD Term<br>SOFR + 1.75%) <br> due 1/20/2038<sup>(2)(3)</sup> | 1000000 | 998717 |
| &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>(2)</sup> | 500000 | 502950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C <br>6.64% due 4/19/2032<sup>(2)</sup> | 250000 | 251433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D <br>8.77% due 4/19/2032<sup>(2)</sup> | 200000 | 201093 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Palmer Square European CLO DAC <br>Series 2021-2A, Class DR <br>5.136% (3 mo. EURIBOR + 3.15%) due 3/15/2038<sup>(2)(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387816 |
| &nbsp;&nbsp;&nbsp; Penta CLO 15 DAC <br>Series 2023-15A, Class DR <br>5.042% (3 mo. EURIBOR + 3.05%) due 10/15/2038<sup>(2)(3)</sup> | 250000 | 293800 |
| &nbsp;&nbsp;&nbsp; PRET LLC <br>Series 2025-NPL4, Class A1 <br>6.368% due 4/25/2055<sup>(2)(3)(4)</sup> | 608586 | 611556 |
| &nbsp;&nbsp;&nbsp; QTS Issuer ABS I LLC <br>Series 2025-1A, Class B <br>5.928% due 5/25/2055<sup>(2)</sup> | 310000 | 311566 |
| &nbsp;&nbsp;&nbsp; Reach ABS Trust <br>Series 2025-2A, Class C <br>5.69% due 8/18/2032<sup>(2)</sup> | 220000 | 223036 |
| &nbsp;&nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes <br>Series 2025-A, Class E <br>6.274% due 1/16/2034<sup>(2)</sup> | 250000 | 250535 |
| &nbsp;&nbsp;&nbsp; SF Abs Issuer LLC <br>Series 2025-1A, Class A2 <br>5.377% due 11/25/2055<sup>(2)</sup> | 735000 | 719002 |
| &nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D <br>6.86% due 1/21/2042<sup>(2)</sup> | 549488 | 553750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class B <br>4.64% due 8/22/2044<sup>(2)</sup> | 1676988 | 1683230 |
| &nbsp;&nbsp;&nbsp; SoFi Consumer Loan Program Trust Series 2025-3, Class D <br>5.35% due 8/15/2034<sup>(2)</sup> | 846000 | 849572 |
| &nbsp;&nbsp;&nbsp; Sotheby's Artfi Master Trust <br>Series 2024-1A, Class D <br>7.91% due 12/22/2031<sup>(2)</sup> | 832000 | 833789 |
| &nbsp;&nbsp;&nbsp; Tricolor Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C <br>5.72% due 10/15/2029<sup>(2)</sup> | 906000 | 200453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D <br>6.84% due 4/15/2031<sup>(2)</sup> | 370000 | 46435 |
| &nbsp;&nbsp;&nbsp; Truist Bank Auto Credit-Linked Notes <br>Series 2025-1, Class C <br>6.807% due 9/26/2033<sup>(2)</sup> | 592856 | 593805 |
| &nbsp;&nbsp;&nbsp; Upstart Securitization Trust <br>Series 2025-3, Class C <br>5.43% due 9/20/2035<sup>(2)</sup> | 190000 | 188796 |
| &nbsp;&nbsp;&nbsp; Vertical Bridge CC LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B <br>5.602% due 8/16/2055<sup>(2)</sup> | 525000 | 525704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C <br>7.446% due 8/16/2055<sup>(2)</sup> | 507000 | 515815 |
| &nbsp;&nbsp;&nbsp; Western Funding Auto Loan Trust <br>Series 2025-1, Class C <br>5.34% due 11/15/2035<sup>(2)</sup> | 247000 | 250132 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Westlake Automobile Receivables Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class D <br>5.08% due 5/15/2031<sup>(2)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P1, Class D <br>5.59% due 7/15/2032<sup>(2)</sup> |  | 346000 |  | 352035 |
| &nbsp;&nbsp;&nbsp; Wingspire Equipment Finance LLC <br>Series 2025-1A, Class D <br>5.45% due 9/20/2033<sup>(2)</sup> |  | 432000 |  | 434757 |
| &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $33,726,305) |  |  |  | **32931229** |
| &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;**Corporate Bonds & Notes – 33.6%** |
| &nbsp;&nbsp;&nbsp;**Airlines – 0.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Latam Airlines Group SA <br>7.625% due 1/7/2031<sup>(2)</sup> |  | 545000 |  | 572213 |
|  |  |  |  | **572213** |
| &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.6%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.6%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.6%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.6%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.6%** |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. <br>Series A<br>5.75% (5.75% fixed rate until 9/30/2027; 3 mo. USD Term<br>SOFR + 3.60% thereafter) <br> due 9/30/2027<sup>(3)</sup> |  | 580000 |  | 572781 |
| &nbsp;&nbsp;&nbsp; Stellantis Finance U.S., Inc. <br>6.45% due 3/18/2035<sup>(2)</sup> |  | 387000 |  | 402290 |
|  |  |  |  | **975071** |
| &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;**Building Materials – 0.5%** |
| &nbsp;&nbsp;&nbsp; JH North America Holdings, Inc. <br>5.875% due 1/31/2031<sup>(2)</sup> |  | 390000 |  | 398083 |
| &nbsp;&nbsp;&nbsp; Wilsonart LLC <br>11.00% due 8/15/2032<sup>(2)</sup> |  | 509000 |  | 454833 |
|  |  |  |  | **852916** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.2%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.2%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.2%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.2%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.2%** |
| &nbsp;&nbsp;&nbsp; Olympus Water U.S. Holding Corp. <br>7.25% due 2/15/2033<sup>(2)</sup> |  | 229000 |  | 230132 |
| &nbsp;&nbsp;&nbsp; Olympus Water U.S. Holding Corp., Reg S <br>5.375% due 10/1/2029 |  | 148000 |  | 161384 |
|  |  |  |  | **391516** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 1.3%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 1.3%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 1.3%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 1.3%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 1.3%** |
| &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>(2)(3)</sup> |  | 200000 |  | 213336 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.<br>5.592% (5.592% fixed rate until 11/19/2029 ; 5 yr.<br>CMT rate + 1.28% thereafter) <br> due 11/19/2034<sup>(3)</sup> |  | 315000 |  | 323072 |
| &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>(3)</sup> |  | 187000 |  | 186348 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; 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>(3)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405701 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. <br>Series I<br>3.50% (3.50% fixed rate until 9/1/2026; 5 yr.<br>CMT rate + 2.68% thereafter) <br> due 9/1/2026<sup>(3)</sup> |  | 251000 |  | 243182 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank <br>6.35% (6.35% fixed rate until 10/31/2030; 5 yr.<br>CMT rate + 2.72% thereafter) <br> due 10/31/2085<sup>(3)</sup> |  | 314000 |  | 318366 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp <br>Series N<br>3.70% (3.70% fixed rate until 1/15/2027; 5 yr.<br>CMT rate + 2.54% thereafter) <br> due 1/15/2027<sup>(3)</sup> |  | 415000 |  | 404997 |
|  |  |  |  | **2095002** |
| &nbsp;&nbsp;&nbsp;**Commercial Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 1.5%** |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp. <br>6.50% due 1/15/2031<sup>(2)</sup> |  | 231000 |  | 236379 |
| &nbsp;&nbsp;&nbsp; House of HR Group BV, Reg S <br>9.00% due 11/3/2029 |  | 400000 |  | 471094 |
| &nbsp;&nbsp;&nbsp; ION Platform Finance U.S., Inc. <br>7.875% due 9/30/2032<sup>(2)</sup> |  | 641000 |  | 608218 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC <br>6.875% due 11/15/2031<sup>(2)</sup> |  | 360000 |  | 370923 |
| &nbsp;&nbsp;&nbsp; Veritiv Operating Co. <br>10.50% due 11/30/2030<sup>(2)</sup> |  | 663000 |  | 712866 |
|  |  |  |  | **2399480** |
| &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; Booz Allen Hamilton, Inc. <br>5.95% due 4/15/2035 |  | 306000 |  | 317042 |
| &nbsp;&nbsp;&nbsp; McAfee Corp. <br>7.375% due 2/15/2030<sup>(2)</sup> |  | 437000 |  | 381098 |
|  |  |  |  | **698140** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.4%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.4%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.4%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.4%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.4%** |
| &nbsp;&nbsp;&nbsp; Aretec Group, Inc. <br>10.00% due 8/15/2030<sup>(2)</sup> |  | 122000 |  | 131655 |
| &nbsp;&nbsp;&nbsp; Atlas Warehouse Lending Co. LP 4.95% due 11/15/2030<sup>(2)</sup> |  | 250000 |  | 250831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 1/15/2030<sup>(2)</sup> |  | 296000 |  | 311635 |
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC 6.875% due 4/15/2030<sup>(2)</sup> |  | 400000 |  | 390061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% due 7/15/2033<sup>(2)</sup> |  | 200000 |  | 190852 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp.<br>6.183% (6.183% fixed rate until 1/30/2035; 1 day USD SOFR + 2.04% thereafter) <br> due 1/30/2036<sup>(3)</sup> |  | 298000 |  | 311077 |
| &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>(3)</sup> |  | 82000 |  | 96678 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Principal<br>Amount** | **<br>Value** | **<br>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;&nbsp; Series M <br>3.95% (3.95% fixed rate until 9/1/2026; 5 yr.<br>CMT rate + 3.16% thereafter) <br> due 9/1/2026<sup>(3)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406060 |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC <br>6.875% due 5/1/2031<sup>(2)</sup> |  | 270000 |  | 270162 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc. 6.75% due 5/1/2033<sup>(2)</sup> |  | 767000 |  | 800592 |
| &nbsp;&nbsp;&nbsp; Marex Group PLC <br>6.404% due 11/4/2029 |  | 75000 |  | 77778 |
| &nbsp;&nbsp;&nbsp; Navient Corp. <br>5.50% due 3/15/2029 |  | 582000 |  | 577726 |
| &nbsp;&nbsp;&nbsp; StoneX Group, Inc. <br>7.875% due 3/1/2031<sup>(2)</sup> |  | 121000 |  | 128553 |
|  |  |  |  | **3943660** |
| &nbsp;&nbsp;&nbsp;**Electric – 2.9%** | &nbsp;&nbsp;&nbsp;**Electric – 2.9%** | &nbsp;&nbsp;&nbsp;**Electric – 2.9%** | &nbsp;&nbsp;&nbsp;**Electric – 2.9%** | &nbsp;&nbsp;&nbsp;**Electric – 2.9%** |
| &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>(3)</sup> |  | 287000 |  | 283030 |
| &nbsp;&nbsp;&nbsp; Alpha Generation LLC <br>6.25% due 1/15/2034<sup>(2)</sup> |  | 850000 |  | 857630 |
| &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>(3)</sup> |  | 391000 |  | 384437 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. <br>5.95% (5.95% fixed rate until 1/1/2032 ; 5 yr.<br>CMT rate + 2.22% thereafter) <br> due 4/1/2056<sup>(3)</sup> |  | 468000 |  | 471569 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. <br>6.50% (6.50% fixed rate until 3/1/2035; 5 yr.<br>CMT rate + 1.96% thereafter) <br> due 6/1/2055<sup>(3)</sup> |  | 492000 |  | 505909 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc.<br>5.75% due 1/15/2034<sup>(2)</sup> |  | 388000 |  | 391946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 1/15/2036<sup>(2)</sup> |  | 82000 |  | 83086 |
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC<br>6.25% due 2/1/2034<sup>(2)</sup> |  | 358000 |  | 365129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 2/1/2036<sup>(2)</sup> |  | 533000 |  | 551170 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC <br>6.00% due 4/15/2034<sup>(2)</sup> |  | 315000 |  | 331485 |
| &nbsp;&nbsp;&nbsp; VoltaGrid LLC <br>7.375% due 11/1/2030<sup>(2)</sup> |  | 501000 |  | 496364 |
|  |  |  |  | **4721755** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 3.5%** | &nbsp;&nbsp;&nbsp;**Entertainment – 3.5%** | &nbsp;&nbsp;&nbsp;**Entertainment – 3.5%** | &nbsp;&nbsp;&nbsp;**Entertainment – 3.5%** | &nbsp;&nbsp;&nbsp;**Entertainment – 3.5%** |
| &nbsp;&nbsp;&nbsp; Brightstar Lottery PLC/Brightstar Global Solutions Corp. <br>5.75% due 1/15/2033<sup>(2)</sup> |  | 433000 |  | 429897 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. <br>6.00% due 10/15/2032<sup>(2)</sup> |  | 837000 |  | 813940 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Principal<br>Amount** | **<br>Value** | **<br>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; Cirsa Finance International SARL <br>4.875% due 10/15/2031<sup>(2)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518758 |
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC, Reg S <br>6.125% due 6/4/2031 |  | 210000 |  | 285048 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC <br>8.25% due 4/15/2030<sup>(2)</sup> |  | 704000 |  | 733851 |
| &nbsp;&nbsp;&nbsp; Penn Entertainment, Inc. <br>4.125% due 7/1/2029<sup>(2)</sup> |  | 570000 |  | 527907 |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. <br>6.25% due 10/15/2030<sup>(2)</sup> |  | 406000 |  | 414416 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp. <br>7.25% due 5/15/2031<sup>(2)</sup> |  | 516000 |  | 495111 |
| &nbsp;&nbsp;&nbsp; Starz Capital Holdings 1, Inc. <br>6.00% due 4/15/2030<sup>(2)</sup> |  | 588000 |  | 561540 |
| &nbsp;&nbsp;&nbsp; Voyager Parent LLC <br>9.25% due 7/1/2032<sup>(2)</sup> |  | 595000 |  | 631367 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. <br>4.054% due 3/15/2029 |  | 266000 |  | 246077 |
|  |  |  |  | **5657912** |
| &nbsp;&nbsp;&nbsp;**Food – 0.3%** | &nbsp;&nbsp;&nbsp;**Food – 0.3%** | &nbsp;&nbsp;&nbsp;**Food – 0.3%** | &nbsp;&nbsp;&nbsp;**Food – 0.3%** | &nbsp;&nbsp;&nbsp;**Food – 0.3%** |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. <br>6.25% due 7/1/2033 |  | 381000 |  | 407293 |
|  |  |  |  | **407293** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.7%** |
| &nbsp;&nbsp;&nbsp; Humana, Inc. <br>5.50% due 3/15/2053 |  | 391000 |  | 355762 |
| &nbsp;&nbsp;&nbsp; LifePoint Health, Inc. <br>10.00% due 6/1/2032<sup>(2)</sup> |  | 201000 |  | 213479 |
| &nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc. <br>7.25% due 4/15/2032<sup>(2)</sup> |  | 267000 |  | 270062 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. <br>5.30% due 6/15/2035 |  | 236000 |  | 244348 |
|  |  |  |  | **1083651** |
| &nbsp;&nbsp;&nbsp;**Holding Companies-Diversified – 0.4%** | &nbsp;&nbsp;&nbsp;**Holding Companies-Diversified – 0.4%** | &nbsp;&nbsp;&nbsp;**Holding Companies-Diversified – 0.4%** | &nbsp;&nbsp;&nbsp;**Holding Companies-Diversified – 0.4%** | &nbsp;&nbsp;&nbsp;**Holding Companies-Diversified – 0.4%** |
| &nbsp;&nbsp;&nbsp; Progroup AG, Reg S <br>5.375% due 4/15/2031 |  | 500000 |  | 600649 |
|  |  |  |  | **600649** |
| &nbsp;&nbsp;&nbsp;**Home Builders – 1.1%** | &nbsp;&nbsp;&nbsp;**Home Builders – 1.1%** | &nbsp;&nbsp;&nbsp;**Home Builders – 1.1%** | &nbsp;&nbsp;&nbsp;**Home Builders – 1.1%** | &nbsp;&nbsp;&nbsp;**Home Builders – 1.1%** |
| &nbsp;&nbsp;&nbsp; K Hovnanian Enterprises, Inc. <br>8.00% due 4/1/2031<sup>(2)</sup> |  | 399000 |  | 407206 |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc.<br>4.00% due 7/15/2029<sup>(2)</sup> |  | 202000 |  | 184087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 11/15/2032<sup>(2)</sup> |  | 636000 |  | 607935 |
| &nbsp;&nbsp;&nbsp; New Home Co., Inc.<br>8.50% due 11/1/2030<sup>(2)</sup> |  | 487000 |  | 501538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% due 10/1/2029<sup>(2)</sup> |  | 141000 |  | 147157 |
|  |  |  |  | **1847923** |
| &nbsp;&nbsp;&nbsp;**Insurance – 0.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.2%** |
| &nbsp;&nbsp;&nbsp; Asurion LLC and Asurion<br>Co-Issuer, Inc. <br>8.00% due 12/31/2032<sup>(2)</sup> |  | 339000 |  | 351750 |
|  |  |  |  | **351750** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Internet – 0.2%** | &nbsp;&nbsp;&nbsp;**Internet – 0.2%** | &nbsp;&nbsp;&nbsp;**Internet – 0.2%** |
| &nbsp;&nbsp;&nbsp; Rakuten Group, Inc. <br>5.125% (5.125% fixed rate until 4/22/2026; 5 yr.<br>CMT rate + 4.58% thereafter) <br> due 4/22/2026<sup>(2)(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322327 |
|  |  | **322327** |
| &nbsp;&nbsp;&nbsp;**Investment Companies – 0.2%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.2%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.2%** |
| &nbsp;&nbsp;&nbsp; Apollo Debt Solutions BDC <br>5.20% due 12/8/2028<sup>(2)</sup> | 91000 | 90983 |
| &nbsp;&nbsp;&nbsp; Cipher Mining, Inc. <br>0.00% due 10/1/2031<sup>(2)(5)</sup> | 185000 | 219688 |
|  |  | **310671** |
| &nbsp;&nbsp;&nbsp;**Leisure Time – 1.1%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 1.1%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 1.1%** |
| &nbsp;&nbsp;&nbsp; Carnival Corp. <br>5.75% due 8/1/2032<sup>(2)</sup> | 553000 | 567533 |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd. <br>5.875% due 1/15/2031<sup>(2)</sup> | 716000 | 713291 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. <br>5.375% due 1/15/2036 | 410000 | 411717 |
|  |  | **1692541** |
| &nbsp;&nbsp;&nbsp;**Lodging – 0.4%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.4%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.4%** |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <br>4.875% due 7/1/2031<sup>(2)</sup> | 607000 | 566647 |
|  |  | **566647** |
| &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>(2)</sup> | 454000 | 501552 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc. <br>7.25% due 8/15/2033<sup>(2)</sup> | 408000 | 416906 |
| &nbsp;&nbsp;&nbsp; Midcontinent Communications <br>8.00% due 8/15/2032<sup>(2)</sup> | 552000 | 565041 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc. 8.50% due 7/31/2031<sup>(2)</sup> | 319000 | 333237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375% due 8/1/2032<sup>(2)</sup> | 292000 | 313845 |
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV <br>7.50% due 1/15/2033<sup>(2)</sup> | 416000 | 421420 |
|  |  | **2552001** |
| &nbsp;&nbsp;&nbsp;**Mining – 0.5%** | &nbsp;&nbsp;&nbsp;**Mining – 0.5%** | &nbsp;&nbsp;&nbsp;**Mining – 0.5%** |
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. <br>7.25% due 2/15/2034<sup>(2)</sup> | 494000 | 519344 |
| &nbsp;&nbsp;&nbsp; Taseko Mines Ltd. <br>8.25% due 5/1/2030<sup>(2)</sup> | 328000 | 348413 |
|  |  | **867757** |
| &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.4%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.4%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.4%** |
| &nbsp;&nbsp;&nbsp; Maxam Prill SARL <br>7.75% due 7/15/2030<sup>(2)</sup> | 629000 | 650887 |
|  |  | **650887** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.2%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.2%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.2%** |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.<br>8.75% due 7/1/2031<sup>(2)</sup> | 363000 | 376577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% due 6/15/2033<sup>(2)</sup> | 378000 | 408096 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Principal<br>Amount** | **<br>Value** | **<br>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; Granite Ridge Resources, Inc. <br>8.875% due 11/5/2029<sup>(2)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810902 |
| &nbsp;&nbsp;&nbsp; Long Ridge Energy LLC <br>8.75% due 2/15/2032<sup>(2)</sup> |  | 194000 |  | 206501 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>5.55% due 10/1/2034 |  | 318000 |  | 324364 |
| &nbsp;&nbsp;&nbsp; Sunoco LP <br>7.875% (7.875% fixed rate until 9/18/2030; 5 yr.<br>CMT rate + 4.23% thereafter) <br> due 9/18/2030<sup>(2)(3)</sup> |  | 985000 |  | 1011866 |
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC <br>5.70% due 8/1/2035 |  | 402000 |  | 410253 |
|  |  |  |  | **3548559** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Oil & Gas Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Oil & Gas Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Oil & Gas Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Oil & Gas Services – 0.4%** |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP/USA Compression Finance Corp. <br>6.25% due 10/1/2033<sup>(2)</sup> |  | 571000 |  | 577846 |
|  |  |  |  | **577846** |
| &nbsp;&nbsp;&nbsp;**Packaging & Containers – 0.4%** | &nbsp;&nbsp;&nbsp;**Packaging & Containers – 0.4%** | &nbsp;&nbsp;&nbsp;**Packaging & Containers – 0.4%** | &nbsp;&nbsp;&nbsp;**Packaging & Containers – 0.4%** | &nbsp;&nbsp;&nbsp;**Packaging & Containers – 0.4%** |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Reg S <br>3.00% due 9/1/2029 |  | 628000 |  | 701746 |
|  |  |  |  | **701746** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.1%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.1%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.1%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.1%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.1%** |
| &nbsp;&nbsp;&nbsp; CVS Health Corp.<br>6.75% (6.75% fixed rate until 9/10/2034; 5 yr.<br>CMT rate + 2.52% thereafter) <br> due 12/10/2054<sup>(3)</sup> |  | 257000 |  | 268403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% (7.00% fixed rate until 12/10/2029; 5 yr.<br>CMT rate + 2.89% thereafter) <br> due 3/10/2055<sup>(3)</sup> |  | 236000 |  | 247575 |
| &nbsp;&nbsp;&nbsp; HLF Financing SARL LLC/Herbalife International, Inc.<br>4.875% due 6/1/2029<sup>(2)</sup> |  | 347000 |  | 325876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.25% due 4/15/2029<sup>(2)</sup> |  | 89000 |  | 96097 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance<br>Co. LLC <br>6.15% due 2/1/2036 |  | 716000 |  | 751728 |
|  |  |  |  | **1689679** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 2.0%** | &nbsp;&nbsp;&nbsp;**Pipelines – 2.0%** | &nbsp;&nbsp;&nbsp;**Pipelines – 2.0%** | &nbsp;&nbsp;&nbsp;**Pipelines – 2.0%** | &nbsp;&nbsp;&nbsp;**Pipelines – 2.0%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp. <br>5.75% due 7/1/2034<sup>(2)</sup> |  | 293000 |  | 295215 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc.<br>4.125% due 6/15/2029<sup>(2)</sup> |  | 63000 |  | 62169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 12/15/2034<sup>(2)</sup> |  | 255000 |  | 264638 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP <br>4.25% due 2/15/2030<sup>(2)</sup> |  | 747000 |  | 730630 |
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy<br>Partners LLC <br>6.625% due 1/15/2034<sup>(2)</sup> |  | 399000 |  | 409907 |
| &nbsp;&nbsp;&nbsp; ITT Holdings LLC <br>6.50% due 8/1/2029<sup>(2)</sup> |  | 743000 |  | 713021 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Principal<br>Amount** | **<br>Value** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Pipelines** (continued) | &nbsp;&nbsp;&nbsp;**Pipelines** (continued) | &nbsp;&nbsp;&nbsp;**Pipelines** (continued) | &nbsp;&nbsp;&nbsp;**Pipelines** (continued) | &nbsp;&nbsp;&nbsp;**Pipelines** (continued) |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <br>6.75% due 3/15/2034<sup>(2)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826980 |
|  |  |  |  | **3302560** |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.1%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.1%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.1%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.1%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 1.1%** |
| &nbsp;&nbsp;&nbsp; EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM <br>7.375% due 9/30/2030<sup>(2)</sup> |  | 449000 |  | 452511 |
| &nbsp;&nbsp;&nbsp; Millrose Properties, Inc.<br>6.25% due 9/15/2032<sup>(2)</sup> |  | 280000 |  | 282515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 8/1/2030<sup>(2)</sup> |  | 355000 |  | 363245 |
| &nbsp;&nbsp;&nbsp; Rithm Capital Corp.<br>8.00% due 4/1/2029<sup>(2)</sup> |  | 233000 |  | 239221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 7/15/2030<sup>(2)</sup> |  | 395000 |  | 403952 |
|  |  |  |  | **1741444** |
| &nbsp;&nbsp;&nbsp;**Retail – 0.6%** | &nbsp;&nbsp;&nbsp;**Retail – 0.6%** | &nbsp;&nbsp;&nbsp;**Retail – 0.6%** | &nbsp;&nbsp;&nbsp;**Retail – 0.6%** | &nbsp;&nbsp;&nbsp;**Retail – 0.6%** |
| &nbsp;&nbsp;&nbsp; Carvana Co. <br>9.00% (9.00% Cash or<br>13.00% PIK) <br> due 6/1/2030<sup>(2)(6)</sup> |  | 398000 |  | 417158 |
| &nbsp;&nbsp;&nbsp; Victra Holdings LLC/Victra<br>Finance Corp. <br>8.75% due 9/15/2029<sup>(2)</sup> |  | 518000 |  | 546494 |
|  |  |  |  | **963652** |
| &nbsp;&nbsp;&nbsp;**Semiconductors – 0.2%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.2%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.2%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.2%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.2%** |
| &nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. <br>6.625% due 7/24/2033<sup>(2)</sup> |  | 373000 |  | 387874 |
|  |  |  |  | **387874** |
| &nbsp;&nbsp;&nbsp;**Software – 1.8%** | &nbsp;&nbsp;&nbsp;**Software – 1.8%** | &nbsp;&nbsp;&nbsp;**Software – 1.8%** | &nbsp;&nbsp;&nbsp;**Software – 1.8%** | &nbsp;&nbsp;&nbsp;**Software – 1.8%** |
| &nbsp;&nbsp;&nbsp; Capstone Borrower, Inc. <br>8.00% due 6/15/2030<sup>(2)</sup> |  | 191000 |  | 196725 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc.<br>6.625% due 8/15/2033<sup>(2)</sup> |  | 332000 |  | 329031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% due 9/30/2029<sup>(2)</sup> |  | 333000 |  | 346823 |
| &nbsp;&nbsp;&nbsp; CoreWeave, Inc.<br>9.00% due 2/1/2031<sup>(2)</sup> |  | 429000 |  | 393187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% due 6/1/2030<sup>(2)</sup> |  | 172000 |  | 159921 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. <br>2.95% due 2/15/2051 |  | 451000 |  | 416006 |
| &nbsp;&nbsp;&nbsp; ROBLOX Corp. <br>3.875% due 5/1/2030<sup>(2)</sup> |  | 579000 |  | 553569 |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc. <br>6.50% due 2/15/2029<sup>(2)</sup> |  | 584000 |  | 572307 |
|  |  |  |  | **2967569** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 2.4%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 2.4%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 2.4%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 2.4%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 2.4%** |
| &nbsp;&nbsp;&nbsp; APLD ComputeCo LLC <br>9.25% due 12/15/2030<sup>(2)</sup> |  | 705000 |  | 691535 |
| &nbsp;&nbsp;&nbsp; Cipher Compute LLC <br>7.125% due 11/15/2030<sup>(2)</sup> |  | 469000 |  | 477669 |
| &nbsp;&nbsp;&nbsp; Flash Compute LLC <br>7.25% due 12/31/2030<sup>(2)</sup> |  | 475000 |  | 470612 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.<br>3.75% due 7/15/2029<sup>(2)</sup> |  | 239000 |  | 217612 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Principal<br>Amount** | **<br>Value** | **<br>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;&nbsp; 6.875% due 6/30/2033<sup>(2)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94779 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 3/31/2034<sup>(2)</sup> |  | 60362 |  | 62207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 1/15/2036<sup>(2)</sup> |  | 431000 |  | 441337 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.<br>4.125% due 4/15/2029<sup>(2)</sup> |  | 201000 |  | 198990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% due 10/15/2032<sup>(2)</sup> |  | 184000 |  | 184920 |
| &nbsp;&nbsp;&nbsp; Vmed O2 U.K. Financing I PLC <br>6.75% due 1/15/2033<sup>(2)</sup> |  | 453000 |  | 448939 |
| &nbsp;&nbsp;&nbsp; WULF Compute LLC <br>7.75% due 10/15/2030<sup>(2)</sup> |  | 637000 |  | 656268 |
|  |  |  |  | **3947074** |
| &nbsp;&nbsp;&nbsp;**Transportation – 0.6%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.6%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.6%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.6%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.6%** |
| &nbsp;&nbsp;&nbsp; Rand Parent LLC <br>8.50% due 2/15/2030<sup>(2)</sup> |  | 596000 |  | 620944 |
| &nbsp;&nbsp;&nbsp; Watco Cos. LLC/Watco<br>Finance Corp. <br>7.125% due 8/1/2032<sup>(2)</sup> |  | 280000 |  | 293246 |
|  |  |  |  | **914190** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $53,485,191) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $53,485,191) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $53,485,191) |  | **54303955** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 27.2%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 27.2%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 27.2%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 27.2%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 27.2%** |
| &nbsp;&nbsp;&nbsp; 1211 Avenue of the Americas Trust <br>Series 2015-1211, Class A1A2 <br>3.901% due 8/10/2035<sup>(2)</sup> |  | 1100000 |  | 1061500 |
| &nbsp;&nbsp;&nbsp; ALA Trust <br>Series 2025-OANA, Class D <br>6.842% due 6/15/2040<sup>(2)(3)(4)</sup> |  | 221000 |  | 221963 |
| &nbsp;&nbsp;&nbsp; BLP Commercial Mortgage Trust <br>Series 2025-IND2, Class E <br>7.50% due 12/15/2042<sup>(2)(3)(4)</sup> |  | 991000 |  | 992238 |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIR2, Class D <br>6.542% due 10/15/2041<sup>(2)(3)(4)</sup> |  | 502610 |  | 503860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class A <br>5.441% due 8/15/2041<sup>(2)(3)(4)</sup> |  | 243411 |  | 243865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BIO2, Class D <br>7.713% due 8/13/2041<sup>(2)(3)(4)</sup> |  | 780000 |  | 759425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GPA3, Class C <br>5.642% due 12/15/2039<sup>(2)(3)(4)</sup> |  | 1317966 |  | 1321231 |
| &nbsp;&nbsp;&nbsp; BX Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class D <br>6.44% due 4/15/2041<sup>(2)(3)(4)</sup> |  | 1226059 |  | 1232126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class E <br>6.64% due 6/15/2041<sup>(2)(3)(4)</sup> |  | 488000 |  | 486788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ARIA, Class C <br>5.517% due 12/13/2042<sup>(2)(3)(4)</sup> |  | 650000 |  | 654415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VLT7, Class E <br>7.50% due 7/15/2044<sup>(2)(3)(4)</sup> |  | 955000 |  | 952619 |
| &nbsp;&nbsp;&nbsp; BXHPP Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FILM, Class A <br>4.515% due 8/15/2036<sup>(2)(3)(4)</sup> |  | 290000 |  | 279935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FILM, Class B <br>4.765% due 8/15/2036<sup>(2)(3)(4)</sup> |  | 480000 |  | 453319 |
| &nbsp;&nbsp;&nbsp; BXP Trust <br>Series 2017-GM, Class D <br>3.425% due 6/13/2039<sup>(2)(3)(4)</sup> |  | 580000 |  | 561994 |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Citigroup Commercial Mortgage Trust <br>Series 2016-C3, Class AS <br>3.366% due 11/15/2049<sup>(3)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980434 |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B2 <br>9.874% due 12/25/2041<sup>(2)(3)(4)</sup> | 821508 | 851288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R04, Class 1B1 <br>6.074% due 5/25/2044<sup>(2)(3)(4)</sup> | 690000 | 695950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2B1 <br>5.874% due 7/25/2044<sup>(2)(3)(4)</sup> | 1800000 | 1804430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01, Class 1B1 <br>5.574% due 1/25/2045<sup>(2)(3)(4)</sup> | 1827000 | 1816820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1B1 <br>5.824% due 2/25/2045<sup>(2)(3)(4)</sup> | 1920000 | 1927877 |
| &nbsp;&nbsp;&nbsp; EFMT <br>Series 2025-RTL1, Class A2 <br>5.565% due 11/25/2040<sup>(2)(3)(4)</sup> | 215000 | 215465 |
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ESH, Class D <br>6.35% due 10/15/2042<sup>(2)(3)(4)</sup> | 398000 | 400486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ESH, Class E <br>7.10% due 10/15/2042<sup>(2)(3)(4)</sup> | 253000 | 254580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ESH, Class F <br>7.85% due 10/15/2042<sup>(2)(3)(4)</sup> | 133000 | 134163 |
| &nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class B2 <br>11.374% due 10/25/2041<sup>(2)(3)(4)</sup> | 845000 | 882115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class B2 <br>11.674% due 11/25/2041<sup>(2)(3)(4)</sup> | 1100000 | 1156044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class B2 <br>10.874% due 12/25/2041<sup>(2)(3)(4)</sup> | 1423000 | 1490922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class B2 <br>12.374% due 2/25/2042<sup>(2)(3)(4)</sup> | 384527 | 412048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M2 <br>5.524% due 2/25/2045<sup>(2)(3)(4)</sup> | 1818000 | 1820212 |
| &nbsp;&nbsp;&nbsp; FS Commercial Mortgage Trust <br>Series 2023-4SZN, Class D <br>9.08% due 11/10/2039<sup>(2)(3)(4)</sup> | 1727000 | 1766535 |
| &nbsp;&nbsp;&nbsp; Great Wolf Trust <br>Series 2024-WOLF, Class G <br>9.186% due 3/15/2039<sup>(2)(3)(4)</sup> | 133000 | 133495 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust<br>Series 2025-800D, Class A <br>6.385% due 11/25/2041<sup>(2)(3)(4)</sup> | 760000 | 761016 |
| &nbsp;&nbsp;&nbsp; GWT Trust <br>Series 2024-WLF2, Class D <br>6.69% due 5/15/2041<sup>(2)(3)(4)</sup> | 1120000 | 1125546 |
| &nbsp;&nbsp;&nbsp; Homeward Opportunities Fund Trust <br>Series 2025-RRTL1, Class A1 <br>5.476% due 3/25/2040<sup>(2)(3)(4)</sup> | 1550000 | 1557186 |
| &nbsp;&nbsp;&nbsp; Jackson Park Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-LIC, Class A <br>2.766% due 10/14/2039<sup>(2)</sup> | 1000000 | 928004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-LIC, Class B <br>2.914% due 10/14/2039<sup>(2)</sup> | 640000 | 587836 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; JPMorgan Chase Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-CL1, Class M1 <br>6.096% due 10/25/2057<sup>(2)(3)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180753 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-CL1, Class M2 <br>6.346% due 10/25/2057<sup>(2)(3)(4)</sup> | 896072 | 931254 |
| &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust <br>Series 2021-MHC, Class F <br>6.465% due 4/15/2038<sup>(2)(3)(4)</sup> | 520000 | 520647 |
| &nbsp;&nbsp;&nbsp; MKT Mortgage Trust <br>Series 2020-525M, Class A <br>2.694% due 2/12/2040<sup>(2)</sup> | 549000 | 497047 |
| &nbsp;&nbsp;&nbsp; MTN Commercial Mortgage Trust <br>Series 2022-LPFL, Class F <br>9.045% due 3/15/2039<sup>(2)(3)(4)</sup> | 807000 | 808708 |
| &nbsp;&nbsp;&nbsp; NRM FHT1 Excess Owner LLC <br>Series 2025-FHT1, Class A <br>6.545% due 3/25/2032<sup>(2)(3)(4)</sup> | 1411834 | 1425989 |
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust <br>Series 2021-909, Class C <br>3.206% due 4/10/2043<sup>(2)(3)(4)</sup> | 385000 | 312602 |
| &nbsp;&nbsp;&nbsp; PRM7 Trust <br>Series 2025-PRM7, Class E <br>6.618% due 11/10/2042<sup>(2)(3)(4)</sup> | 321000 | 317117 |
| &nbsp;&nbsp;&nbsp; PRPM LLC <br>Series 2025-2, Class A1 <br>6.469% due 5/25/2030<sup>(2)(3)(4)</sup> | 800103 | 801596 |
| &nbsp;&nbsp;&nbsp; Saluda Grade Alternative<br>Mortgage Trust <br>Series 2023-RTL3, Class A1 <br>8.00% due 4/25/2029<sup>(2)(3)(4)</sup> | 502241 | 500322 |
| &nbsp;&nbsp;&nbsp; SCG Commercial Mortgage Trust <br>Series 2025-FLWR, Class E <br>6.50% due 8/15/2042<sup>(2)(3)(4)</sup> | 200000 | 200496 |
| &nbsp;&nbsp;&nbsp; SCG Trust <br>Series 2025-SNIP, Class E <br>7.15% due 9/15/2042<sup>(2)(3)(4)</sup> | 335000 | 336366 |
| &nbsp;&nbsp;&nbsp; SMRT <br>Series 2022-MINI, Class E <br>6.451% due 1/15/2039<sup>(2)(3)(4)</sup> | 900000 | 895511 |
| &nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust <br>Series 2025-DATA, Class F <br>7.989% due 2/15/2042<sup>(2)(3)(4)</sup> | 640000 | 632906 |
| &nbsp;&nbsp;&nbsp; Taurus U.K. DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK3A, Class C <br>5.973% due 7/20/2035<sup>(2)(3)(4)</sup> | 140000 | 189072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK3A, Class D <br>6.773% due 7/20/2035<sup>(2)(3)(4)</sup> | 200000 | 269162 |
| &nbsp;&nbsp;&nbsp; Vontive Mortgage Trust <br>Series 2025-RTL1, Class A1 <br>6.507% due 3/25/2030<sup>(2)(3)(4)</sup> | 897000 | 911328 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1918, Class A <br>5.576% due 9/15/2040<sup>(2)(3)(4)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VTT, Class D <br>6.176% due 3/15/2038<sup>(2)(3)(4)</sup> |  | 735000 |  | 735245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VTT, Class E <br>6.907% due 3/15/2038<sup>(2)(3)(4)</sup> |  | 459000 |  | 456745 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $44,205,963) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $44,205,963) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $44,205,963) |  | **44056453** |
| &nbsp;&nbsp;&nbsp;**Senior Secured Loans – 11.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Building Materials – 0.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc. <br>2025 Term Loan <br>8.966% (1 mo. USD Term<br>SOFR + 5.25%) <br> due 7/8/2030<sup>(3)</sup> |  | 395010 |  | 381185 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B <br>6.072% (3 mo. USD Term<br>SOFR + 2.25%) <br> due 5/31/2030<sup>(3)</sup> |  | 278944 |  | 279487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B <br>6.122% (6 mo. USD Term<br>SOFR + 2.25%) <br> due 8/4/2031<sup>(3)</sup> |  | 383167 |  | 383730 |
|  |  |  |  | **1044402** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.1%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.1%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.1%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.1%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.1%** |
| &nbsp;&nbsp;&nbsp; Olympus Water U.S. Holding Corp. <br>2025 USD Term Loan B <br>6.922% (3 mo. USD Term<br>SOFR + 3.25%) <br> due 11/3/2032<sup>(3)</sup> |  | 205000 |  | 203592 |
|  |  |  |  | **203592** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 0.4%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 0.4%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 0.4%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 0.4%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 0.4%** |
| &nbsp;&nbsp;&nbsp; Chrysaor Bidco SARL <br>2025 EUR Term Loan B <br>0.00% due 10/30/2031<sup>(3)(7)</sup> |  | 500000 |  | 592606 |
|  |  |  |  | **592606** |
| &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;**Commercial Services – 0.7%** |
| &nbsp;&nbsp;&nbsp; Atlas Luxco 4 SARL <br>EUR Term Loan B <br>5.676% (1 mo. EURIBOR + 3.75%) <br> due 8/20/2032<sup>(3)</sup> |  | 1250 |  | 1477 |
| &nbsp;&nbsp;&nbsp; Inspired FinCo Holdings Ltd. <br>2025 EUR Term Loan B6 <br>5.143% (1 mo. EURIBOR + 3.25%) <br> due 2/28/2031<sup>(3)</sup> |  | 500000 |  | 590644 |
| &nbsp;&nbsp;&nbsp; Lernen Bidco Ltd. <br>2025 USD Term Loan B3B <br>7.41% (3 mo. USD Term<br>SOFR + 3.50%) <br> due 10/27/2031<sup>(3)</sup> |  | 400988 |  | 401489 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Parexel International Corp. <br>2025 Repriced Term Loan B <br>6.466% (1 mo. USD Term<br>SOFR + 2.75%) <br> due 12/12/2031<sup>(3)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161436 |
|  |  |  |  | **1155046** |
| &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; Ping Identity Corp. <br>2025 Term Loan <br>6.625% (3 mo. USD Term<br>SOFR + 2.75%) <br> due 11/15/2032<sup>(3)</sup> |  | 259000 |  | 259324 |
| &nbsp;&nbsp;&nbsp; X Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan <br>10.448% (3 mo. USD Term<br>SOFR + 6.50%) <br> due 10/26/2029<sup>(3)</sup> |  | 510481 |  | 501001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Fixed Term Loan <br>9.50% due 10/26/2029 |  | 459000 |  | 457031 |
|  |  |  |  | **1217356** |
| &nbsp;&nbsp;&nbsp;**Distribution/Wholesale – 0.4%** | &nbsp;&nbsp;&nbsp;**Distribution/Wholesale – 0.4%** | &nbsp;&nbsp;&nbsp;**Distribution/Wholesale – 0.4%** | &nbsp;&nbsp;&nbsp;**Distribution/Wholesale – 0.4%** | &nbsp;&nbsp;&nbsp;**Distribution/Wholesale – 0.4%** |
| &nbsp;&nbsp;&nbsp; Gloves Buyer, Inc. <br>2025 Term Loan <br>7.716% (1 mo. USD Term<br>SOFR + 4.00%) <br> due 5/21/2032<sup>(3)</sup> |  | 650000 |  | 645820 |
|  |  |  |  | **645820** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.2%** |
| &nbsp;&nbsp;&nbsp; Advisor Group, Inc. <br>2025 Term Loan <br>6.595% (6 mo. USD Term<br>SOFR + 3.00%) <br> due 7/30/2032<sup>(3)</sup> |  | 147000 |  | 147523 |
| &nbsp;&nbsp;&nbsp; Aretec Group, Inc. <br>2025 Repriced Term Loan <br>6.716% (1 mo. USD Term<br>SOFR + 3.00%) <br> due 8/9/2030<sup>(3)</sup> |  | 118000 |  | 118370 |
|  |  |  |  | **265893** |
| &nbsp;&nbsp;&nbsp;**Electric – 0.3%** | &nbsp;&nbsp;&nbsp;**Electric – 0.3%** | &nbsp;&nbsp;&nbsp;**Electric – 0.3%** | &nbsp;&nbsp;&nbsp;**Electric – 0.3%** | &nbsp;&nbsp;&nbsp;**Electric – 0.3%** |
| &nbsp;&nbsp;&nbsp; Long Ridge Energy LLC <br>Term Loan B <br>8.172% (3 mo. USD Term<br>SOFR + 4.50%) <br> due 2/19/2032<sup>(3)</sup> |  | 530302 |  | 524559 |
|  |  |  |  | **524559** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.6%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.6%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.6%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.6%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.6%** |
| &nbsp;&nbsp;&nbsp; Flutter Financing BV <br>2025 Term Loan B <br>5.672% (3 mo. USD Term<br>SOFR + 2.00%) <br> due 6/4/2032<sup>(3)</sup> |  | 200692 |  | 200692 |
| &nbsp;&nbsp;&nbsp; OVG Business Services LLC <br>2024 Term Loan B <br>6.716% (1 mo. USD Term<br>SOFR + 3.00%) <br> due 6/25/2031<sup>(3)</sup> |  | 485770 |  | 485770 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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 <br>Term Loan <br>12.73% (3 mo. USD Term<br>SOFR + 9.00%) <br> due 6/25/2031<sup>(3)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252200 |
|  |  |  |  | **938662** |
| &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; Froneri Lux Finco SARL <br>2025 EUR Term Loan <br>4.873% (3 mo. EURIBOR + 2.75%) <br> due 9/30/2032<sup>(3)</sup> |  | 500000 |  | 588752 |
|  |  |  |  | **588752** |
| &nbsp;&nbsp;&nbsp;**Food Service – 0.4%** | &nbsp;&nbsp;&nbsp;**Food Service – 0.4%** | &nbsp;&nbsp;&nbsp;**Food Service – 0.4%** | &nbsp;&nbsp;&nbsp;**Food Service – 0.4%** | &nbsp;&nbsp;&nbsp;**Food Service – 0.4%** |
| &nbsp;&nbsp;&nbsp; Gategroup Finance Luxembourg SA <br>EUR Repriced Term Loan <br>0.00% due 6/10/2032<sup>(3)(7)</sup> |  | 500000 |  | 590979 |
|  |  |  |  | **590979** |
| &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 OYJ <br>2025 USD Term Loan B <br>8.184% (3 mo. USD Term<br>SOFR + 4.25%) <br> due 5/23/2030<sup>(3)</sup> |  | 360253 |  | 362054 |
|  |  |  |  | **362054** |
| &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<br>Holdings III, Inc. <br>2022 Term Loan B <br>8.09% (3 mo. USD Term<br>SOFR + 4.25%) <br> due 3/30/2029<sup>(3)</sup> |  | 376103 |  | 362156 |
| &nbsp;&nbsp;&nbsp; Star Parent, Inc. <br>Term Loan B <br>7.672% (3 mo. USD Term<br>SOFR + 4.00%) <br> due 9/27/2030<sup>(3)</sup> |  | 643451 |  | 643953 |
|  |  |  |  | **1006109** |
| &nbsp;&nbsp;&nbsp;**Household Products & Wares – 0.2%** | &nbsp;&nbsp;&nbsp;**Household Products & Wares – 0.2%** | &nbsp;&nbsp;&nbsp;**Household Products & Wares – 0.2%** | &nbsp;&nbsp;&nbsp;**Household Products & Wares – 0.2%** | &nbsp;&nbsp;&nbsp;**Household Products & Wares – 0.2%** |
| &nbsp;&nbsp;&nbsp; Lavender Dutch BorrowerCo BV <br>USD Term Loan <br>0.00% due 12/30/2032<sup>(3)(7)</sup> |  | 287490 |  | 289525 |
|  |  |  |  | **289525** |
| &nbsp;&nbsp;&nbsp;**Insurance – 1.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 1.2%** |
| &nbsp;&nbsp;&nbsp; Asurion LLC <br>2025 Term Loan B13 <br>7.966% (1 mo. USD Term<br>SOFR + 4.25%) <br> due 9/19/2030<sup>(3)</sup> |  | 441531 |  | 441187 |
| &nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management, Inc. <br>2025 Repriced Term Loan B <br>0.00% due 12/10/2032<sup>(3)(7)</sup> |  | 401000 |  | 401000 |
| &nbsp;&nbsp;&nbsp; SIACI St. Honore SAS 2025 EUR Unitranche Term Loan <br>5.427% (3 mo. EURIBOR + 3.50%) <br> due 7/26/2032<sup>(3)</sup> |  | 590000 |  | 700239 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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;&nbsp; 2025 EUR Delayed Draw<br>Term Loan <br>0.00% due 7/26/2032<sup>(3)(7)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113462 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134662 |
| &nbsp;&nbsp;&nbsp; USI, Inc. <br>2024 Term Loan C <br>5.922% (3 mo. USD Term<br>SOFR + 2.25%) <br> due 9/29/2030<sup>(3)</sup> |  | 245499 |  | 245840 |
|  |  |  |  | **1922928** |
| &nbsp;&nbsp;&nbsp;**Internet – 0.8%** | &nbsp;&nbsp;&nbsp;**Internet – 0.8%** | &nbsp;&nbsp;&nbsp;**Internet – 0.8%** | &nbsp;&nbsp;&nbsp;**Internet – 0.8%** | &nbsp;&nbsp;&nbsp;**Internet – 0.8%** |
| &nbsp;&nbsp;&nbsp; Hunter Holdco 3 Ltd. <br>USD Term Loan B <br>8.022% (3 mo. USD Term<br>SOFR + 4.25%) <br> due 8/19/2028<sup>(3)</sup> |  | 660000 |  | 641850 |
| &nbsp;&nbsp;&nbsp; Proofpoint, Inc.<br>2024 Term Loan <br>6.672% (1 mo. USD Term<br>SOFR + 3.00%) <br> due 8/31/2028<sup>(3)</sup> |  | 570655 |  | 573069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Repriced Term Loan <br>6.672% (3 mo. USD Term<br>SOFR + 3.00%) <br> due 8/31/2028<sup>(3)</sup> |  | 22000 |  | 22093 |
|  |  |  |  | **1237012** |
| &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; Titan Acquisition Ltd. <br>2025 Add on Delayed Draw<br>Term Loan <br>1.00% due 2/15/2029<sup>(3)(8)</sup> |  | 154000 |  | 154984 |
|  |  |  |  | **154984** |
| &nbsp;&nbsp;&nbsp;**Media – 0.5%** | &nbsp;&nbsp;&nbsp;**Media – 0.5%** | &nbsp;&nbsp;&nbsp;**Media – 0.5%** | &nbsp;&nbsp;&nbsp;**Media – 0.5%** | &nbsp;&nbsp;&nbsp;**Media – 0.5%** |
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC <br>2024 Term Loan <br>9.352% (3 mo. USD Term<br>SOFR + 5.25%) <br> due 8/2/2029<sup>(3)</sup> |  | 585714 |  | 587009 |
| &nbsp;&nbsp;&nbsp; Versant Media Group, Inc. <br>Term Loan B <br>0.00% due 10/23/2030<sup>(3)(7)</sup> |  | 262000 |  | 261837 |
|  |  |  |  | **848846** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.4%** |
| &nbsp;&nbsp;&nbsp; Althea Acquisition SARL <br>2025 EUR 1st Lien Term Loan B <br>0.00% due 10/7/2032<sup>(3)(7)</sup> |  | 500000 |  | 590174 |
|  |  |  |  | **590174** |
| &nbsp;&nbsp;&nbsp;**Retail – 0.6%** | &nbsp;&nbsp;&nbsp;**Retail – 0.6%** | &nbsp;&nbsp;&nbsp;**Retail – 0.6%** | &nbsp;&nbsp;&nbsp;**Retail – 0.6%** | &nbsp;&nbsp;&nbsp;**Retail – 0.6%** |
| &nbsp;&nbsp;&nbsp; Boots Group Bidco Ltd. <br>USD Term Loan <br>7.206% (3 mo. USD Term<br>SOFR + 3.50%) <br> due 8/30/2032<sup>(3)</sup> |  | 161000 |  | 161738 |
| &nbsp;&nbsp;&nbsp; LSF9 Atlantis Holdings LLC <br>2025 Term Loan B <br>7.422% (3 mo. USD Term<br>SOFR + 3.75%) <br> due 3/29/2029<sup>(3)</sup> |  | 134063 |  | 134104 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Park River Holdings, Inc. <br>2025 Term Loan <br>8.485% (3 mo. USD Term<br>SOFR + 4.50%) <br> due 3/15/2031<sup>(3)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127608 |
| &nbsp;&nbsp;&nbsp; Peer Holding III BV <br>2025 EUR Add on Term<br>Loan B9 4.766% (3 mo. EURIBOR + 2.75%) <br> due 9/29/2032<sup>(3)</sup> |  | 500000 |  | 590244 |
|  |  |  |  | **1013694** |
| &nbsp;&nbsp;&nbsp;**Software – 2.1%** | &nbsp;&nbsp;&nbsp;**Software – 2.1%** | &nbsp;&nbsp;&nbsp;**Software – 2.1%** | &nbsp;&nbsp;&nbsp;**Software – 2.1%** | &nbsp;&nbsp;&nbsp;**Software – 2.1%** |
| &nbsp;&nbsp;&nbsp; Darktrace PLC <br>1st Lien Term Loan <br>7.185% (3 mo. USD Term<br>SOFR + 3.25%) <br> due 10/9/2031<sup>(3)</sup> |  | 420142 |  | 421419 |
| &nbsp;&nbsp;&nbsp; Dayforce, Inc. <br>2025 Term Loan <br>0.00% due 8/20/2032<sup>(3)(7)</sup> |  | 639000 |  | 636719 |
| &nbsp;&nbsp;&nbsp; Mermaid Bidco, Inc. <br>2024 USD Term Loan B <br>7.151% (3 mo. USD Term<br>SOFR + 3.25%) <br> due 7/3/2031<sup>(3)</sup> |  | 423794 |  | 424854 |
| &nbsp;&nbsp;&nbsp; Modena Buyer LLC <br>Term Loan <br>8.09% (3 mo. USD Term<br>SOFR + 4.25%) <br> due 7/1/2031<sup>(3)</sup> |  | 645113 |  | 641081 |
| &nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding, Inc. 2025 2nd Lien Incremental Term Loan <br>0.00% due 5/9/2033<sup>(3)(7)</sup> |  | 250000 |  | 239220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B <br>0.00% due 10/26/2030<sup>(3)(7)</sup> |  | 322866 |  | 322153 |
| &nbsp;&nbsp;&nbsp; Zuora, Inc. <br>Term Loan B <br>7.216% (1 mo. USD Term<br>SOFR + 3.50%) <br> due 2/14/2032<sup>(3)</sup> |  | 638400 |  | 635846 |
|  |  |  |  | **3321292** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 0.3%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.3%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.3%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.3%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.3%** |
| &nbsp;&nbsp;&nbsp; Windstream Services LLC <br>2025 Term Loan B <br>7.716% (1 mo. USD Term<br>SOFR + 4.00%) <br> due 10/6/2032<sup>(3)</sup> |  | 506000 |  | 507265 |
|  |  |  |  | **507265** |
| &nbsp;&nbsp;&nbsp;**Transportation – 0.1%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.1%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.1%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.1%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.1%** |
| &nbsp;&nbsp;&nbsp; Van Pool Transportation LLC<br>2025 Term Loan <br>6.922% (3 mo. USD Term<br>SOFR + 3.25%) <br> due 8/6/2030<sup>(3)</sup> |  | 158673 |  | 159368 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Transportation** (continued) | &nbsp;&nbsp;&nbsp;**Transportation** (continued) | &nbsp;&nbsp;&nbsp;**Transportation** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Delayed Draw Term Loan <br>6.922% (3 mo. USD Term<br>SOFR + 3.25%) <br> due 8/6/2030<sup>(3)(8)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21736 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21831 |
|  |  | **181199** |
| &nbsp;&nbsp;&nbsp;**Total Senior Secured Loans** <br> (Cost $19,005,640) | &nbsp;&nbsp;&nbsp;**Total Senior Secured Loans** <br> (Cost $19,005,640) | **19202749** |
|  | **<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 4.0%** | &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 4.0%** | &nbsp;&nbsp;&nbsp;**Exchange-Traded Funds – 4.0%** |
| &nbsp;&nbsp;&nbsp; Janus Henderson Emerging Markets Debt Hard Currency ETF | 121292 | 6510348 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds** <br> (Cost $6,175,154) | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds** <br> (Cost $6,175,154) | **6510348** |
|  | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 3.1%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 3.1%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 3.1%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.06%, dated 12/31/2025, proceeds at maturity value of $4,979,707, due 1/2/2026<sup>(9)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4979414 | 4979414 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $4,979,414) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $4,979,414) | **4979414** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 122.3%** <br> (Cost $197,457,516) | &nbsp;&nbsp;&nbsp;**Total Investments – 122.3%** <br> (Cost $197,457,516) | **197894208** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (22.3)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (22.3)%** | **(36069276)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**161824932** |

---

<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 December 31, 2025, the aggregate market value of these securities amounted to $117,940,712, representing 72.9% 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 December 31, 2025.

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

<sup>(5)</sup> Zero coupon bond.

<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> This security, or a portion of this security, has unfunded loan commitments.

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

------

<sup>(9)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.50% | 5/15/2027 | $4983000 | $5079071 |

---

#### Open forward foreign currency contracts at December 31, 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;BNP Paribas Securities Services | 3/4/2026 | 113647 | EUR | 134085 | USD | $(161) |
| &nbsp;&nbsp;&nbsp;BNP Paribas Securities Services | 3/4/2026 | 3795 | EUR | 4483 | USD | (12) |
| &nbsp;&nbsp;&nbsp;BNP Paribas Securities Services | 3/4/2026 | 132654 | USD | 112803 | EUR | (274) |
| &nbsp;&nbsp;&nbsp;BNP Paribas Securities Services | 3/4/2026 | 582735 | USD | 498750 | EUR | (5000) |
| &nbsp;&nbsp;&nbsp;BNP Paribas Securities Services | 3/4/2026 | 584874 | USD | 500000 | EUR | (4334) |
| &nbsp;&nbsp;&nbsp;BNP Paribas Securities Services | 3/4/2026 | 7302089 | USD | 6226997 | EUR | (35896) |
| &nbsp;&nbsp;&nbsp;BNP Paribas Securities Services | 3/4/2026 | 712968 | USD | 534391 | GBP | (7271) |
| &nbsp;&nbsp;&nbsp;**Total** |  |  |  |  |  | $**(52948)** |

---

#### Open futures contracts at December 31, 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 | March 2026 | 73 | Long | $15251388 | $15241602 | $(9786) |
| &nbsp;&nbsp;&nbsp;U.S. 5-Year Treasury Note | March 2026 | 197 | Long | 21896356 | 21533024 | (363332) |
| &nbsp;&nbsp;&nbsp;U.S. 10-Year Treasury Note | March 2026 | 15 | Long | 1699732 | 1686563 | (13169) |
| &nbsp;&nbsp;&nbsp;U.S. Long Bond | March 2026 | 5 | Long | 586905 | 577969 | (8936) |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | $**39434381** | $**39039158** | $**(395223)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation** |
| &nbsp;&nbsp;&nbsp;U.S. Ultra 10-Year Treasury Note | March 2026 | 64 | Short | $(7411410) | $(7361000) | $50410 |
| &nbsp;&nbsp;&nbsp;U.S. Ultra Bond | March 2026 | 26 | Short | (3116280) | (3068000) | 48280 |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | $**(10527690)** | $**(10429000)** | $**98690** |

---

#### Legend:
CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

EUR — Euro

EURIBOR — Euro Interbank Offered Rate

GBP — Great British Pound

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 December 31, 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 | $148131 | $— | $— | $148131 |
| &nbsp;&nbsp;&nbsp;Agency Mortgage-Backed Securities |  | 35761929 |  | 35761929 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 32931229 |  | 32931229 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 54303955 |  | 54303955 |
| &nbsp;&nbsp;&nbsp;Non-Agency Mortgage-Backed Securities |  | 44056453 |  | 44056453 |
| &nbsp;&nbsp;&nbsp;Senior Secured Loans |  | 19202749 |  | 19202749 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 6510348 |  |  | 6510348 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 4979414 |  | 4979414 |
| &nbsp;&nbsp;&nbsp;**Total** | $**6658479** | $**191235729** | $**—** | $**197894208** |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | $— | $(52948) | $— | $(52948) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | 98690 |  |  | 98690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (395223) |  |  | (395223) |
| &nbsp;&nbsp;&nbsp;**Total** | $**(296533)** | $**(52948)** | $**—** | $**(349481)** |

---

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 December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197894208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 108682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 9433373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 1390491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on futures contracts | 252729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash deposits with brokers for futures contracts | 156658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 20421 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **209256562** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian foreign currency | 3771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 47085143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 96119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 72549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward foreign currency contracts | 52948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 38147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 34552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 13108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 34457 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **47431630** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**161824932** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $162279229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable loss | (454297) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**161824932** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $197457516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, proceeds | $3761 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **15581422** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$10.39** |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10346295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 372755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **10718977** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 889169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 427485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 111601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 80916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 59425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 51468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 14268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 10610 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1646936** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (11256) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1635680** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **9083297** |
| &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 | 942789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (347536) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from forward foreign currency contracts | (29738) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (77422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 3071286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | 1138869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts | (52948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | (1771) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments, Derivative Contracts and Foreign Currency Transactions** | **4643529** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**13726826** |

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

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| | | |
|:---|:---|:---|
| &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** |
|  | **For the<br>Year Ended<br>12/31/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $9083297 | $9330172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions | 488093 | 2088461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies | 4155436 | (8232762) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **13726826** | **3185871** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 12318769 | 25594627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (47530612) | (64269080) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(35211843)** | **(38674453)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(21485017)** | **(35488582)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 183309949 | 218798531 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161824932 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183309949 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 1230266 | 2711481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4780753) | (6749508) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(3550487)** | **(4038027)** |

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

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**15**

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The Financial Highlights table is intended to help you understand the Fund's financial performance for the past five years. 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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | | | | | | |
|  | **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; Year Ended 12/31/25 | $9.58 | $0.53 | $0.28 | $0.81 | $10.39 | 8.46% |
| &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% |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| $161825 | 0.96% | 0.96% | 5.31% | 5.31% | 204% |
| 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% |

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<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.

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

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#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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**

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**c. Forward Foreign Currency Contracts** The Fund may enter into forward foreign currency contracts. A forward 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, the 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 year ended December 31, 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 December 31, 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

20.0 ------

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 December 31, 2025.

**g. 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.

**h. Foreign 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**i. 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.

**j. 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.

**k. Segment Reporting** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and

**21**

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assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $11,256.

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.

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

**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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $427,485 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 year ended December 31, 2025, were as follows:

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| | | |
|:---|:---|:---|
|  | **Other**<br> **Investments** | **U.S. Government and**<br> **Agency Obligations** |
| &nbsp;&nbsp;&nbsp;Purchases | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293904589 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52220116 |
| &nbsp;&nbsp;&nbsp;Sales | 284060642 | 77997407 |

---

**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.

22.0 ------

**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.

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, the Fund agrees to accept any mortgage-backed security that meets specified terms. Thus, the 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 the Fund to purchase the securities. The 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.

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

**e. Mortgage Dollar Rolls** The Fund may engage from time to time in mortgage dollar roll transactions, which involve a sale by the Fund of a mortgage-backed security concurrently with an agreement by the Fund to repurchase a similar security at a later date at an agreed-upon price. These transactions are typically used for short term financing. Pools of mortgage securities are used to collateralize mortgage dollar roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, the Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for the Fund. The Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Fund at the end of the roll transaction, while substantially similar, may be inferior to the securities initially sold by the Fund to the counterparty. The transactions involve the risk that the market price of mortgage-backed securities in a mortgage dollar roll transaction decline below the agreed-upon future repurchase price. Conversely, the market value of the securities subject to a Fund's forward sale commitment may increase above the exercise price of the forward commitment. Dollar rolls (and when-issued, delayed delivery and to-be-announced transactions) are speculative techniques that may result in leverage and increased volatility. These transactions may also increase risk associated with volatility and losses and are subject to counterparty risk. In addition, investment in mortgage dollar rolls may significantly increase the Fund's portfolio turnover rate.

**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 December 31, 2025, the Fund did not

**23**

------

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 year ended December 31, 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.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 theU.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 for the year ended December 31, 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,

24.0 ------

(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 December 31, 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<br>Rate**<br> **Contracts** | **Foreign<br>Currency**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Asset Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $98690 | $— |
| &nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts<sup>2</sup> | $— | $(52948) |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | (395223) |  |

---

<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.

<sup>2</sup> Statement of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts.

Transactions in derivative investments for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Interest<br>Rate**<br> **Contracts** | **Foreign<br>Currency**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts<sup>1</sup> | $— | $(29738) |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>2</sup> | (347536) |  |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized<br>Appreciation/(Depreciation)** | &nbsp;&nbsp;&nbsp; **Net Change in Unrealized<br>Appreciation/(Depreciation)** |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts<sup>3</sup> | $— | $(52948) |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>4</sup> | 1138869 |  |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $— | $4665689 |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>5</sup> | 511 |  |

---

<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. 

**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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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.

**l. 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

**25**

------

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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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.

26.0 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g50707g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Multi-Sector Bond VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Multi-Sector Bond VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**27**

------

#### 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
Not applicable.

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](g50707g84s34.jpg)

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

PUB10525

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Short Duration Bond VIP Fund
![LOGO](g44419g40s74.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](#fin21toc44419_1)** |  |
| [Schedule of Investments](#fin21toc44419_2) | 1 |
| [Statement of Assets and Liabilities](#fin21toc44419_3) | 4 |
| [Statement of Operations](#fin21toc44419_4) | 4 |
| [Statements of Changes in Net Assets](#fin21toc44419_5) | 5 |
| [Financial Highlights](#fin21toc44419_6) | 6 |
| [Notes to Financial Statements](#fin21toc44419_7) | 8 |
| [Report of Independent Registered Public Accounting Firm](#fin21toc44419_8) | 17 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin21toc44419_9)** | 18 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin21toc44419_10)** | 18 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin21toc44419_11)** | 19 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin21toc44419_12)** | 19 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 23.1%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 23.1%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 23.1%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br>3.00% due 5/1/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5749967 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5646952 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association<br>3.00% due 4/1/2033 | 3870968 | 3828643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 9/1/2034 | 5968802 | 5809794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/1/2037 | 5577631 | 5449021 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass-Through Certificates<br>Series K-065, Class A2 <br>3.243% due 4/25/2027 | 2900000 | 2878589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-068, Class A2 <br>3.244% due 8/25/2027 | 7000000 | 6938531 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $30,336,741) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $30,336,741) | **30551530** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 25.9%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 25.9%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 25.9%** |
| &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 | 883878 |
| &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 | 1075072 |
| &nbsp;&nbsp;&nbsp; CARDS II Trust <br>Series 2025-1A, Class A <br>4.63% due 3/15/2031<sup>(1)</sup> | 3000000 | 3032749 |
| &nbsp;&nbsp;&nbsp; Citizens Auto Receivables Trust <br>Series 2024-1, Class A3 <br>5.11% due 4/17/2028<sup>(1)</sup> | 670788 | 674472 |
| &nbsp;&nbsp;&nbsp; CNH Equipment Trust <br>Series 2024-A, Class A3 <br>4.77% due 6/15/2029 | 831478 | 838547 |
| &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 | 439168 |
| &nbsp;&nbsp;&nbsp; DLLMT LLC <br>Series 2024-1A, Class A3 <br>4.84% due 8/21/2028<sup>(1)</sup> | 1000000 | 1009159 |
| &nbsp;&nbsp;&nbsp; GMF Floorplan Owner Revolving Trust <br>Series 2025-1A, Class C <br>4.88% due 3/15/2029<sup>(1)</sup> | 2900000 | 2919728 |
| &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 | 2933498 |
| &nbsp;&nbsp;&nbsp; HPEFS Equipment Trust <br>Series 2023-1A, Class C <br>5.91% due 4/20/2028<sup>(1)</sup> | 126279 | 126390 |
| &nbsp;&nbsp;&nbsp; Kubota Credit Owner Trust<br>Series 2025-1A, Class A3 <br>4.67% due 6/15/2029<sup>(1)</sup> | 405000 | 411216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A4 <br>4.87% due 7/15/2030<sup>(1)</sup> | 405000 | 413985 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; NextGear Floorplan Master Owner Trust<br>Series 2024-1A, Class A2 <br>5.12% due 3/15/2029<sup>(1)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B <br>4.89% due 2/15/2030<sup>(1)</sup> |  | 3000000 |  | 3008755 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners 36 Ltd. <br>Series 2018-1A, Class B <br>5.556% (3 mo. USD Term SOFR + 1.65%) <br> due 4/15/2031<sup>(1)(2)</sup> |  | 1209375 |  | 1209841 |
| &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> |  | 379680 |  | 381646 |
| &nbsp;&nbsp;&nbsp; Stellantis Financial Underwritten Enhanced Lease Trust<br>Series 2025-BA, Class C <br>4.71% due 1/22/2030<sup>(1)</sup> |  | 610000 |  | 612761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CA, Class C <br>4.44% due 8/20/2030<sup>(1)</sup> |  | 2650000 |  | 2653366 |
| &nbsp;&nbsp;&nbsp; Tesla Lease Electric Vehicle Securitization LLC <br>Series 2025-A, Class C <br>5.09% due 6/20/2029<sup>(1)</sup> |  | 2650000 |  | 2666065 |
| &nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust <br>Series 2021-1A, Class A <br>1.07% due 2/27/2034<sup>(1)</sup> |  | 1735000 |  | 1727407 |
| &nbsp;&nbsp;&nbsp; Verizon Master Trust <br>Series 2025-3, Class C <br>4.90% due 3/20/2030 |  | 2900000 |  | 2920642 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust <br>Series 2023-4A, Class A3 <br>6.24% due 7/15/2027<sup>(1)</sup> |  | 297792 |  | 298217 |
| &nbsp;&nbsp;&nbsp; Wheels Fleet Lease<br>Funding 1 LLC<br>Series 2024-3A, Class A1 <br>4.80% due 9/19/2039<sup>(1)</sup> |  | 209537 |  | 211747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class B <br>5.07% due 9/19/2039<sup>(1)</sup> |  | 195000 |  | 198689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C <br>5.08% due 1/18/2040<sup>(1)</sup> |  | 2500000 |  | 2532816 |
| &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $33,928,245) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $33,928,245) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $33,928,245) |  | **34193487** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 33.3%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 33.3%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 33.3%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 33.3%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 33.3%** |
| &nbsp;&nbsp;&nbsp;**Airlines – 2.0%** | &nbsp;&nbsp;&nbsp;**Airlines – 2.0%** | &nbsp;&nbsp;&nbsp;**Airlines – 2.0%** | &nbsp;&nbsp;&nbsp;**Airlines – 2.0%** | &nbsp;&nbsp;&nbsp;**Airlines – 2.0%** |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. <br>4.95% due 7/10/2028 |  | 1345000 |  | 1369187 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. <br>4.375% due 11/15/2028 |  | 1300000 |  | 1302720 |
|  |  |  |  | **2671907** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 0.4%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.4%** | &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 |  | 511695 |
|  |  |  |  | **511695** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 10.3%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 10.3%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 10.3%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. 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> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.979% (4.979% fixed rate until 1/24/2028; 1 day USD SOFR + 0.83% thereafter) <br> due 1/24/2029<sup>(2)</sup> | 940000 | 957591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08% (5.08% fixed rate until 1/20/2026; 1 day USD SOFR + 1.29% thereafter) <br> due 1/20/2027<sup>(2)</sup> | 500000 | 500242 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. <br>6.484% (6.484% fixed rate until 10/24/2028; 1 day USD SOFR + 1.77% thereafter) <br> due 10/24/2029<sup>(2)</sup> | 2700000 | 2863313 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. 1.47% (1.47% fixed rate until 9/22/2026; 1 day USD SOFR + 0.77% thereafter) <br> due 9/22/2027<sup>(2)</sup> | 1000000 | 981751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.915% (4.915% fixed rate until 1/24/2028; 1 day USD SOFR + 0.80% thereafter) <br> due 1/24/2029<sup>(2)</sup> | 1400000 | 1426026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.299% (5.299% fixed rate until 7/24/2028; 1 day USD SOFR + 1.45% thereafter) <br> due 7/24/2029<sup>(2)</sup> | 500000 | 515275 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley <br>5.164% (5.164% fixed rate until 4/20/2028; 1 day USD SOFR + 1.59% thereafter) <br> due 4/20/2029<sup>(2)</sup> | 1900000 | 1942768 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA <br>4.968% (4.968% fixed rate until 7/14/2027; 1 day USD SOFR + 0.93% thereafter) <br> due 7/14/2028<sup>(2)</sup> | 1000000 | 1013944 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. <br>5.574% (5.574% fixed rate until 7/25/2028; 1 day USD SOFR + 2.04% thereafter) <br> due 7/25/2029<sup>(2)</sup> | 2800000 | 2900455 |
|  |  | **13595076** |
| &nbsp;&nbsp;&nbsp;**Computers – 1.1%** | &nbsp;&nbsp;&nbsp;**Computers – 1.1%** | &nbsp;&nbsp;&nbsp;**Computers – 1.1%** |
| &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp. <br>4.75% due 4/1/2028 | 1450000 | 1470652 |
|  |  | **1470652** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.7%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.7%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.7%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust <br>4.45% due 4/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400124 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **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; American Express Co. <br>5.098% (5.098% fixed rate until 2/16/2027; 1 day USD SOFR + 1.00% thereafter) <br>due 2/16/2028<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112777 |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC <br>6.75% due 10/25/2028<sup>(1)</sup> | 1300000 | 1379087 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp. <br>3.875% due 9/15/2028 | 1100000 | 1072089 |
|  |  | **4964077** |
| &nbsp;&nbsp;&nbsp;**Electric – 1.0%** | &nbsp;&nbsp;&nbsp;**Electric – 1.0%** | &nbsp;&nbsp;&nbsp;**Electric – 1.0%** |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC <br>4.30% due 10/15/2028<sup>(1)</sup> | 1300000 | 1301001 |
|  |  | **1301001** |
| &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 | 1415268 |
|  |  | **1415268** |
| &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 | 2905650 |
|  |  | **2905650** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.8%** |
| &nbsp;&nbsp;&nbsp; HCA, Inc. <br>5.20% due 6/1/2028 | 1000000 | 1024578 |
|  |  | **1024578** |
| &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 | 865270 |
| &nbsp;&nbsp;&nbsp; Athene Global Funding <br>5.516% due 3/25/2027<sup>(1)</sup> | 700000 | 710827 |
|  |  | **1576097** |
| &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 | 503789 |
|  |  | **503789** |
| &nbsp;&nbsp;&nbsp;**Lodging – 0.8%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.8%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.8%** |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. <br>5.90% due 6/1/2027 | 1000000 | 1019944 |
|  |  | **1019944** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.1%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.1%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.1%** |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. <br>3.25% due 12/1/2026 | 200000 | 198552 |
|  |  | **198552** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 1.8%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.8%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.8%** |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. <br>4.125% due 6/15/2029<sup>(1)</sup> | 1370000 | 1351939 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. <br>5.30% due 8/15/2028 | 1000000 | 1029452 |
|  |  | **2381391** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **December 31, 2025** | **Principal<br>Amount** | **Value** |
| &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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521965 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP <br>3.50% due 7/1/2026 | 500000 | 498476 |
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<br>5.50% due 8/1/2030 | 670000 | 685529 |
| &nbsp;&nbsp;&nbsp; VICI Properties LP <br>4.75% due 4/1/2028 | 1450000 | 1465262 |
|  |  | **3171232** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 3.6%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 3.6%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 3.6%** |
| &nbsp;&nbsp;&nbsp; NTT Finance Corp. <br>4.567% due 7/16/2027<sup>(1)</sup> | 2100000 | 2117719 |
| &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> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133107 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. <br>3.75% due 4/15/2027 | 500000 | 498429 |
|  |  | **4749255** |
| &nbsp;&nbsp;&nbsp;**Transportation – 0.4%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.4%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.4%** |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc. <br>6.25% due 5/6/2029 | 461000 | 485497 |
|  |  | **485497** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $43,347,774) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $43,347,774) | **43945661** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 1.6%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 1.6%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 1.6%** |
| &nbsp;&nbsp;&nbsp; Brean Asset-Backed Securities Trust <br>Series 2025-RM11, Class A1 <br>4.75% due 5/25/2065<sup>(1)(2)(3)</sup> | 2095040 | 2066103 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities**<br> (Cost $2,025,734) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities**<br> (Cost $2,025,734) | **2066103** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 14.0%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 14.0%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 14.0%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes<br>1.50% due 11/30/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040000 | $981581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 7/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17501274 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $18,443,990) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $18,443,990) | **18482855** |
| &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., 1.06%, dated 12/31/2025, proceeds at maturity value of $1,902,768, due 1/2/2026<sup>(4)</sup> | 1902656 | 1902656 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,902,656) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,902,656) | **1902656** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.3%** <br> (Cost $129,985,140) | &nbsp;&nbsp;&nbsp;**Total Investments – 99.3%** <br> (Cost $129,985,140) | **131142292** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.7%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.7%** | **868260** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**132010552** |

---

<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 December 31, 2025, the aggregate market value of these securities amounted to $46,318,788, representing 35.1% 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 December 31, 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 | 4.50% | 5/15/2027 | $1904100 | $1940886 |

---

#### Legend:
SOFR — Secured Overnight Financing Rate

USD — United States Dollar

**The following is a summary of the inputs used as of December 31, 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 | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Agency Mortgage-Backed Securities | $— | $30551530 | $— | $30551530 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 34193487 |  | 34193487 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 43945661 |  | 43945661 |
| &nbsp;&nbsp;&nbsp;Non-Agency Mortgage-Backed Securities |  | 2066103 |  | 2066103 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 18482855 |  | 18482855 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1902656 |  | 1902656 |
| &nbsp;&nbsp;&nbsp;**Total** | $**—** | $**131142292** | $**—** | $**131142292** |

---

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

------

#### FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131142292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 1027586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 9292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 1818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 5374 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **132186368** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 63280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 50776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative fees | 18513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 13915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 13109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 15533 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **175816** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**132010552** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $115098647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 16911905 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**132010552** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $129985140 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **11761332** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$11.22** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6255544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 7028 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **6262572** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 621575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 70557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 47738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 46534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 32076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 21152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 3231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 8309 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **851172** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (215121) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **636051** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **5626521** |
| &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 | 731821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (8431) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 907315 |
| &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** | **1676465** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**7302986** |

---

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

------

---

| | | |
|:---|:---|:---|
| &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** |
|  | **For the<br>Year Ended<br>12/31/25** | **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) | $5626521 | $7848688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and derivative contracts | 723390 | (728045) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and derivative contracts | 953075 | 269063 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **7302986** | **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 | 16007431 | 21089751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (40503352) | (49327524) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(24495921)** | **(28237773)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(17192935)** | **(20848067)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 149203487 | 170051554 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132010552 | $&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 | 1454988 | 2045915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3708529) | (4748203) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(2253541)** | **(2702288)** |

---

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 five years (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** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** |
|  | **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; Year Ended 12/31/25 | $10.65 | $0.45 | $0.12 | $0.57 | $11.22 | 5.35% |
| &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>(4)</sup> | 0.40 | 10.17 | 4.09% |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/22<sup>(5)</sup> | 10.00 | 0.20 | (0.43) | (0.23) | 9.77 | (2.30)%<sup>(6)</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;** | **&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;**<br> **&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;** | **&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;**<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** |
| $132011 | 0.46% | 0.62% | 4.07% | 3.91% | 169% |
| 149203 | 0.49% | 0.63% | 4.82% | 4.68% | 185% |
| 170052 | 0.50% | 0.59% | 4.07% | 3.98% | 274% |
| 186598 | 0.49%<sup>(6)</sup> | 0.58%<sup>(6)</sup> | 3.00%<sup>(6)</sup> | 2.91%<sup>(6)</sup> | 61%<sup>(6)</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> Rounds to $(0.00) per share. 

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

<sup>(6)</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. 

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

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#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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.

8.0 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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

**9**

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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 December 31, 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, the 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 December 31, 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 December 31, 2025.

10.0 ------

**f. 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.

**g. Foreign 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**h. 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.

**i. 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.

**j. Segment Reporting** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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,

**11**

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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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $215,121.

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.

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 year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Other**<br> **Investments** | **U.S. Government and**<br> **Agency Obligations** |
| &nbsp;&nbsp;&nbsp;Purchases | $78222523 | $139403763 |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103782536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132592929 |

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**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.

TBA securities and purchase commitments are commitments to purchase mortgage-backed securities

12.0 ------

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, the Fund agrees to accept any mortgage-backed security that meets specified terms. Thus, the 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 the Fund to purchase the securities. The 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. Mortgage Dollar Rolls** The Fund may engage from time to time in mortgage dollar roll transactions, which involve a sale by the Fund of a mortgage-backed security concurrently with an agreement by the Fund to repurchase a similar security at a later date at an agreed-upon price. These transactions are typically used for short term financing. Pools of mortgage securities are used to collateralize mortgage dollar roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, the Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for the Fund. The Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Fund at the end of the roll transaction, while substantially similar, may be inferior to the securities initially sold by the Fund to the counterparty. The transactions involve the risk that the market price of mortgage-backed securities in a mortgage dollar roll transaction decline below the agreed-upon future repurchase price. Conversely, the market value of the securities subject to a Fund's forward sale commitment may increase above the exercise price of the forward commitment. Dollar rolls

(and when-issued, delayed delivery and to-be-announced transactions) are speculative techniques that may result in leverage and increased volatility. These transactions may also increase risk associated with volatility and losses and are subject to counterparty risk. In addition, investment in mortgage dollar rolls may significantly increase the Fund's portfolio turnover rate.

**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 December 31, 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

**13**

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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 year ended December 31, 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 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.

14.0 ------

Transactions in derivative investments for the year ended December 31, 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; Futures Contracts<sup>2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45760 |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>3</sup> | 35 |

---

<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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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.

**l. 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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

**15**

------

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.

16.0 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g44419g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Short Duration Bond VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Short Duration Bond VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the three years in the period ended December 31, 2025 and for the period May 2, 2022 (commencement of operations) through December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the three years in the period ended December 31, 2025 and for the period May 2, 2022 (commencement of operations) through December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

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

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**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
At a meeting of the Board of Trustees (the "Board") of Guardian Variable Products Trust (the "Trust") held on December 4-5, 2024 the Board approved submitting the following proposals (the "Proposals") to shareholders of the applicable Funds at a special shareholder meeting (the "Special Meeting"). The Special Meeting was originally scheduled to be held on January 31, 2025 and was adjourned to February 14, 2025.

*Proposal with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund only:*

<u>Proposal 1</u>: To change the sub-classification of each of Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund from a "diversified" fund to a "non-diversified" fund and to eliminate the related fundamental investment restrictions.

*Proposal with respect to Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund only:*

<u>Proposal 2</u>: To permit Park Avenue Institutional Advisers LLC, under certain circumstances, to enter into and/or materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisers on behalf of Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund without obtaining shareholder approval.

On or about January 3, 2025, shareholders of record of the applicable Funds as of the close of business on October 31, 2024 were sent a proxy statement containing information regarding each of the Proposals. The proxy statement(s) also included information about the Special Meeting, at which shareholders of the applicable Funds were asked to consider and approve the Proposals. In addition, the proxy statement(s)

included information about voting (or providing voting instructions) on the Proposals and options shareholders had to do so.

The Special Meeting was reconvened on February 14, 2025, and each of the above Proposals passed.

The results of the Special Meeting were as follows:

<u>Proposal 1</u>: To change the sub-classification of each of Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund from a "diversified" fund to a "non-diversified" fund and to eliminate the related fundamental investment restrictions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes For** | **Votes Against/<br>Withheld** | **Votes Against/<br>Withheld** | **Abstentions** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Fundamental Growth VIP Fund |  | 5486811.696 |  | 627234.899 |  | 407511.095 |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Disciplined Growth VIP Fund |  | 9790610.732 |  | 1292415.741 |  | 925701.672 |

---

<u>Proposal 2</u>: To permit Park Avenue Institutional Advisers LLC, under certain circumstances, to enter into and/or materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisers on behalf of Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund without obtaining shareholder approval.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes Against/<br>Withheld** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;Guardian Mid Cap Traditional Growth VIP Fund | 1878743.904 | 184448.897 | 97299.135 |
| &nbsp;&nbsp;&nbsp;Guardian Diversified Research VIP Fund | 3315653.786 | 298055.043 | 306599.121 |
| &nbsp;&nbsp;&nbsp;Guardian Growth & Income VIP Fund | 4307788.446 | 465121.321 | 287991.312 |
| &nbsp;&nbsp;&nbsp;Guardian Mid Cap Relative Value VIP Fund | 4701812.837 | 499998.861 | 282721.822 |
| &nbsp;&nbsp;&nbsp;Guardian Balanced Allocation VIP Fund | 14321528.326 | 1887736.077 | 1430466.129 |
| &nbsp;&nbsp;&nbsp;Guardian Short Duration Bond VIP Fund | 12135837.474 | 1244133.676 | 710288.153 |
| &nbsp;&nbsp;&nbsp;Guardian Total Return Bond VIP Fund | 19195546.683 | 1928257.330 | 1377051.537 |

---

18.0 ------

#### 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
Not applicable.

**19**

------

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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](g44419g84s34.jpg)

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

PUB11741

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Small Cap Value Diversified VIP Fund

### (formerly, Guardian Small Cap Core VIP Fund)
![LOGO](g68493g40s74.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](#fin22toc68493_101)** |  |
| [Schedule of Investments](#fin22toc68493_1) | 1 |
| [Statement of Assets and Liabilities](#fin22toc68493_2) | 4 |
| [Statement of Operations](#fin22toc68493_3) | 4 |
| [Statements of Changes in Net Assets](#fin22toc68493_4) | 5 |
| [Financial Highlights](#fin22toc68493_5) | 6 |
| [Notes to Financial Statements](#fin22toc68493_6) | 8 |
| [Report of Independent Registered Public Accounting Firm](#fin22toc68493_7) | 14 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin22toc68493_8)** | 15 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin22toc68493_9)** | 15 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin22toc68493_10)** | 15 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin22toc68493_11)** | 15 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 97.5%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 97.5%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 97.5%** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 2.5%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 2.5%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 2.5%** |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc.<sup>(1)</sup> | 46786 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462815 |
| &nbsp;&nbsp;&nbsp; Hub Group, Inc., , Class A | 37954 | 1617220 |
|  |  | **4080035** |
| &nbsp;&nbsp;&nbsp;**Automobile Components – 0.4%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.4%** | &nbsp;&nbsp;&nbsp;**Automobile Components – 0.4%** |
| &nbsp;&nbsp;&nbsp; Fox Factory Holding Corp.<sup>(1)</sup> | 36657 | 627201 |
|  |  | **627201** |
| &nbsp;&nbsp;&nbsp;**Banks – 11.2%** | &nbsp;&nbsp;&nbsp;**Banks – 11.2%** | &nbsp;&nbsp;&nbsp;**Banks – 11.2%** |
| &nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | 60137 | 3247398 |
| &nbsp;&nbsp;&nbsp; First BanCorp | 99929 | 2071528 |
| &nbsp;&nbsp;&nbsp; National Bank Holdings Corp., Class A | 62243 | 2365857 |
| &nbsp;&nbsp;&nbsp; Popular, Inc. | 7080 | 881602 |
| &nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 52516 | 3629381 |
| &nbsp;&nbsp;&nbsp; Webster Financial Corp. | 50460 | 3175952 |
| &nbsp;&nbsp;&nbsp; WesBanco, Inc. | 89185 | 2964509 |
|  |  | **18336227** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 2.2%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 2.2%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 2.2%** |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.<sup>(1)</sup> | 16022 | 1078281 |
| &nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc.<sup>(1)</sup> | 32377 | 2459357 |
|  |  | **3537638** |
| &nbsp;&nbsp;&nbsp;**Building Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Building Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Building Products – 1.3%** |
| &nbsp;&nbsp;&nbsp; Gibraltar Industries, Inc.<sup>(1)</sup> | 27193 | 1344422 |
| &nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 8353 | 760541 |
|  |  | **2104963** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.0%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.0%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.0%** |
| &nbsp;&nbsp;&nbsp; BGC Group, Inc., Class A | 368107 | 3287195 |
|  |  | **3287195** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 3.1%** | &nbsp;&nbsp;&nbsp;**Chemicals – 3.1%** | &nbsp;&nbsp;&nbsp;**Chemicals – 3.1%** |
| &nbsp;&nbsp;&nbsp; Ashland, Inc. | 31231 | 1832323 |
| &nbsp;&nbsp;&nbsp; Huntsman Corp. | 107337 | 1073370 |
| &nbsp;&nbsp;&nbsp; Ingevity Corp.<sup>(1)</sup> | 37095 | 2195282 |
|  |  | **5100975** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 3.0%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 3.0%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 3.0%** |
| &nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 53650 | 2269395 |
| &nbsp;&nbsp;&nbsp; BrightView Holdings, Inc.<sup>(1)</sup> | 206556 | 2617064 |
|  |  | **4886459** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 2.4%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 2.4%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 2.4%** |
| &nbsp;&nbsp;&nbsp; Arcosa, Inc. | 16987 | 1806058 |
| &nbsp;&nbsp;&nbsp; MYR Group, Inc.<sup>(1)</sup> | 10043 | 2194395 |
|  |  | **4000453** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.3%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.3%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.3%** |
| &nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 3079 | 490731 |
| &nbsp;&nbsp;&nbsp; SLM Corp. | 62447 | 1689816 |
|  |  | **2180547** |
| &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; Grocery Outlet Holding Corp.<sup>(1)</sup> | 101859 | 1028776 |
|  |  | **1028776** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.8%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.8%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.8%** |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. | 28766 | 1255348 |
|  |  | **1255348** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 3.0%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 3.0%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 3.0%** |
| &nbsp;&nbsp;&nbsp; ADT, Inc. | 207107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671354 |
| &nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc.<sup>(1)</sup> | 215354 | 3191546 |
|  |  | **4862900** |
| &nbsp;&nbsp;&nbsp;**Diversified REITs – 1.3%** | &nbsp;&nbsp;&nbsp;**Diversified REITs – 1.3%** | &nbsp;&nbsp;&nbsp;**Diversified REITs – 1.3%** |
| &nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | 121702 | 2113964 |
|  |  | **2113964** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.1%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.1%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.1%** |
| &nbsp;&nbsp;&nbsp; IDACORP, Inc. | 10581 | 1339132 |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | 42377 | 2033672 |
|  |  | **3372804** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.4%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.4%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.4%** |
| &nbsp;&nbsp;&nbsp; Generac Holdings, Inc.<sup>(1)</sup> | 4474 | 610119 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 12519 | 1756666 |
|  |  | **2366785** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.6%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.6%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.6%** |
| &nbsp;&nbsp;&nbsp; Crane NXT Co. | 46937 | 2209325 |
| &nbsp;&nbsp;&nbsp; Littelfuse, Inc. | 4949 | 1251701 |
| &nbsp;&nbsp;&nbsp; Ralliant Corp. | 16528 | 841440 |
|  |  | **4302466** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 2.7%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 2.7%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 2.7%** |
| &nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc. | 101051 | 951900 |
| &nbsp;&nbsp;&nbsp; Expro Group Holdings NV<sup>(1)</sup> | 61299 | 818342 |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services, Inc. | 27953 | 1045442 |
| &nbsp;&nbsp;&nbsp; Liberty Energy, Inc. | 87421 | 1613792 |
|  |  | **4429476** |
| &nbsp;&nbsp;&nbsp;**Food Products – 1.0%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.0%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.0%** |
| &nbsp;&nbsp;&nbsp; Freshpet, Inc.<sup>(1)</sup> | 8290 | 505110 |
| &nbsp;&nbsp;&nbsp; Nomad Foods Ltd. | 87959 | 1100367 |
|  |  | **1605477** |
| &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. | 26745 | 2211811 |
|  |  | **2211811** |
| &nbsp;&nbsp;&nbsp;**Ground Transportation – 1.8%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 1.8%** | &nbsp;&nbsp;&nbsp;**Ground Transportation – 1.8%** |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 55196 | 2885647 |
|  |  | **2885647** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 4.2%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 4.2%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 4.2%** |
| &nbsp;&nbsp;&nbsp; Enovis Corp.<sup>(1)</sup> | 61482 | 1637880 |
| &nbsp;&nbsp;&nbsp; Haemonetics Corp.<sup>(1)</sup> | 15159 | 1214994 |
| &nbsp;&nbsp;&nbsp; Teleflex, Inc. | 33517 | 4090415 |
|  |  | **6943289** |
| &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; Acadia Healthcare Co., Inc.<sup>(1)</sup> | 32788 | 465262 |
| &nbsp;&nbsp;&nbsp; Aveanna Healthcare Holdings, Inc.<sup>(1)</sup> | 182489 | 1490935 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc.<sup>(1)</sup> | 52009 | 1657007 |
|  |  | **3613204** |
| &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.9%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.9%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.9%** |
| &nbsp;&nbsp;&nbsp; Phreesia, Inc.<sup>(1)</sup> | 90370 | 1529060 |
|  |  | **1529060** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 0.2%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 0.2%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 0.2%** |
| &nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc.<sup>(1)</sup> | 21627 | $350574 |
|  |  | **350574** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 0.6%** | &nbsp;&nbsp;&nbsp;**Household Durables – 0.6%** | &nbsp;&nbsp;&nbsp;**Household Durables – 0.6%** |
| &nbsp;&nbsp;&nbsp; Century Communities, Inc. | 16028 | 951262 |
|  |  | **951262** |
| &nbsp;&nbsp;&nbsp;**Insurance – 3.4%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.4%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.4%** |
| &nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 63139 | 2681513 |
| &nbsp;&nbsp;&nbsp; Hanover Insurance Group, Inc. | 7392 | 1351036 |
| &nbsp;&nbsp;&nbsp; Primerica, Inc. | 6165 | 1592790 |
|  |  | **5625339** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 1.7%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 1.7%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 1.7%** |
| &nbsp;&nbsp;&nbsp; Cargurus, Inc.<sup>(1)</sup> | 21828 | 837104 |
| &nbsp;&nbsp;&nbsp; IAC, Inc.<sup>(1)</sup> | 50330 | 1967903 |
|  |  | **2805007** |
| &nbsp;&nbsp;&nbsp;**IT Services – 0.9%** | &nbsp;&nbsp;&nbsp;**IT Services – 0.9%** | &nbsp;&nbsp;&nbsp;**IT Services – 0.9%** |
| &nbsp;&nbsp;&nbsp; ASGN, Inc.<sup>(1)</sup> | 31689 | 1526459 |
|  |  | **1526459** |
| &nbsp;&nbsp;&nbsp;**Machinery – 1.9%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.9%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.9%** |
| &nbsp;&nbsp;&nbsp; Hillman Solutions Corp.<sup>(1)</sup> | 200022 | 1732190 |
| &nbsp;&nbsp;&nbsp; Timken Co. | 15761 | 1325973 |
|  |  | **3058163** |
| &nbsp;&nbsp;&nbsp;**Marine Transportation – 1.1%** | &nbsp;&nbsp;&nbsp;**Marine Transportation – 1.1%** | &nbsp;&nbsp;&nbsp;**Marine Transportation – 1.1%** |
| &nbsp;&nbsp;&nbsp; Star Bulk Carriers Corp. | 93217 | 1791631 |
|  |  | **1791631** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 7.5%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 7.5%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 7.5%** |
| &nbsp;&nbsp;&nbsp; Alcoa Corp. | 42689 | 2268493 |
| &nbsp;&nbsp;&nbsp; Capstone Copper Corp. (Canada)<sup>(1)</sup> | 203522 | 2043301 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | 26704 | 1848451 |
| &nbsp;&nbsp;&nbsp; Constellium SE<sup>(1)</sup> | 94443 | 1780251 |
| &nbsp;&nbsp;&nbsp; thyssenkrupp AG (Germany) | 218214 | 2359138 |
| &nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 21639 | 1907911 |
|  |  | **12207545** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.4%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.4%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.4%** |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. | 32527 | 2258024 |
|  |  | **2258024** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 6.1%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 6.1%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 6.1%** |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp.<sup>(1)</sup> | 22437 | 773179 |
| &nbsp;&nbsp;&nbsp; BKV Corp.<sup>(1)</sup> | 123376 | 3349658 |
| &nbsp;&nbsp;&nbsp; DHT Holdings, Inc. | 130535 | 1593832 |
| &nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. | 39382 | 2001787 |
| &nbsp;&nbsp;&nbsp; SM Energy Co. | 58858 | 1100645 |
| &nbsp;&nbsp;&nbsp; Viper Energy, Inc., Class A | 30192 | 1166317 |
|  |  | **9985418** |
| &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. | 9296 | 750745 |
|  |  | **750745** |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines – 0.6%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines – 0.6%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines – 0.6%** |
| &nbsp;&nbsp;&nbsp; Allegiant Travel Co.<sup>(1)</sup> | 11365 | 969094 |
|  |  | **969094** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 1.6%** | &nbsp;&nbsp;&nbsp;**Professional Services – 1.6%** | &nbsp;&nbsp;&nbsp;**Professional Services – 1.6%** |
| &nbsp;&nbsp;&nbsp; Maximus, Inc. | 30082 | $2596678 |
|  |  | **2596678** |
| &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; Newmark Group, Inc., Class A | 79719 | 1382327 |
|  |  | **1382327** |
| &nbsp;&nbsp;&nbsp;**Retail REITs – 3.6%** | &nbsp;&nbsp;&nbsp;**Retail REITs – 3.6%** | &nbsp;&nbsp;&nbsp;**Retail REITs – 3.6%** |
| &nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 122701 | 3217220 |
| &nbsp;&nbsp;&nbsp; Getty Realty Corp. | 99131 | 2713216 |
|  |  | **5930436** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.8%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.8%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.8%** |
| &nbsp;&nbsp;&nbsp; Diodes, Inc.<sup>(1)</sup> | 19978 | 985715 |
| &nbsp;&nbsp;&nbsp; Onto Innovation, Inc.<sup>(1)</sup> | 13813 | 2180520 |
| &nbsp;&nbsp;&nbsp; Semtech Corp.<sup>(1)</sup> | 17912 | 1319935 |
| &nbsp;&nbsp;&nbsp; Silicon Motion Technology Corp., ADR | 27418 | 2541649 |
| &nbsp;&nbsp;&nbsp; Tower Semiconductor Ltd.<sup>(1)</sup> | 7086 | 832038 |
|  |  | **7859857** |
| &nbsp;&nbsp;&nbsp;**Software – 4.0%** | &nbsp;&nbsp;&nbsp;**Software – 4.0%** | &nbsp;&nbsp;&nbsp;**Software – 4.0%** |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp.<sup>(1)</sup> | 270261 | 2756662 |
| &nbsp;&nbsp;&nbsp; Teradata Corp.<sup>(1)</sup> | 124429 | 3787619 |
|  |  | **6544281** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.4%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.4%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.4%** |
| &nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 28908 | 1444243 |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 21059 | 827619 |
|  |  | **2271862** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $142,503,966) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $142,503,966) | **159527402** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.6%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.6%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.6%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.06%, dated 12/31/2025, proceeds at maturity value of $4,250,760, due 1/2/2026<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250510 | 4250510 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $4,250,510) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $4,250,510) | **4250510** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $146,754,476) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $146,754,476) | **163777912** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | **(114940)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**163662972** |

---

<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** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 2.75% | 4/30/2027 | $4356700 | $4335548 |

---

#### 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 SMALL CAP VALUE DIVERSIFIED VIP FUND
**The following is a summary of the inputs used as of December 31, 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 | $157168264 | $2359138 | $— | $159527402 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 4250510 |  | 4250510 |
| &nbsp;&nbsp;&nbsp;**Total** | $**157168264** | $**6609648** | $**—** | $**163777912** |

---

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 December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $163777912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 232736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 6869 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **164020549** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 97924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 96577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 66240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 35480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 17549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 9971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 32882 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **357577** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**163662972** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $51816016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 111846956 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**163662972** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $146754476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $17 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **11488538** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$14.25** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $3017197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 46646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (11736) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **3052107** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1195942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 433312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 70328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 61023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 46494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 46446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 19590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 11176 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1884683** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (64770) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1819913** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **1232194** |
| &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 | 35182245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (14518) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (24434766) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **10732961** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**11965155** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/25** | **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) | $1232194 | $817942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 35167727 | 15975864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (24434766) | (1607167) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **11965155** | **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 | 16523632 | 5827243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (55698561) | (79168390) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(39174929)** | **(73341147)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(27209774)** | **(58154508)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 190872746 | 249027254 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163662972 | $&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 | 1357702 | 477045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4158669) | (6241360) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(2800967)** | **(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 five years. 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> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp; **Financial Highlights**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | **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; Year Ended 12/31/25 | $13.36 | $0.09 | $0.80 | $0.89 | $14.25 | 6.66% |
| &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% |

---

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** |
| $163663 | 1.05% | 1.09% | 0.71% | 0.67% | 154%**<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% |

---

<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> 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>(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

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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 year ended December 31, 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**

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**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 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**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** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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 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

10.0 ------

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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $64,770.

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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $433,312 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 $260,619,591 and $298,537,902, respectively, for the year ended December 31, 2025. During the year ended December 31, 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**

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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 December 31, 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 December 31, 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 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 December 31, 2025, the Fund did not hold any SPACs.

12.0 ------

**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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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**

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g68493g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Small Cap Value Diversified VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Small Cap Value Diversified VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

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
Not applicable.

**15**

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16.0 ------

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**17**

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**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](g68493g84s34.jpg)

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

PUB10526

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian Total Return Bond VIP Fund
![LOGO](g97612g40s74.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](#fin2397612_1)** |  |
| [Schedule of Investments](#fin2397612_2) | 1 |
| [Statement of Assets and Liabilities](#fin2397612_3) | 9 |
| [Statement of Operations](#fin2397612_4) | 9 |
| [Statements of Changes in Net Assets](#fin2397612_5) | 10 |
| [Financial Highlights](#fin2397612_6) | 12 |
| [Notes to Financial Statements](#fin2397612_7) | 14 |
| [Report of Independent Registered Public Accounting Firm](#fin2397612_8) | 23 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin2397612_9)** | 24 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#fin2397612_10)** | 24 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin2397612_11)** | 25 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements](#fin2397612_12)** | 25 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 20.7%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 20.7%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 20.7%** |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 7 Ltd. <br>Series 2015-7A, Class BR3 <br>5.909% (3 mo. USD Term<br>SOFR + 2.05%) <br> due 4/28/2037<sup>(1)(2)</sup> | $462000 | $462454 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXVIII Ltd. <br>Series 2022-28A, Class CR <br>5.784% (3 mo. USD Term<br>SOFR + 1.9%) <br> due 10/20/2037<sup>(1)(2)</sup> | 1000000 | 1000625 |
| &nbsp;&nbsp;&nbsp; Black Diamond CLO Ltd. <br>Series 2021-1A, Class BR <br>6.057% (3 mo. USD Term<br>SOFR + 2.2%) <br> due 11/22/2034<sup>(1)(2)</sup> | 600000 | 600058 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd. <br>Series 2014-2A, Class BR2 <br>5.896% (3 mo. USD Term<br>SOFR + 2.01%) <br> due 10/20/2030<sup>(1)(2)</sup> | 800000 | 800453 |
| &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd. <br>Series 2017-3A, Class CR2 <br>5.87% (3 mo. USD Term<br>SOFR + 2%) <br> due 10/21/2037<sup>(1)(2)</sup> | 3000000 | 2998002 |
| &nbsp;&nbsp;&nbsp; Citizens Auto Receivables Trust <br>Series 2024-1, Class A3 <br>5.11% due 4/17/2028<sup>(1)</sup> | 815322 | 819801 |
| &nbsp;&nbsp;&nbsp; CNH Equipment Trust <br>Series 2022-B, Class A4 <br>3.91% due 3/15/2028 | 1630000 | 1629365 |
| &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 | 878337 |
| &nbsp;&nbsp;&nbsp; DB Master Finance LLC <br>Series 2021-1A, Class A2II <br>2.493% due 11/20/2051<sup>(1)</sup> | 1008000 | 953942 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 36 Ltd. <br>Series 2024-12RA, Class CR <br>5.884% (3 mo. USD Term<br>SOFR + 2%) <br> due 10/20/2037<sup>(1)(2)</sup> | 1000000 | 999347 |
| &nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC <br>Series 2024-3, Class A4 <br>5.06% due 3/20/2031<sup>(1)</sup> | 1000000 | 1023241 |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust <br>Series 2024-B, Class B <br>5.18% due 2/15/2028 | 600000 | 606630 |
| &nbsp;&nbsp;&nbsp; GMF Floorplan Owner Revolving Trust <br>Series 2024-1A, Class B <br>5.33% due 3/15/2029<sup>(1)</sup> | 942000 | 953927 |
| &nbsp;&nbsp;&nbsp; HPEFS Equipment Trust <br>Series 2023-1A, Class C <br>5.91% due 4/20/2028<sup>(1)</sup> | 255109 | 255333 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust <br>Series 2024-B, Class B <br>5.04% due 9/16/2030 | 800000 | 816156 |
| &nbsp;&nbsp;&nbsp; Kennedy Lewis CLO 10 Ltd. <br>Series 2022-10A, Class BR <br>5.457% (3 mo. USD Term<br>SOFR + 1.6%) <br> due 1/22/2038<sup>(1)(2)</sup> | 1200000 | 1199360 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Kennedy Lewis CLO 8 Ltd. <br>Series 8A, Class CR2 <br>5.984% (3 mo. USD Term<br>SOFR + 2.1%) <br> due 1/20/2038<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | $999354 |
| &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> | 450000 | 456906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A4 <br>4.87% due 7/15/2030<sup>(1)</sup> | 450000 | 459983 |
| &nbsp;&nbsp;&nbsp; LRECS LLC <br>Series 2025-CRE1, Class B <br>6.00% due 8/19/2043<sup>(1)(2)(3)</sup> | 624843 | 625466 |
| &nbsp;&nbsp;&nbsp; Marble Point CLO XXII Ltd. <br>Series 2021-2A, Class CR <br>5.908% (3 mo. USD Term<br>SOFR + 2.05%) <br> due 7/25/2034<sup>(1)(2)</sup> | 1283333 | 1283997 |
| &nbsp;&nbsp;&nbsp; MF1 LLC | &nbsp;&nbsp;&nbsp; MF1 LLC | &nbsp;&nbsp;&nbsp; MF1 LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL17, Class C <br>5.827% due 2/18/2040<sup>(1)(2)(3)</sup> | 888889 | 889440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL20, Class C <br>5.885% (1 mo. USD Term<br>SOFR + 2.15%) <br> due 2/18/2043<sup>(1)(2)(3)</sup> | 758766 | 760308 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO XVII Ltd. <br>Series 2014-17A, Class BR3 <br>5.557% (3 mo. USD Term<br>SOFR + 1.7%) <br> due 7/22/2038<sup>(1)(2)</sup> | 1100000 | 1100047 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 35 Ltd. <br>Series 2019-35A, Class CRR <br>5.534% (3 mo. USD Term<br>SOFR + 1.65%) <br> due 1/19/2033<sup>(1)(2)</sup> | 1250000 | 1248399 |
| &nbsp;&nbsp;&nbsp; NextGear Floorplan Master Owner Trust <br>Series 2024-1A, Class A2 <br>5.12% due 3/15/2029<sup>(1)</sup> | 1500000 | 1520510 |
| &nbsp;&nbsp;&nbsp; Nissan Auto Lease Trust <br>Series 2024-B, Class B <br>5.21% due 12/15/2028 | 1050000 | 1064064 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners 50 Ltd.<br>Series 2020-4A, Class DR <br>7.316% (3 mo. USD Term<br>SOFR + 3.41%) <br> due 1/15/2035<sup>(1)(2)</sup> | 1100000 | 1079125 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 3 Ltd. <br>Series 2019-3A, Class CR2 <br>5.634% (3 mo. USD Term<br>SOFR + 1.75%) <br> due 1/20/2038<sup>(1)(2)</sup> | 2000000 | 1997434 |
| &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> | 506240 | 508862 |
| &nbsp;&nbsp;&nbsp; Parallel Ltd. <br>Series 2023-1A, Class A2R <br>5.684% (3 mo. USD Term<br>SOFR + 1.8%) <br> due 7/20/2036<sup>(1)(2)</sup> | 949520 | 950486 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; PFP Ltd. <br>Series 2025-12, Class B <br>5.777% (1 mo. USD Term<br>SOFR + 2.04%) <br> due 12/18/2042<sup>(1)(2)(3)</sup> | $| 325000 | $| 324409 |
| &nbsp;&nbsp;&nbsp; RR 36 Ltd. <br>Series 2024-36RA, Class A1R <br>5.195% (3 mo. USD Term SOFR + 1.29%) <br> due 1/15/2040<sup>(1)(2)</sup> |  | 1150000 |  | 1151904 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust <br>Series 2023-4, Class B <br>5.77% due 12/15/2028 |  | 735000 |  | 742043 |
| &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> |  | 358166 |  | 359382 |
| &nbsp;&nbsp;&nbsp; Taco Bell Funding LLC <br>Series 2025-1A, Class A2I <br>4.821% due 8/25/2055<sup>(1)</sup> |  | 628635 |  | 625109 |
| &nbsp;&nbsp;&nbsp; TCW CLO Ltd. <br>Series 2021-1A, Class A1R1 <br>5.244% (3 mo. USD Term<br>SOFR + 1.36%) <br> due 1/20/2038<sup>(1)(2)</sup> |  | 1650000 |  | 1651145 |
| &nbsp;&nbsp;&nbsp; TIAA CLO IV Ltd. <br>Series 2018-1A, Class A2R <br>5.634% (3 mo. USD Term<br>SOFR + 1.75%) <br> due 1/20/2032<sup>(1)(2)</sup> |  | 1720000 |  | 1721615 |
| &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 |  | 794518 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust <br>Series 2023-4A, Class A3 <br>6.24% due 7/15/2027<sup>(1)</sup> |  | 491356 |  | 492058 |
| &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> |  | 453997 |  | 458786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class B <br>5.07% due 9/19/2039<sup>(1)</sup> |  | 375000 |  | 382094 |
| &nbsp;&nbsp;&nbsp; World Omni Select Auto Trust <br>Series 2024-A, Class B <br>5.18% due 6/17/2030 |  | 800000 |  | 808560 |
| &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $40,383,314) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $40,383,314) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $40,383,314) |  | **40453035** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 43.6%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 43.6%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 43.6%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 43.6%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 43.6%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.2%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.2%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.2%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.2%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.2%** |
| &nbsp;&nbsp;&nbsp; Boeing Co.<br>6.528% due 5/1/2034 |  | 508000 |  | 562030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.858% due 5/1/2054 |  | 495000 |  | 555954 |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. <br>7.50% due 2/1/2029<sup>(1)</sup> |  | 1063000 |  | 1108662 |
| &nbsp;&nbsp;&nbsp; RTX Corp.<br>6.10% due 3/15/2034 |  | 700000 |  | 765866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40% due 3/15/2054 |  | 100000 |  | 110047 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc. <br>4.625% due 1/15/2029 |  | 1159000 |  | 1151316 |
|  |  |  |  | **4253875** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Apparel – 0.4%** | &nbsp;&nbsp;&nbsp;**Apparel – 0.4%** | &nbsp;&nbsp;&nbsp;**Apparel – 0.4%** |
| &nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC <br>10.00% Toggle (10.00% Cash or 10.75% PIK) <br> due 7/15/2033<sup>(1)(4)</sup> | $670000 | $739535 |
|  |  | **739535** |
| &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 1.9%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 1.9%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 1.9%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC <br>6.05% due 3/5/2031 | 1079000 | 1109491 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. 5.35% due 1/7/2030 | 400000 | 413029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 7/15/2029 | 700000 | 725662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% due 6/18/2031 | 200000 | 208430 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America <br>6.375% due 4/8/2030<sup>(1)</sup> | 818000 | 872921 |
| &nbsp;&nbsp;&nbsp; Wabash National Corp. <br>4.50% due 10/15/2028<sup>(1)</sup> | 500000 | 467653 |
|  |  | **3797186** |
| &nbsp;&nbsp;&nbsp;**Beverages – 0.7%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.7%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.7%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. <br>4.95% due 1/15/2042 | 400000 | 381928 |
| &nbsp;&nbsp;&nbsp; Bacardi Ltd. <br>5.15% due 5/15/2038<sup>(1)</sup> | 819000 | 778951 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc. <br>4.80% due 5/1/2030 | 188000 | 191140 |
|  |  | **1352019** |
| &nbsp;&nbsp;&nbsp;**Building Materials – 0.9%** | &nbsp;&nbsp;&nbsp;**Building Materials – 0.9%** | &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 | 514445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 7/31/2032<sup>(1)</sup> | 504000 | 517385 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. <br>6.375% due 3/1/2032<sup>(1)</sup> | 681000 | 708839 |
|  |  | **1740669** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.5%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.5%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.5%** |
| &nbsp;&nbsp;&nbsp; Chemours Co. <br>5.75% due 11/15/2028<sup>(1)</sup> | 573000 | 557249 |
| &nbsp;&nbsp;&nbsp; OCP SA <br>6.75% due 5/2/2034<sup>(1)</sup> | 416000 | 448098 |
|  |  | **1005347** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 6.6%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 6.6%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 6.6%** |
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA, Reg S <br>6.625% (6.625% fixed rate until 01/24/2032 ; 10 yr.<br>CMT rate + 5.03% thereafter) <br> due 1/24/2032<sup>(2)</sup> | 345000 | 338672 |
| &nbsp;&nbsp;&nbsp; Banco Nacional de Comercio Exterior SNC <br>5.875% due 5/7/2030<sup>(1)</sup> | 205000 | 211909 |
| &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 | 898249 |
| &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>(2)</sup> | 900000 | 904125 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico <br>8.45% (8.45% fixed rate until 6/29/2033; 5 yr.<br>CMT rate + 4.66% thereafter) <br> due 6/29/2038<sup>(1)(2)</sup> | $| 303000 | $| 335090 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. <br>Series GG <br>6.875% (6.875% fixed rate until 8/15/2030 ; 5 yr.<br>CMT rate + 2.89% thereafter) <br> due 8/15/2030<sup>(2)</sup> |  | 991000 |  | 1029753 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG <br>5.403% (5.403% fixed rate until 9/11/2034; 1 day USD<br>SOFR + 2.05% thereafter) <br> due 9/11/2035<sup>(2)</sup> |  | 1765000 |  | 1800342 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. <br>3.102% (3.102% fixed rate until 2/24/2032; 1 day USD<br>SOFR + 1.41% thereafter) <br> due 2/24/2033<sup>(2)</sup> |  | 300000 |  | 276368 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. <br>5.04% (5.04% fixed rate until 1/23/2027; 1 day USD<br>SOFR + 1.19% thereafter) <br> due 1/23/2028<sup>(2)</sup> |  | 400000 |  | 404140 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. <br>6.082% (6.082% fixed rate until 3/13/2031; 1 day USD<br>SOFR + 2.26% thereafter) <br> due 3/13/2032<sup>(2)</sup> |  | 1000000 |  | 1062272 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley<br>5.32% (5.32% fixed rate until 7/19/2034; 1 day USD<br>SOFR + 1.56% thereafter) <br> due 7/19/2035<sup>(2)</sup> |  | 1100000 |  | 1132342 |
| &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 |  | 1142404 |
| &nbsp;&nbsp;&nbsp; UBS Group AG<br>4.375% (4.375% fixed rate until 2/10/2031; 5 yr.<br>CMT rate + 3.31% thereafter) <br> due 2/10/2031<sup>(1)(2)</sup> |  | 1263000 |  | 1158256 |
| &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> |  | 1075000 |  | 1130325 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. <br>3.35% (3.35% fixed rate until 3/2/2032; 1 day USD<br>SOFR + 1.50% thereafter) <br> due 3/2/2033<sup>(2)</sup> |  | 1217000 |  | 1135871 |
|  |  |  |  | **12960118** |
| &nbsp;&nbsp;&nbsp;**Commercial Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.6%** |
| &nbsp;&nbsp;&nbsp; Ashtead Capital, Inc. <br>5.80% due 4/15/2034<sup>(1)</sup> |  | 1066000 |  | 1117602 |
|  |  |  |  | **1117602** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065096 |
|  |  | **1065096** |
| &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 | 475646 |
|  |  | **475646** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 4.0%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 4.0%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 4.0%** |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. <br>6.051% (6.051% fixed rate until 2/1/2034; 1 day USD<br>SOFR + 2.26% thereafter) <br> due 2/1/2035<sup>(2)</sup> | 1381000 | 1470060 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp.<br>6.136% (6.136% fixed rate until 8/24/2033; 1 day USD<br>SOFR + 2.01% thereafter) <br> due 8/24/2034<sup>(2)</sup> | 500000 | 544986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K <br>5.00% (5.00% fixed rate until 6/1/2027; 5 yr.<br>CMT rate + 3.26% thereafter) <br> due 6/1/2027<sup>(2)</sup> | 718000 | 722628 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc. <br>6.75% due 5/1/2033<sup>(1)</sup> | 560000 | 584526 |
| &nbsp;&nbsp;&nbsp; LPL Holdings, Inc. <br>4.375% due 5/15/2031<sup>(1)</sup> | 1505000 | 1463417 |
| &nbsp;&nbsp;&nbsp; Muthoot Finance Ltd. <br>7.125% due 2/14/2028<sup>(1)</sup> | 508000 | 519230 |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc.<br>5.043% (5.043% fixed rate until 6/10/2031; 5 yr.<br>CMT rate + 1.30% thereafter) <br> due 6/10/2036<sup>(2)</sup> | 600000 | 592936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% (7.00% fixed rate until 7/15/2030; 5 yr.<br>CMT rate + 3.08% thereafter) <br> due 7/15/2030<sup>(2)</sup> | 450000 | 461949 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc.<br>6.125% due 8/1/2030<sup>(1)</sup> | 337000 | 348350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 8/1/2033<sup>(1)</sup> | 337000 | 351363 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <br>4.00% due 10/15/2033<sup>(1)</sup> | 188000 | 174670 |
| &nbsp;&nbsp;&nbsp; Shriram Finance Ltd. <br>6.15% due 4/3/2028<sup>(1)</sup> | 514000 | 525619 |
|  |  | **7759734** |
| &nbsp;&nbsp;&nbsp;**Electric – 1.9%** | &nbsp;&nbsp;&nbsp;**Electric – 1.9%** | &nbsp;&nbsp;&nbsp;**Electric – 1.9%** |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. <br>5.85% due 6/1/2034 | 700000 | 746415 |
| &nbsp;&nbsp;&nbsp; Engie Energia Chile SA, Reg S <br>3.40% due 1/28/2030 | 294000 | 276579 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. <br>5.45% due 3/15/2035 | 500000 | 517480 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Saavi Energia SARL <br>8.875% due 2/10/2035<sup>(1)</sup> | $| 554000 | $| 600841 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. <br>5.50% due 3/15/2034 |  | 900000 |  | 928009 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP <br>7.25% due 1/15/2029<sup>(1)</sup> |  | 552000 |  | 565585 |
|  |  |  |  | **3634909** |
| &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 |  | 203374 |
|  |  |  |  | **203374** |
| &nbsp;&nbsp;&nbsp;**Food – 1.2%** | &nbsp;&nbsp;&nbsp;**Food – 1.2%** | &nbsp;&nbsp;&nbsp;**Food – 1.2%** | &nbsp;&nbsp;&nbsp;**Food – 1.2%** | &nbsp;&nbsp;&nbsp;**Food – 1.2%** |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL <br>5.75% due 4/1/2033 |  | 200000 |  | 208943 |
| &nbsp;&nbsp;&nbsp; Kroger Co. <br>5.50% due 9/15/2054 |  | 300000 |  | 285690 |
| &nbsp;&nbsp;&nbsp; Performance Food Group, Inc. <br>6.125% due 9/15/2032<sup>(1)</sup> |  | 537000 |  | 553597 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc.<br>4.625% due 4/15/2030<sup>(1)</sup> |  | 578000 |  | 562836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 10/15/2034<sup>(1)</sup> |  | 762000 |  | 766230 |
|  |  |  |  | **2377296** |
| &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 |  | 668126 |
|  |  |  |  | **668126** |
| &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; Toledo Hospital <br>Series B <br>5.325% due 11/15/2028 |  | 71000 |  | 71990 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc.<br>4.80% due 1/15/2030 |  | 400000 |  | 409692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 7/15/2034 |  | 600000 |  | 614550 |
|  |  |  |  | **1096232** |
| &nbsp;&nbsp;&nbsp;**Insurance – 4.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.0%** |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <br>5.875% due 11/1/2029<sup>(1)</sup> |  | 783000 |  | 782311 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. <br>5.65% due 6/11/2034 |  | 1075000 |  | 1109181 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. <br>5.75% due 1/15/2034 |  | 1064000 |  | 1112403 |
| &nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd.<br>5.75% due 5/20/2035 |  | 182000 |  | 188818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 12/7/2033 |  | 1268000 |  | 1344571 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd. <br>5.625% due 12/1/2029<sup>(1)</sup> |  | 782000 |  | 781868 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. <br>Series G <br>6.35% (6.35% fixed rate until 3/15/2035; 5 yr.<br>CMT rate + 2.08% thereafter) <br> due 3/15/2055<sup>(2)</sup> |  | 485000 |  | 511459 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Nippon Life Insurance Co. <br>6.50% (6.50% fixed rate until 4/30/2035; 5 yr.<br>CMT rate + 3.19% thereafter) <br> due 4/30/2055<sup>(1)(2)</sup> | $| 319000 | $| 343496 |
| &nbsp;&nbsp;&nbsp; Sammons Financial Group, Inc. <br>6.875% due 4/15/2034<sup>(1)</sup> |  | 1422000 |  | 1557042 |
|  |  |  |  | **7731149** |
| &nbsp;&nbsp;&nbsp;**Internet – 0.3%** | &nbsp;&nbsp;&nbsp;**Internet – 0.3%** | &nbsp;&nbsp;&nbsp;**Internet – 0.3%** | &nbsp;&nbsp;&nbsp;**Internet – 0.3%** | &nbsp;&nbsp;&nbsp;**Internet – 0.3%** |
| &nbsp;&nbsp;&nbsp; Snap, Inc. <br>6.875% due 3/1/2033<sup>(1)</sup> |  | 598000 |  | 619675 |
|  |  |  |  | **619675** |
| &nbsp;&nbsp;&nbsp;**Leisure Time – 0.9%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.9%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.9%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.9%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.9%** |
| &nbsp;&nbsp;&nbsp; Patrick Industries, Inc. <br>4.75% due 5/1/2029<sup>(1)</sup> |  | 1144000 |  | 1132462 |
| &nbsp;&nbsp;&nbsp; VOC Escrow Ltd. <br>5.00% due 2/15/2028<sup>(1)</sup> |  | 700000 |  | 699973 |
|  |  |  |  | **1832435** |
| &nbsp;&nbsp;&nbsp;**Lodging – 0.4%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.4%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.4%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.4%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.4%** |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. <br>5.625% due 6/15/2028 |  | 350000 |  | 358853 |
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd. <br>6.75% due 2/15/2034<sup>(1)</sup> |  | 418000 |  | 423380 |
|  |  |  |  | **782233** |
| &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.8%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.8%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.8%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.8%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.8%** |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. <br>6.40% due 4/15/2033 |  | 1463000 |  | 1573654 |
|  |  |  |  | **1573654** |
| &nbsp;&nbsp;&nbsp;**Media – 1.2%** | &nbsp;&nbsp;&nbsp;**Media – 1.2%** | &nbsp;&nbsp;&nbsp;**Media – 1.2%** | &nbsp;&nbsp;&nbsp;**Media – 1.2%** | &nbsp;&nbsp;&nbsp;**Media – 1.2%** |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp. <br>4.50% due 8/15/2030<sup>(1)</sup> |  | 846000 |  | 796519 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital<br>3.90% due 6/1/2052 |  | 820000 |  | 529247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 4/1/2053 |  | 19000 |  | 15026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10% due 6/1/2029 |  | 700000 |  | 730575 |
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV <br>5.00% due 1/15/2032<sup>(1)</sup> |  | 201000 |  | 181896 |
|  |  |  |  | **2253263** |
| &nbsp;&nbsp;&nbsp;**Mining – 2.0%** | &nbsp;&nbsp;&nbsp;**Mining – 2.0%** | &nbsp;&nbsp;&nbsp;**Mining – 2.0%** | &nbsp;&nbsp;&nbsp;**Mining – 2.0%** | &nbsp;&nbsp;&nbsp;**Mining – 2.0%** |
| &nbsp;&nbsp;&nbsp; Anglo American Capital PLC<br>2.875% due 3/17/2031<sup>(1)</sup> |  | 249000 |  | 229935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 3/16/2052<sup>(1)</sup> |  | 222000 |  | 186631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/2/2033<sup>(1)</sup> |  | 727000 |  | 752105 |
| &nbsp;&nbsp;&nbsp; Eldorado Gold Corp. <br>6.25% due 9/1/2029<sup>(1)</sup> |  | 125000 |  | 126050 |
| &nbsp;&nbsp;&nbsp; IAMGOLD Corp. <br>5.75% due 10/15/2028<sup>(1)</sup> |  | 511000 |  | 508166 |
| &nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. <br>6.125% due 4/11/2033<sup>(1)</sup> |  | 1045000 |  | 1106169 |
| &nbsp;&nbsp;&nbsp; Novelis Corp. <br>3.875% due 8/15/2031<sup>(1)</sup> |  | 263000 |  | 239715 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Rio Tinto Finance USA PLC <br>5.25% due 3/14/2035 | $| 660000 | $| 680087 |
|  |  |  |  | **3828858** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.7%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.7%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.7%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.7%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.7%** |
| &nbsp;&nbsp;&nbsp; BP Capital Markets PLC <br>6.45% (6.45% fixed rate until 12/1/2033; 5 yr.<br>CMT rate + 2.15% thereafter) <br> due 12/1/2033<sup>(2)</sup> |  | 732000 |  | 777987 |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. <br>2.65% due 1/15/2032 |  | 600000 |  | 533057 |
| &nbsp;&nbsp;&nbsp; Eni SpA <br>5.50% due 5/15/2034<sup>(1)</sup> |  | 758000 |  | 781251 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>5.55% due 10/1/2034 |  | 1085000 |  | 1106714 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos <br>5.95% due 1/28/2031 |  | 322000 |  | 311645 |
| &nbsp;&nbsp;&nbsp; Raizen Fuels Finance SA <br>5.70% due 1/17/2035<sup>(1)</sup> |  | 441000 |  | 337394 |
| &nbsp;&nbsp;&nbsp; Santos Finance Ltd.<br>5.75% due 11/13/2035<sup>(1)</sup> |  | 374000 |  | 371922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 9/19/2033<sup>(1)</sup> |  | 997000 |  | 1090480 |
|  |  |  |  | **5310450** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 0.3%** |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC <br>6.45% due 9/15/2037 |  | 400000 |  | 455919 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. <br>4.298% due 8/22/2032 |  | 200000 |  | 196788 |
|  |  |  |  | **652707** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 3.1%** | &nbsp;&nbsp;&nbsp;**Pipelines – 3.1%** | &nbsp;&nbsp;&nbsp;**Pipelines – 3.1%** | &nbsp;&nbsp;&nbsp;**Pipelines – 3.1%** | &nbsp;&nbsp;&nbsp;**Pipelines – 3.1%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP <br>5.95% due 6/30/2033 |  | 500000 |  | 530186 |
| &nbsp;&nbsp;&nbsp; DCP Midstream Operating LP <br>3.25% due 2/15/2032 |  | 1649000 |  | 1516041 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP<br>5.70% due 4/1/2035 |  | 400000 |  | 414051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% due 4/1/2055 |  | 300000 |  | 294051 |
| &nbsp;&nbsp;&nbsp; MPLX LP <br>5.50% due 6/1/2034 |  | 100000 |  | 102019 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. <br>5.05% due 11/1/2034 |  | 300000 |  | 297321 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP/PAA Finance Corp. <br>5.70% due 9/15/2034 |  | 734000 |  | 756920 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp.<br>5.40% due 7/30/2036 |  | 588000 |  | 588676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 2/15/2035 |  | 400000 |  | 409741 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc. <br>7.00% due 1/15/2030<sup>(1)</sup> |  | 985000 |  | 947993 |
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP <br>5.45% due 11/15/2034 |  | 300000 |  | 302150 |
|  |  |  |  | **6159149** |
| &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;**Real Estate Investment Trusts – 2.4%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 2.4%** |
| &nbsp;&nbsp;&nbsp; Boston Properties LP<br>5.75% due 1/15/2035 |  | 1105000 |  | 1136388 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts** (continued) | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts** (continued) | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts** (continued) | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 1/15/2034 | 519000 | $| 558674 |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP <br>4.125% due 5/15/2029 | 600000 |  | 597560 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. <br>3.125% due 2/1/2029 | 800000 |  | 765236 |
| &nbsp;&nbsp;&nbsp; Store Capital LLC<br>2.70% due 12/1/2031 | 1301000 |  | 1148976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 3/15/2029 | 554000 |  | 551959 |
|  |  |  | **4758793** |
| &nbsp;&nbsp;&nbsp;**Retail – 0.5%** | &nbsp;&nbsp;&nbsp;**Retail – 0.5%** | &nbsp;&nbsp;&nbsp;**Retail – 0.5%** | &nbsp;&nbsp;&nbsp;**Retail – 0.5%** |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. <br>4.95% due 6/25/2034 | 400000 |  | 409113 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. <br>5.00% due 8/19/2034 | 500000 |  | 503630 |
|  |  |  | **912743** |
| &nbsp;&nbsp;&nbsp;**Semiconductors – 0.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.3%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. <br>3.137% due 11/15/2035<sup>(1)</sup> | 658000 |  | 566660 |
|  |  |  | **566660** |
| &nbsp;&nbsp;&nbsp;**Software – 0.3%** | &nbsp;&nbsp;&nbsp;**Software – 0.3%** | &nbsp;&nbsp;&nbsp;**Software – 0.3%** | &nbsp;&nbsp;&nbsp;**Software – 0.3%** |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc. <br>5.625% due 8/21/2033 | 600000 |  | 618698 |
|  |  |  | **618698** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 1.1%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 1.1%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 1.1%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 1.1%** |
| &nbsp;&nbsp;&nbsp; NTT Finance Corp. <br>5.502% due 7/16/2035<sup>(1)</sup> | 234000 |  | 242292 |
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc.<br>3.80% due 3/15/2032 | 1196000 |  | 1126831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% due 2/15/2034 | 300000 |  | 302281 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. <br>2.70% due 3/15/2032 | 491000 |  | 441421 |
|  |  |  | **2112825** |
| &nbsp;&nbsp;&nbsp;**Trucking & Leasing – 0.6%** | &nbsp;&nbsp;&nbsp;**Trucking & Leasing – 0.6%** | &nbsp;&nbsp;&nbsp;**Trucking & Leasing – 0.6%** | &nbsp;&nbsp;&nbsp;**Trucking & Leasing – 0.6%** |
| &nbsp;&nbsp;&nbsp; SMBC Aviation Capital Finance DAC<br>5.55% due 4/3/2034<sup>(1)</sup> | 1073000 |  | 1106613 |
|  |  |  | **1106613** |
| &nbsp;&nbsp;&nbsp;**Water – 0.1%** | &nbsp;&nbsp;&nbsp;**Water – 0.1%** | &nbsp;&nbsp;&nbsp;**Water – 0.1%** | &nbsp;&nbsp;&nbsp;**Water – 0.1%** |
| &nbsp;&nbsp;&nbsp; Aegea Finance SARL <br>9.00% due 1/20/2031<sup>(1)</sup> | 261000 |  | 276227 |
|  |  |  | **276227** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $83,480,128) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $83,480,128) |  | **85342896** |
| &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; Oklahoma Development Finance Authority <br>Series C <br>5.45% due 8/15/2028 | 230000 |  | 228673 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority <br>7.087% due 7/1/2060 | 360000 |  | 362489 |
| &nbsp;&nbsp;&nbsp;**Total Municipals** <br> (Cost $582,964) | &nbsp;&nbsp;&nbsp;**Total Municipals** <br> (Cost $582,964) |  | **591162** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 9.4%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 9.4%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 9.4%** |
| &nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes Ltd. <br>Series 2022-FL1, Class C <br>6.284% 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;1001150 |
| &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 | 1327956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK43, Class B <br>5.151% due 8/15/2055<sup>(2)(3)</sup> | 500000 | 478620 |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust <br>Series 2024-5C29, Class B <br>5.858% due 9/15/2057<sup>(2)(3)</sup> | 300000 | 306895 |
| &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 | 1045156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V5, Class AM <br>6.417% due 1/10/2057<sup>(2)(3)</sup> | 855000 | 891253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V5, Class B <br>6.059% due 1/10/2057<sup>(2)(3)</sup> | 360000 | 367668 |
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust <br>Series 2023-C6, Class AS <br>6.55% due 9/15/2056<sup>(2)(3)</sup> | 950000 | 1017140 |
| &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 2025-BCAT, Class C <br>5.65% due 8/15/2042<sup>(1)(2)(3)</sup> | 210823 | 211086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class D <br>6.40% due 8/15/2042<sup>(1)(2)(3)</sup> | 159075 | 159471 |
| &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 | 1102988 |
| &nbsp;&nbsp;&nbsp; Dwight Issuer LLC <br>Series 2025-FL1, Class AS <br>6.021% due 6/18/2042<sup>(1)(2)(3)</sup> | 639000 | 641950 |
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes LLC <br>Series 2025-FL4, Class B <br>6.339% due 1/15/2043<sup>(1)(2)(3)</sup> | 114500 | 114735 |
| &nbsp;&nbsp;&nbsp; MF1 LLC | &nbsp;&nbsp;&nbsp; MF1 LLC | &nbsp;&nbsp;&nbsp; MF1 LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL19, Class AS <br>5.726% due 5/18/2042<sup>(1)(2)(3)</sup> | 1053777 | 1056640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL19, Class B <br>6.076% due 5/18/2042<sup>(1)(2)(3)</sup> | 1092085 | 1094106 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust | &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust | &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 | 689539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L6, Class AS <br>2.749% due 6/15/2054<sup>(2)(3)</sup> | 1700000 | 1513412 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1 <br>5.439% due 7/25/2070<sup>(1)(2)(3)</sup> | 192686 | 194220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM6, Class A1 <br>5.152% due 7/25/2070<sup>(1)(2)(3)</sup> | 542743 | 544611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM9, Class A1 <br>5.016% due 9/25/2070<sup>(1)(2)(3)</sup> | 490243 | 491112 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | | **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;**Non-Agency Mortgage-Backed Securities** (continued) |
| &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> |  | $| 344258 | $| 348040 |
| &nbsp;&nbsp;&nbsp; OBX Trust | &nbsp;&nbsp;&nbsp; OBX Trust | &nbsp;&nbsp;&nbsp; OBX Trust | &nbsp;&nbsp;&nbsp; OBX Trust | &nbsp;&nbsp;&nbsp; OBX Trust | &nbsp;&nbsp;&nbsp; OBX Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM14, Class A1 <br>5.162% due 7/25/2065<sup>(1)(2)(3)</sup> |  |  | 186776 |  | 187614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1 <br>5.40% due 2/25/2055<sup>(1)(2)(3)</sup> |  |  | 739241 |  | 744300 |
| &nbsp;&nbsp;&nbsp; PMT Loan Trust <br>Series 2025-INV4, Class A9 <br>5.50% due 3/25/2056<sup>(1)(2)(3)</sup> |  |  | 668778 |  | 673063 |
| &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> |  |  | 718382 |  | 722663 |
| &nbsp;&nbsp;&nbsp; Stack Infrastructure Issuer LLC <br>Series 2021-1A, Class A2 <br>1.877% due 3/26/2046<sup>(1)</sup> |  |  | 1250000 |  | 1240814 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust <br>Series 2021-SAVE, Class A <br>5.116% due 2/15/2040<sup>(1)(2)(3)</sup> |  |  | 300955 |  | 300784 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $18,664,767) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $18,664,767) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $18,664,767) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $18,664,767) |  | **18466986** |
| &nbsp;&nbsp;&nbsp;**Foreign Government – 2.7%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 2.7%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 2.7%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 2.7%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 2.7%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 2.7%** |
| &nbsp;&nbsp;&nbsp; Angola Government International Bonds, Reg S <br>8.00% due 11/26/2029 | USD |  | 457000 |  | 445999 |
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bonds <br>4.875% due 9/23/2032<sup>(1)</sup> | USD |  | 562000 |  | 540194 |
| &nbsp;&nbsp;&nbsp; Eagle Funding Luxco SARL <br>5.50% due 8/17/2030<sup>(1)</sup> | USD |  | 370000 |  | 376878 |
| &nbsp;&nbsp;&nbsp; Egypt Government International Bonds, Reg S <br>7.30% due 9/30/2033 | USD |  | 510000 |  | 524334 |
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bonds <br>7.625% due 1/30/2033<sup>(1)</sup> | USD |  | 562000 |  | 607559 |
| &nbsp;&nbsp;&nbsp; Nigeria Government International Bonds, Reg S <br>7.375% due 9/28/2033 | USD |  | 591000 |  | 601062 |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government International Bonds, Reg S <br>7.10% due 11/19/2036 | USD |  | 430000 |  | 461751 |
| &nbsp;&nbsp;&nbsp; Romania Government International Bonds <br>6.625% due 5/16/2036<sup>(1)</sup> | USD |  | 402000 |  | 419005 |
| &nbsp;&nbsp;&nbsp; Serbia International Bonds <br>6.00% due 6/12/2034<sup>(1)</sup> | USD |  | 651000 |  | 673028 |
| &nbsp;&nbsp;&nbsp; Turkiye Government International Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 5/21/2030 | EUR |  | 288000 |  | 364578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 5/15/2034 | USD |  | 218000 |  | 236853 |
| &nbsp;&nbsp;&nbsp;**Total Foreign Government** <br> (Cost $4,867,558) | &nbsp;&nbsp;&nbsp;**Total Foreign Government** <br> (Cost $4,867,558) | &nbsp;&nbsp;&nbsp;**Total Foreign Government** <br> (Cost $4,867,558) | &nbsp;&nbsp;&nbsp;**Total Foreign Government** <br> (Cost $4,867,558) |  | **5251241** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 22.2%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 22.2%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 22.2%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 2/15/2054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | $1808125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/15/2054 | 11340000 | 10695923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2044 | 25839000 | 25320201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 8/15/2045 | 750000 | 757266 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 10/31/2027 | 1400000 | 1400328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 1/31/2030 | 3274000 | 3346770 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $43,911,453) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $43,911,453) | **43328613** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.2%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.2%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.2%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.06%, dated 12/31/2025, proceeds at maturity value of $286,551, due 1/2/2026<sup>(5)</sup> | 286534 | 286534 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $286,534) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $286,534) | **286534** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.1%** <br> (Cost $192,176,718) | &nbsp;&nbsp;&nbsp;**Total Investments – 99.1%** <br> (Cost $192,176,718) | **193720467** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.9%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.9%** | **1828921** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**195549388** |

---

<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 December 31, 2025, the aggregate market value of these securities amounted to $81,668,775, representing 41.8% 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 December 31, 2025.

<sup>(3)</sup> Variable coupon rate based on weighted average interest rate of underlying mortgages.

<sup>(4)</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>(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 | 2.75% | 4/30/2027 | $293700 | $292282 |

---

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

#### Open forward foreign currency contracts at December 31, 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;State Street Bank & Trust Co. | 1/16/2026 | 370999 | USD | 318000 | EUR | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2909) |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** |  | $**(2909)** |

---

#### Open futures contracts at December 31, 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 | March 2026 | 108 | Long | $22826780 | $22549219 | $(277561) |
| &nbsp;&nbsp;&nbsp;U.S. 5-Year Treasury Note | March 2026 | 37 | Long | 4059430 | 4044273 | (15157) |
| &nbsp;&nbsp;&nbsp;**Total** |  |  |  | $**26886210** | $**26593492** | $**(292718)** |

---

#### Legend:
CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

EUR — Euro

PIK — Payment–In–Kind

SOFR — Secured Overnight Financing Rate

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 December 31, 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;Asset-Backed Securities | $— | $40453035 | $— | $40453035 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 85342896 |  | 85342896 |
| &nbsp;&nbsp;&nbsp;Municipals |  | 591162 |  | 591162 |
| &nbsp;&nbsp;&nbsp;Non-Agency Mortgage-Backed Securities |  | 18466986 |  | 18466986 |
| &nbsp;&nbsp;&nbsp;Foreign Government |  | 5251241 |  | 5251241 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 43328613 |  | 43328613 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 286534 |  | 286534 |
| &nbsp;&nbsp;&nbsp;**Total** | $**—** | $**193720467** | $**—** | $**193720467** |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | $— | $(2909) | $— | $(2909) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(292718) | $— | $— | $(292718) |
| &nbsp;&nbsp;&nbsp;**Total** | $**(292718)** | $**(2909)** | $**—** | $**(295627)** |

---

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 December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $193720467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 2095024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash deposits with brokers for futures contracts | 193435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 8012 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **196016938** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for variation margin on futures contracts | 205334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 79880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 63801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 41864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 20608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 13109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward foreign currency contracts | 2909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 39039 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **467550** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**195549388** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197688441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable loss | (2139053) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**195549388** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $192176718 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **19041252** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$10.27** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10929059 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **10929059** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 927493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 515274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 90195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 71568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 56717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 55998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 17326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 3541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 13472 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1751584** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (82965) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1668619** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **9260440** |
| &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 | (770822) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | 4948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from forward foreign currency contracts | (22883) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 3751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 4742531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | 458704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts | (2909) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments, Derivative Contracts and Foreign Currency Transactions** | **4413449** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**13673889** |

---

The accompanying notes are an integral part of these financial statements.<sub>9</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** |
|  | **For the**<br>**Year Ended<br>12/31/25** | **For the**<br>**Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $9260440 | $10782882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions | (785006) | 1430065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies | 5198455 | (7781044) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **13673889** | **4431903** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 13756884 | 29429874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (52112538) | (67669702) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(38355654)** | **(38239828)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(24681765)** | **(33807925)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 220231153 | 254039078 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195549388 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220231153 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 1378364 | 3116534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (5264459) | (7086075) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(3886095)** | **(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 five years. 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> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | | | | | | |
|  | **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; Year Ended 12/31/25 | $9.61 | $0.45 | $0.21 | $0.66 | $10.27 | 6.87% |
| &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)% |

---

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**<br> **Net Assets<sup>(3)</sup>** | **Gross Ratio of Net**<br> **Investment Income**<br> **to Average**<br> **Net Assets** | **Portfolio<br>Turnover Rate** |
| $195549 | 0.81% | 0.85% | 4.49% | 4.45% | 107% |
| 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% |

---

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

---

| | |
|:---|:---|
| <sup>(2</sup><sup>)</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.

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

------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND
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 year ended December 31, 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 December 31, 2025 is included in the Schedule of Investments.

I**nvestments** 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 December 31, 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.

**Forward Foreign Currency Contracts** The Fund may enter into forward foreign currency contracts. A forward

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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.

**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 (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, the 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 year ended December 31, 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 December 31, 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,

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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 December 31, 2025.

**f. 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.

**g. Foreign 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. During the year ended December 31, 2025, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

**h. 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.

**i. 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.

**j. Segment Reporting** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $82,965.

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 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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $515,274 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 year ended December 31, 2025, were as follows:

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| | | |
|:---|:---|:---|
|  | **Other**<br> **Investments** | **U.S. Government and**<br> **Agency Obligations** |
| &nbsp;&nbsp;&nbsp;Purchases | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123371933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94466290 |
| &nbsp;&nbsp;&nbsp;Sales | 114756259 | 122775711 |

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**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

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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.

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, the Fund agrees to accept any mortgage-backed security that meets specified terms. Thus, the 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 the Fund to purchase the securities. The 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. Mortgage Dollar Rolls** The Fund may engage from time to time in mortgage dollar roll transactions, which

involve a sale by the Fund of a mortgage-backed security concurrently with an agreement by the Fund to repurchase a similar security at a later date at an agreed-upon price. These transactions are typically used for short term financing. Pools of mortgage securities are used to collateralize mortgage dollar roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, the Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for the Fund. The Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Fund at the end of the roll transaction, while substantially similar, may be inferior to the securities initially sold by the Fund to the counterparty. The transactions involve the risk that the market price of mortgage-backed securities in a mortgage dollar roll transaction decline below the agreed-upon future repurchase price. Conversely, the market value of the securities subject to a Fund's forward sale commitment may increase above the exercise price of the forward commitment. Dollar rolls (and when-issued, delayed delivery and to-be-announced transactions) are speculative techniques that may result in leverage and increased volatility. These transactions may also increase risk associated with volatility and losses and are subject to counterparty risk. In addition, investment in mortgage dollar rolls may significantly increase the Fund's portfolio turnover rate.

**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 December 31, 2025, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

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**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 year ended December 31, 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. 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 for the year ended December 31, 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,

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(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 December 31, 2025, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund's use of derivative instruments:

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| | | |
|:---|:---|:---|
|  | **Interest<br>Rate**<br> **Contracts** | **Foreign<br>Currency**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp; **Liability Derivatives** |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts<sup>1</sup> | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2909) |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>2</sup> | (292718) |  |

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<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.

<sup>2</sup> Statement of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts.

Transactions in derivative investments for the year ended December 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Interest**<br> **Rate**<br> **Contracts** | **Foreign<br>Currency**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** | &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** | &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts<sup>1</sup> | $— | $(22883) |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>2</sup> | 4948 |  |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts<sup>3</sup> | $— | $(2909) |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>4</sup> | 458704 |  |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282032 |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>5</sup> | 157 |  |

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<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. 

**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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) 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.

**l. 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

**21**

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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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 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.

22.0 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g97612g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian Total Return Bond VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Total Return Bond VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**23**

------

#### 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
At a meeting of the Board of Trustees (the "Board") of Guardian Variable Products Trust (the "Trust") held on December 4-5, 2024 the Board approved submitting the following proposals (the "Proposals") to shareholders of the applicable Funds at a special shareholder meeting (the "Special Meeting"). The Special Meeting was originally scheduled to be held on January 31, 2025 and was adjourned to February 14, 2025.

*Proposal with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund only:* 

<u>Proposal 1</u>: To change the sub-classification of each of Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund from a "diversified" fund to a "non-diversified" fund and to eliminate the related fundamental investment restrictions.

*Proposal with respect to Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund only:* 

<u>Proposal 2</u>: To permit Park Avenue Institutional Advisers LLC, under certain circumstances, to enter into and/or materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisers on behalf of Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund without obtaining shareholder approval.

On or about January 3, 2025, shareholders of record of the applicable Funds as of the close of business on October 31, 2024 were sent a proxy statement containing information regarding each of the Proposals. The proxy statement(s) also included information about the Special Meeting, at which shareholders of the applicable Funds were asked to consider and approve the Proposals. In addition, the proxy statement(s)

included information about voting (or providing voting instructions) on the Proposals and options shareholders had to do so.

The Special Meeting was reconvened on February 14, 2025, and each of the above Proposals passed.

The results of the Special Meeting were as follows:

<u>Proposal 1:</u> To change the sub-classification of each of Guardian Large Cap Fundamental Growth VIP Fund and Guardian Large Cap Disciplined Growth VIP Fund from a "diversified" fund to a "non-diversified" fund and to eliminate the related fundamental investment restrictions.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes<br>Against/<br>Withheld** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Fundamental Growth VIP Fund | 5486811.696 | 627234.899 | 407511.095 |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Disciplined Growth VIP Fund | 9790610.732 | 1292415.741 | 925701.672 |

---

<u>Proposal 2</u>: To permit Park Avenue Institutional Advisers LLC, under certain circumstances, to enter into and/or materially amend investment sub-advisory agreements with affiliated and unaffiliated sub-advisers on behalf of Guardian Mid Cap Traditional Growth VIP Fund, Guardian Diversified Research VIP Fund, Guardian Growth & Income VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Balanced Allocation VIP Fund, Guardian Short Duration Bond VIP Fund, and Guardian Total Return Bond VIP Fund without obtaining shareholder approval.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Votes For** | **Votes<br>Against/<br>Withheld** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;Guardian Mid Cap Traditional Growth VIP Fund | 1878743.904 | 184448.897 | 97299.135 |
| &nbsp;&nbsp;&nbsp;Guardian Diversified Research VIP Fund | 3315653.786 | 298055.043 | 306599.121 |
| &nbsp;&nbsp;&nbsp;Guardian Growth & Income VIP Fund | 4307788.446 | 465121.321 | 287991.312 |
| &nbsp;&nbsp;&nbsp;Guardian Mid Cap Relative Value VIP Fund | 4701812.837 | 499998.861 | 282721.822 |
| &nbsp;&nbsp;&nbsp;Guardian Balanced Allocation VIP Fund | 14321528.326 | 1887736.077 | 1430466.129 |
| &nbsp;&nbsp;&nbsp;Guardian Short Duration Bond VIP Fund | 12135837.474 | 1244133.676 | 710288.153 |
| &nbsp;&nbsp;&nbsp;Guardian Total Return Bond VIP Fund | 19195546.683 | 1928257.330 | 1377051.537 |

---

24.0 ------

#### 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
Not applicable.

**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](g97612g84s34.jpg)

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

PUB10524

------

## Guardian Variable

## Products Trust

## 2025

## Annual Report

## Financial Statements and Other Information
All Data as of December 31, 2025

### Guardian U.S. Government/Credit VIP Fund
(formerly, Guardian U.S. Government Securities VIP Fund)

![LOGO](g100173g40s74.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](#fin24toc100173_1)** |  |
| [Schedule of Investments](#fin24toc100173_2) | 1 |
| [Statement of Assets and Liabilities](#fin24toc100173_3) | 7 |
| [Statement of Operations](#fin24toc100173_4) | 7 |
| [Statements of Changes in Net Assets](#fin24toc100173_5) | 8 |
| [Financial Highlights](#fin24toc100173_6) | 10 |
| [Notes to Financial Statements](#fin24toc100173_7) | 12 |
| [Report of Independent Registered Public Accounting Firm](#fin24toc100173_8) | 21 |
| [**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**](#fin24toc100173_9) | 22 |
| [**Item 9. Proxy Disclosures for Open-End Management Investment Companies**](#fin24toc100173_10) | 22 |
| [**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**](#fin24toc100173_11) | 22 |
| [**Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements**](#fin24toc100173_12) | 22 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 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;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 2.9%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 2.9%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage-Backed Securities – 2.9%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.198% due 8/1/2055<sup>(1)(2)</sup> | $158872 | $160640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.436% due 10/1/2055<sup>(1)(2)</sup> | 93694 | 94795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439% due 8/1/2055<sup>(1)(2)</sup> | 65074 | 66094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.526% due 7/1/2055<sup>(1)(2)</sup> | 166506 | 169154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.639% due 8/1/2055<sup>(1)(2)</sup> | 92695 | 94353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.884% due 5/1/2055<sup>(1)(2)</sup> | 128986 | 132054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.01% due 8/1/2054<sup>(1)(2)</sup> | 61913 | 63476 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.022% due 2/1/2055<sup>(1)(2)</sup> | 90125 | 91317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.473% due 10/1/2055<sup>(1)(2)</sup> | 36488 | 37029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.575% due 10/1/2053<sup>(1)(2)</sup> | 21612 | 22044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.717% due 8/1/2055<sup>(1)(2)</sup> | 138236 | 141190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.901% due 2/1/2054<sup>(1)(2)</sup> | 37122 | 38105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.995% due 9/1/2055<sup>(1)(2)</sup> | 482844 | 496906 |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 1/1/2040<sup>(3)</sup> | 141000 | 141050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 2/1/2040<sup>(3)</sup> | 825000 | 824935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/1/2040<sup>(3)</sup> | 107000 | 108362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 2/1/2041<sup>(3)</sup> | 576000 | 583129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 2/1/2041<sup>(3)</sup> | 676000 | 692855 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $3,955,608) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities** <br> (Cost $3,955,608) | **3957488** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 4.2%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 4.2%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities – 4.2%** |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO X Ltd.<br>Series 2016-10A, Class A1R3 <br>5.184% (3 mo. USD Term<br>SOFR + 1.3%) <br> due 7/20/2038<sup>(1)(4)</sup> | 420000 | 420317 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XX Ltd.<br>Series 2020-20A, Class ARR <br>5.195% (3 mo. USD Term SOFR + 1.29%) <br> due 7/15/2037<sup>(1)(4)</sup> | 360000 | 360284 |
| &nbsp;&nbsp;&nbsp; Birch Grove CLO 8 Ltd.<br>Series 2024-8A, Class A1 <br>5.514% (3 mo. USD Term SOFR + 1.63%) <br> due 4/20/2037<sup>(1)(4)</sup> | 1000000 | 1002215 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd.<br>Series 2014-2A, Class BR2 <br>5.896% (3 mo. USD Term SOFR + 2.01%) <br> due 10/20/2030<sup>(1)(4)</sup> | 600000 | 600340 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 34 Ltd.<br>Series 2019-34A, Class A1R2 <br>5.184% (3 mo. USD Term SOFR + 1.3%) <br> due 7/20/2039<sup>(1)(4)</sup> | 320000 | 320908 |
| &nbsp;&nbsp;&nbsp; Oscar U.S. Funding XV LLC<br>Series 2023-1A, Class A3 <br>5.81% due 12/10/2027<sup>(4)</sup> | 379680 | 381646 |
| &nbsp;&nbsp;&nbsp; Parallel Ltd.<br>Series 2023-1A, Class A1R <br>5.274% (3 mo. USD Term SOFR + 1.39%) <br> due 7/20/2036<sup>(1)(4)</sup> | 710000 | 710853 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Silver Point CLO 12 Ltd.<br>Series 2025-12A, Class A1 <br>5.289% (3 mo. USD Term SOFR + 1.31%) <br> due 10/15/2038<sup>(1)(4)</sup> | $| 1000000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001288 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd.<br>Series 2019-1A, Class A2RR <br>5.505% (3 mo. USD Term SOFR + 1.6%) <br> due 10/15/2037<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |  | 1000873 |
| &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $5,797,047) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $5,797,047) | &nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities** <br> (Cost $5,797,047) |  | **5798724** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 40.5%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 40.5%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 40.5%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 40.5%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 40.5%** |
| &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>6.298% due 5/1/2029 |  | 1000000 |  | 1061448 |
|  |  |  |  | **1061448** |
| &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>6.343% due 8/2/2030 |  | 342000 |  | 369897 |
|  |  |  |  | **369897** |
| &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 Series 2020-1, Class A <br>5.875% due 10/15/2027 |  | 138064 |  | 141564 |
|  |  |  |  | **141564** |
| &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 1.2%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 1.2%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 1.2%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 1.2%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 1.2%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC <br>7.35% due 11/4/2027 |  | 876000 |  | 914262 |
| &nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. <br>4.688% due 7/8/2030 |  | 657000 |  | 665200 |
|  |  |  |  | **1579462** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 7.5%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 7.5%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 7.5%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 7.5%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 7.5%** |
| &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>(1)(4)</sup> |  | 431000 |  | 457707 |
| &nbsp;&nbsp;&nbsp; Capital One <br>5.974% (5 yr. USD Swap rate + 1.73%) <br> due 8/9/2028<sup>(1)</sup> |  | 518000 |  | 538195 |
| &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>(1)</sup> |  | 1113000 |  | 1211803 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. <br>5.253% (5.253% fixed rate until 3/5/2030; 1 day USD SOFR + 1.26% thereafter) <br> due 3/5/2031<sup>(1)</sup> |  | 731000 |  | 751137 |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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<br>SOFR + 1.25% thereafter) <br> due 7/21/2032<sup>(1)</sup> | $782000 | $700368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.218% (5.218% fixed rate until 4/23/2030; 1 day USD<br>SOFR + 1.58% thereafter) <br> due 4/23/2031<sup>(1)</sup> | 350000 | 361497 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co.<br>2.956% (2.956% fixed rate until 5/13/2030; 3 mo. USD Term SOFR + 2.52% thereafter) <br> due 5/13/2031<sup>(1)</sup> | 347000 | 327347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.963% (2.963% fixed rate until 1/25/2032; 1 day USD<br>SOFR + 1.26% thereafter) <br> due 1/25/2033<sup>(1)</sup> | 1054000 | 967235 |
| &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>(1)</sup> | 269000 | 276165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576% (5.576% fixed rate until 7/23/2035; 1 day USD<br>SOFR + 1.64% thereafter) <br> due 7/23/2036<sup>(1)</sup> | 165000 | 170684 |
| &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>(1)</sup> | 1089000 | 1116537 |
| &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>(1)</sup> | 400000 | 408333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.342% (6.342% fixed rate until 10/18/2032; 1 day USD SOFR + 2.56% thereafter) <br> due 10/18/2033<sup>(1)</sup> | 580000 | 635664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I <br>4.892% (4.892% fixed rate until 10/22/2035; 1 day USD SOFR + 1.31% thereafter) <br> due 10/22/2036<sup>(1)</sup> | 159000 | 157593 |
| &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>(1)</sup> | 375000 | 385182 |
| &nbsp;&nbsp;&nbsp; UBS Group AG <br>2.746% (2.746% fixed rate until 2/11/2032; 1 yr. CMT rate + 1.10% thereafter) <br> due 2/11/2033<sup>(1)(4)</sup> | 794000 | 712004 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.<br>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> | 477000 | 445202 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; 5.389% (5.389% fixed rate until 4/24/2033; 1 day USD<br>SOFR + 2.02% thereafter) <br> due 4/24/2034<sup>(1)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614000 | $| 638825 |
|  |  |  |  | **10261478** |
| &nbsp;&nbsp;&nbsp;**Commercial Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.8%** |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. <br>5.20% due 11/15/2032 |  | 278000 |  | 278130 |
| &nbsp;&nbsp;&nbsp; Rentokil Terminix Funding LLC <br>5.625% due 4/28/2035<sup>(4)</sup> |  | 229000 |  | 236009 |
| &nbsp;&nbsp;&nbsp; Rollins, Inc. <br>5.25% due 2/24/2035 |  | 602000 |  | 614200 |
|  |  |  |  | **1128339** |
| &nbsp;&nbsp;&nbsp;**Computers – 0.6%** | &nbsp;&nbsp;&nbsp;**Computers – 0.6%** | &nbsp;&nbsp;&nbsp;**Computers – 0.6%** | &nbsp;&nbsp;&nbsp;**Computers – 0.6%** | &nbsp;&nbsp;&nbsp;**Computers – 0.6%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc. <br>3.875% due 9/1/2028<sup>(4)</sup> |  | 381000 |  | 373957 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc. <br>4.50% due 7/1/2028<sup>(4)</sup> |  | 383000 |  | 381761 |
|  |  |  |  | **755718** |
| &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.3%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.3%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.3%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.3%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.3%** |
| &nbsp;&nbsp;&nbsp; Kenvue, Inc. <br>4.90% due 3/22/2033 |  | 409000 |  | 417347 |
|  |  |  |  | **417347** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.3%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.3%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.3%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.3%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 2.3%** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp. <br>5.85% due 12/15/2027 |  | 445000 |  | 457437 |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd. <br>2.85% due 1/26/2028<sup>(4)</sup> |  | 671000 |  | 651956 |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. <br>4.60% due 1/15/2031 |  | 406000 |  | 408254 |
| &nbsp;&nbsp;&nbsp; Atlas Warehouse Lending Co. LP <br>4.95% due 11/15/2030<sup>(4)</sup> |  | 291000 |  | 291967 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. <br>3.25% due 2/15/2027<sup>(4)</sup> |  | 786000 |  | 777264 |
| &nbsp;&nbsp;&nbsp; LPL Holdings, Inc.<br>4.625% due 11/15/2027<sup>(4)</sup> |  | 377000 |  | 376988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 3/15/2030 |  | 201000 |  | 205690 |
|  |  |  |  | **3169556** |
| &nbsp;&nbsp;&nbsp;**Electric – 5.3%** | &nbsp;&nbsp;&nbsp;**Electric – 5.3%** | &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>(4)</sup> |  | 353000 |  | 368963 |
| &nbsp;&nbsp;&nbsp; American Transmission Systems, Inc. <br>2.65% due 1/15/2032<sup>(4)</sup> |  | 243000 |  | 218650 |
| &nbsp;&nbsp;&nbsp; Capital Power U.S. Holdings, Inc. <br>6.189% due 6/1/2035<sup>(4)</sup> |  | 189000 |  | 197311 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. <br>5.10% due 3/1/2029 |  | 551000 |  | 564635 |
| &nbsp;&nbsp;&nbsp; Entergy Texas, Inc. <br>5.25% due 4/15/2035 |  | 809000 |  | 829721 |
| &nbsp;&nbsp;&nbsp; Evergy Kansas Central, Inc. <br>5.25% due 3/15/2035 |  | 108000 |  | 110091 |
| &nbsp;&nbsp;&nbsp; Evergy Missouri West, Inc. <br>5.65% due 6/1/2034<sup>(4)</sup> |  | 696000 |  | 720373 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; Fells Point Funding Trust <br>3.046% due 1/31/2027<sup>(4)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313000 | $| 309218 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co. <br>3.25% due 3/15/2028<sup>(4)</sup> |  | 629000 |  | 616306 |
| &nbsp;&nbsp;&nbsp; Idaho Power Co. <br>5.20% due 8/15/2034 |  | 363000 |  | 373361 |
| &nbsp;&nbsp;&nbsp; Kentucky Utilities Co. <br>Series KENT <br>5.45% due 4/15/2033 |  | 450000 |  | 472000 |
| &nbsp;&nbsp;&nbsp; Liberty Utilities Co. <br>5.869% due 1/31/2034<sup>(4)</sup> |  | 356000 |  | 374468 |
| &nbsp;&nbsp;&nbsp; Monongahela Power Co. <br>5.85% due 2/15/2034<sup>(4)</sup> |  | 437000 |  | 461829 |
| &nbsp;&nbsp;&nbsp; NorthWestern Corp. <br>5.073% due 3/21/2030<sup>(4)</sup> |  | 449000 |  | 460366 |
| &nbsp;&nbsp;&nbsp; PSEG Power LLC <br>5.75% due 5/15/2035<sup>(4)</sup> |  | 117000 |  | 121430 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. <br>5.20% due 4/1/2029 |  | 367000 |  | 377239 |
| &nbsp;&nbsp;&nbsp; Puget Energy, Inc. <br>5.725% due 3/15/2035 |  | 464000 |  | 476136 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC <br>6.95% due 10/15/2033<sup>(4)</sup> |  | 150000 |  | 167151 |
|  |  |  |  | **7219248** |
| &nbsp;&nbsp;&nbsp;**Electronics – 0.4%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.4%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.4%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.4%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.4%** |
| &nbsp;&nbsp;&nbsp; Amphenol Corp. <br>4.40% due 2/15/2033 |  | 573000 |  | 566980 |
|  |  |  |  | **566980** |
| &nbsp;&nbsp;&nbsp;**Equity Fund – 0.4%** | &nbsp;&nbsp;&nbsp;**Equity Fund – 0.4%** | &nbsp;&nbsp;&nbsp;**Equity Fund – 0.4%** | &nbsp;&nbsp;&nbsp;**Equity Fund – 0.4%** | &nbsp;&nbsp;&nbsp;**Equity Fund – 0.4%** |
| &nbsp;&nbsp;&nbsp; Blackstone Reg Finance Co. LLC <br>4.95% due 2/15/2036 |  | 245000 |  | 243209 |
| &nbsp;&nbsp;&nbsp; KKR & Co., Inc. <br>5.10% due 8/7/2035 |  | 357000 |  | 357001 |
|  |  |  |  | **600210** |
| &nbsp;&nbsp;&nbsp;**Food – 0.8%** | &nbsp;&nbsp;&nbsp;**Food – 0.8%** | &nbsp;&nbsp;&nbsp;**Food – 0.8%** | &nbsp;&nbsp;&nbsp;**Food – 0.8%** | &nbsp;&nbsp;&nbsp;**Food – 0.8%** |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL <br>3.625% due 1/15/2032 |  | 413000 |  | 386474 |
| &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>(4)</sup> |  | 372000 |  | 378010 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. <br>3.50% due 3/1/2032 |  | 387000 |  | 357509 |
|  |  |  |  | **1121993** |
| &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 |  | 374015 |
|  |  |  |  | **374015** |
| &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; Baxter International, Inc. <br>5.65% due 12/15/2035 |  | 233000 |  | 235800 |
| &nbsp;&nbsp;&nbsp; Solventum Corp. <br>5.45% due 3/13/2031 |  | 300000 |  | 312936 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Products** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Products** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Products** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Products** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Products** (continued) |
| &nbsp;&nbsp;&nbsp; VSP Optical Group, Inc. <br>5.45% due 12/1/2035<sup>(4)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161000 | $| 162072 |
|  |  |  |  | **710808** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services – 2.0%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 2.0%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 2.0%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 2.0%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 2.0%** |
| &nbsp;&nbsp;&nbsp; Beth Israel Lahey Health, Inc. <br>Series O <br>4.717% due 7/1/2030 |  | 300000 |  | 301684 |
| &nbsp;&nbsp;&nbsp; Centene Corp. <br>3.375% due 2/15/2030 |  | 390000 |  | 358891 |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health <br>5.318% due 12/1/2034 |  | 359000 |  | 365684 |
| &nbsp;&nbsp;&nbsp; Fresenius Medical Care U.S. Finance III, Inc. <br>3.00% due 12/1/2031<sup>(4)</sup> |  | 301000 |  | 271407 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. <br>5.45% due 4/1/2031 |  | 363000 |  | 378863 |
| &nbsp;&nbsp;&nbsp; Providence St. Joseph Health Obligated Group <br>5.369% due 10/1/2032 |  | 566000 |  | 583511 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. <br>4.50% due 4/15/2033 |  | 543000 |  | 539889 |
|  |  |  |  | **2799929** |
| &nbsp;&nbsp;&nbsp;**Insurance – 2.7%** | &nbsp;&nbsp;&nbsp;**Insurance – 2.7%** | &nbsp;&nbsp;&nbsp;**Insurance – 2.7%** | &nbsp;&nbsp;&nbsp;**Insurance – 2.7%** | &nbsp;&nbsp;&nbsp;**Insurance – 2.7%** |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. <br>5.55% due 2/15/2036 |  | 185000 |  | 187969 |
| &nbsp;&nbsp;&nbsp; Athene Global Funding <br>5.322% due 11/13/2031<sup>(4)</sup> |  | 552000 |  | 559632 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial Global Funding <br>2.00% due 6/28/2028<sup>(4)</sup> |  | 399000 |  | 374395 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc.<br>2.375% due 3/15/2031 |  | 536000 |  | 480584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 6/23/2032 |  | 36000 |  | 36815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 6/23/2035 |  | 73000 |  | 74851 |
| &nbsp;&nbsp;&nbsp; Corebridge Global Funding <br>4.90% due 8/21/2032<sup>(4)</sup> |  | 139000 |  | 139836 |
| &nbsp;&nbsp;&nbsp; GA Global Funding Trust <br>5.50% due 4/1/2032<sup>(4)</sup> |  | 303000 |  | 309704 |
| &nbsp;&nbsp;&nbsp; New York Life Global Funding <br>4.55% due 1/28/2033<sup>(4)</sup> |  | 951000 |  | 948022 |
| &nbsp;&nbsp;&nbsp; Pricoa Global Funding I <br>4.75% due 8/26/2032<sup>(4)</sup> |  | 174000 |  | 175179 |
| &nbsp;&nbsp;&nbsp; RGA Global Funding <br>5.00% due 8/25/2032<sup>(4)</sup> |  | 431000 |  | 434265 |
|  |  |  |  | **3721252** |
| &nbsp;&nbsp;&nbsp;**Internet – 1.2%** | &nbsp;&nbsp;&nbsp;**Internet – 1.2%** | &nbsp;&nbsp;&nbsp;**Internet – 1.2%** | &nbsp;&nbsp;&nbsp;**Internet – 1.2%** | &nbsp;&nbsp;&nbsp;**Internet – 1.2%** |
| &nbsp;&nbsp;&nbsp; AppLovin Corp. <br>5.375% due 12/1/2031 |  | 269000 |  | 278945 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc. <br>3.125% due 1/14/2031 |  | 375000 |  | 347136 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.<br>4.50% due 8/15/2029<sup>(4)</sup> |  | 915000 |  | 915112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 9/15/2035 |  | 108000 |  | 107430 |
|  |  |  |  | **1648623** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Investment Companies – 0.1%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.1%** | &nbsp;&nbsp;&nbsp;**Investment Companies – 0.1%** |
| &nbsp;&nbsp;&nbsp; HAT Holdings I LLC/HAT Holdings II LLC <br>8.00% due 6/15/2027<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 | $122481 |
|  |  | **122481** |
| &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>(4)</sup> | 500000 | 492635 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. <br>3.70% due 3/15/2028 | 525000 | 519080 |
|  |  | **1011715** |
| &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 | 241858 |
|  |  | **241858** |
| &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Vent Finance SARL <br>4.55% due 4/15/2028 | 548000 | 551073 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. <br>6.30% due 2/15/2030 | 352000 | 373071 |
|  |  | **924144** |
| &nbsp;&nbsp;&nbsp;**Mining – 0.9%** | &nbsp;&nbsp;&nbsp;**Mining – 0.9%** | &nbsp;&nbsp;&nbsp;**Mining – 0.9%** |
| &nbsp;&nbsp;&nbsp; Anglo American Capital PLC<br>5.50% due 5/2/2033<sup>(4)</sup> | 200000 | 206907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 4/1/2030<sup>(4)</sup> | 269000 | 280901 |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC <br>5.186% due 4/1/2030<sup>(4)</sup> | 721000 | 740948 |
|  |  | **1228756** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.1%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.1%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.1%** |
| &nbsp;&nbsp;&nbsp; Continental Resources, Inc. <br>4.375% due 1/15/2028 | 443000 | 442133 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>5.20% due 8/1/2029 | 290000 | 297247 |
| &nbsp;&nbsp;&nbsp; Ovintiv, Inc.<br>5.65% due 5/15/2028 | 179000 | 184276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 11/1/2031 | 169000 | 188490 |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. <br>3.95% due 2/1/2028 | 463000 | 457771 |
|  |  | **1569917** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.2%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.2%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.2%** |
| &nbsp;&nbsp;&nbsp; Bayer U.S. Finance LLC <br>6.375% due 11/21/2030<sup>(4)</sup> | 914000 | 977181 |
| &nbsp;&nbsp;&nbsp; EMD Finance LLC <br>4.625% due 10/15/2032<sup>(4)</sup> | 690000 | 690961 |
|  |  | **1668142** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 2.2%** | &nbsp;&nbsp;&nbsp;**Pipelines – 2.2%** | &nbsp;&nbsp;&nbsp;**Pipelines – 2.2%** |
| &nbsp;&nbsp;&nbsp; Colonial Pipeline Co. <br>7.63% due 4/15/2032<sup>(4)</sup> | 300000 | 339364 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC<br>4.999% due 11/17/2032<sup>(4)</sup> | 188000 | 187983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.097% due 10/1/2031<sup>(4)</sup> | 371000 | 377261 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. <br>4.125% due 6/15/2029<sup>(4)</sup> | 250000 | 246704 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Pipelines** (continued) | &nbsp;&nbsp;&nbsp;**Pipelines** (continued) | &nbsp;&nbsp;&nbsp;**Pipelines** (continued) | &nbsp;&nbsp;&nbsp;**Pipelines** (continued) | &nbsp;&nbsp;&nbsp;**Pipelines** (continued) |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP <br>7.375% due 2/1/2031<sup>(4)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | $| 748053 |
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC <br>3.25% due 7/15/2031<sup>(4)</sup> |  | 612000 |  | 563015 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. <br>5.375% due 6/1/2029 |  | 359000 |  | 369933 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp. <br>6.875% due 1/15/2029 |  | 144000 |  | 145716 |
|  |  |  |  | **2978029** |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 2.5%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 2.5%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 2.5%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 2.5%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts – 2.5%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp. <br>4.70% due 12/15/2032 |  | 539000 |  | 539117 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. <br>3.30% due 7/1/2030 |  | 489000 |  | 463844 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership LP <br>4.95% due 1/15/2033 |  | 348000 |  | 353053 |
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. <br>4.75% due 6/15/2029<sup>(4)</sup> |  | 425000 |  | 420227 |
| &nbsp;&nbsp;&nbsp; Prologis Targeted U.S. Logistics Fund LP <br>4.75% due 1/15/2036<sup>(4)</sup> |  | 310000 |  | 302792 |
| &nbsp;&nbsp;&nbsp; Public Storage Operating Co. <br>4.375% due 7/1/2030 |  | 227000 |  | 228852 |
| &nbsp;&nbsp;&nbsp; Regency Centers LP <br>5.00% due 7/15/2032 |  | 219000 |  | 224222 |
| &nbsp;&nbsp;&nbsp; Tanger Properties LP <br>2.75% due 9/1/2031 |  | 327000 |  | 295905 |
| &nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc. <br>4.625% due 12/1/2029<sup>(4)</sup> |  | 646000 |  | 644739 |
|  |  |  |  | **3472751** |
| &nbsp;&nbsp;&nbsp;**Semiconductors – 1.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 1.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 1.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 1.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 1.5%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc.<br>4.15% due 4/15/2032<sup>(4)</sup> |  | 653000 |  | 638532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 7/15/2032 |  | 258000 |  | 263419 |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC <br>5.50% due 1/25/2031<sup>(4)</sup> |  | 647000 |  | 667830 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. <br>5.75% due 2/15/2029 |  | 445000 |  | 464041 |
|  |  |  |  | **2033822** |
| &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; Fiserv, Inc. <br>3.50% due 7/1/2029 |  | 173000 |  | 167767 |
| &nbsp;&nbsp;&nbsp; Oracle Corp.<br>4.65% due 5/6/2030 |  | 545000 |  | 540225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 9/26/2032 |  | 405000 |  | 390996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 2/6/2033 |  | 175000 |  | 168419 |
| &nbsp;&nbsp;&nbsp; Paychex, Inc. <br>5.35% due 4/15/2032 |  | 537000 |  | 556110 |
|  |  |  |  | **1823517** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **Principal<br>Amount** | **Value** |
| &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 | $376204 |
|  |  | **376204** |
| &nbsp;&nbsp;&nbsp;**Transportation – 0.3%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.3%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.3%** |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc. <br>6.25% due 5/6/2029 | 385000 | 405458 |
|  |  | **405458** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $54,559,219) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $54,559,219) | **55504661** |
| &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 0.6%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 0.6%** | &nbsp;&nbsp;&nbsp;**Non-Agency Mortgage-Backed Securities – 0.6%** |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust <br>Series 2025-5C34, Class A3 <br>5.659% due 5/15/2058 | 200000 | 209390 |
| &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 | 250731 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust <br>Series 2016-LC24, Class A4 <br>2.942% due 10/15/2049 | 418000 | 414386 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $862,984) | &nbsp;&nbsp;&nbsp;**Total Non-Agency Mortgage-Backed Securities** <br> (Cost $862,984) | **874507** |
| &nbsp;&nbsp;&nbsp;**Foreign Government – 0.3%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 0.3%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 0.3%** |
| &nbsp;&nbsp;&nbsp; Cassa Depositi e Prestiti SpA <br>Series 144A <br>4.375% due 10/1/2030<sup>(4)</sup> | 329000 | 329076 |
| &nbsp;&nbsp;&nbsp;**Total Foreign Government** <br> (Cost $329,564) | &nbsp;&nbsp;&nbsp;**Total Foreign Government** <br> (Cost $329,564) | **329076** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities — 51.4%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities — 51.4%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities — 51.4%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% due 11/30/2028 | $2343000 | $2211389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 2/15/2032 | 2011000 | 1793482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 5/31/2027 | 2713000 | 2680571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 4/30/2030 | 2023000 | 2008381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/2029 | 7020000 | 7018903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/2030 | 4914000 | 4896532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 8/15/2034 | 2023000 | 1991865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 1/31/2027 | 1626000 | 1636099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 2/28/2027 | 2957000 | 2976867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/15/2027 | 2933000 | 2966455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/2029 | 6142000 | 6247086 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2025** | **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; 4.25% due 2/28/2029 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4513000 | $4604318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 6/30/2029 |  | 4649000 | 4747247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 1/31/2030 |  | 6295000 | 6434916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 11/15/2034 |  | 1605000 | 1621865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 8/15/2035 |  | 1016000 | 1023303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 7/15/2027 |  | 2931000 | 2969927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 8/31/2028 |  | 3719000 | 3797593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/31/2029 |  | 4688000 | 4822780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2035 |  | 879300 | 912720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 10/31/2030 |  | 2951000 | 3099933 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $69,902,015) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $69,902,015) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $69,902,015) | **70462232** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.8%** | &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.,<br>1.06%, dated 12/31/2025, proceeds at maturity value of $1,104,456, due 1/2/2026(5) |  | 1104391 | 1104391 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,104,391) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,104,391) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,104,391) | **1104391** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.7%** <br> (Cost $136,510,828) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.7%** <br> (Cost $136,510,828) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.7%** <br> (Cost $136,510,828) | **138031079** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.7)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.7)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.7)%** | **(921936)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**137109143** |

---

<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 December 31, 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 December 31, 2025, the aggregate market value of these securities amounted to $27,719,626, representing 20.2% 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>(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 | 2.75% | 4/30/2027 | $1132000 | $1126523 |

---

#### Open futures contracts at December 31, 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 | March 2026 | 39 | Long | $8137878 | $8142773 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4895 |
| &nbsp;&nbsp;&nbsp;U.S. 5-Year Treasury Note | March 2026 | 54 | Long | 6072037 | 5902453 | (169584) |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | $**14209915** | $**14045226** | $**(164689)** |

---

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

------

#### SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

#### 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 December 31, 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;Agency Mortgage-Backed Securities | $— | $3957488 | $— | $3957488 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 5798724 |  | 5798724 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 55504661 |  | 55504661 |
| &nbsp;&nbsp;&nbsp;Non-Agency Mortgage-Backed Securities |  | 874507 |  | 874507 |
| &nbsp;&nbsp;&nbsp;Foreign Government |  | 329076 |  | 329076 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 70462232 |  | 70462232 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1104391 |  | 1104391 |
| &nbsp;&nbsp;&nbsp;**Total** | $**—** | $**138031079** | $**—** | $**138031079** |
| &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;&nbsp; Assets | $4895 | $— | $— | $4895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (169584) |  |  | (169584) |
| &nbsp;&nbsp;&nbsp;**Total** | $**(164689)** | $**—** | $**—** | $**(164689)** |

---

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 December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;138031079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 3011660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 1546148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash deposits with brokers for futures contracts | 114300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 12677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 5665 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **142721529** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 5353492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 79549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 55207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for variation margin on futures contracts | 31779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 29366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 15969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 13109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 33204 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **5612386** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**137109143** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $131560885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 5548258 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**137109143** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $136510828 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **12891464** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$10.64** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2025 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6471948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 54790 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **6526738** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 684924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 364321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 72446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 50551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 50052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 47641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 18712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 8845 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1298462** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (220071) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1078391** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **5448347** |
| &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 | (170329) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (36781) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 4263573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | (100958) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Derivative Contracts** | **3955505** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**9403852** |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/25** | **For the<br>Year Ended<br>12/31/24** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $5448347 | $6141327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and derivative contracts | (207110) | (82138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and derivative contracts | 4162615 | (2855944) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **9403852** | **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 | 12361288 | 24881005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (41611414) | (55590849) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(29250126)** | **(30709844)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(19846274)** | **(27506599)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 156955417 | 184462016 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;137109143 | $&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 | 1192443 | 2538412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4037131) | (5624081) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(2844688)** | **(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 five years. 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** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **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; Year Ended 12/31/25 | $9.97 | $0.39 | $0.28 | $0.67 | $10.64 | 6.72% |
| &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%<sup>(4)</sup> |
| &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)% |

---

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<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** |
| $137109 | 0.74% | 0.89% | 3.74% | 3.59% | 157% |
| 156955 | 0.74% | 0.88% | 3.56% | 3.42% | 228% |
| 184462 | 0.75% | 0.85% | 3.07% | 2.97% | 369%<sup>(4)</sup> |
| 201323 | 0.75% | 0.83% | 1.18% | 1.10% | 52% |
| 273908 | 0.75% | 0.82% | 0.61% | 0.54% | 64% |

---

<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> 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

#### December 31, 2025
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 the NASDAQ Stock Market, LLC (the "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 (the "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

12.0 ------

#### NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND
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 year ended December 31, 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 December 31, 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 December 31, 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

**13**

------

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 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, the 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 December 31, 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

14.0 ------

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 December 31, 2025.

**f. 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.

**g. Foreign 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. During the year ended December 31, 2025, the income taxes, net of refunds

received, paid in foreign jurisdictions did not have a material impact to the Fund.

**h. 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.

**i. 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.

**j. Segment Reporting** Certain officers of the Fund, including the Fund's Principal Executive and Principal Financial officers, serve as the Fund's chief operating decision maker ("CODM") for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund's long-term strategic asset allocation is determined in accordance with Fund's investment objective and principal investment strategies as disclosed in the Fund's prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

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

**15**

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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 year ended December 31, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $220,071.

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 year ended December 31, 2025, the Fund incurred distribution fees in the amount of $364,321 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 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 year ended December 31, 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;90254251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132413929 |
| &nbsp;&nbsp;&nbsp;Sales | 60203945 | 182462379 |

---

**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

16.0 ------

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.

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, the Fund agrees to accept any mortgage-backed security that meets specified terms. Thus, the 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 the Fund to purchase the securities. The 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.

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

**f. Mortgage Dollar Rolls** The Fund may engage from time to time in mortgage dollar roll transactions, which involve a sale by the Fund of a mortgage-backed security concurrently with an agreement by the Fund to repurchase a similar security at a later date at an agreed-upon price. These transactions are typically used for short term financing. Pools of mortgage securities are used to collateralize mortgage dollar roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, the Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for the Fund. The Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Fund at the end of the roll transaction, while substantially similar, may be inferior to the securities initially sold by the Fund to the counterparty. The transactions involve the risk that the market price of mortgage-backed securities in a mortgage dollar roll transaction decline below the agreed-upon future repurchase price. Conversely, the market value of the securities subject to a Fund's forward sale commitment may increase above the exercise price of the forward commitment. Dollar rolls (and when-issued, delayed delivery and to-be-announced transactions) are speculative techniques that may result in leverage and increased volatility. These transactions may also increase risk associated with volatility and losses and are subject to counterparty risk. In addition, investment in mortgage dollar rolls may significantly increase the Fund's portfolio turnover rate.

**g. 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 December 31, 2025, the Fund did not

**17**

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hold any restricted, other than 144A restricted securities or illiquid securities.

**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 futures contracts for the year ended December 31, 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

18.0 ------

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 December 31, 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** | **Credit Default**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Asset Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>1</sup> | $4895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>1</sup> | $(169584) | $— |

---

<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 year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  | **Interest Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain/(Loss)** |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>1</sup> | $(36781) |
| &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> | $(100958) |
| &nbsp;&nbsp;&nbsp;**Average Number of Notional Amounts** | &nbsp;&nbsp;&nbsp;**Average Number of Notional Amounts** |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>3</sup> | 69 |

---

<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, or the threat or potential of one or more such events and 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 or political unrest, recessions, inflation, rapid interest rate changes,

supply chain disruptions, tariffs and other restrictions on trade) 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.

**l. 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

**19**

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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 14, 2026. The Fund did not utilize the credit facility during the year ended December 31, 2025.

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

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 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![LOGO](g100173g00s00.jpg)

#### To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

#### Guardian U.S. Government/Credit VIP Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian U.S. Government/Credit VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

**21**

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#### 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
Not applicable.

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**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](g100173g84s34.jpg)

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

PUB10527

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**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.
(a)(1) [The Code of Ethics that is the subject of disclosure required by Item 2 is attached hereto.](d102894dex99codeeth.htm)

(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.](d102894dex99cert.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.](d102894dex99906cert.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 Namiot |
|  | Keith Namiot, President |
|  | (Principal Executive Officer) |

---

Date: March 6, 2026

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 Namiot |
|  | Keith Namiot, President |
|  | (Principal Executive Officer) |

---

Date: March 6, 2026

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Larry Weiss |
|  | Larry Weiss, Treasurer |
|  | (Principal Financial and Accounting Officer) |

---

Date: March 6, 2026

## Ex-99.Code

**GUARDIAN VARIABLE PRODUCTS TRUST** 

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR** 

**FINANCIAL OFFICERS** 

**As revised November 28, 2017** 

**I. Covered Officers/Purpose of the Code** 

This code of ethics ("Code") for the series of Guardian Variable Products Trust (each, a "Fund," and collectively, the "Funds") applies to the Funds' Principal Executive Officer, Principal Financial and Accounting Officer and Fund Controller (the "Covered Officers"), each of whom is listed on Exhibit A. The purpose of the Code is to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to apparent as well as actual conflicts of interest. Any questions concerning the applicability or interpretation of the Code, and compliance therewith, should be directed to the Trust's Chief Legal Officer.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Funds. Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (the "Investment Company Act") and the Investment Advisers Act of 1940 (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds.

The Funds' and the investment adviser's compliance programs and procedures are reasonably designed to prevent, or identify and correct, violations of the securities laws, including the Investment Company Act and the Investment Advisers Act. This Code does not, and is not intended to, repeat or replace those programs and procedures. Although typically not presenting an opportunity for improper personal benefit, conflicts of interest usually arise from, or as a result of, the contractual relationship between the Funds and

------

the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the investment adviser and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Board of Trustees of Guardian Variable Products Trust ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides some examples of conflicts of interest under the Code. Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds. Each Covered Officer must <u>not</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit the Funds; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use material non-public knowledge of portfolio transactions made or
contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Following are some conflict of interest situations that should be discussed with the Chief Legal Officer of the Funds (the "Chief Legal Officer") if material:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any gifts in excess of $100;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Funds have current or prospective business
dealings unless such entertainment is business-related, or is reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Funds' service
providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

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The above are examples of types of conflicts of interest that may arise but this list is not intended to be all-inclusive. Each Covered Officer is expected to treat any appearance of impropriety as a potential conflict of interest that should be avoided or be the subject of a consultation with the Trust's Chief Legal Officer.

**III. Disclosure and Compliance** 

Each Covered Officer should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be familiar with the disclosure requirements generally applicable to the Funds and, to the extent appropriate
within his or her area of responsibility, consult with other officers and employees of the Funds and the investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds
file with, or submit to, the SEC and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or
outside the Funds, including to the Funds' directors and auditors, and to governmental regulators and self-regulatory organizations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board that he or she has received, read, and understands the Code and will comply with it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually to the Board any direct or indirect interest arising out of any transaction, contract,
arrangement or understanding between the Covered Officer or any of his or her immediate family members and: a Fund, Park Avenue Institutional Advisers LLC, a Fund's investment sub-adviser, any of their
officers or affiliates, or any person controlling, controlled by or under common control of any of the above entities, the value of which exceeds $60,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Chief Legal Officer promptly if he or she becomes aware of facts, and circumstances, that he or she
knows are a violation of this Code. Failure to do so is itself a violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for
reports of potential violations that are made in good faith.

The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in a particular situation. However, any approvals or waivers sought by a Covered Officer must be considered and approved by the Board. A committee of the Board may be appointed or authorized to consider any approvals or waivers ("Committee") and such Committee, at its discretion, may make a recommendation for approval or ratification by the Board.

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The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chief Legal Officer will take all appropriate actions to investigate any reported potential violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, no further action
is required to be taken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board,
which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss
the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's, sub-advisers' and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act, and the more detailed policies and procedures of those codes, are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the independent Trustees.

**VII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, including with respect to regulatory filing requirements, such matters shall not be disclosed to anyone other than the Chief Legal Officer, Fund counsel, the Board (and any committee of the Board) and counsel to the independent Trustees of Guardian Variable Products Trust.

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**VIII. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Funds, as to any fact, circumstance, or legal conclusion.

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**EXHIBIT A** 

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| | |
|:---|:---|
| Keith Namiot | Principal Executive Officer |
| Larry Weiss | Principal Financial and Accounting Officer |
| Joshua Lake | Fund Controller |

---

Updated as of: August 6, 2025

## Ex-99.Cert

CERTIFICATION

I, Keith 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: March 6, 2026 | <br> /s/ Keith Namiot |
|  | Keith 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: March 6, 2026 | <br> /s/ Larry Weiss |
|  | Larry Weiss, Treasurer |
|  | (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 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 December 31, 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: March 6, 2026 | /s/ Keith Namiot |
|  | Keith 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 December 31, 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: March 6, 2026 | /s/ Larry Weiss |
|  | Larry Weiss, Treasurer |
|  | (Principal Financial and Accounting Officer) |

---