# EDGAR Filing Document

**Accession Number:** 0001668512
**File Stem:** 0001410368-26-051487
**Filing Date:** 2026-5
**Character Count:** 844882
**Document Hash:** 7fba6005afc34118ea58c67cd103dee2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-051487.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001410368-26-051487

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**PERIOD START**: 20261231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23148
- **FILM NUMBER:** 261018897

**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 Core Fixed Income VIP Fund (Series ID: S000070433)

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

## Nport-Ex

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 99.4%** | **Common Stocks — 99.4%** | **Common Stocks — 99.4%** |
|  **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** |
|  Airbus SE (Netherlands) | 2310 | $433877 |
|  Boeing Co.<sup>(1)</sup> | 1857 | 369599 |
|  Northrop Grumman Corp. | 681 | 464605 |
|  RTX Corp. | 3175 | 612457 |
|  |  | **1880538** |
|  **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** |
|  FedEx Corp. | 1829 | 651453 |
|  |  | **651453** |
|  **Automobiles — 0.9%** | **Automobiles — 0.9%** | **Automobiles — 0.9%** |
|  General Motors Co. | 3475 | 258888 |
|  Tesla, Inc.<sup>(1)</sup> | 1558 | 579186 |
|  |  | **838074** |
|  **Banks — 2.4%** | **Banks — 2.4%** | **Banks — 2.4%** |
|  Bank of America Corp. | 9951 | 485111 |
|  Citigroup, Inc. | 9119 | 1034186 |
|  JPMorgan Chase & Co. | 2012 | 591850 |
|  PNC Financial Services Group, Inc. | 673 | 140044 |
|  |  | **2251191** |
|  **Beverages — 1.7%** | **Beverages — 1.7%** | **Beverages — 1.7%** |
|  Coca-Cola Co. | 13035 | 991312 |
|  Keurig Dr Pepper, Inc. | 8943 | 235469 |
|  PepsiCo, Inc. | 2076 | 322382 |
|  |  | **1549163** |
|  **Biotechnology — 2.0%** | **Biotechnology — 2.0%** | **Biotechnology — 2.0%** |
|  AbbVie, Inc. | 3300 | 717717 |
|  Amgen, Inc. | 485 | 170647 |
|  Gilead Sciences, Inc. | 2124 | 296022 |
|  Regeneron Pharmaceuticals, Inc. | 654 | 505307 |
|  Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 472 | 210767 |
|  |  | **1900460** |
|  **Broadline Retail — 4.2%** | **Broadline Retail — 4.2%** | **Broadline Retail — 4.2%** |
|  Amazon.com, Inc.<sup>(1)</sup> | 18626 | 3879237 |
|  |  | **3879237** |
|  **Building Products — 0.5%** | **Building Products — 0.5%** | **Building Products — 0.5%** |
|  Trane Technologies PLC | 1187 | 494670 |
|  |  | **494670** |
|  **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
|  Blackrock, Inc. | 416 | 400071 |
|  Charles Schwab Corp. | 6464 | 607487 |
|  CME Group, Inc. | 975 | 287966 |
|  KKR & Co., Inc. | 1980 | 183150 |
|  Nasdaq, Inc. | 3664 | 311037 |
|  TPG, Inc. | 6844 | 277251 |
|  |  | **2066962** |
|  **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
|  Corteva, Inc. | 5301 | 443747 |
|  Linde PLC | 281 | 139309 |
|  PPG Industries, Inc. | 2831 | 302577 |
|  |  | **885633** |
|  **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
|  Cintas Corp. | 1083 | 183179 |
|  |  | **183179** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Communications Equipment — 2.1%** | **Communications Equipment — 2.1%** | **Communications Equipment — 2.1%** |
|  Cisco Systems, Inc. | 24785 | $1923068 |
|  |  | **1923068** |
|  **Construction Materials — 0.7%** | **Construction Materials — 0.7%** | **Construction Materials — 0.7%** |
|  CRH PLC | 6009 | 631666 |
|  |  | **631666** |
|  **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
|  Capital One Financial Corp. | 4911 | 895914 |
|  |  | **895914** |
|  **Consumer Staples Distribution & Retail — 2.5%** | **Consumer Staples Distribution & Retail — 2.5%** | **Consumer Staples Distribution & Retail — 2.5%** |
|  Costco Wholesale Corp. | 940 | 936644 |
|  U.S. Foods Holding Corp.<sup>(1)</sup> | 1872 | 172617 |
|  Walmart, Inc. | 9874 | 1227141 |
|  |  | **2336402** |
|  **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
|  Constellation Energy Corp. | 524 | 146327 |
|  NextEra Energy, Inc. | 5515 | 512233 |
|  NRG Energy, Inc. | 3878 | 566731 |
|  PPL Corp. | 7032 | 268622 |
|  Xcel Energy, Inc. | 3506 | 278517 |
|  |  | **1772430** |
|  **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |
|  GE Vernova, Inc. | 837 | 730617 |
|  |  | **730617** |
|  **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
|  SLB Ltd. | 1608 | 82635 |
|  |  | **82635** |
|  **Entertainment — 2.7%** | **Entertainment — 2.7%** | **Entertainment — 2.7%** |
|  Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 3161 | 268748 |
|  Live Nation Entertainment, Inc.<sup>(1)</sup> | 3007 | 458598 |
|  Netflix, Inc.<sup>(1)</sup> | 6749 | 648916 |
|  Spotify Technology SA<sup>(1)</sup> | 725 | 351560 |
|  Walt Disney Co. | 7803 | 752053 |
|  |  | **2479875** |
|  **Financial Services — 4.0%** | **Financial Services — 4.0%** | **Financial Services — 4.0%** |
|  Apollo Global Management, Inc. | 3752 | 418048 |
|  Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 2291 | 1097847 |
|  Corebridge Financial, Inc. | 3154 | 75255 |
|  Mastercard, Inc., Class A | 2611 | 1304612 |
|  Visa, Inc., Class A | 2680 | 810003 |
|  |  | **3705765** |
|  **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
|  Union Pacific Corp. | 1451 | 352042 |
|  |  | **352042** |
|  **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** |
|  Abbott Laboratories | 1253 | 128646 |
|  Becton Dickinson & Co. | 1452 | 228298 |
|  Boston Scientific Corp.<sup>(1)</sup> | 5878 | 368844 |
|  Dexcom, Inc.<sup>(1)</sup> | 2717 | 170628 |
|  Edwards Lifesciences Corp.<sup>(1)</sup> | 1924 | 154074 |
|  Intuitive Surgical, Inc.<sup>(1)</sup> | 772 | 355884 |
|  Medtronic PLC | 790 | 68454 |
|  Stryker Corp. | 282 | 92662 |
|  |  | **1567490** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** |
|  Cardinal Health, Inc. | 698 | $147494 |
|  CVS Health Corp. | 2357 | 169280 |
|  HCA Healthcare, Inc. | 332 | 157116 |
|  McKesson Corp. | 714 | 617867 |
|  UnitedHealth Group, Inc. | 1947 | 526839 |
|  |  | **1618596** |
|  **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |
|  Welltower, Inc. | 2560 | 506138 |
|  |  | **506138** |
|  **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** |
|  Airbnb, Inc., Class A<sup>(1)</sup> | 1787 | 225662 |
|  Booking Holdings, Inc. | 47 | 197885 |
|  Hilton Worldwide Holdings, Inc. | 729 | 221674 |
|  McDonald's Corp. | 1304 | 405270 |
|  Royal Caribbean Cruises Ltd. | 802 | 220694 |
|  Starbucks Corp. | 1713 | 153468 |
|  Viking Holdings Ltd.<sup>(1)</sup> | 2279 | 167461 |
|  Yum! Brands, Inc. | 1218 | 189375 |
|  |  | **1781489** |
|  **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
|  PulteGroup, Inc. | 1113 | 130900 |
|  |  | **130900** |
|  **Household Products — 0.6%** | **Household Products — 0.6%** | **Household Products — 0.6%** |
|  Procter & Gamble Co. | 3522 | 508718 |
|  |  | **508718** |
|  **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** |
|  Honeywell International, Inc. | 3841 | 868181 |
|  |  | **868181** |
|  **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** |
|  Prologis, Inc. | 3903 | 515898 |
|  |  | **515898** |
|  **Insurance — 2.7%** | **Insurance — 2.7%** | **Insurance — 2.7%** |
|  Allstate Corp. | 3624 | 751400 |
|  American International Group, Inc. | 5563 | 418616 |
|  Aon PLC, Class A | 1170 | 377653 |
|  Arch Capital Group Ltd.<sup>(1)</sup> | 3022 | 290082 |
|  Assured Guaranty Ltd. | 1017 | 82865 |
|  AXA SA (France) | 1909 | 87519 |
|  Prudential PLC (United Kingdom) | 21122 | 294553 |
|  Unum Group | 2781 | 203097 |
|  |  | **2505785** |
|  **Interactive Media & Services — 7.3%** | **Interactive Media & Services — 7.3%** | **Interactive Media & Services — 7.3%** |
|  Alphabet, Inc., Class A | 16290 | 4684352 |
|  Meta Platforms, Inc., Class A | 3661 | 2094568 |
|  |  | **6778920** |
|  **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
|  Snowflake, Inc.<sup>(1)</sup> | 1973 | 297568 |
|  |  | **297568** |
|  **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** |
|  Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 1422 | 396382 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Life Sciences Tools & Services — (continued)** | **Life Sciences Tools & Services — (continued)** | **Life Sciences Tools & Services — (continued)** |
|  Danaher Corp. | 520 | 98592 |
|  Thermo Fisher Scientific, Inc. | 1707 | 839042 |
|  |  | **1334016** |
|  **Machinery — 1.4%** | **Machinery — 1.4%** | **Machinery — 1.4%** |
|  Fortive Corp. | 8036 | 444230 |
|  Ingersoll Rand, Inc. | 4176 | 334581 |
|  Otis Worldwide Corp. | 7179 | 553357 |
|  |  | **1332168** |
|  **Metals & Mining — 0.6%** | **Metals & Mining — 0.6%** | **Metals & Mining — 0.6%** |
|  Barrick Mining Corp. | 5449 | 222265 |
|  Glencore PLC (United Kingdom)<sup>(1)</sup> | 43095 | 328384 |
|  |  | **550649** |
|  **Multi-Utilities — 0.7%** | **Multi-Utilities — 0.7%** | **Multi-Utilities — 0.7%** |
|  Ameren Corp. | 3725 | 409452 |
|  CenterPoint Energy, Inc. | 5519 | 238200 |
|  |  | **647652** |
|  **Oil, Gas & Consumable Fuels — 4.6%** | **Oil, Gas & Consumable Fuels — 4.6%** | **Oil, Gas & Consumable Fuels — 4.6%** |
|  Antero Resources Corp.<sup>(1)</sup> | 4340 | 184190 |
|  BP PLC (United Kingdom) | 29909 | 235760 |
|  Cenovus Energy, Inc. (Canada) | 20464 | 543118 |
|  ConocoPhillips | 7043 | 929676 |
|  Exxon Mobil Corp. | 12168 | 2064423 |
|  Shell PLC (United Kingdom) | 6836 | 319219 |
|  |  | **4276386** |
|  **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** |
|  Southwest Airlines Co. | 6608 | 248263 |
|  |  | **248263** |
|  **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** |
|  Bristol-Myers Squibb Co. | 3838 | 232775 |
|  Eli Lilly & Co. | 1507 | 1386093 |
|  Johnson & Johnson | 3627 | 886584 |
|  Merck & Co., Inc. | 4196 | 504737 |
|  Pfizer, Inc. | 4397 | 123468 |
|  |  | **3133657** |
|  **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
|  CBRE Group, Inc., Class A<sup>(1)</sup> | 1043 | 141285 |
|  |  | **141285** |
|  **Semiconductors & Semiconductor Equipment — 17.8%** | **Semiconductors & Semiconductor Equipment — 17.8%** | **Semiconductors & Semiconductor Equipment — 17.8%** |
|  Advanced Micro Devices, Inc.<sup>(1)</sup> | 5862 | 1192507 |
|  Analog Devices, Inc. | 6306 | 2006191 |
|  Broadcom, Inc. | 9365 | 2898561 |
|  Lam Research Corp. | 11762 | 2513069 |
|  Marvell Technology, Inc. | 18080 | 1790824 |
|  NVIDIA Corp. | 34908 | 6087955 |
|  |  | **16489107** |
|  **Software — 7.7%** | **Software — 7.7%** | **Software — 7.7%** |
|  Microsoft Corp. | 13841 | 5123523 |
|  Oracle Corp. | 8348 | 1228074 |
|  Palantir Technologies, Inc., Class A<sup>(1)</sup> | 5590 | 817705 |
|  |  | **7169302** |
|  **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |
|  American Tower Corp. | 4906 | 846677 |
|  |  | **846677** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |
|  Home Depot, Inc. | 1259 | $414072 |
|  Lowe's Cos., Inc. | 1196 | 282591 |
|  O'Reilly Automotive, Inc.<sup>(1)</sup> | 2402 | 221729 |
|  TJX Cos., Inc. | 3351 | 535155 |
|  Ulta Beauty, Inc.<sup>(1)</sup> | 292 | 152631 |
|  |  | **1606178** |
|  **Technology Hardware, Storage & Peripherals — 5.0%** | **Technology Hardware, Storage & Peripherals — 5.0%** | **Technology Hardware, Storage & Peripherals — 5.0%** |
|  Apple, Inc. | 17349 | 4403003 |
|  Everpure, Inc., Class A<sup>(1)</sup> | 4665 | 275421 |
|  |  | **4678424** |
|  **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
|  Amer Sports, Inc.<sup>(1)</sup> | 3143 | 103468 |
|  On Holding AG, Class A<sup>(1)</sup> | 2757 | 93793 |
|  Ralph Lauren Corp. | 392 | 134844 |
|  |  | **332105** |
|  **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
|  Philip Morris International, Inc. | 3309 | 547110 |
|  |  | **547110** |
|  **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
|  United Rentals, Inc. | 508 | 370108 |
|  |  | **370108** |
|  **Total Common Stocks** <br> (Cost $65,421,908) | **Total Common Stocks** <br> (Cost $65,421,908) | **92273744** |
|  | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 0.5%** | **Repurchase Agreements — 0.5%** | **Repurchase Agreements — 0.5%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $440,573, due 4/1/2026<sup>(2)</sup> | $440561 | 440561 |
|  **Total Repurchase Agreements** <br> (Cost $440,561) | **Total Repurchase Agreements** <br> (Cost $440,561) | **440561** |
|  **Total Investments — 99.9%** <br> (Cost $65,862,469) | **Total Investments — 99.9%** <br> (Cost $65,862,469) | **92714305** |
|  **Assets in excess of other liabilities — 0.1%** | **Assets in excess of other liabilities — 0.1%** | **98896** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**92813201** |

---

(1) Non–income–producing security.

(2) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  U.S. Treasury Note | 3.625% | 8/31/2029 | $452000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449514 |

---

**Legend:** 

REITs — Real Estate Investment Trusts

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $90574432 | $1699312 \* | $— | $92273744 |
|  Repurchase Agreements |  | 440561 |  | 440561 |
|  **Total** | $**90574432** | $**2139873** | $**—** | $**92714305** |

---

\* Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Notes to Schedule of Investments). These investments in securities were classified as Level 2 rather than Level 1.

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN GROWTH & INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 98.1%** | **Common Stocks — 98.1%** | **Common Stocks — 98.1%** |
|  **Aerospace & Defense — 4.4%** | **Aerospace & Defense — 4.4%** | **Aerospace & Defense — 4.4%** |
|  Curtiss-Wright Corp. | 873 | $594618 |
|  RTX Corp. | 17525 | 3380572 |
|  |  | **3975190** |
|  **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** |
|  BorgWarner, Inc. | 7981 | 433049 |
|  |  | **433049** |
|  **Banks — 7.2%** | **Banks — 7.2%** | **Banks — 7.2%** |
|  Citigroup, Inc. | 12063 | 1368065 |
|  East West Bancorp, Inc. | 6679 | 713050 |
|  JPMorgan Chase & Co. | 10579 | 3111919 |
|  Wells Fargo & Co. | 16302 | 1297802 |
|  |  | **6490836** |
|  **Biotechnology — 4.3%** | **Biotechnology — 4.3%** | **Biotechnology — 4.3%** |
|  Gilead Sciences, Inc. | 10357 | 1443455 |
|  Regeneron Pharmaceuticals, Inc. | 2142 | 1654995 |
|  United Therapeutics Corp.<sup>(1)</sup> | 1267 | 751306 |
|  |  | **3849756** |
|  **Building Products — 1.5%** | **Building Products — 1.5%** | **Building Products — 1.5%** |
|  Allegion PLC | 3980 | 578254 |
|  Owens Corning | 7119 | 770418 |
|  |  | **1348672** |
|  **Capital Markets — 1.2%** | **Capital Markets — 1.2%** | **Capital Markets — 1.2%** |
|  Raymond James Financial, Inc. | 4899 | 709326 |
|  S&P Global, Inc. | 881 | 374725 |
|  |  | **1084051** |
|  **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
|  CF Industries Holdings, Inc. | 3036 | 394194 |
|  |  | **394194** |
|  **Commercial Services & Supplies — 1.3%** | **Commercial Services & Supplies — 1.3%** | **Commercial Services & Supplies — 1.3%** |
|  Veralto Corp. | 13533 | 1196588 |
|  |  | **1196588** |
|  **Communications Equipment — 2.4%** | **Communications Equipment — 2.4%** | **Communications Equipment — 2.4%** |
|  Cisco Systems, Inc. | 27440 | 2129070 |
|  |  | **2129070** |
|  **Consumer Staples Distribution & Retail — 5.4%** | **Consumer Staples Distribution & Retail — 5.4%** | **Consumer Staples Distribution & Retail — 5.4%** |
|  Casey's General Stores, Inc. | 1385 | 1008086 |
|  Target Corp. | 6923 | 839067 |
|  U.S. Foods Holding Corp.<sup>(1)</sup> | 7551 | 696278 |
|  Walmart, Inc. | 18867 | 2344791 |
|  |  | **4888222** |
|  **Distributors — 1.4%** | **Distributors — 1.4%** | **Distributors — 1.4%** |
|  Genuine Parts Co. | 3847 | 406821 |
|  Pool Corp. | 4146 | 838860 |
|  |  | **1245681** |
|  **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** |
|  AT&T, Inc. | 43001 | 1246599 |
|  |  | **1246599** |
|  **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
|  Generac Holdings, Inc.<sup>(1)</sup> | 3153 | 615876 |
|  nVent Electric PLC | 4122 | 487550 |
|  |  | **1103426** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN GROWTH & INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Electronic Equipment, Instruments & Components — 1.3%** | **Electronic Equipment, Instruments & Components — 1.3%** | **Electronic Equipment, Instruments & Components — 1.3%** |
|  Flex Ltd.<sup>(1)</sup> | 5115 | $334828 |
|  Zebra Technologies Corp., Class A<sup>(1)</sup> | 4006 | 837574 |
|  |  | **1172402** |
|  **Energy Equipment & Services — 1.4%** | **Energy Equipment & Services — 1.4%** | **Energy Equipment & Services — 1.4%** |
|  Cactus, Inc., Class A | 10067 | 476874 |
|  SLB Ltd. | 14567 | 748598 |
|  |  | **1225472** |
|  **Entertainment — 1.5%** | **Entertainment — 1.5%** | **Entertainment — 1.5%** |
|  Walt Disney Co. | 13648 | 1315394 |
|  |  | **1315394** |
|  **Financial Services — 6.6%** | **Financial Services — 6.6%** | **Financial Services — 6.6%** |
|  Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 7329 | 3512057 |
|  Jack Henry & Associates, Inc. | 6640 | 1049386 |
|  Mastercard, Inc., Class A | 2744 | 1371067 |
|  |  | **5932510** |
|  **Ground Transportation — 3.2%** | **Ground Transportation — 3.2%** | **Ground Transportation — 3.2%** |
|  CSX Corp. | 23986 | 984625 |
|  JB Hunt Transport Services, Inc. | 3541 | 750338 |
|  Landstar System, Inc. | 7498 | 1202005 |
|  |  | **2936968** |
|  **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** |
|  Align Technology, Inc.<sup>(1)</sup> | 3659 | 627262 |
|  GE HealthCare Technologies, Inc. | 12738 | 906691 |
|  ResMed, Inc. | 4169 | 935857 |
|  |  | **2469810** |
|  **Health Care Providers & Services — 4.8%** | **Health Care Providers & Services — 4.8%** | **Health Care Providers & Services — 4.8%** |
|  Cencora, Inc. | 2205 | 692679 |
|  HCA Healthcare, Inc. | 1397 | 661116 |
|  Quest Diagnostics, Inc. | 7063 | 1384207 |
|  UnitedHealth Group, Inc. | 6058 | 1639234 |
|  |  | **4377236** |
|  **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** |
|  Yum! Brands, Inc. | 7588 | 1179782 |
|  |  | **1179782** |
|  **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** |
|  Axis Capital Holdings Ltd. | 8000 | 811280 |
|  Progressive Corp. | 4191 | 830824 |
|  |  | **1642104** |
|  **Interactive Media & Services — 4.2%** | **Interactive Media & Services — 4.2%** | **Interactive Media & Services — 4.2%** |
|  Alphabet, Inc., Class C | 8136 | 2333893 |
|  Meta Platforms, Inc., Class A | 2516 | 1439479 |
|  |  | **3773372** |
|  **Life Sciences Tools & Services — 2.6%** | **Life Sciences Tools & Services — 2.6%** | **Life Sciences Tools & Services — 2.6%** |
|  Agilent Technologies, Inc. | 11119 | 1267344 |
|  Charles River Laboratories International, Inc.<sup>(1)</sup> | 6301 | 1086922 |
|  |  | **2354266** |
|  **Machinery — 4.9%** | **Machinery — 4.9%** | **Machinery — 4.9%** |
|  Allison Transmission Holdings, Inc. | 5220 | 611053 |
|  ITT, Inc. | 5405 | 1029815 |
|  Otis Worldwide Corp. | 6511 | 501868 |
|  PACCAR, Inc. | 11691 | 1350311 |
|  Westinghouse Air Brake Technologies Corp. | 3809 | 951907 |
|  |  | **4444954** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN GROWTH & INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Metals & Mining — 1.3%** | **Metals & Mining — 1.3%** | **Metals & Mining — 1.3%** |
|  Freeport-McMoRan, Inc. | 4758 | $279675 |
|  Steel Dynamics, Inc. | 5015 | 902700 |
|  |  | **1182375** |
|  **Oil, Gas & Consumable Fuels — 7.6%** | **Oil, Gas & Consumable Fuels — 7.6%** | **Oil, Gas & Consumable Fuels — 7.6%** |
|  APA Corp. | 19691 | 835686 |
|  Chevron Corp. | 11900 | 2462110 |
|  ConocoPhillips | 10080 | 1330560 |
|  EOG Resources, Inc. | 11713 | 1693348 |
|  Phillips 66 | 2904 | 529051 |
|  |  | **6850755** |
|  **Pharmaceuticals — 4.3%** | **Pharmaceuticals — 4.3%** | **Pharmaceuticals — 4.3%** |
|  Johnson & Johnson | 16075 | 3929373 |
|  |  | **3929373** |
|  **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
|  Paycom Software, Inc. | 3495 | 424782 |
|  |  | **424782** |
|  **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** |
|  Jones Lang LaSalle, Inc.<sup>(1)</sup> | 2829 | 860921 |
|  |  | **860921** |
|  **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5271 | 1781334 |
|  Texas Instruments, Inc. | 9668 | 1876946 |
|  |  | **3658280** |
|  **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
|  Salesforce, Inc. | 2385 | 445208 |
|  |  | **445208** |
|  **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
|  Public Storage | 2355 | 637922 |
|  |  | **637922** |
|  **Specialty Retail — 4.7%** | **Specialty Retail — 4.7%** | **Specialty Retail — 4.7%** |
|  Dick's Sporting Goods, Inc. | 5804 | 1150875 |
|  Lowe's Cos., Inc. | 8130 | 1920957 |
|  Ross Stores, Inc. | 5237 | 1134491 |
|  |  | **4206323** |
|  **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** |
|  NetApp, Inc. | 7989 | 817994 |
|  |  | **817994** |
|  **Tobacco — 3.2%** | **Tobacco — 3.2%** | **Tobacco — 3.2%** |
|  Philip Morris International, Inc. | 17542 | 2900394 |
|  |  | **2900394** |
|  **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** |
|  MSC Industrial Direct Co., Inc., Class A | 5852 | 539964 |
|  |  | **539964** |
|  **Total Common Stocks** <br> (Cost $67,593,973) | **Total Common Stocks** <br> (Cost $67,593,973) | **88663895** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN GROWTH & INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Repurchase Agreements — 2.0%** | **Repurchase Agreements — 2.0%** | **Repurchase Agreements — 2.0%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $1,799,870, due 4/1/2026<sup>(2)</sup> | $1799817 | $1799817 |
|  **Total Repurchase Agreements** <br> (Cost $1,799,817) | **Total Repurchase Agreements** <br> (Cost $1,799,817) | **1799817** |
|  **Total Investments — 100.1%** <br> (Cost $69,393,790) | **Total Investments — 100.1%** <br> (Cost $69,393,790) | **90463712** |
|  **Liabilities in excess of other assets — (0.1)%** | **Liabilities in excess of other assets — (0.1)%** | **(51329)** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**90412383** |

---

(1) Non–income–producing security.

(2) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity<br>Date** | **Principal**<br>**Amount** | **Value** |
|  U.S. Treasury Note | 3.625% | 8/31/2029 | $1846300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835896 |

---

**Legend:** 

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN GROWTH & INCOME VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $88663895 | $— | $— | $88663895 |
|  Repurchase Agreements |  | 1799817 |  | 1799817 |
|  **Total** | $**88663895** | $**1799817** | $**—** | $**90463712** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTEGRATED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
|  **Aerospace & Defense — 4.6%** | **Aerospace & Defense — 4.6%** | **Aerospace & Defense — 4.6%** |
|  Boeing Co.<sup>(1)</sup> | 10392 | $2068320 |
|  FTAI Aviation Ltd. | 4735 | 1160075 |
|  General Electric Co. | 8754 | 2484123 |
|  L3Harris Technologies, Inc. | 5880 | 2029482 |
|  RTX Corp. | 13108 | 2528533 |
|  |  | **10270533** |
|  **Automobiles — 0.8%** | **Automobiles — 0.8%** | **Automobiles — 0.8%** |
|  Tesla, Inc.<sup>(1)</sup> | 4694 | 1744994 |
|  |  | **1744994** |
|  **Banks — 3.6%** | **Banks — 3.6%** | **Banks — 3.6%** |
|  JPMorgan Chase & Co. | 16712 | 4916002 |
|  Wells Fargo & Co. | 38624 | 3074857 |
|  |  | **7990859** |
|  **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
|  Monster Beverage Corp.<sup>(1)</sup> | 18362 | 1330511 |
|  |  | **1330511** |
|  **Biotechnology — 2.6%** | **Biotechnology — 2.6%** | **Biotechnology — 2.6%** |
|  Gilead Sciences, Inc. | 16357 | 2279675 |
|  United Therapeutics Corp.<sup>(1)</sup> | 2733 | 1620615 |
|  Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 4382 | 1956738 |
|  |  | **5857028** |
|  **Broadline Retail — 4.8%** | **Broadline Retail — 4.8%** | **Broadline Retail — 4.8%** |
|  Amazon.com, Inc.<sup>(1)</sup> | 51486 | 10722989 |
|  |  | **10722989** |
|  **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
|  Builders FirstSource, Inc.<sup>(1)</sup> | 10072 | 829228 |
|  |  | **829228** |
|  **Capital Markets — 4.0%** | **Capital Markets — 4.0%** | **Capital Markets — 4.0%** |
|  Goldman Sachs Group, Inc. | 3595 | 3041334 |
|  Intercontinental Exchange, Inc. | 14742 | 2318622 |
|  KKR & Co., Inc. | 14834 | 1372145 |
|  Nasdaq, Inc. | 25430 | 2158752 |
|  |  | **8890853** |
|  **Chemicals — 2.2%** | **Chemicals — 2.2%** | **Chemicals — 2.2%** |
|  Linde PLC | 5463 | 2708337 |
|  Sherwin-Williams Co. | 6737 | 2159545 |
|  |  | **4867882** |
|  **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
|  Republic Services, Inc. | 3906 | 855492 |
|  |  | **855492** |
|  **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
|  Cisco Systems, Inc. | 9948 | 771865 |
|  |  | **771865** |
|  **Consumer Staples Distribution & Retail — 3.1%** | **Consumer Staples Distribution & Retail — 3.1%** | **Consumer Staples Distribution & Retail — 3.1%** |
|  BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 18119 | 1783272 |
|  Casey's General Stores, Inc. | 1532 | 1115081 |
|  Walmart, Inc. | 31195 | 3876915 |
|  |  | **6775268** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTEGRATED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Distributors — 0.5%** | **Distributors — 0.5%** | **Distributors — 0.5%** |
|  Pool Corp. | 5656 | $1144378 |
|  |  | **1144378** |
|  **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
|  Eaton Corp. PLC | 4040 | 1444987 |
|  GE Vernova, Inc. | 1493 | 1303239 |
|  |  | **2748226** |
|  **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** |
|  Corning, Inc. | 16083 | 2186806 |
|  |  | **2186806** |
|  **Entertainment — 2.1%** | **Entertainment — 2.1%** | **Entertainment — 2.1%** |
|  Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 14720 | 1251495 |
|  Netflix, Inc.<sup>(1)</sup> | 36308 | 3491014 |
|  |  | **4742509** |
|  **Financial Services — 1.9%** | **Financial Services — 1.9%** | **Financial Services — 1.9%** |
|  Mastercard, Inc., Class A | 8313 | 4153674 |
|  |  | **4153674** |
|  **Gas Utilities — 0.9%** | **Gas Utilities — 0.9%** | **Gas Utilities — 0.9%** |
|  Atmos Energy Corp. | 10900 | 2013448 |
|  |  | **2013448** |
|  **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** |
|  Abbott Laboratories | 26139 | 2683691 |
|  Edwards Lifesciences Corp.<sup>(1)</sup> | 23690 | 1897095 |
|  |  | **4580786** |
|  **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** |
|  HCA Healthcare, Inc. | 2063 | 976294 |
|  |  | **976294** |
|  **Health Care REITs — 1.2%** | **Health Care REITs — 1.2%** | **Health Care REITs — 1.2%** |
|  Welltower, Inc. | 13460 | 2661177 |
|  |  | **2661177** |
|  **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** |
|  Veeva Systems, Inc., Class A<sup>(1)</sup> | 6561 | 1152505 |
|  |  | **1152505** |
|  **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** |
|  Marriott International, Inc., Class A | 5787 | 1892754 |
|  |  | **1892754** |
|  **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
|  Arthur J Gallagher & Co. | 9409 | 2037801 |
|  Chubb Ltd. | 7100 | 2314103 |
|  |  | **4351904** |
|  **Interactive Media & Services — 9.0%** | **Interactive Media & Services — 9.0%** | **Interactive Media & Services — 9.0%** |
|  Alphabet, Inc., Class A | 47327 | 13609352 |
|  Meta Platforms, Inc., Class A | 11040 | 6316315 |
|  |  | **19925667** |
|  **Machinery — 2.2%** | **Machinery — 2.2%** | **Machinery — 2.2%** |
|  Cummins, Inc. | 2692 | 1448350 |
|  ITT, Inc. | 9673 | 1842997 |
|  Parker-Hannifin Corp. | 1846 | 1652613 |
|  |  | **4943960** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTEGRATED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
|  EchoStar Corp., Class A<sup>(1)</sup> | 6952 | $813871 |
|  |  | **813871** |
|  **Multi-Utilities — 1.9%** | **Multi-Utilities — 1.9%** | **Multi-Utilities — 1.9%** |
|  Dominion Energy, Inc. | 37713 | 2331418 |
|  WEC Energy Group, Inc. | 15668 | 1813884 |
|  |  | **4145302** |
|  **Oil, Gas & Consumable Fuels — 4.3%** | **Oil, Gas & Consumable Fuels — 4.3%** | **Oil, Gas & Consumable Fuels — 4.3%** |
|  Diamondback Energy, Inc. | 8094 | 1600912 |
|  EOG Resources, Inc. | 7905 | 1142826 |
|  Exxon Mobil Corp. | 16149 | 2739839 |
|  Phillips 66 | 5127 | 934037 |
|  Targa Resources Corp. | 6047 | 1516164 |
|  Williams Cos., Inc. | 21562 | 1569283 |
|  |  | **9503061** |
|  **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** |
|  Eli Lilly & Co. | 5246 | 4825113 |
|  Merck & Co., Inc. | 26530 | 3191294 |
|  |  | **8016407** |
|  **Semiconductors & Semiconductor Equipment — 15.3%** | **Semiconductors & Semiconductor Equipment — 15.3%** | **Semiconductors & Semiconductor Equipment — 15.3%** |
|  Advanced Micro Devices, Inc.<sup>(1)</sup> | 13240 | 2693413 |
|  Broadcom, Inc. | 22968 | 7108826 |
|  KLA Corp. | 1718 | 2529600 |
|  Micron Technology, Inc. | 5015 | 1694268 |
|  NVIDIA Corp. | 107460 | 18741024 |
|  NXP Semiconductors NV | 5634 | 1109109 |
|  |  | **33876240** |
|  **Software — 8.6%** | **Software — 8.6%** | **Software — 8.6%** |
|  AppLovin Corp., Class A<sup>(1)</sup> | 1176 | 468048 |
|  Intuit, Inc. | 2128 | 920105 |
|  Microsoft Corp. | 33246 | 12306672 |
|  Oracle Corp. | 13184 | 1939498 |
|  Palantir Technologies, Inc., Class A<sup>(1)</sup> | 8110 | 1186331 |
|  PTC, Inc.<sup>(1)</sup> | 7764 | 1106292 |
|  Trimble, Inc.<sup>(1)</sup> | 18700 | 1219801 |
|  |  | **19146747** |
|  **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** |
|  AutoZone, Inc.<sup>(1)</sup> | 576 | 1945601 |
|  Dick's Sporting Goods, Inc. | 5680 | 1126287 |
|  Lowe's Cos., Inc. | 11066 | 2614675 |
|  Wayfair, Inc., Class A<sup>(1)</sup> | 14301 | 1075578 |
|  |  | **6762141** |
|  **Technology Hardware, Storage & Peripherals — 7.2%** | **Technology Hardware, Storage & Peripherals — 7.2%** | **Technology Hardware, Storage & Peripherals — 7.2%** |
|  Apple, Inc. | 62854 | 15951717 |
|  |  | **15951717** |
|  **Tobacco — 1.0%** | **Tobacco — 1.0%** | **Tobacco — 1.0%** |
|  Philip Morris International, Inc. | 13629 | 2253419 |
|  |  | **2253419** |
|  **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** |
|  Ferguson Enterprises, Inc. | 7061 | 1647049 |
|  |  | **1647049** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTEGRATED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** |
|  T-Mobile U.S., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6501 | $1365405 |
|  |  | **1365405** |
|  **Total Common Stocks** <br> (Cost $158,623,755) | **Total Common Stocks** <br> (Cost $158,623,755) | **221862949** |
|  **Total Investments — 99.9%** <br> (Cost $158,623,755) | **Total Investments — 99.9%** <br> (Cost $158,623,755) | **221862949** |
|  **Assets in excess of other liabilities — 0.1%** | **Assets in excess of other liabilities — 0.1%** | **139738** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**222002687** |

---

(1) Non–income–producing security.

**Legend:** 

REITs — Real Estate Investment Trusts

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTEGRATED RESEARCH VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221862949 | $— | $— | $221862949 |
|  **Total** | $**221862949** | $**—** | $**—** | $**221862949** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 98.5%** | **Common Stocks — 98.5%** | **Common Stocks — 98.5%** |
|  **Australia — 1.8%** | **Australia — 1.8%** | **Australia — 1.8%** |
|  Brambles Ltd. | 21449 | $335161 |
|  Telstra Group Ltd. | 229959 | 846949 |
|  |  | **1182110** |
|  **Belgium — 1.0%** | **Belgium — 1.0%** | **Belgium — 1.0%** |
|  UCB SA | 2163 | 651519 |
|  |  | **651519** |
|  **Cayman Islands — 0.6%** | **Cayman Islands — 0.6%** | **Cayman Islands — 0.6%** |
|  Sea Ltd., ADR<sup>(1)</sup> | 4310 | 356911 |
|  |  | **356911** |
|  **Denmark — 3.4%** | **Denmark — 3.4%** | **Denmark — 3.4%** |
|  DSV A/S | 5054 | 1207422 |
|  Novonesis (Novozymes) B | 16488 | 975591 |
|  |  | **2183013** |
|  **France — 14.3%** | **France — 14.3%** | **France — 14.3%** |
|  Air Liquide SA | 10323 | 2126541 |
|  Capgemini SE | 3317 | 387707 |
|  EssilorLuxottica SA | 4156 | 967248 |
|  Kering SA | 1221 | 369214 |
|  Legrand SA | 7150 | 1104852 |
|  Safran SA | 6804 | 2225201 |
|  Schneider Electric SE | 5414 | 1487064 |
|  SPIE SA | 8924 | 446213 |
|  |  | **9114040** |
|  **Germany — 5.7%** | **Germany — 5.7%** | **Germany — 5.7%** |
|  Bilfinger SE | 2522 | 285558 |
|  Muenchener Rueckversicherungs-Gesellschaft AG | 1153 | 718237 |
|  RWE AG | 9591 | 638797 |
|  SAP SE | 1793 | 303435 |
|  Scout24 SE<sup>(2)</sup> | 4290 | 328706 |
|  Siemens Energy AG | 8150 | 1341291 |
|  |  | **3616024** |
|  **Hong Kong — 3.5%** | **Hong Kong — 3.5%** | **Hong Kong — 3.5%** |
|  AIA Group Ltd. | 100400 | 1127879 |
|  Hong Kong Exchanges & Clearing Ltd. | 22100 | 1120145 |
|  |  | **2248024** |
|  **Ireland — 1.4%** | **Ireland — 1.4%** | **Ireland — 1.4%** |
|  Ryanair Holdings PLC, ADR | 15506 | 896247 |
|  |  | **896247** |
|  **Italy — 1.5%** | **Italy — 1.5%** | **Italy — 1.5%** |
|  Prysmian SpA | 8340 | 975228 |
|  |  | **975228** |
|  **Japan — 22.8%** | **Japan — 22.8%** | **Japan — 22.8%** |
|  Advantest Corp. | 4300 | 581771 |
|  Ajinomoto Co., Inc. | 30100 | 843962 |
|  Asics Corp. | 11700 | 311118 |
|  Azbil Corp. | 71900 | 622137 |
|  Hitachi Ltd. | 61900 | 1809066 |
|  IHI Corp. | 34600 | 707149 |
|  JX Advanced Metals Corp. | 32600 | 708605 |
|  Kao Corp. | 16500 | 644740 |
|  Kinden Corp. | 15800 | 712996 |
|  Lasertec Corp. | 4800 | 1058349 |
|  Nintendo Co. Ltd. | 12900 | 736085 |
|  Penta-Ocean Construction Co. Ltd. | 57000 | 606016 |
|  Recruit Holdings Co. Ltd. | 17400 | 752740 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Japan — (continued)** | **Japan — (continued)** | **Japan — (continued)** |
|  Sanrio Co. Ltd. | 64000 | 394928 |
|  Sony Group Corp. | 49100 | 1012754 |
|  Sumitomo Electric Industries Ltd. | 16000 | 895923 |
|  Suzuki Motor Corp. | 47100 | 564304 |
|  Tokyo Electron Ltd. | 6400 | 1565133 |
|  |  | **14527776** |
|  **Luxembourg — 1.3%** | **Luxembourg — 1.3%** | **Luxembourg — 1.3%** |
|  Spotify Technology SA<sup>(1)</sup> | 1705 | 826772 |
|  |  | **826772** |
|  **Netherlands — 9.0%** | **Netherlands — 9.0%** | **Netherlands — 9.0%** |
|  Argenx SE<sup>(1)</sup> | 692 | 504199 |
|  ASML Holding NV | 2775 | 3673093 |
|  Ferrari NV | 1418 | 477966 |
|  Ferrovial SE | 8424 | 547715 |
|  SBM Offshore NV | 13207 | 525263 |
|  |  | **5728236** |
|  **Republic of Korea — 1.0%** | **Republic of Korea — 1.0%** | **Republic of Korea — 1.0%** |
|  Hanwha Aerospace Co. Ltd. | 779 | 634755 |
|  |  | **634755** |
|  **Singapore — 3.2%** | **Singapore — 3.2%** | **Singapore — 3.2%** |
|  DBS Group Holdings Ltd. | 29540 | 1312561 |
|  Singapore Exchange Ltd. | 45900 | 704283 |
|  |  | **2016844** |
|  **Spain — 2.8%** | **Spain — 2.8%** | **Spain — 2.8%** |
|  Indra Sistemas SA | 16901 | 931301 |
|  Industria de Diseno Textil SA | 14678 | 843926 |
|  |  | **1775227** |
|  **Switzerland — 4.7%** | **Switzerland — 4.7%** | **Switzerland — 4.7%** |
|  Cie Financiere Richemont SA, Reg S, Class A | 7764 | 1383489 |
|  UBS Group AG, Reg S | 21747 | 845828 |
|  VAT Group AG<sup>(2)</sup> | 1235 | 761860 |
|  |  | **2991177** |
|  **Taiwan — 2.3%** | **Taiwan — 2.3%** | **Taiwan — 2.3%** |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4420 | 1493739 |
|  |  | **1493739** |
|  **United Kingdom — 18.2%** | **United Kingdom — 18.2%** | **United Kingdom — 18.2%** |
|  3i Group PLC | 13445 | 440552 |
|  AstraZeneca PLC | 14304 | 2793830 |
|  British American Tobacco PLC | 11348 | 661029 |
|  Compass Group PLC | 45197 | 1255742 |
|  Haleon PLC | 177400 | 878117 |
|  InterContinental Hotels Group PLC | 7348 | 967746 |
|  London Stock Exchange Group PLC | 3137 | 370749 |
|  RELX PLC | 34421 | 1141862 |
|  Rolls-Royce Holdings PLC | 123913 | 1892270 |
|  SSE PLC | 21541 | 743682 |
|  Standard Chartered PLC | 24001 | 498449 |
|  |  | **11644028** |
|  **Total Common Stocks** <br> (Cost $49,943,226) | **Total Common Stocks** <br> (Cost $49,943,226) | **62861670** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 1.3%** | **Repurchase Agreements — 1.3%** | **Repurchase Agreements — 1.3%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $814,209, due 4/1/2026<sup>(3)</sup> | $814186 | $814186 |
|  **Total Repurchase Agreements** <br> (Cost $814,186) | **Total Repurchase Agreements** <br> (Cost $814,186) | **814186** |
|  **Total Investments — 99.8%** <br> (Cost $50,757,412) | **Total Investments — 99.8%** <br> (Cost $50,757,412) | **63675856** |
|  **Assets in excess of other liabilities — 0.2%** | **Assets in excess of other liabilities — 0.2%** | **99703** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**63775559** |

---

(1) Non–income–producing security.

(2) 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 March 31, 2026, the aggregate market value of these securities amounted to $1,090,566, 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.

(3) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>Security** | **<br>Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
|  U.S. Treasury Note | 1.00% | 7/31/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830497 |

---

**Legend:** 

ADR – American Depositary Receipt

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $1182110 <sup>\*</sup> | $— | $1182110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 651519 <sup>\*</sup> |  | 651519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands | 356911 |  |  | 356911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 2183013 <sup>\*</sup> |  | 2183013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 9114040 <sup>\*</sup> |  | 9114040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 3616024 <sup>\*</sup> |  | 3616024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 2248024 <sup>\*</sup> |  | 2248024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 896247 |  |  | 896247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 975228 <sup>\*</sup> |  | 975228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 14527776 <sup>\*</sup> |  | 14527776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 826772 |  |  | 826772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 5728236 <sup>\*</sup> |  | 5728236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea |  | 634755 <sup>\*</sup> |  | 634755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 2016844 <sup>\*</sup> |  | 2016844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 1775227 <sup>\*</sup> |  | 1775227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 2991177 <sup>\*</sup> |  | 2991177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 1493739 |  |  | 1493739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 11644028 <sup>\*</sup> |  | 11644028 |
|  Repurchase Agreements |  | 814186 |  | 814186 |
|  **Total** | $**3573669** | $**60102187** | $**—** | $**63675856** |

---

<sup>\*</sup> Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Notes to Schedule of Investments). These investments in securities were classified as Level 2 rather than Level 1.

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
|  **Australia — 1.1%** | **Australia — 1.1%** | **Australia — 1.1%** |
|  Rio Tinto Ltd. | 17961 | $2019424 |
|  |  | **2019424** |
|  **Austria — 1.1%** | **Austria — 1.1%** | **Austria — 1.1%** |
|  Erste Group Bank AG | 18639 | 2014051 |
|  |  | **2014051** |
|  **Belgium — 1.0%** | **Belgium — 1.0%** | **Belgium — 1.0%** |
|  UCB SA | 6222 | 1874135 |
|  |  | **1874135** |
|  **Canada — 1.6%** | **Canada — 1.6%** | **Canada — 1.6%** |
|  Nutrien Ltd. | 16569 | 1250745 |
|  Toronto-Dominion Bank | 17968 | 1678098 |
|  |  | **2928843** |
|  **Cayman Islands — 0.7%** | **Cayman Islands — 0.7%** | **Cayman Islands — 0.7%** |
|  Sea Ltd., ADR<sup>(1)</sup> | 7583 | 627948 |
|  Tencent Music Entertainment Group, ADR | 70892 | 657878 |
|  |  | **1285826** |
|  **China — 0.5%** | **China — 0.5%** | **China — 0.5%** |
|  Contemporary Amperex Technology Co. Ltd., Class A | 15100 | 885063 |
|  |  | **885063** |
|  **Denmark — 1.5%** | **Denmark — 1.5%** | **Denmark — 1.5%** |
|  Pandora AS | 6701 | 470646 |
|  Vestas Wind Systems AS | 71787 | 2149339 |
|  |  | **2619985** |
|  **France — 6.9%** | **France — 6.9%** | **France — 6.9%** |
|  Legrand SA | 16952 | 2619503 |
|  LVMH Moet Hennessy Louis Vuitton SE | 4574 | 2542527 |
|  Safran SA | 7601 | 2485854 |
|  Schneider Electric SE | 10409 | 2859041 |
|  TotalEnergies SE | 20885 | 1928380 |
|  |  | **12435305** |
|  **Germany — 7.9%** | **Germany — 7.9%** | **Germany — 7.9%** |
|  Allianz SE, Reg S | 6337 | 2625976 |
|  Bayerische Motoren Werke AG | 17307 | 1563072 |
|  Beiersdorf AG | 20501 | 1813774 |
|  Infineon Technologies AG | 56387 | 2477544 |
|  SAP SE | 17733 | 3001010 |
|  Siemens AG, Reg S | 8642 | 2049799 |
|  Siemens Healthineers AG<sup>(2)</sup> | 17381 | 729139 |
|  |  | **14260314** |
|  **Hong Kong — 2.4%** | **Hong Kong — 2.4%** | **Hong Kong — 2.4%** |
|  AIA Group Ltd. | 188800 | 2120951 |
|  BOC Hong Kong Holdings Ltd. | 235000 | 1294873 |
|  Techtronic Industries Co. Ltd. | 74500 | 991643 |
|  |  | **4407467** |
|  **India — 0.4%** | **India — 0.4%** | **India — 0.4%** |
|  HDFC Bank Ltd., ADR | 29003 | 721595 |
|  |  | **721595** |
|  **Indonesia — 0.3%** | **Indonesia — 0.3%** | **Indonesia — 0.3%** |
|  Bank Central Asia Tbk. PT | 1539800 | 589106 |
|  |  | **589106** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Ireland — 1.0%** | **Ireland — 1.0%** | **Ireland — 1.0%** |
|  Kingspan Group PLC | 21200 | $1789475 |
|  |  | **1789475** |
|  **Israel — 1.1%** | **Israel — 1.1%** | **Israel — 1.1%** |
|  Teva Pharmaceutical Industries Ltd., ADR<sup>(1)</sup> | 67472 | 2032257 |
|  |  | **2032257** |
|  **Italy — 2.0%** | **Italy — 2.0%** | **Italy — 2.0%** |
|  FinecoBank Banca Fineco SpA | 85169 | 1891003 |
|  Intesa Sanpaolo SpA | 275219 | 1672979 |
|  |  | **3563982** |
|  **Japan — 21.1%** | **Japan — 21.1%** | **Japan — 21.1%** |
|  Daikin Industries Ltd. | 11500 | 1395133 |
|  Fast Retailing Co. Ltd. | 5000 | 1990062 |
|  FUJIFILM Holdings Corp. | 57100 | 1085222 |
|  Hitachi Ltd. | 90900 | 2656609 |
|  Hoya Corp. | 10000 | 1724960 |
|  ITOCHU Corp. | 161500 | 2052732 |
|  Japan Exchange Group, Inc. | 142200 | 1651065 |
|  KDDI Corp. | 104800 | 1794690 |
|  Keyence Corp. | 3600 | 1274959 |
|  Mitsubishi Electric Corp. | 58000 | 1894134 |
|  Mitsubishi Estate Co. Ltd. | 54700 | 1513622 |
|  Mitsubishi UFJ Financial Group, Inc. | 259500 | 4384426 |
|  MS&AD Insurance Group Holdings, Inc. | 103600 | 2711157 |
|  Nintendo Co. Ltd. | 17900 | 1021389 |
|  Recruit Holdings Co. Ltd. | 38900 | 1682850 |
|  Shimano, Inc. | 7800 | 817375 |
|  SMC Corp. | 3800 | 1486331 |
|  SoftBank Group Corp. | 52600 | 1264195 |
|  Sony Group Corp. | 120000 | 2475161 |
|  Terumo Corp. | 63800 | 854262 |
|  Toyota Motor Corp. | 116500 | 2414963 |
|  |  | **38145297** |
|  **Luxembourg — 1.0%** | **Luxembourg — 1.0%** | **Luxembourg — 1.0%** |
|  Spotify Technology SA<sup>(1)</sup> | 3698 | 1793197 |
|  |  | **1793197** |
|  **Netherlands — 5.0%** | **Netherlands — 5.0%** | **Netherlands — 5.0%** |
|  ASM International NV | 1766 | 1345211 |
|  ASML Holding NV | 4463 | 5907392 |
|  Heineken NV | 22975 | 1768003 |
|  |  | **9020606** |
|  **Norway — 2.0%** | **Norway — 2.0%** | **Norway — 2.0%** |
|  DNB Bank ASA | 89690 | 2797199 |
|  Norsk Hydro ASA | 81623 | 865479 |
|  |  | **3662678** |
|  **Portugal — 0.8%** | **Portugal — 0.8%** | **Portugal — 0.8%** |
|  Jeronimo Martins SGPS SA | 58561 | 1404820 |
|  |  | **1404820** |
|  **Republic of Korea — 0.5%** | **Republic of Korea — 0.5%** | **Republic of Korea — 0.5%** |
|  Samsung Electronics Co. Ltd. | 8078 | 907402 |
|  |  | **907402** |
|  **Singapore — 0.8%** | **Singapore — 0.8%** | **Singapore — 0.8%** |
|  Singapore Telecommunications Ltd. | 381100 | 1475295 |
|  |  | **1475295** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Spain — 5.2%** | **Spain — 5.2%** | **Spain — 5.2%** |
|  Banco Bilbao Vizcaya Argentaria SA | 128723 | $2809550 |
|  Bankinter SA | 90081 | 1418107 |
|  Iberdrola SA | 123902 | 2844260 |
|  Industria de Diseno Textil SA | 41961 | 2412590 |
|  |  | **9484507** |
|  **Sweden — 0.7%** | **Sweden — 0.7%** | **Sweden — 0.7%** |
|  Svenska Handelsbanken AB, Class A | 93130 | 1216020 |
|  |  | **1216020** |
|  **Switzerland — 8.1%** | **Switzerland — 8.1%** | **Switzerland — 8.1%** |
|  Alcon AG | 20997 | 1575214 |
|  Chocoladefabriken Lindt & Spruengli AG | 117 | 1642861 |
|  Cie Financiere Richemont SA, Reg S, Class A | 14913 | 2657390 |
|  Julius Baer Group Ltd. | 17968 | 1324036 |
|  Lonza Group AG, Reg S | 2715 | 1737028 |
|  Roche Holding AG | 12388 | 4891598 |
|  Straumann Holding AG, Reg S | 8311 | 867015 |
|  |  | **14695142** |
|  **Taiwan — 1.4%** | **Taiwan — 1.4%** | **Taiwan — 1.4%** |
|  Hon Hai Precision Industry Co. Ltd. | 122000 | 734046 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 31000 | 1747639 |
|  |  | **2481685** |
|  **United Kingdom — 22.6%** | **United Kingdom — 22.6%** | **United Kingdom — 22.6%** |
|  Antofagasta PLC | 19284 | 857884 |
|  ARM Holdings PLC, ADR<sup>(1)</sup> | 6634 | 1003592 |
|  AstraZeneca PLC | 25060 | 4894671 |
|  BAE Systems PLC | 103237 | 3005125 |
|  Bunzl PLC | 34918 | 1046135 |
|  Diageo PLC | 48355 | 898451 |
|  GSK PLC | 97612 | 2676996 |
|  Haleon PLC | 556247 | 2753383 |
|  HSBC Holdings PLC | 190000 | 3118414 |
|  Kingfisher PLC | 256262 | 973095 |
|  Lloyds Banking Group PLC | 1910465 | 2361247 |
|  London Stock Exchange Group PLC | 19994 | 2363009 |
|  National Grid PLC | 105322 | 1775618 |
|  Reckitt Benckiser Group PLC | 23763 | 1612621 |
|  RELX PLC | 65197 | 2149494 |
|  Sage Group PLC | 85301 | 952701 |
|  Shell PLC | 116964 | 5467759 |
|  Tesco PLC | 176619 | 1113642 |
|  Unilever PLC | 16745 | 938837 |
|  Whitbread PLC | 27268 | 828800 |
|  |  | **40791474** |
|  **United States — 0.4%** | **United States — 0.4%** | **United States — 0.4%** |
|  Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 4372 | 371707 |
|  MercadoLibre, Inc.<sup>(1)</sup> | 235 | 406320 |
|  |  | **778027** |
|  **Total Common Stocks** <br> (Cost $141,397,893) | **Total Common Stocks** <br> (Cost $141,397,893) | **179282978** |
|  | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 0.1%** | **Repurchase Agreements — 0.1%** | **Repurchase Agreements — 0.1%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $169,049, due 4/1/2026<sup>(3)</sup> | $169044 | 169044 |
|  **Total Repurchase Agreements** <br> (Cost $169,044) | **Total Repurchase Agreements** <br> (Cost $169,044) | **169044** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

---

| | |
|:---|:---|
| **March 31, 2026 (unaudited)** | **Value** |
|  **Total Investments — 99.2%** <br> (Cost $141,566,937) | $**179452022** |
|  **Assets in excess of other liabilities — 0.8%** | **1409537** |
|  **Total Net Assets — 100.0%** | $**180861559** |

---

(1) Non–income–producing security.

(2) 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 March 31, 2026, the aggregate market value of the security amounted to $729,139, representing 0.4% of net assets. The security have been deemed liquid by the investment adviser pursuant
to the Fund's liquidity procedures approved by the Board of Trustees.

(3) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **<br>Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
|  U.S. Treasury Note | 3.625% | 8/31/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172612 |

---

**Legend:** 

ADR – American Depositary Receipt

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $2019424 <sup>\*</sup> | $— | $2019424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 2014051 <sup>\*</sup> |  | 2014051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 1874135 <sup>\*</sup> |  | 1874135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 2928843 |  |  | 2928843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands | 1285826 |  |  | 1285826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 885063 <sup>\*</sup> |  | 885063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 2619985 <sup>\*</sup> |  | 2619985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 12435305 <sup>\*</sup> |  | 12435305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 14260314 <sup>\*</sup> |  | 14260314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 4407467 <sup>\*</sup> |  | 4407467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 721595 |  |  | 721595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 589106 <sup>\*</sup> |  | 589106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland |  | 1789475 <sup>\*</sup> |  | 1789475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 2032257 |  |  | 2032257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 3563982 <sup>\*</sup> |  | 3563982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 38145297 <sup>\*</sup> |  | 38145297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 1793197 |  |  | 1793197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 9020606 <sup>\*</sup> |  | 9020606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 3662678 <sup>\*</sup> |  | 3662678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 1404820 <sup>\*</sup> |  | 1404820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea |  | 907402 <sup>\*</sup> |  | 907402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 1475295 <sup>\*</sup> |  | 1475295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 9484507 <sup>\*</sup> |  | 9484507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 1216020 <sup>\*</sup> |  | 1216020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 14695142 <sup>\*</sup> |  | 14695142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 2481685 <sup>\*</sup> |  | 2481685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1003592 | 39787882 <sup>\*</sup> |  | 40791474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 778027 |  |  | 778027 |
|  Repurchase Agreements |  | 169044 |  | 169044 |
|  **Total** | $**10543337** | $**168908685** | $**—** | $**179452022** |

---

<sup>\*</sup> Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Notes to Schedule of Investments). These investments in securities were classified as Level 2 rather than Level 1.

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 99.2%** | **Common Stocks — 99.2%** | **Common Stocks — 99.2%** |
|  **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** |
|  Axon Enterprise, Inc.<sup>(1)</sup> | 4214 | $1789644 |
|  FTAI Aviation Ltd. | 6985 | 1711325 |
|  General Electric Co. | 17653 | 5009392 |
|  L3Harris Technologies, Inc. | 5868 | 2025340 |
|  |  | **10535701** |
|  **Automobiles — 2.2%** | **Automobiles — 2.2%** | **Automobiles — 2.2%** |
|  Tesla, Inc.<sup>(1)</sup> | 17664 | 6566592 |
|  |  | **6566592** |
|  **Banks — 0.6%** | **Banks — 0.6%** | **Banks — 0.6%** |
|  Wells Fargo & Co. | 22603 | 1799425 |
|  |  | **1799425** |
|  **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
|  Natera, Inc.<sup>(1)</sup> | 6241 | 1248137 |
|  Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 7890 | 3523201 |
|  |  | **4771338** |
|  **Broadline Retail — 5.8%** | **Broadline Retail — 5.8%** | **Broadline Retail — 5.8%** |
|  Amazon.com, Inc.<sup>(1)</sup> | 83696 | 17431366 |
|  |  | **17431366** |
|  **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
|  Builders FirstSource, Inc.<sup>(1)</sup> | 10896 | 897068 |
|  |  | **897068** |
|  **Capital Markets — 0.9%** | **Capital Markets — 0.9%** | **Capital Markets — 0.9%** |
|  Interactive Brokers Group, Inc., Class A | 16300 | 1093241 |
|  KKR & Co., Inc. | 18981 | 1755743 |
|  |  | **2848984** |
|  **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
|  Sherwin-Williams Co. | 8789 | 2817314 |
|  |  | **2817314** |
|  **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** |
|  Arista Networks, Inc.<sup>(1)</sup> | 24235 | 2975573 |
|  |  | **2975573** |
|  **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
|  American Express Co. | 3984 | 1205080 |
|  |  | **1205080** |
|  **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** |
|  BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 29479 | 2901323 |
|  Walmart, Inc. | 22474 | 2793069 |
|  |  | **5694392** |
|  **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** |
|  GE Vernova, Inc. | 3753 | 3275994 |
|  |  | **3275994** |
|  **Entertainment — 3.3%** | **Entertainment — 3.3%** | **Entertainment — 3.3%** |
|  Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 19519 | 1659505 |
|  Netflix, Inc.<sup>(1)</sup> | 85599 | 8230344 |
|  |  | **9889849** |
|  **Financial Services — 2.7%** | **Financial Services — 2.7%** | **Financial Services — 2.7%** |
|  Mastercard, Inc., Class A | 16446 | 8217408 |
|  |  | **8217408** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** |
|  Dexcom, Inc.<sup>(1)</sup> | 30996 | $1946549 |
|  Intuitive Surgical, Inc.<sup>(1)</sup> | 3247 | 1496834 |
|  |  | **3443383** |
|  **Health Care Technology — 0.6%** | **Health Care Technology — 0.6%** | **Health Care Technology — 0.6%** |
|  Veeva Systems, Inc., Class A<sup>(1)</sup> | 10275 | 1804907 |
|  |  | **1804907** |
|  **Hotels, Restaurants & Leisure — 3.4%** | **Hotels, Restaurants & Leisure — 3.4%** | **Hotels, Restaurants & Leisure — 3.4%** |
|  Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 61119 | 1956419 |
|  DoorDash, Inc., Class A<sup>(1)</sup> | 16787 | 2520568 |
|  Hilton Worldwide Holdings, Inc. | 10864 | 3303525 |
|  Royal Caribbean Cruises Ltd. | 8883 | 2444424 |
|  |  | **10224936** |
|  **Interactive Media & Services — 11.4%** | **Interactive Media & Services — 11.4%** | **Interactive Media & Services — 11.4%** |
|  Alphabet, Inc., Class A | 77900 | 22400924 |
|  Meta Platforms, Inc., Class A | 21102 | 12073087 |
|  |  | **34474011** |
|  **IT Services — 1.4%** | **IT Services — 1.4%** | **IT Services — 1.4%** |
|  Cloudflare, Inc., Class A<sup>(1)</sup> | 8156 | 1682909 |
|  Shopify, Inc., Class A<sup>(1)</sup> | 15251 | 1809074 |
|  Snowflake, Inc.<sup>(1)</sup> | 5690 | 858166 |
|  |  | **4350149** |
|  **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
|  Cummins, Inc. | 2616 | 1407460 |
|  |  | **1407460** |
|  **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
|  EchoStar Corp., Class A<sup>(1)</sup> | 11004 | 1288238 |
|  |  | **1288238** |
|  **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** |
|  Diamondback Energy, Inc. | 3196 | 632137 |
|  |  | **632137** |
|  **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** |
|  Eli Lilly & Co. | 11777 | 10832131 |
|  |  | **10832131** |
|  **Semiconductors & Semiconductor Equipment — 21.1%** | **Semiconductors & Semiconductor Equipment — 21.1%** | **Semiconductors & Semiconductor Equipment — 21.1%** |
|  Advanced Micro Devices, Inc.<sup>(1)</sup> | 6546 | 1331653 |
|  Analog Devices, Inc. | 4027 | 1281150 |
|  Broadcom, Inc. | 48396 | 14979046 |
|  KLA Corp. | 3029 | 4459930 |
|  Micron Technology, Inc. | 2747 | 928046 |
|  NVIDIA Corp. | 233212 | 40672173 |
|  |  | **63651998** |
|  **Software — 13.9%** | **Software — 13.9%** | **Software — 13.9%** |
|  AppLovin Corp., Class A<sup>(1)</sup> | 2731 | 1086938 |
|  Cadence Design Systems, Inc.<sup>(1)</sup> | 3338 | 927530 |
|  Intuit, Inc. | 4681 | 2023971 |
|  Microsoft Corp. | 72890 | 26981691 |
|  Oracle Corp. | 24097 | 3544910 |
|  Palantir Technologies, Inc., Class A<sup>(1)</sup> | 22342 | 3268188 |
|  Palo Alto Networks, Inc.<sup>(1)</sup> | 15362 | 2462836 |
|  PTC, Inc.<sup>(1)</sup> | 11338 | 1615551 |
|  |  | **41911615** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** |
|  Lowe's Cos., Inc. | 14580 | $3444962 |
|  O'Reilly Automotive, Inc.<sup>(1)</sup> | 24022 | 2217471 |
|  Wayfair, Inc., Class A<sup>(1)</sup> | 20851 | 1568204 |
|  |  | **7230637** |
|  **Technology Hardware, Storage & Peripherals — 12.2%** | **Technology Hardware, Storage & Peripherals — 12.2%** | **Technology Hardware, Storage & Peripherals — 12.2%** |
|  Apple, Inc. | 144875 | 36767826 |
|  |  | **36767826** |
|  **Trading Companies & Distributors — 0.8%** | **Trading Companies & Distributors — 0.8%** | **Trading Companies & Distributors — 0.8%** |
|  Ferguson Enterprises, Inc. | 10038 | 2341464 |
|  |  | **2341464** |
|  **Total Common Stocks** <br> (Cost $193,603,066) | **Total Common Stocks** <br> (Cost $193,603,066) | **299286976** |
|  | **Principal<br>Amount** | **<br>Value** |
|  **Repurchase Agreements — 0.8%** | **Repurchase Agreements — 0.8%** | **Repurchase Agreements — 0.8%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $2,513,646, due 4/1/2026<sup>(2)</sup> | $2513572 | 2513572 |
|  **Total Repurchase Agreements** <br> (Cost $2,513,572) | **Total Repurchase Agreements** <br> (Cost $2,513,572) | **2513572** |
|  **Total Investments — 100.0%** <br> (Cost $196,116,638) | **Total Investments — 100.0%** <br> (Cost $196,116,638) | **301800548** |
|  **Liabilities in excess of other assets — (0.0)%** | **Liabilities in excess of other assets — (0.0)%** | **(138690)** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**301661858** |

---

(1) Non–income–producing security.

(2) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>Security** | **<br>Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
|  U.S. Treasury Note | 3.625% | 8/31/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2578500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563982 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $299286976 | $— | $— | $299286976 |
|  Repurchase Agreements |  | 2513572 |  | 2513572 |
|  **Total** | $**299286976** | $**2513572** | $**—** | $**301800548** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 97.8%** | **Common Stocks — 97.8%** | **Common Stocks — 97.8%** |
|  **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** |
|  General Dynamics Corp. | 2453 | $841919 |
|  L3Harris Technologies, Inc. | 2626 | 906364 |
|  |  | **1748283** |
|  **Air Freight & Logistics — 2.4%** | **Air Freight & Logistics — 2.4%** | **Air Freight & Logistics — 2.4%** |
|  CH Robinson Worldwide, Inc. | 4137 | 687032 |
|  FedEx Corp. | 2645 | 942096 |
|  |  | **1629128** |
|  **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** |
|  Aptiv PLC<sup>(1)</sup> | 5214 | 362060 |
|  |  | **362060** |
|  **Banks — 6.8%** | **Banks — 6.8%** | **Banks — 6.8%** |
|  Huntington Bancshares, Inc. | 51000 | 798150 |
|  JPMorgan Chase & Co. | 9591 | 2821289 |
|  Wells Fargo & Co. | 12912 | 1027924 |
|  |  | **4647363** |
|  **Beverages — 1.8%** | **Beverages — 1.8%** | **Beverages — 1.8%** |
|  Coca-Cola Co. | 10377 | 789171 |
|  Coca-Cola Europacific Partners PLC | 4517 | 409556 |
|  |  | **1198727** |
|  **Biotechnology — 2.5%** | **Biotechnology — 2.5%** | **Biotechnology — 2.5%** |
|  AbbVie, Inc. | 3445 | 749253 |
|  Gilead Sciences, Inc. | 6652 | 927089 |
|  |  | **1676342** |
|  **Broadline Retail — 2.7%** | **Broadline Retail — 2.7%** | **Broadline Retail — 2.7%** |
|  Amazon.com, Inc.<sup>(1)</sup> | 8838 | 1840690 |
|  |  | **1840690** |
|  **Building Products — 0.5%** | **Building Products — 0.5%** | **Building Products — 0.5%** |
|  Allegion PLC | 2151 | 312519 |
|  |  | **312519** |
|  **Capital Markets — 6.6%** | **Capital Markets — 6.6%** | **Capital Markets — 6.6%** |
|  Charles Schwab Corp. | 7446 | 699775 |
|  Goldman Sachs Group, Inc. | 1099 | 929743 |
|  Intercontinental Exchange, Inc. | 5101 | 802285 |
|  LPL Financial Holdings, Inc. | 3050 | 917532 |
|  Morgan Stanley | 7081 | 1165320 |
|  |  | **4514655** |
|  **Construction Materials — 1.9%** | **Construction Materials — 1.9%** | **Construction Materials — 1.9%** |
|  CRH PLC | 12397 | 1303173 |
|  |  | **1303173** |
|  **Consumer Finance — 2.3%** | **Consumer Finance — 2.3%** | **Consumer Finance — 2.3%** |
|  American Express Co. | 3316 | 1003023 |
|  Capital One Financial Corp. | 3225 | 588337 |
|  |  | **1591360** |
|  **Consumer Staples Distribution & Retail — 3.1%** | **Consumer Staples Distribution & Retail — 3.1%** | **Consumer Staples Distribution & Retail — 3.1%** |
|  Sysco Corp. | 9433 | 672856 |
|  U.S. Foods Holding Corp.<sup>(1)</sup> | 15356 | 1415977 |
|  |  | **2088833** |
|  **Electric Utilities — 4.5%** | **Electric Utilities — 4.5%** | **Electric Utilities — 4.5%** |
|  Entergy Corp. | 6605 | 742138 |
|  FirstEnergy Corp. | 21591 | 1093800 |
|  NRG Energy, Inc. | 2705 | 395309 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Electric Utilities — (continued)** | **Electric Utilities — (continued)** | **Electric Utilities — (continued)** |
|  PPL Corp. | 22397 | 855565 |
|  |  | **3086812** |
|  **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
|  Hubbell, Inc. | 1598 | 784203 |
|  |  | **784203** |
|  **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** |
|  Flex Ltd.<sup>(1)</sup> | 11832 | 774523 |
|  Keysight Technologies, Inc.<sup>(1)</sup> | 2291 | 646909 |
|  |  | **1421432** |
|  **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** |
|  SLB Ltd. | 10767 | 553316 |
|  |  | **553316** |
|  **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
|  Walt Disney Co. | 9038 | 871082 |
|  |  | **871082** |
|  **Financial Services — 2.8%** | **Financial Services — 2.8%** | **Financial Services — 2.8%** |
|  Apollo Global Management, Inc. | 5447 | 606905 |
|  Corpay, Inc.<sup>(1)</sup> | 2091 | 608460 |
|  Visa, Inc., Class A | 2302 | 695756 |
|  |  | **1911121** |
|  **Ground Transportation — 2.5%** | **Ground Transportation — 2.5%** | **Ground Transportation — 2.5%** |
|  Old Dominion Freight Line, Inc. | 3321 | 648924 |
|  Uber Technologies, Inc.<sup>(1)</sup> | 14954 | 1075641 |
|  |  | **1724565** |
|  **Health Care Providers & Services — 6.1%** | **Health Care Providers & Services — 6.1%** | **Health Care Providers & Services — 6.1%** |
|  Cencora, Inc. | 4046 | 1271010 |
|  Labcorp Holdings, Inc. | 1639 | 437302 |
|  McKesson Corp. | 1314 | 1137083 |
|  Quest Diagnostics, Inc. | 4303 | 843302 |
|  Tenet Healthcare Corp.<sup>(1)</sup> | 2291 | 432335 |
|  |  | **4121032** |
|  **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** |
|  Booking Holdings, Inc. | 169 | 711544 |
|  |  | **711544** |
|  **Industrial Conglomerates — 1.8%** | **Industrial Conglomerates — 1.8%** | **Industrial Conglomerates — 1.8%** |
|  Honeywell International, Inc. | 5487 | 1240227 |
|  |  | **1240227** |
|  **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** |
|  Allstate Corp. | 2644 | 548207 |
|  Aon PLC, Class A | 2276 | 734647 |
|  Arthur J Gallagher & Co. | 1322 | 286319 |
|  |  | **1569173** |
|  **Interactive Media & Services — 1.6%** | **Interactive Media & Services — 1.6%** | **Interactive Media & Services — 1.6%** |
|  Meta Platforms, Inc., Class A | 1888 | 1080181 |
|  |  | **1080181** |
|  **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** |
|  IQVIA Holdings, Inc.<sup>(1)</sup> | 3852 | 656920 |
|  |  | **656920** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Machinery — 2.1%** | **Machinery — 2.1%** | **Machinery — 2.1%** |
|  Cummins, Inc. | 1442 | $775825 |
|  Westinghouse Air Brake Technologies Corp. | 2575 | 643518 |
|  |  | **1419343** |
|  **Metals & Mining — 5.9%** | **Metals & Mining — 5.9%** | **Metals & Mining — 5.9%** |
|  Freeport-McMoRan, Inc. | 10203 | 599732 |
|  Kinross Gold Corp. | 48724 | 1487057 |
|  Newmont Corp. | 8607 | 931708 |
|  Reliance, Inc. | 1675 | 509066 |
|  Steel Dynamics, Inc. | 2781 | 500580 |
|  |  | **4028143** |
|  **Multi-Utilities — 0.9%** | **Multi-Utilities — 0.9%** | **Multi-Utilities — 0.9%** |
|  CenterPoint Energy, Inc. | 14701 | 634495 |
|  |  | **634495** |
|  **Oil, Gas & Consumable Fuels — 7.1%** | **Oil, Gas & Consumable Fuels — 7.1%** | **Oil, Gas & Consumable Fuels — 7.1%** |
|  Cenovus Energy, Inc. | 27292 | 724057 |
|  ConocoPhillips | 11475 | 1514700 |
|  Diamondback Energy, Inc. | 5884 | 1163796 |
|  Marathon Petroleum Corp. | 5862 | 1431383 |
|  |  | **4833936** |
|  **Passenger Airlines — 0.8%** | **Passenger Airlines — 0.8%** | **Passenger Airlines — 0.8%** |
|  United Airlines Holdings, Inc.<sup>(1)</sup> | 5935 | 546436 |
|  |  | **546436** |
|  **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** |
|  AstraZeneca PLC, ADR | 3406 | 671731 |
|  |  | **671731** |
|  **Professional Services — 1.3%** | **Professional Services — 1.3%** | **Professional Services — 1.3%** |
|  Jacobs Solutions, Inc. | 3768 | 479591 |
|  Leidos Holdings, Inc. | 2428 | 377603 |
|  |  | **857194** |
|  **Semiconductors & Semiconductor Equipment — 8.4%** | **Semiconductors & Semiconductor Equipment — 8.4%** | **Semiconductors & Semiconductor Equipment — 8.4%** |
|  Applied Materials, Inc. | 3938 | 1345969 |
|  Marvell Technology, Inc. | 5888 | 583206 |
|  Microchip Technology, Inc. | 13912 | 898854 |
|  Micron Technology, Inc. | 4147 | 1401023 |
|  NVIDIA Corp. | 2698 | 470531 |
|  NXP Semiconductors NV | 5081 | 1000246 |
|  |  | **5699829** |
|  **Software — 1.0%** | **Software — 1.0%** | **Software — 1.0%** |
|  Oracle Corp. | 2747 | 404111 |
|  Trimble, Inc.<sup>(1)</sup> | 4418 | 288186 |
|  |  | **692297** |
|  **Specialty Retail — 0.7%** | **Specialty Retail — 0.7%** | **Specialty Retail — 0.7%** |
|  Home Depot, Inc. | 1380 | 453868 |
|  |  | **453868** |
|  **Technology Hardware, Storage & Peripherals — 1.3%** | **Technology Hardware, Storage & Peripherals — 1.3%** | **Technology Hardware, Storage & Peripherals — 1.3%** |
|  Dell Technologies, Inc., Class C | 5549 | 910757 |
|  |  | **910757** |
|  **Tobacco — 2.3%** | **Tobacco — 2.3%** | **Tobacco — 2.3%** |
|  Philip Morris International, Inc. | 9515 | 1573210 |
|  |  | **1573210** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Trading Companies & Distributors — 1.3%** | **Trading Companies & Distributors — 1.3%** | **Trading Companies & Distributors — 1.3%** |
|  United Rentals, Inc. | 1234 | $899043 |
|  |  | **899043** |
|  **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** |
|  T-Mobile U.S., Inc. | 2863 | 601316 |
|  |  | **601316** |
|  **Total Common Stocks** <br> (Cost $46,277,672) | **Total Common Stocks** <br> (Cost $46,277,672) | **66466339** |
|  | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 2.2%** | **Repurchase Agreements — 2.2%** | **Repurchase Agreements — 2.2%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $1,512,975, due 4/1/2026<sup>(2)</sup> | $1512931 | 1512931 |
|  **Total Repurchase Agreements** <br> (Cost $1,512,931) | **Total Repurchase Agreements** <br> (Cost $1,512,931) | **1512931** |
|  **Total Investments — 100.0%** <br> (Cost $47,790,603) | **Total Investments — 100.0%** <br> (Cost $47,790,603) | **67979270** |
|  **Assets in excess of other liabilities — 0.0%** | **Assets in excess of other liabilities — 0.0%** | **17801** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**67997071** |

---

(1) Non–income–producing security.

(2) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  U.S. Treasury Note | 3.625% | 8/31/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543251 |

---

**Legend:** 

ADR – American Depositary Receipt

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $66466339 | $— | $— | $66466339 |
|  Repurchase Agreements |  | 1512931 |  | 1512931 |
|  **Total** | $**66466339** | $**1512931** | $**—** | $**67979270** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 99.4%** | **Common Stocks — 99.4%** | **Common Stocks — 99.4%** |
|  **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** |
|  Boeing Co.<sup>(1)</sup> | 200 | $39806 |
|  Carpenter Technology Corp. | 3662 | 1443378 |
|  DroneShield Ltd., Reg S (Australia)<sup>(1)</sup> | 38969 | 106765 |
|  Firefly Aerospace, Inc.<sup>(1)</sup> | 600 | 17082 |
|  General Electric Co. | 8230 | 2335427 |
|  Loar Holdings, Inc.<sup>(1)</sup> | 200 | 11458 |
|  |  | **3953916** |
|  **Automobile Components — 0.4%** | **Automobile Components — 0.4%** | **Automobile Components — 0.4%** |
|  Hesai Group, ADR<sup>(1)</sup> | 34205 | 654000 |
|  |  | **654000** |
|  **Automobiles — 2.2%** | **Automobiles — 2.2%** | **Automobiles — 2.2%** |
|  BYD Co. Ltd., Class H (China) | 84660 | 1160725 |
|  Tesla, Inc.<sup>(1)</sup> | 5865 | 2180314 |
|  |  | **3341039** |
|  **Biotechnology — 5.1%** | **Biotechnology — 5.1%** | **Biotechnology — 5.1%** |
|  Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 3845 | 1272195 |
|  Beam Therapeutics, Inc.<sup>(1)</sup> | 15496 | 369270 |
|  Biogen, Inc.<sup>(1)</sup> | 8328 | 1526772 |
|  BioNTech SE, ADR<sup>(1)</sup> | 6424 | 570965 |
|  Blueprint Medicines Corp.<sup>(1)(2)(3)</sup> | 653 | 0 |
|  Centessa Pharmaceuticals PLC, ADR<sup>(1)</sup> | 7800 | 309816 |
|  Cytokinetics, Inc.<sup>(1)</sup> | 6223 | 410158 |
|  Eikon Therapeutics, Inc.<sup>(1)</sup> | 900 | 9522 |
|  Gamida Cell Ltd.<sup>(1)(2)(3)</sup> | 59800 | 1 |
|  Gilead Sciences, Inc. | 12752 | 1777246 |
|  Hookipa Pharma, Inc.<sup>(1)</sup> | 2270 | 2384 |
|  Immuneering Corp., Class A<sup>(1)</sup> | 9722 | 51235 |
|  Immunocore Holdings PLC, ADR<sup>(1)</sup> | 3314 | 99917 |
|  Janux Therapeutics, Inc.<sup>(1)</sup> | 2300 | 31970 |
|  Krystal Biotech, Inc.<sup>(1)</sup> | 839 | 216731 |
|  Legend Biotech Corp., ADR<sup>(1)</sup> | 5400 | 97686 |
|  Moderna, Inc.<sup>(1)</sup> | 5300 | 269240 |
|  Natera, Inc.<sup>(1)</sup> | 1200 | 239988 |
|  Newamsterdam Pharma Co. NV<sup>(1)</sup> | 6347 | 203167 |
|  Vor BioPharma, Inc.<sup>(1)</sup> | 316 | 5637 |
|  XOMA Royalty Corp.<sup>(1)</sup> | 3997 | 125386 |
|  |  | **7589286** |
|  **Broadline Retail — 10.8%** | **Broadline Retail — 10.8%** | **Broadline Retail — 10.8%** |
|  Amazon.com, Inc.<sup>(1)</sup> | 73630 | 15334920 |
|  eBay, Inc. | 3903 | 355251 |
|  Etsy, Inc.<sup>(1)</sup> | 7578 | 378748 |
|  Savers Value Village, Inc.<sup>(1)</sup> | 25170 | 187265 |
|  |  | **16256184** |
|  **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |
|  Simpson Manufacturing Co., Inc. | 378 | 64872 |
|  |  | **64872** |
|  **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** |
|  Bullish<sup>(1)</sup> | 7221 | 258006 |
|  Coinbase Global, Inc., Class A<sup>(1)</sup> | 849 | 148244 |
|  Goldman Sachs Group, Inc. | 1137 | 961891 |
|  Interactive Brokers Group, Inc., Class A | 4338 | 290950 |
|  Moody's Corp. | 200 | 87250 |
|  Morgan Stanley | 7841 | 1290393 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Capital Markets — (continued)** | **Capital Markets — (continued)** | **Capital Markets — (continued)** |
|  Robinhood Markets, Inc., Class A<sup>(1)</sup> | 2331 | 161538 |
|  |  | **3198272** |
|  **Communications Equipment — 1.4%** | **Communications Equipment — 1.4%** | **Communications Equipment — 1.4%** |
|  Arista Networks, Inc.<sup>(1)</sup> | 17000 | 2087260 |
|  |  | **2087260** |
|  **Construction Materials — 0.5%** | **Construction Materials — 0.5%** | **Construction Materials — 0.5%** |
|  Eagle Materials, Inc. | 332 | 62898 |
|  Martin Marietta Materials, Inc. | 1168 | 687578 |
|  |  | **750476** |
|  **Consumer Finance — 0.0%** | **Consumer Finance — 0.0%** | **Consumer Finance — 0.0%** |
|  Figure Technology Solutions, Inc., Class A<sup>(1)</sup> | 300 | 10185 |
|  |  | **10185** |
|  **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
|  Maplebear, Inc.<sup>(1)</sup> | 4400 | 164824 |
|  |  | **164824** |
|  **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** |
|  Furukawa Electric Co. Ltd. (Japan) | 1300 | 248398 |
|  GE Vernova, Inc. | 2550 | 2225895 |
|  Nextpower, Inc., Class A<sup>(1)</sup> | 4300 | 518365 |
|  |  | **2992658** |
|  **Entertainment — 2.7%** | **Entertainment — 2.7%** | **Entertainment — 2.7%** |
|  Live Nation Entertainment, Inc.<sup>(1)</sup> | 7273 | 1109205 |
|  Netflix, Inc.<sup>(1)</sup> | 19800 | 1903770 |
|  ROBLOX Corp., Class A<sup>(1)</sup> | 17018 | 962538 |
|  |  | **3975513** |
|  **Financial Services — 1.8%** | **Financial Services — 1.8%** | **Financial Services — 1.8%** |
|  Mastercard, Inc., Class A | 2637 | 1317603 |
|  Rocket Cos., Inc., Class A<sup>(1)</sup> | 37143 | 529288 |
|  Toast, Inc., Class A<sup>(1)</sup> | 30259 | 802166 |
|  |  | **2649057** |
|  **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** |
|  Align Technology, Inc.<sup>(1)</sup> | 4255 | 729435 |
|  Ceribell, Inc.<sup>(1)</sup> | 1339 | 24544 |
|  Pulmonx Corp.<sup>(1)</sup> | 3191 | 4116 |
|  RxSight, Inc.<sup>(1)</sup> | 716 | 4410 |
|  |  | **762505** |
|  **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
|  HealthEquity, Inc.<sup>(1)</sup> | 11137 | 930719 |
|  |  | **930719** |
|  **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
|  Veeva Systems, Inc., Class A<sup>(1)</sup> | 2022 | 355185 |
|  |  | **355185** |
|  **Hotels, Restaurants & Leisure — 0.4%** | **Hotels, Restaurants & Leisure — 0.4%** | **Hotels, Restaurants & Leisure — 0.4%** |
|  Carnival Corp. | 14266 | 369204 |
|  Kura Sushi USA, Inc., Class A<sup>(1)</sup> | 2944 | 205462 |
|  |  | **574666** |
|  **Household Durables — 0.7%** | **Household Durables — 0.7%** | **Household Durables — 0.7%** |
|  D.R. Horton, Inc. | 3491 | 479035 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Household Durables — (continued)** | **Household Durables — (continued)** | **Household Durables — (continued)** |
|  TopBuild Corp.<sup>(1)</sup> | 1634 | 574024 |
|  |  | **1053059** |
|  **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
|  Arthur J Gallagher & Co. | 4692 | 1016193 |
|  |  | **1016193** |
|  **Interactive Media & Services — 12.1%** | **Interactive Media & Services — 12.1%** | **Interactive Media & Services — 12.1%** |
|  Alphabet, Inc., Class A | 37626 | 10819733 |
|  Baidu, Inc., ADR<sup>(1)</sup> | 1263 | 140723 |
|  Meta Platforms, Inc., Class A | 9284 | 5311655 |
|  Tencent Holdings Ltd. (Cayman Islands) | 29832 | 1883351 |
|  |  | **18155462** |
|  **IT Services — 2.2%** | **IT Services — 2.2%** | **IT Services — 2.2%** |
|  Accenture PLC, Class A | 100 | 19829 |
|  Shopify, Inc., Class A<sup>(1)</sup> | 23634 | 2803465 |
|  Snowflake, Inc.<sup>(1)</sup> | 3200 | 482624 |
|  |  | **3305918** |
|  **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
|  Games Workshop Group PLC (United Kingdom) | 1937 | 456594 |
|  |  | **456594** |
|  **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
|  10X Genomics, Inc., Class A<sup>(1)</sup> | 6130 | 130140 |
|  Bio-Techne Corp. | 1203 | 62869 |
|  Chemometec AS (Denmark) | 2149 | 101853 |
|  Codexis, Inc.<sup>(1)</sup> | 22776 | 37125 |
|  MaxCyte, Inc.<sup>(1)</sup> | 7867 | 5526 |
|  |  | **337513** |
|  **Machinery — 2.4%** | **Machinery — 2.4%** | **Machinery — 2.4%** |
|  Deere & Co. | 3181 | 1791857 |
|  Ingersoll Rand, Inc. | 8946 | 716754 |
|  Westinghouse Air Brake Technologies Corp. | 4243 | 1060368 |
|  |  | **3568979** |
|  **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** |
|  Vale SA, ADR | 49488 | 787354 |
|  |  | **787354** |
|  **Oil, Gas & Consumable Fuels — 0.7%** | **Oil, Gas & Consumable Fuels — 0.7%** | **Oil, Gas & Consumable Fuels — 0.7%** |
|  Range Resources Corp. | 21547 | 973493 |
|  |  | **973493** |
|  **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** |
|  Estee Lauder Cos., Inc., Class A | 11096 | 796360 |
|  |  | **796360** |
|  **Pharmaceuticals — 8.4%** | **Pharmaceuticals — 8.4%** | **Pharmaceuticals — 8.4%** |
|  Aclaris Therapeutics, Inc.<sup>(1)</sup> | 4400 | 16500 |
|  Corcept Therapeutics, Inc.<sup>(1)</sup> | 5850 | 235814 |
|  Eli Lilly & Co. | 5312 | 4885818 |
|  Royalty Pharma PLC, Class A | 91028 | 4366613 |
|  Teva Pharmaceutical Industries Ltd., ADR<sup>(1)</sup> | 39837 | 1199890 |
|  UCB SA (Belgium) | 6014 | 1811483 |
|  Zevra Therapeutics, Inc.<sup>(1)</sup> | 10371 | 96658 |
|  |  | **12612776** |
|  **Professional Services — 1.1%** | **Professional Services — 1.1%** | **Professional Services — 1.1%** |
|  Equifax, Inc. | 4973 | 895488 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Professional Services — (continued)** | **Professional Services — (continued)** | **Professional Services — (continued)** |
|  UL Solutions, Inc., Class A | 9581 | 821188 |
|  |  | **1716676** |
|  **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** |
|  Compass, Inc., Class A<sup>(1)</sup> | 21500 | 157165 |
|  Zillow Group, Inc., Class A<sup>(1)</sup> | 3601 | 149045 |
|  Zillow Group, Inc., Class C<sup>(1)</sup> | 14923 | 617514 |
|  |  | **923724** |
|  **Semiconductors & Semiconductor Equipment — 20.2%** | **Semiconductors & Semiconductor Equipment — 20.2%** | **Semiconductors & Semiconductor Equipment — 20.2%** |
|  ASML Holding NV, Reg S | 200 | 264166 |
|  Astera Labs, Inc.<sup>(1)</sup> | 260 | 28496 |
|  BE Semiconductor Industries NV (Netherlands) | 9303 | 1962821 |
|  Broadcom, Inc. | 9500 | 2940345 |
|  Intel Corp.<sup>(1)</sup> | 3400 | 150042 |
|  Micron Technology, Inc. | 2500 | 844600 |
|  NVIDIA Corp. | 103344 | 18023194 |
|  SiTime Corp.<sup>(1)</sup> | 2557 | 883060 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 15616 | 5277427 |
|  |  | **30374151** |
|  **Software — 5.8%** | **Software — 5.8%** | **Software — 5.8%** |
|  Appfolio, Inc., Class A<sup>(1)</sup> | 309 | 48766 |
|  BitMine Immersion Technologies, Inc. | 3351 | 66283 |
|  CyberArk Software Ltd.<sup>(1)(3)</sup> | 800 | 36000 |
|  Figma, Inc., Class A<sup>(1)</sup> | 500 | 10570 |
|  HubSpot, Inc.<sup>(1)</sup> | 1857 | 453294 |
|  Microsoft Corp. | 11209 | 4149235 |
|  Nutanix, Inc., Class A<sup>(1)</sup> | 19244 | 731464 |
|  Palo Alto Networks, Inc.<sup>(1)</sup> | 5781 | 926810 |
|  SailPoint, Inc.<sup>(1)</sup> | 1000 | 13240 |
|  Samsara, Inc., Class A<sup>(1)</sup> | 19414 | 615230 |
|  ServiceTitan, Inc., Class A<sup>(1)</sup> | 9203 | 584022 |
|  Synopsys, Inc.<sup>(1)</sup> | 1900 | 753312 |
|  Zeta Global Holdings Corp., Class A<sup>(1)</sup> | 15879 | 252794 |
|  Zscaler, Inc.<sup>(1)</sup> | 800 | 112232 |
|  |  | **8753252** |
|  **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
|  Lowe's Cos., Inc. | 11999 | 2835124 |
|  |  | **2835124** |
|  **Technology Hardware, Storage & Peripherals — 5.2%** | **Technology Hardware, Storage & Peripherals — 5.2%** | **Technology Hardware, Storage & Peripherals — 5.2%** |
|  Apple, Inc. | 30607 | 7767751 |
|  |  | **7767751** |
|  **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
|  Kering SA (France) | 500 | 151193 |
|  |  | **151193** |
|  **Tobacco — 1.7%** | **Tobacco — 1.7%** | **Tobacco — 1.7%** |
|  British American Tobacco PLC, ADR | 15780 | 922656 |
|  Philip Morris International, Inc. | 9385 | 1551716 |
|  |  | **2474372** |
|  **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** |
|  Ferguson Enterprises, Inc. (United Kingdom) | 4244 | 995948 |
|  |  | **995948** |
|  **Total Common Stocks** <br> (Cost $118,999,462) | **Total Common Stocks** <br> (Cost $118,999,462) | **149366509** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 0.7%** | **Repurchase Agreements — 0.7%** | **Repurchase Agreements — 0.7%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $1,121,532, due 4/1/2026<sup>(4)</sup> | $1121499 | $1121499 |
|  **Total Repurchase Agreements** <br> (Cost $1,121,499) | **Total Repurchase Agreements** <br> (Cost $1,121,499) | **1121499** |
|  **Total Investments — 100.1%** <br> (Cost $120,120,961) | **Total Investments — 100.1%** <br> (Cost $120,120,961) | **150488008** |
|  **Liabilities in excess of other assets — (0.1)%** | **Liabilities in excess of other assets — (0.1)%** | **(198350)** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**150289658** |

---

(1) Non–income–producing security.

(2) Security valued using significant unobservable inputs (Level 3).

(3) The table below presents securities deemed illiquid by the investment adviser.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** | **Cost** | **Value** | **Acquisition<br>Date** | **% of Fund's<br>Net Assets** |
|  Blueprint Medicines Corp. | 653 | $300 | $0 | 7/21/2025 | 0.00% |
|  CyberArk Software Ltd. | 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | 2/12/2026 | 0.02 |
|  Gamida Cell Ltd. | 59800 | 90298 | 1 | 7/18/2023 | 0.00 |

---

(4) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  U.S. Treasury Note | 3.625% | 8/31/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144054 |

---

**Legend:** 

ADR – American Depositary Receipt

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $140451377 | $8915131 <sup>\*</sup> | $1 | $149366509 |
|  Repurchase Agreements |  | 1121499 |  | 1121499 |
|  **Total** | $**140451377** | $**10036630** | $**1** | $**150488008** |

---

<sup>\*</sup> Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Notes to Schedule of Investments). These investments in securities were classified as Level 2 rather than Level 1.

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 98.4%** | **Common Stocks — 98.4%** | **Common Stocks — 98.4%** |
|  **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** |
|  StandardAero, Inc.<sup>(1)</sup> | 10718 | $276846 |
|  |  | **276846** |
|  **Biotechnology — 4.7%** | **Biotechnology — 4.7%** | **Biotechnology — 4.7%** |
|  Argenx SE, ADR<sup>(1)</sup> | 576 | 420624 |
|  Ascendis Pharma AS, ADR<sup>(1)</sup> | 812 | 185729 |
|  Bridgebio Pharma, Inc.<sup>(1)</sup> | 3400 | 252484 |
|  Madrigal Pharmaceuticals, Inc.<sup>(1)</sup> | 419 | 219334 |
|  Praxis Precision Medicines, Inc.<sup>(1)</sup> | 521 | 167861 |
|  Revolution Medicines, Inc.<sup>(1)</sup> | 1748 | 169993 |
|  Vaxcyte, Inc.<sup>(1)</sup> | 4750 | 276022 |
|  |  | **1692047** |
|  **Capital Markets — 4.1%** | **Capital Markets — 4.1%** | **Capital Markets — 4.1%** |
|  Cboe Global Markets, Inc. | 1106 | 310863 |
|  Charles Schwab Corp. | 2541 | 238803 |
|  LPL Financial Holdings, Inc. | 3115 | 937086 |
|  |  | **1486752** |
|  **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
|  Corteva, Inc. | 8471 | 709107 |
|  |  | **709107** |
|  **Commercial Services & Supplies — 6.6%** | **Commercial Services & Supplies — 6.6%** | **Commercial Services & Supplies — 6.6%** |
|  Cimpress PLC<sup>(1)</sup> | 5113 | 373249 |
|  Clean Harbors, Inc.<sup>(1)</sup> | 2454 | 703635 |
|  RB Global, Inc. | 5612 | 537910 |
|  Rentokil Initial PLC (United Kingdom) | 27241 | 169375 |
|  Rentokil Initial PLC, ADR | 11503 | 362115 |
|  Veralto Corp. | 2667 | 235816 |
|  |  | **2382100** |
|  **Construction & Engineering — 2.6%** | **Construction & Engineering — 2.6%** | **Construction & Engineering — 2.6%** |
|  API Group Corp.<sup>(1)</sup> | 23328 | 945251 |
|  |  | **945251** |
|  **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |
|  Dollar Tree, Inc.<sup>(1)</sup> | 1558 | 170617 |
|  |  | **170617** |
|  **Electric Utilities — 2.6%** | **Electric Utilities — 2.6%** | **Electric Utilities — 2.6%** |
|  Alliant Energy Corp. | 13251 | 950892 |
|  |  | **950892** |
|  **Electrical Equipment — 1.8%** | **Electrical Equipment — 1.8%** | **Electrical Equipment — 1.8%** |
|  Sensata Technologies Holding PLC | 18721 | 659354 |
|  |  | **659354** |
|  **Electronic Equipment, Instruments & Components — 8.5%** | **Electronic Equipment, Instruments & Components — 8.5%** | **Electronic Equipment, Instruments & Components — 8.5%** |
|  CDW Corp. | 2398 | 290206 |
|  Flex Ltd.<sup>(1)</sup> | 22323 | 1461263 |
|  TE Connectivity PLC | 1535 | 320846 |
|  Teledyne Technologies, Inc.<sup>(1)</sup> | 1667 | 1008552 |
|  |  | **3080867** |
|  **Entertainment — 2.3%** | **Entertainment — 2.3%** | **Entertainment — 2.3%** |
|  Liberty Media Corp.-Liberty Formula One, Class A<sup>(1)</sup> | 1252 | 97756 |
|  Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 8506 | 723180 |
|  |  | **820936** |
|  **Financial Services — 2.6%** | **Financial Services — 2.6%** | **Financial Services — 2.6%** |
|  Jack Henry & Associates, Inc. | 845 | 133544 |
|  WEX, Inc.<sup>(1)</sup> | 5336 | 816621 |
|  |  | **950165** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Ground Transportation — 5.5%** | **Ground Transportation — 5.5%** | **Ground Transportation — 5.5%** |
|  Canadian Pacific Kansas City Ltd. | 6762 | $531899 |
|  JB Hunt Transport Services, Inc. | 5180 | 1097642 |
|  TFI International, Inc. | 3339 | 362715 |
|  |  | **1992256** |
|  **Health Care Equipment & Supplies — 8.1%** | **Health Care Equipment & Supplies — 8.1%** | **Health Care Equipment & Supplies — 8.1%** |
|  Boston Scientific Corp.<sup>(1)</sup> | 9678 | 607294 |
|  Cooper Cos., Inc.<sup>(1)</sup> | 3085 | 220577 |
|  Glaukos Corp.<sup>(1)</sup> | 1098 | 118211 |
|  Globus Medical, Inc., Class A<sup>(1)</sup> | 3918 | 337575 |
|  ICU Medical, Inc.<sup>(1)</sup> | 2361 | 304923 |
|  Lantheus Holdings, Inc.<sup>(1)</sup> | 2016 | 152914 |
|  Medline, Inc., Class A<sup>(1)</sup> | 5318 | 236651 |
|  STERIS PLC | 1485 | 328378 |
|  Teleflex, Inc. | 5349 | 639794 |
|  |  | **2946317** |
|  **Hotels, Restaurants & Leisure — 4.4%** | **Hotels, Restaurants & Leisure — 4.4%** | **Hotels, Restaurants & Leisure — 4.4%** |
|  Aramark | 17665 | 716139 |
|  DoorDash, Inc., Class A<sup>(1)</sup> | 4812 | 722522 |
|  Entain PLC (United Kingdom) | 20764 | 156793 |
|  |  | **1595454** |
|  **Insurance — 2.2%** | **Insurance — 2.2%** | **Insurance — 2.2%** |
|  Intact Financial Corp. (Canada) | 1480 | 268190 |
|  W.R. Berkley Corp. | 3082 | 204275 |
|  Willis Towers Watson PLC | 1082 | 314537 |
|  |  | **787002** |
|  **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
|  Ziff Davis, Inc.<sup>(1)</sup> | 2852 | 119670 |
|  |  | **119670** |
|  **Life Sciences Tools & Services — 5.0%** | **Life Sciences Tools & Services — 5.0%** | **Life Sciences Tools & Services — 5.0%** |
|  Illumina, Inc.<sup>(1)</sup> | 2240 | 276102 |
|  Revvity, Inc. | 10091 | 884072 |
|  Waters Corp.<sup>(1)</sup> | 2162 | 643844 |
|  |  | **1804018** |
|  **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
|  Ingersoll Rand, Inc. | 8368 | 670444 |
|  |  | **670444** |
|  **Multi-Utilities — 3.5%** | **Multi-Utilities — 3.5%** | **Multi-Utilities — 3.5%** |
|  Ameren Corp. | 6301 | 692606 |
|  DTE Energy Co. | 3940 | 576107 |
|  |  | **1268713** |
|  **Oil, Gas & Consumable Fuels — 0.5%** | **Oil, Gas & Consumable Fuels — 0.5%** | **Oil, Gas & Consumable Fuels — 0.5%** |
|  ONEOK, Inc. | 2082 | 188192 |
|  |  | **188192** |
|  **Passenger Airlines — 1.7%** | **Passenger Airlines — 1.7%** | **Passenger Airlines — 1.7%** |
|  Ryanair Holdings PLC, ADR | 10581 | 611582 |
|  |  | **611582** |
|  **Professional Services — 3.6%** | **Professional Services — 3.6%** | **Professional Services — 3.6%** |
|  Broadridge Financial Solutions, Inc. | 2322 | 377279 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Professional Services — (continued)** | **Professional Services — (continued)** | **Professional Services — (continued)** |
|  SS&C Technologies Holdings, Inc. | 6953 | $469814 |
|  TransUnion | 3728 | 257940 |
|  UL Solutions, Inc., Class A | 2578 | 220960 |
|  |  | **1325993** |
|  **Real Estate Management & Development — 1.8%** | **Real Estate Management & Development — 1.8%** | **Real Estate Management & Development — 1.8%** |
|  CoStar Group, Inc.<sup>(1)</sup> | 9736 | 392750 |
|  FirstService Corp. | 1816 | 252315 |
|  |  | **645065** |
|  **Semiconductors & Semiconductor Equipment — 5.6%** | **Semiconductors & Semiconductor Equipment — 5.6%** | **Semiconductors & Semiconductor Equipment — 5.6%** |
|  KLA Corp. | 353 | 519761 |
|  NXP Semiconductors NV | 3462 | 681529 |
|  ON Semiconductor Corp.<sup>(1)</sup> | 13685 | 847375 |
|  |  | **2048665** |
|  **Software — 6.5%** | **Software — 6.5%** | **Software — 6.5%** |
|  AppLovin Corp., Class A<sup>(1)</sup> | 560 | 222880 |
|  Constellation Software, Inc. (Canada) | 433 | 760105 |
|  Descartes Systems Group, Inc.<sup>(1)</sup> | 2374 | 169883 |
|  Dynatrace, Inc.<sup>(1)</sup> | 4640 | 171587 |
|  PTC, Inc.<sup>(1)</sup> | 4480 | 638355 |
|  Topicus.com, Inc. (Canada)<sup>(1)</sup> | 1862 | 123063 |
|  Workday, Inc., Class A<sup>(1)</sup> | 2111 | 274261 |
|  |  | **2360134** |
|  **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
|  Lamar Advertising Co., Class A | 1573 | 199236 |
|  |  | **199236** |
|  **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** |
|  Burlington Stores, Inc.<sup>(1)</sup> | 1062 | 345553 |
|  CarMax, Inc.<sup>(1)</sup> | 6035 | 250935 |
|  Wayfair, Inc., Class A<sup>(1)</sup> | 3892 | 292718 |
|  |  | **889206** |
|  **Textiles, Apparel & Luxury Goods — 2.2%** | **Textiles, Apparel & Luxury Goods — 2.2%** | **Textiles, Apparel & Luxury Goods — 2.2%** |
|  Gildan Activewear, Inc. | 14562 | 810375 |
|  |  | **810375** |
|  **Trading Companies & Distributors — 3.8%** | **Trading Companies & Distributors — 3.8%** | **Trading Companies & Distributors — 3.8%** |
|  Ferguson Enterprises, Inc. | 5852 | 1365038 |
|  |  | **1365038** |
|  **Total Common Stocks** <br> (Cost $27,088,592) | **Total Common Stocks** <br> (Cost $27,088,592) | **35752294** |
|  | **Principal<br>Amount** | **<br>Value** |
|  **Repurchase Agreements — 1.6%** | **Repurchase Agreements — 1.6%** | **Repurchase Agreements — 1.6%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $579,649, due 4/1/2026<sup>(2)</sup> | $579632 | 579632 |
|  **Total Repurchase Agreements** <br> (Cost $579,632) | **Total Repurchase Agreements** <br> (Cost $579,632) | **579632** |
|  **Total Investments — 100.0%** <br> (Cost $27,668,224) | **Total Investments — 100.0%** <br> (Cost $27,668,224) | **36331926** |
|  **Assets in excess of other liabilities — (0.0)%** | **Assets in excess of other liabilities — (0.0)%** | **17052** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**36348978** |

---

(1) Non–income–producing security.

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

(2) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>Security** | **<br>Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
|  U.S. Treasury Note | 3.625% | 8/31/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591248 |

---

**Legend:** 

ADR – American Depositary Receipt

REITs – Real Estate Investment Trusts

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $35426126 | $326168 <sup>\*</sup> | $— | $35752294 |
|  Repurchase Agreements |  | 579632 |  | 579632 |
|  **Total** | $**35426126** | $**905800** | $**—** | $**36331926** |

---

<sup>\*</sup> Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Notes to Schedule of Investments). These investments in securities were classified as Level 2 rather than Level 1.

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 98.1%** | **Common Stocks — 98.1%** | **Common Stocks — 98.1%** |
|  **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** |
|  L3Harris Technologies, Inc. | 1977 | $682362 |
|  StandardAero, Inc.<sup>(1)</sup> | 69033 | 1783122 |
|  |  | **2465484** |
|  **Automobile Components — 1.3%** | **Automobile Components — 1.3%** | **Automobile Components — 1.3%** |
|  Aptiv PLC<sup>(1)</sup> | 16023 | 1112637 |
|  |  | **1112637** |
|  **Banks — 4.3%** | **Banks — 4.3%** | **Banks — 4.3%** |
|  Fifth Third Bancorp | 44333 | 2059711 |
|  First Citizens BancShares, Inc., Class A | 447 | 842443 |
|  Regions Financial Corp. | 33115 | 864964 |
|  |  | **3767118** |
|  **Beverages — 2.9%** | **Beverages — 2.9%** | **Beverages — 2.9%** |
|  Keurig Dr Pepper, Inc. | 70497 | 1856186 |
|  Primo Brands Corp. | 34755 | 654437 |
|  |  | **2510623** |
|  **Building Products — 1.1%** | **Building Products — 1.1%** | **Building Products — 1.1%** |
|  Carlisle Cos., Inc. | 1775 | 592176 |
|  Owens Corning | 3643 | 394245 |
|  |  | **986421** |
|  **Chemicals — 3.5%** | **Chemicals — 3.5%** | **Chemicals — 3.5%** |
|  Eastman Chemical Co. | 13768 | 1050774 |
|  RPM International, Inc. | 20169 | 2004798 |
|  |  | **3055572** |
|  **Commercial Services & Supplies — 3.2%** | **Commercial Services & Supplies — 3.2%** | **Commercial Services & Supplies — 3.2%** |
|  Copart, Inc.<sup>(1)</sup> | 9673 | 321144 |
|  Republic Services, Inc. | 11262 | 2466603 |
|  |  | **2787747** |
|  **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** |
|  API Group Corp.<sup>(1)</sup> | 18366 | 744190 |
|  |  | **744190** |
|  **Construction Materials — 3.1%** | **Construction Materials — 3.1%** | **Construction Materials — 3.1%** |
|  Amrize Ltd.<sup>(1)</sup> | 17734 | 993459 |
|  Vulcan Materials Co. | 6437 | 1752795 |
|  |  | **2746254** |
|  **Containers & Packaging — 1.1%** | **Containers & Packaging — 1.1%** | **Containers & Packaging — 1.1%** |
|  Graphic Packaging Holding Co. | 95651 | 950771 |
|  |  | **950771** |
|  **Electric Utilities — 6.5%** | **Electric Utilities — 6.5%** | **Electric Utilities — 6.5%** |
|  American Electric Power Co., Inc. | 22830 | 2992556 |
|  FirstEnergy Corp. | 53341 | 2702255 |
|  |  | **5694811** |
|  **Electronic Equipment, Instruments & Components — 5.7%** | **Electronic Equipment, Instruments & Components — 5.7%** | **Electronic Equipment, Instruments & Components — 5.7%** |
|  CDW Corp. | 13339 | 1614286 |
|  Keysight Technologies, Inc.<sup>(1)</sup> | 10592 | 2990863 |
|  Novanta, Inc.<sup>(1)</sup> | 3570 | 421652 |
|  |  | **5026801** |
|  **Energy Equipment & Services — 2.8%** | **Energy Equipment & Services — 2.8%** | **Energy Equipment & Services — 2.8%** |
|  Baker Hughes Co. | 39443 | 2407995 |
|  |  | **2407995** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
|  Pershing Square Tontine Holdings Ltd.<sup>(1)(2)(3)</sup> | 125172 | $0 |
|  |  | **0** |
|  **Ground Transportation — 3.4%** | **Ground Transportation — 3.4%** | **Ground Transportation — 3.4%** |
|  Canadian Pacific Kansas City Ltd. | 21116 | 1660985 |
|  Knight-Swift Transportation Holdings, Inc. | 23338 | 1343802 |
|  |  | **3004787** |
|  **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** |
|  Alcon AG | 22320 | 1681812 |
|  |  | **1681812** |
|  **Health Care Providers & Services — 3.2%** | **Health Care Providers & Services — 3.2%** | **Health Care Providers & Services — 3.2%** |
|  Labcorp Holdings, Inc. | 10560 | 2817514 |
|  |  | **2817514** |
|  **Household Durables — 1.9%** | **Household Durables — 1.9%** | **Household Durables — 1.9%** |
|  D.R. Horton, Inc. | 3166 | 434439 |
|  Somnigroup International, Inc. | 16273 | 1202900 |
|  |  | **1637339** |
|  **Household Products — 2.8%** | **Household Products — 2.8%** | **Household Products — 2.8%** |
|  Church & Dwight Co., Inc. | 26504 | 2473353 |
|  |  | **2473353** |
|  **Insurance — 5.0%** | **Insurance — 5.0%** | **Insurance — 5.0%** |
|  Arch Capital Group Ltd.<sup>(1)</sup> | 19522 | 1873917 |
|  Brown & Brown, Inc. | 13878 | 904984 |
|  Loews Corp. | 15117 | 1613589 |
|  |  | **4392490** |
|  **IT Services — 1.4%** | **IT Services — 1.4%** | **IT Services — 1.4%** |
|  Okta, Inc.<sup>(1)</sup> | 15560 | 1224728 |
|  |  | **1224728** |
|  **Life Sciences Tools & Services — 4.7%** | **Life Sciences Tools & Services — 4.7%** | **Life Sciences Tools & Services — 4.7%** |
|  Charles River Laboratories International, Inc.<sup>(1)</sup> | 10039 | 1731728 |
|  Qiagen NV | 13758 | 550870 |
|  Revvity, Inc. | 12041 | 1054912 |
|  Waters Corp.<sup>(1)</sup> | 2631 | 783512 |
|  |  | **4121022** |
|  **Machinery — 5.6%** | **Machinery — 5.6%** | **Machinery — 5.6%** |
|  Donaldson Co., Inc. | 4953 | 420361 |
|  Gates Industrial Corp. PLC<sup>(1)</sup> | 68617 | 1551430 |
|  Ingersoll Rand, Inc. | 7427 | 595051 |
|  Mueller Industries, Inc. | 6961 | 771279 |
|  Toro Co. | 16813 | 1571007 |
|  |  | **4909128** |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
|  NIQ Global Intelligence PLC<sup>(1)</sup> | 5516 | 62717 |
|  |  | **62717** |
|  **Metals & Mining — 1.9%** | **Metals & Mining — 1.9%** | **Metals & Mining — 1.9%** |
|  Freeport-McMoRan, Inc. | 19929 | 1171426 |
|  Nucor Corp. | 2898 | 490052 |
|  |  | **1661478** |
|  **Mortgage REITs — 1.8%** | **Mortgage REITs — 1.8%** | **Mortgage REITs — 1.8%** |
|  Annaly Capital Management, Inc. | 72943 | 1542744 |
|  |  | **1542744** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Oil, Gas & Consumable Fuels — 5.8%** | **Oil, Gas & Consumable Fuels — 5.8%** | **Oil, Gas & Consumable Fuels — 5.8%** |
|  EOG Resources, Inc. | 11496 | $1661977 |
|  EQT Corp. | 28455 | 1810876 |
|  Valero Energy Corp. | 6654 | 1644070 |
|  |  | **5116923** |
|  **Professional Services — 2.7%** | **Professional Services — 2.7%** | **Professional Services — 2.7%** |
|  Booz Allen Hamilton Holding Corp. | 14748 | 1150787 |
|  Jacobs Solutions, Inc. | 9326 | 1187013 |
|  |  | **2337800** |
|  **Real Estate Management & Development — 1.3%** | **Real Estate Management & Development — 1.3%** | **Real Estate Management & Development — 1.3%** |
|  CBRE Group, Inc., Class A<sup>(1)</sup> | 8113 | 1098987 |
|  |  | **1098987** |
|  **Semiconductors & Semiconductor Equipment — 6.6%** | **Semiconductors & Semiconductor Equipment — 6.6%** | **Semiconductors & Semiconductor Equipment — 6.6%** |
|  ON Semiconductor Corp.<sup>(1)</sup> | 29236 | 1810293 |
|  Qnity Electronics, Inc., Class W/I | 19327 | 2229949 |
|  Teradyne, Inc. | 5822 | 1725990 |
|  |  | **5766232** |
|  **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** |
|  Weyerhaeuser Co. | 56664 | 1384302 |
|  |  | **1384302** |
|  **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |
|  AutoZone, Inc.<sup>(1)</sup> | 445 | 1503112 |
|  |  | **1503112** |
|  **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** |
|  PVH Corp. | 12256 | 854979 |
|  |  | **854979** |
|  **Trading Companies & Distributors — 2.6%** | **Trading Companies & Distributors — 2.6%** | **Trading Companies & Distributors — 2.6%** |
|  AerCap Holdings NV | 11060 | 1517211 |
|  WESCO International, Inc. | 2899 | 793224 |
|  |  | **2310435** |
|  **Water Utilities — 2.0%** | **Water Utilities — 2.0%** | **Water Utilities — 2.0%** |
|  American Water Works Co., Inc. | 12908 | 1756650 |
|  |  | **1756650** |
|  **Total Common Stocks** <br> (Cost $66,412,156) | **Total Common Stocks** <br> (Cost $66,412,156) | **85914956** |
|  | **Principal<br>Amount** | **<br>Value** |
|  **Warrants — 0.0%** | **Warrants — 0.0%** | **Warrants — 0.0%** |
|  Pershing Square Holdings Ltd.<sup>(1)(2)</sup> | $14344 | 0 |
|  **Total Warrants** <br> (Cost $0) | **Total Warrants** <br> (Cost $0) | **0** |
|  | **Shares** | **Value** |
|  **Rights — 0.0%** | **Rights — 0.0%** | **Rights — 0.0%** |
|  **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
|  Pershing Square Holdings Ltd.<sup>(1)(2)</sup> | 38465 | 0 |
|  **Total Rights** <br> (Cost $0) | **Total Rights** <br> (Cost $0) | **0** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 1.9%** | **Repurchase Agreements — 1.9%** | **Repurchase Agreements — 1.9%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $1,620,792, due 4/1/2026<sup>(4)</sup> | $1620744 | $1620744 |
|  **Total Repurchase Agreements** <br> (Cost $1,620,744) | **Total Repurchase Agreements** <br> (Cost $1,620,744) | **1620744** |
|  **Total Investments — 100.0%** <br> (Cost $68,032,900) | **Total Investments — 100.0%** <br> (Cost $68,032,900) | **87535700** |
|  **Assets in excess of other liabilities — 0.0%** | **Assets in excess of other liabilities — 0.0%** | **5313** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**87541013** |

---

(1) Non–income–producing security.

(2) The table below presents securities deemed illiquid by the investment adviser.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** | **Cost** | **Value** | **Acquisition<br>Date** | **% of Fund's<br>Net Assets** |
|  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% |
|  Pershing Square Holdings Ltd. | 14344 | 0 | 0 | 7/26/2022 | 0.00 |
|  Pershing Square Holdings Ltd. | 38465 | 0 | 0 | 12/19/2023 | 0.00 |

---

(3) 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.

(4) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  U.S. Treasury Note | 3.625% | 8/31/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653230 |

---

**Legend:** 

REITs – Real Estate Investment Trusts

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $85914956 | $0 | $— | $85914956 |
|  Warrants |  | 0 |  | 0 |
|  Rights |  | 0 |  | 0 |
|  Repurchase Agreements |  | 1620744 |  | 1620744 |
|  **Total** | $**85914956** | $**1620744** | $**—** | $**87535700** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Agency Mortgage-Backed Securities — 28.6%** |  |  |
|  Fannie Mae ACES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-M4, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.389% due 8/25/2035 | $500000 | $491842 |
|  Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 1/1/2035 | 69206 | 64060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 9/1/2051 | 447287 | 414246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/1/2052 | 425802 | 426500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2052 | 661271 | 661049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 4/1/2054 | 145081 | 144271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.438% due 9/1/2055<sup>(1)(2)</sup> | 265426 | 268657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/1/2054 | 148051 | 151273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 11/1/2054 | 939492 | 962305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 2/1/2055 | 124434 | 129578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 11/1/2053 | 506572 | 527354 |
|  Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 8/1/2050 | 1722358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 3/1/2052 | 800467 | 677393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 4/1/2051 | 289258 | 256416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 9/1/2051 | 178060 | 166581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 4/1/2052 | 782214 | 723864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 6/1/2052 | 39940 | 36903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/1/2052 | 565710 | 567420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2052 | 880506 | 879375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/1/2053 | 86584 | 85951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.468% due 10/1/2055<sup>(1)(2)</sup> | 964880 | 978372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 10/1/2054 | 486170 | 497779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 10/1/2053 | 632163 | 647056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 10/1/2054 | 107578 | 112025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 1/1/2055 | 242151 | 251864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.244% due 11/1/2054<sup>(1)(2)</sup> | 620990 | 641721 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-146, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.92% due 6/25/2032 | 460000 | 423848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-153, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.82% due 12/25/2032<sup>(1)(2)</sup> | 440000 | 424381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-161, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 10/25/2033<sup>(1)(2)</sup> | 230000 | 235449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-169, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.66% due 12/25/2034<sup>(1)(2)</sup> | 250000 | 251455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-G07, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.123% due 8/25/2032<sup>(1)(2)</sup> | 1146000 | 1065416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KG-08, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.134% due 5/25/2033<sup>(1)(2)</sup> | 550000 | 538005 |
|  Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 5/20/2056<sup>(3)</sup> | 401000 | 331029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/20/2056<sup>(3)</sup> | 400000 | 344063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/20/2056<sup>(3)</sup> | 919000 | 790053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 4/20/2056<sup>(3)</sup> | 511000 | 456115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/20/2056<sup>(3)</sup> | 1846000 | 1646430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 4/20/2056<sup>(3)</sup> | 1521000 | 1469136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/20/2056<sup>(3)</sup> | 546000 | 526806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 4/20/2056<sup>(3)</sup> | 910000 | 901175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 5/20/2056<sup>(3)</sup> | 496000 | 490202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 4/20/2056<sup>(3)</sup> | 1928000 | 1940279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/20/2056<sup>(3)</sup> | 1971000 | 1979549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 4/20/2056<sup>(3)</sup> | 786000 | 799210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/20/2056<sup>(3)</sup> | 1104000 | 1121217 |
|  Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 4/1/2041<sup>(3)</sup> | 383000 | 352231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 5/1/2056<sup>(3)</sup> | 1369000 | 1101992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/1/2056<sup>(3)</sup> | 1995000 | 1676346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/1/2056<sup>(3)</sup> | 45000 | 39483 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Agency Mortgage-Backed Securities — (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 5/1/2039<sup>(3)</sup> | $| 360000 | $| 351355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 5/1/2056<sup>(3)</sup> |  | 802000 |  | 756111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 4/1/2040<sup>(3)</sup> |  | 1375000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/1/2041<sup>(3)</sup> |  | 1827000 |  | 1812270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 4/1/2040<sup>(3)</sup> |  | 176000 |  | 177285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 5/1/2041<sup>(3)</sup> |  | 613000 |  | 616901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 4/1/2056<sup>(3)</sup> |  | 16000 |  | 15778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 5/1/2056<sup>(3)</sup> |  | 11000 |  | 10835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 4/1/2040<sup>(3)</sup> |  | 140000 |  | 142721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/1/2041<sup>(3)</sup> |  | 812000 |  | 827082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 4/1/2056<sup>(3)</sup> |  | 382000 |  | 383759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/1/2056<sup>(3)</sup> |  | 609000 |  | 610972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/1/2041<sup>(3)</sup> |  | 132000 |  | 136091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/1/2056<sup>(3)</sup> |  | 383000 |  | 389939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 5/1/2054<sup>(3)</sup> |  | 296000 |  | 311409 |
|  **Total Agency Mortgage-Backed Securities**<br> (Cost $39,270,774) | **Total Agency Mortgage-Backed Securities**<br> (Cost $39,270,774) | **Total Agency Mortgage-Backed Securities**<br> (Cost $39,270,774) |  | **39062339** |
|  **Asset-Backed Securities — 10.9%** | **Asset-Backed Securities — 10.9%** | **Asset-Backed Securities — 10.9%** | **Asset-Backed Securities — 10.9%** | **Asset-Backed Securities — 10.9%** |
|  AB BSL CLO 3 Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class BR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.218% (3 mo. USD Term SOFR + 1.55%) due 4/20/2038<sup>(1)(4)</sup> |  | 500000 |  | 499130 |
|  Affirm Master Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45% due 10/16/2034<sup>(4)</sup> |  | 220000 |  | 219047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.37% due 2/15/2034<sup>(4)</sup> |  | 205000 |  | 204177 |
|  AmeriCredit Automobile Receivables Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32% due 4/18/2028 |  | 173430 |  | 174110 |
|  Avant Loans Funding Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-REV1, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.92% due 10/15/2033<sup>(4)</sup> |  | 295000 |  | 295448 |
|  Avid Automobile Receivables Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.39% due 4/17/2028<sup>(4)</sup> |  | 82145 |  | 82036 |
|  BSPDF Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-FL3, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 9/18/2043<sup>(1)(2)(4)</sup> |  | 200000 |  | 199998 |
|  BSPRT Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL12, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.064% due 1/17/2043<sup>(1)(2)(4)</sup> |  | 150000 |  | 150003 |
|  Cajun Global LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.912% due 11/20/2055<sup>(4)</sup> |  | 125000 |  | 124100 |
|  Capital One Multi-Asset Execution Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A3, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% due 10/15/2037 |  | 65000 |  | 64173 |
|  CarMax Select Receivables Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 11/15/2028 |  | 380000 |  | 382307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.12% due 3/15/2030 |  | 335000 |  | 333883 |
|  Cherry Securitization Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13% due 11/15/2032<sup>(4)</sup> |  | 225000 |  | 227199 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Asset-Backed Securities — (continued)** |  |  |
|  Citizens Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84% due 1/18/2028<sup>(4)</sup> | $230949 | $231836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26% due 4/15/2031<sup>(4)</sup> | 545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552463 |
|  DLLAD LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 6/20/2030<sup>(4)</sup> | 510000 | 513276 |
|  Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14% due 9/15/2032 | 250000 | 249789 |
|  Driven Brands Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.296% due 10/20/2055<sup>(4)</sup> | 119700 | 107133 |
|  Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48% due 8/15/2030 | 665000 | 672276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86% due 2/15/2030 | 180000 | 181043 |
|  First National Master Note Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34% due 5/15/2030 | 805000 | 815075 |
|  GM Financial Automobile Leasing Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.21% due 10/20/2027 | 466548 | 466703 |
|  Huntington Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23% due 1/16/2029<sup>(4)</sup> | 267448 | 269345 |
|  Hyundai Auto Lease Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94% due 8/15/2029<sup>(4)</sup> | 175000 | 176233 |
|  KKR CLO 35 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 35A, Class BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.268% (3 mo. USD Term SOFR + 1.60%) due 1/20/2038<sup>(1)(4)</sup> | 340000 | 339419 |
|  Lending Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.32% due 4/21/2031<sup>(4)</sup> | 351510 | 347096 |
|  Lendmark Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90% due 11/20/2031<sup>(4)</sup> | 750000 | 734360 |
|  LoanCore Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE8, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.063% (1 mo. USD Term SOFR + 1.39%) due 8/17/2042<sup>(1)(2)(4)</sup> | 280000 | 280034 |
|  Mariner Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.86% due 3/20/2036<sup>(4)</sup> | 284167 | 280899 |
|  Mercury Financial Credit Card Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.56% due 7/20/2029<sup>(4)</sup> | 360000 | 360589 |
|  Nissan Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93% due 3/15/2028 | 89701 | 90234 |
|  PEAC Solutions Receivables LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64% due 11/20/2030<sup>(4)</sup> | 340000 | 346294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74% due 4/20/2027<sup>(4)</sup> | 113017 | 113194 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Asset-Backed Securities — (continued)** |  |  |  |  |
|  PFP Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-13, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.18% (1 mo. USD Term SOFR + 1.50%) due 8/18/2043<sup>(1)(2)(4)</sup> | $| 300000 | $| 300245 |
|  PFS Financing Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27% due 5/15/2028<sup>(4)</sup> |  | 210000 |  | 210279 |
|  Rad CLO 27 Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-27A, Class A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.992% (3 mo. USD Term SOFR + 1.32%) due 1/15/2038<sup>(1)(4)</sup> |  | 330000 |  | 330014 |
|  Regatta XXVIII Funding Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.418% (3 mo. USD Term SOFR + 1.75%) due 4/25/2037<sup>(1)(4)</sup> |  | 250000 |  | 250021 |
|  Santander Drive Auto Receivables Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84% due 6/17/2030 |  | 195000 |  | 198480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87% due 5/15/2031 |  | 260000 |  | 261689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.52% due 1/15/2032 |  | 440000 |  | 438080 |
|  SBNA Auto Receivables Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32% due 12/15/2028<sup>(4)</sup> |  | 173605 |  | 174016 |
|  SEB Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.665% due 1/30/2056<sup>(4)</sup> |  | 275000 |  | 272802 |
|  Silver Point CLO 4 Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A, Class A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.502% (3 mo. USD Term SOFR + 1.83%) due 4/15/2037<sup>(1)(4)</sup> |  | 250000 |  | 249998 |
|  U.S. Bank C&I Credit-Linked Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SUP2, Class B1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.818% due 9/25/2032<sup>(4)</sup> |  | 205639 |  | 203522 |
|  Westlake Automobile Receivables Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.74% due 8/15/2028<sup>(4)</sup> |  | 503380 |  | 504823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% due 3/15/2030<sup>(4)</sup> |  | 400000 |  | 405141 |
|  World Omni Auto Receivables Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27% due 9/17/2029 |  | 367802 |  | 370682 |
|  World Omni Automobile Lease Securitization Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68% due 5/15/2030 |  | 380000 |  | 381451 |
|  World Omni Select Auto Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14% due 5/15/2030 |  | 173709 |  | 173739 |
|  **Total Asset-Backed Securities** <br> (Cost $14,814,853) | **Total Asset-Backed Securities** <br> (Cost $14,814,853) | **Total Asset-Backed Securities** <br> (Cost $14,814,853) |  | **14807884** |
|  **Corporate Bonds & Notes — 37.5%** | **Corporate Bonds & Notes — 37.5%** | **Corporate Bonds & Notes — 37.5%** | **Corporate Bonds & Notes — 37.5%** | **Corporate Bonds & Notes — 37.5%** |
|  **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
|  ATI, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 8/15/2030 |  | 197000 |  | 204283 |
|  Boeing Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.858% due 5/1/2054 |  | 163000 |  | 179394 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |  |  |
|  **Aerospace & Defense — (continued)** |  |  |  |  |
|  Hexcel Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 2/26/2035 | $| 227000 | $| 233039 |
|  Honeywell Aerospace, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60% due 3/16/2033<sup>(4)</sup> |  | 94000 |  | 92922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 3/16/2036<sup>(4)</sup> |  | 97000 |  | 96244 |
|  Northrop Grumman Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 1/15/2028 |  | 284000 |  | 278925 |
|  TransDigm, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 1/31/2034<sup>(4)</sup> |  | 158000 |  | 160070 |
|  |  |  |  | **1244877** |
|  **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
|  Altria Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 2/4/2028 |  | 245000 |  | 247025 |
|  BAT Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 8/15/2035 |  | 135000 |  | 138842 |
|  Imperial Brands Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 7/1/2034<sup>(4)</sup> |  | 617000 |  | 634604 |
|  |  |  |  | **1020471** |
|  **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
|  AS Mileage Plan IP Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.308% due 10/20/2031<sup>(4)</sup> |  | 346000 |  | 338458 |
|  JetBlue Airways Corp./JetBlue Loyalty LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.875% due 9/20/2031<sup>(4)</sup> |  | 162000 |  | 153100 |
|  United Airlines Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 3/1/2029 |  | 140000 |  | 136931 |
|  |  |  |  | **628489** |
|  **Auto Manufacturers — 0.9%** | **Auto Manufacturers — 0.9%** | **Auto Manufacturers — 0.9%** | **Auto Manufacturers — 0.9%** | **Auto Manufacturers — 0.9%** |
|  Ford Motor Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.625% due 4/22/2030 |  | 173000 |  | 196764 |
|  Ford Motor Credit Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.303% due 9/6/2029 |  | 200000 |  | 198957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20% due 6/10/2030 |  | 272000 |  | 286505 |
|  JB Poindexter & Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% due 12/15/2031<sup>(4)</sup> |  | 177000 |  | 179402 |
|  Nissan Motor Acceptance Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05% due 9/15/2028<sup>(4)</sup> |  | 303000 |  | 307724 |
|  Toyota Motor Credit Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% due 9/20/2027 |  | 122000 |  | 122695 |
|  |  |  |  | **1292047** |
|  **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
|  Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 9/15/2032<sup>(4)</sup> |  | 142000 |  | 143136 |
|  ZF North America Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 4/23/2030<sup>(4)</sup> |  | 170000 |  | 164455 |
|  |  |  |  | **307591** |
|  **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
|  Bacardi Ltd./Bacardi-Martini BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 6/15/2033<sup>(4)</sup> |  | 440000 |  | 435637 |
|  |  |  |  | **435637** |
|  **Biotechnology — 0.8%** | **Biotechnology — 0.8%** | **Biotechnology — 0.8%** | **Biotechnology — 0.8%** | **Biotechnology — 0.8%** |
|  Amgen, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 3/2/2028 |  | 353000 |  | 358173 |
|  Genmab AS/Genmab Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 12/15/2032<sup>(4)</sup> |  | 200000 |  | 205047 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |  |  |
|  **Biotechnology — (continued)** |  |  |  |  |
|  Regeneron Pharmaceuticals, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80% due 9/15/2050 | $| 291000 | $| 176136 |
|  Royalty Pharma PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35% due 9/2/2051 |  | 84000 |  | 54428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 9/2/2034 |  | 249000 |  | 251053 |
|  |  |  |  | **1044837** |
|  **Building Materials — 0.3%** | **Building Materials — 0.3%** | **Building Materials — 0.3%** | **Building Materials — 0.3%** | **Building Materials — 0.3%** |
|  EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 7/15/2031<sup>(4)</sup> |  | 204000 |  | 209805 |
|  Smyrna Ready Mix Concrete LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 11/1/2028<sup>(4)</sup> |  | 159000 |  | 157801 |
|  |  |  |  | **367606** |
|  **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
|  Celanese U.S. Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 2/15/2031 |  | 279000 |  | 286476 |
|  OCP SA, Reg S |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 5/2/2034 |  | 200000 |  | 208063 |
|  Rain Carbon, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25% due 9/1/2029<sup>(4)</sup> |  | 132000 |  | 135808 |
|  |  |  |  | **630347** |
|  **Coal — 0.1%** | **Coal — 0.1%** | **Coal — 0.1%** | **Coal — 0.1%** | **Coal — 0.1%** |
|  SunCoke Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 6/30/2029<sup>(4)</sup> |  | 209000 |  | 188594 |
|  |  |  |  | **188594** |
|  **Commercial Banks — 3.1%** | **Commercial Banks — 3.1%** | **Commercial Banks — 3.1%** | **Commercial Banks — 3.1%** | **Commercial Banks — 3.1%** |
|  ABN AMRO Bank NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.324% (3.324% fixed rate until 12/13/2031; 5 yr. CMT rate + 1.90% thereafter)<br>due 3/13/2037<sup>(1)(4)</sup> |  | 200000 |  | 178513 |
|  Banco de Credito del Peru SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% (5.65% fixed rate until 10/15/2031; 5 yr. CMT rate + 1.96% thereafter)<br>due 1/15/2037<sup>(1)(4)</sup> |  | 204000 |  | 198951 |
|  BankUnited, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 6/11/2030 |  | 288000 |  | 286798 |
|  Citizens Financial Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 |  | 359768 |
|  First Citizens BancShares, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% (5.60% fixed rate until 9/5/2030; 5 yr. CMT rate + 1.85% thereafter) due 9/5/2035<sup>(1)</sup> |  | 296000 |  | 289303 |
|  Goldman Sachs Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.383% (2.383% fixed rate until 7/21/2031; 1 day USD SOFR + 1.25% thereafter) due 7/21/2032<sup>(1)</sup> |  | 605000 |  | 534078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.065% (5.065% fixed rate until 1/21/2036; 1 day USD SOFR + 1.19% thereafter) due 1/21/2037<sup>(1)</sup> |  | 119000 |  | 116343 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |  |  |
|  **Commercial Banks — (continued)** |  |  |  |  |
|  JPMorgan Chase & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.193% (5.193% fixed rate until 2/5/2036; 1 day USD SOFR + 1.30% thereafter) due 2/5/2037<sup>(1)</sup> | $| 346000 | $| 340002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.294% (5.294% fixed rate until 7/22/2034; 1 day USD SOFR + 1.46% thereafter) due 7/22/2035<sup>(1)</sup> |  | 134000 |  | 135659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.576% (5.576% fixed rate until 7/23/2035; 1 day USD SOFR + 1.64% thereafter) due 7/23/2036<sup>(1)</sup> |  | 174000 |  | 176211 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.297% (5.297% fixed rate until 4/20/2032; 1 day USD SOFR + 2.62% thereafter) due 4/20/2037<sup>(1)</sup> |  | 729000 |  | 727227 |
|  PNC Financial Services Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.676% (5.676% fixed rate until 1/22/2034; 1 day USD SOFR + 1.90% thereafter) due 1/22/2035<sup>(1)</sup> |  | 264000 |  | 271579 |
|  Truist Financial Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.711% (5.711% fixed rate until 1/24/2034; 1 day USD SOFR + 1.92% thereafter) due 1/24/2035<sup>(1)</sup> |  | 273000 |  | 281611 |
|  Wells Fargo & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.393% (2.393% fixed rate until 6/2/2027; 1 day USD SOFR + 2.10% thereafter) due 6/2/2028<sup>(1)</sup> |  | 365000 |  | 356261 |
|  |  |  |  | **4252304** |
|  **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |
|  Allied Universal Holdco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 2/15/2031<sup>(4)</sup> |  | 127000 |  | 130964 |
|  CompoSecure Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 2/1/2033<sup>(4)</sup> |  | 139000 |  | 135796 |
|  EquipmentShare.com, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% due 5/15/2028<sup>(4)</sup> |  | 131000 |  | 135314 |
|  Global Payments, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90% due 11/15/2031 |  | 242000 |  | 212050 |
|  Herc Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 6/15/2033<sup>(4)</sup> |  | 209000 |  | 214171 |
|  |  |  |  | **828295** |
|  **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
|  Gartner, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 7/1/2028<sup>(4)</sup> |  | 309000 |  | 303789 |
|  |  |  |  | **303789** |
|  **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** |
|  Kenvue, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 3/22/2043 |  | 219000 |  | 206831 |
|  |  |  |  | **206831** |
|  **Diversified Financial Services — 2.3%** | **Diversified Financial Services — 2.3%** | **Diversified Financial Services — 2.3%** | **Diversified Financial Services — 2.3%** | **Diversified Financial Services — 2.3%** |
|  Aircastle Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85% due 1/26/2028<sup>(4)</sup> |  | 600000 |  | 581251 |
|  Aviation Capital Group LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 1/28/2033<sup>(4)</sup> |  | 89000 |  | 85886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 7/15/2030<sup>(4)</sup> |  | 280000 |  | 294711 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |  |  |
|  **Diversified Financial Services — (continued)** |  |  |  |  |
|  Avolon Holdings Funding Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.528% due 11/18/2027<sup>(4)</sup> | $| 35000 | $| 33814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 5/30/2030<sup>(4)</sup> |  | 245000 |  | 247671 |
|  Citadel Securities Global Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20% due 6/18/2035<sup>(4)</sup> |  | 500000 |  | 511536 |
|  Jane Street Group/JSG Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 5/1/2033<sup>(4)</sup> |  | 202000 |  | 204943 |
|  LPL Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 3/15/2029<sup>(4)</sup> |  | 425000 |  | 412709 |
|  Muthoot Finance Ltd., Reg S |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 4/23/2029 |  | 225000 |  | 223598 |
|  Neuberger Berman Group LLC/Neuberger Berman Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 3/15/2027<sup>(4)</sup> |  | 365000 |  | 363975 |
|  Osaic Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 8/1/2032<sup>(4)</sup> |  | 147000 |  | 147018 |
|  Takeoff Merger Sub, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/24/2036<sup>(4)</sup> |  | 94000 |  | 92600 |
|  |  |  |  | **3199712** |
|  **Electric — 4.5%** | **Electric — 4.5%** | **Electric — 4.5%** | **Electric — 4.5%** | **Electric — 4.5%** |
|  AEP Texas, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 4/15/2036 |  | 138000 |  | 135718 |
|  AES Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% due 7/15/2030<sup>(4)</sup> |  | 448000 |  | 428310 |
|  Appalachian Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 4/1/2034 |  | 334000 |  | 343658 |
|  Capital Power U.S. Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.189% due 6/1/2035<sup>(4)</sup> |  | 264000 |  | 270323 |
|  Comision Federal de Electricidad |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.045% due 1/28/2034<sup>(4)</sup> |  | 200000 |  | 193820 |
|  Constellation Energy Generation LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% due 6/15/2042 |  | 118000 |  | 115637 |
|  Dominion Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 3/15/2035 |  | 238000 |  | 239804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% (6.875% fixed rate until 11/3/2029; 5 yr. CMT rate + 2.39% thereafter) due 2/1/2055<sup>(1)</sup> |  | 145000 |  | 149230 |
|  Electricite de France SA, Reg S |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 12/4/2069 |  | 200000 |  | 140079 |
|  Entergy Louisiana LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 4/15/2036 |  | 72000 |  | 70238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 3/15/2054 |  | 233000 |  | 226301 |
|  Entergy Mississippi LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% due 4/15/2036 |  | 212000 |  | 208898 |
|  FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 1/31/2041<sup>(4)</sup> |  | 198101 |  | 198300 |
|  Florida Power & Light Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% due 2/15/2066 |  | 143000 |  | 137759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 3/15/2065 |  | 107000 |  | 106592 |
|  Indiana Michigan Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% due 3/15/2056 |  | 64000 |  | 61732 |
|  ITC Holdings Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 4/15/2036<sup>(4)</sup> |  | 134000 |  | 134396 |
|  Lightning Power LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 8/15/2032<sup>(4)</sup> |  | 184000 |  | 191264 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |  |  |
|  **Electric — (continued)** |  |  |  |  |
|  Louisville Gas & Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% due 8/15/2055 | $| 154000 | $| 152818 |
|  Narragansett Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% due 5/1/2034<sup>(4)</sup> |  | 200000 |  | 202822 |
|  NRG Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45% due 6/15/2029<sup>(4)</sup> |  | 280000 |  | 276543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.407% due 10/15/2035<sup>(4)</sup> |  | 163000 |  | 159891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 2/1/2033<sup>(4)</sup> |  | 146000 |  | 146037 |
|  Oglethorpe Power Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 6/1/2054 |  | 194000 |  | 186407 |
|  Pacific Gas and Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 5/1/2036 |  | 117000 |  | 114032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 5/15/2034 |  | 339000 |  | 347370 |
|  PG&E Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85% (6.85% fixed rate until 6/15/2031; 5 yr. CMT rate + 3.23% thereafter) due 9/15/2056<sup>(1)</sup> |  | 75000 |  | 74110 |
|  PSEG Power LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 5/15/2035<sup>(4)</sup> |  | 100000 |  | 101567 |
|  Talen Energy Supply LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 2/1/2034<sup>(4)</sup> |  | 166000 |  | 164150 |
|  Virginia Electric and Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 3/15/2036 |  | 141000 |  | 137446 |
|  Vistra Operations Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 12/30/2034<sup>(4)</sup> |  | 566000 |  | 569403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% due 10/15/2031<sup>(4)</sup> |  | 138000 |  | 144552 |
|  |  |  |  | **6129207** |
|  **Electronics — 0.5%** | **Electronics — 0.5%** | **Electronics — 0.5%** | **Electronics — 0.5%** | **Electronics — 0.5%** |
|  Flex Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 11/13/2035 |  | 140000 |  | 137564 |
|  Vontier Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95% due 4/1/2031 |  | 535000 |  | 486484 |
|  |  |  |  | **624048** |
|  **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** |
|  MasTec, Inc. | MasTec, Inc. | MasTec, Inc. | MasTec, Inc. | MasTec, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/15/2028<sup>(4)</sup> |  | 351000 |  | 347190 |
|  |  |  |  | **347190** |
|  **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** |
|  Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.279% due 3/15/2032 |  | 174000 |  | 153990 |
|  Flutter Treasury DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 6/4/2031<sup>(4)</sup> |  | 443000 |  | 438876 |
|  |  |  |  | **592866** |
|  **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
|  JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 4/15/2066 |  | 211000 |  | 207046 |
|  Pilgrim's Pride Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 3/1/2032 |  | 181000 |  | 164302 |
|  |  |  |  | **371348** |
|  **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
|  Magnera Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 11/15/2029<sup>(4)</sup> |  | 154000 |  | 139026 |
|  |  |  |  | **139026** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |  |  |
|  **Gas — 0.2%** |  |  |  |  |
|  National Fuel Gas Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 3/15/2035 | $| 288000 | $| 297952 |
|  |  |  |  | **297952** |
|  **Healthcare-Products — 1.1%** | **Healthcare-Products — 1.1%** | **Healthcare-Products — 1.1%** | **Healthcare-Products — 1.1%** | **Healthcare-Products — 1.1%** |
|  180 Medical, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% due 10/8/2035<sup>(4)</sup> |  | 216000 |  | 211746 |
|  Augusta SpinCo Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.945% due 3/23/2033 |  | 246000 |  | 245149 |
|  Baxter International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.539% due 2/1/2032 |  | 440000 |  | 370861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 12/15/2035 |  | 303000 |  | 295917 |
|  Medline Borrower LP/Medline Co-Issuer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 4/1/2029<sup>(4)</sup> |  | 183000 |  | 186474 |
|  VSP Optical Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 12/1/2035<sup>(4)</sup> |  | 229000 |  | 224428 |
|  |  |  |  | **1534575** |
|  **Healthcare-Services — 1.3%** | **Healthcare-Services — 1.3%** | **Healthcare-Services — 1.3%** | **Healthcare-Services — 1.3%** | **Healthcare-Services — 1.3%** |
|  Centene Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45% due 7/15/2028 |  | 322000 |  | 299878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 2/15/2030 |  | 229000 |  | 206865 |
|  Fresenius Medical Care U.S. Finance III, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 2/16/2031<sup>(4)</sup> |  | 241000 |  | 213628 |
|  Icon Investments Six DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/8/2034 |  | 400000 |  | 405200 |
|  UnitedHealth Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45% due 1/15/2027 |  | 167000 |  | 166168 |
|  Universal Health Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% due 1/15/2032 |  | 504000 |  | 439076 |
|  |  |  |  | **1730815** |
|  **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** |
|  Whirlpool Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 6/15/2030 |  | 138000 |  | 134740 |
|  |  |  |  | **134740** |
|  **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
|  Athene Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.033% due 7/17/2030<sup>(4)</sup> |  | 484000 |  | 478629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62% due 5/8/2026<sup>(4)</sup> |  | 283000 |  | 283238 |
|  Brighthouse Financial Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 6/10/2029<sup>(4)</sup> |  | 408000 |  | 410780 |
|  Brown & Brown, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 3/15/2031 |  | 238000 |  | 209419 |
|  CNO Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 6/4/2027<sup>(4)</sup> |  | 362000 |  | 366950 |
|  Jackson National Life Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60% due 10/1/2029<sup>(4)</sup> |  | 302000 |  | 299044 |
|  RGA Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/25/2032<sup>(4)</sup> |  | 119000 |  | 117715 |
|  Sammons Financial Group Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 12/10/2029<sup>(4)</sup> |  | 137000 |  | 138329 |
|  |  |  |  | **2304104** |
|  **Internet — 1.0%** | **Internet — 1.0%** | **Internet — 1.0%** | **Internet — 1.0%** | **Internet — 1.0%** |
|  Amazon.com, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 3/13/2036 |  | 232000 |  | 229886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 3/13/2056 |  | 209000 |  | 208832 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |  |  |
|  **Internet — (continued)** |  |  |  |  |
|  Beignet Investor LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.581% due 5/30/2049<sup>(4)</sup> | $| 264000 | $| 271433 |
|  Meta Platforms, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 11/15/2055 |  | 259000 |  | 242784 |
|  Prosus NV, Reg S |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.027% due 8/3/2050 |  | 247000 |  | 165225 |
|  Uber Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 9/15/2035 |  | 187000 |  | 181456 |
|  |  |  |  | **1299616** |
|  **Iron & Steel — 0.4%** | **Iron & Steel — 0.4%** | **Iron & Steel — 0.4%** | **Iron & Steel — 0.4%** | **Iron & Steel — 0.4%** |
|  Carpenter Technology Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 3/1/2034<sup>(4)</sup> |  | 144000 |  | 142674 |
|  Commercial Metals Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 11/15/2033<sup>(4)</sup> |  | 145000 |  | 143475 |
|  Vale Overseas Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% (6.00% fixed rate until 11/25/2030; 5 yr. CMT rate + 2.43% thereafter) due 2/25/2056<sup>(1)(4)</sup> |  | 200000 |  | 196800 |
|  |  |  |  | **482949** |
|  **Leisure Time — 0.5%** | **Leisure Time — 0.5%** | **Leisure Time — 0.5%** | **Leisure Time — 0.5%** | **Leisure Time — 0.5%** |
|  Carnival Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 2/15/2033<sup>(4)</sup> |  | 145000 |  | 146454 |
|  Royal Caribbean Cruises Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 7/15/2027<sup>(4)</sup> |  | 227000 |  | 227857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 1/15/2036 |  | 206000 |  | 202384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 2/1/2033<sup>(4)</sup> |  | 137000 |  | 138369 |
|  |  |  |  | **715064** |
|  **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** |
|  Hilton Domestic Operating Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/31/2034<sup>(4)</sup> |  | 207000 |  | 202234 |
|  MGM China Holdings Ltd., Reg S |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 2/1/2027 |  | 240000 |  | 237145 |
|  Wynn Macau Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 2/15/2034<sup>(4)</sup> |  | 200000 |  | 195185 |
|  |  |  |  | **634564** |
|  **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
|  Vertiv Holdings Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% due 3/15/2036 |  | 120000 |  | 116684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 3/15/2056 |  | 29000 |  | 27876 |
|  |  |  |  | **144560** |
|  **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** |
|  nVent Finance SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% due 4/15/2028 |  | 403000 |  | 402058 |
|  |  |  |  | **402058** |
|  **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
|  Directv Financing LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 2/1/2030<sup>(4)</sup> |  | 156000 |  | 155653 |
|  Paramount Global |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 2/15/2028 |  | 255000 |  | 247112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 8/15/2044 |  | 196000 |  | 121819 |
|  Univision Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 7/31/2031<sup>(4)</sup> |  | 141000 |  | 141688 |
|  |  |  |  | **666272** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |  |  |
|  **Mining — 1.3%** |  |  |  |  |
|  Anglo American Capital PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/2/2033<sup>(4)</sup> | $| 200000 | $| 202349 |
|  Antofagasta PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 5/2/2034<sup>(4)</sup> |  | 200000 |  | 208840 |
|  Freeport Indonesia PT, Reg S |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20% due 4/14/2052 |  | 200000 |  | 193494 |
|  Glencore Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 10/6/2030<sup>(4)</sup> |  | 216000 |  | 229140 |
|  Hecla Mining Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 2/15/2028 |  | 99000 |  | 98928 |
|  Ivanhoe Mines Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 1/23/2030<sup>(4)</sup> |  | 245000 |  | 247624 |
|  Navoi Mining & Metallurgical Combinat |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 5/14/2030<sup>(4)</sup> |  | 200000 |  | 205577 |
|  Novelis Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 1/30/2030<sup>(4)</sup> |  | 181000 |  | 182569 |
|  Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.854% due 5/13/2032<sup>(4)</sup> |  | 200000 |  | 203183 |
|  |  |  |  | **1771704** |
|  **Miscellaneous Manufacturing — 0.3%** | **Miscellaneous Manufacturing — 0.3%** | **Miscellaneous Manufacturing — 0.3%** | **Miscellaneous Manufacturing — 0.3%** | **Miscellaneous Manufacturing — 0.3%** |
|  Eaton Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 3/6/2036 |  | 200000 |  | 197459 |
|  LSB Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 10/15/2028<sup>(4)</sup> |  | 192000 |  | 190810 |
|  |  |  |  | **388269** |
|  **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** |
|  Aethon United BR LP/Aethon United Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% due 10/1/2029<sup>(4)</sup> |  | 149000 |  | 155402 |
|  Caturus Energy LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 2/15/2030<sup>(4)</sup> |  | 250000 |  | 259404 |
|  Continental Resources, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 1/15/2031<sup>(4)</sup> |  | 235000 |  | 239503 |
|  Crescent Energy Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 1/15/2033<sup>(4)</sup> |  | 204000 |  | 203949 |
|  EQT Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 2/1/2030 |  | 148000 |  | 158342 |
|  Expand Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 3/15/2030 |  | 80000 |  | 80665 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375% due 11/1/2033<sup>(4)</sup> |  | 263000 |  | 274396 |
|  Nabors Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 8/15/2031<sup>(4)</sup> |  | 140000 |  | 145849 |
|  Petroleos Mexicanos |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70% due 2/16/2032 |  | 352000 |  | 344495 |
|  Saudi Arabian Oil Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 2/2/2031<sup>(4)</sup> |  | 200000 |  | 194307 |
|  SM Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 4/15/2034<sup>(4)</sup> |  | 141000 |  | 140602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 8/1/2029<sup>(4)</sup> |  | 158000 |  | 160393 |
|  Transocean International Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 10/15/2032<sup>(4)</sup> |  | 146000 |  | 156001 |
|  Viper Energy Partners LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 8/1/2035 |  | 272000 |  | 274124 |
|  Wildfire Intermediate Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% due 10/15/2029<sup>(4)</sup> |  | 203000 |  | 205693 |
|  |  |  |  | **2993125** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |  |  |
|  **Oil & Gas Services — 0.4%** |  |  |  |  |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% due 6/15/2033 | $| 112000 | $| 110233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 6/15/2036 |  | 140000 |  | 137452 |
|  Kodiak Gas Services LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 10/1/2033<sup>(4)</sup> |  | 147000 |  | 148588 |
|  WBI Operating LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 10/15/2030<sup>(4)</sup> |  | 150000 |  | 150894 |
|  |  |  |  | **547167** |
|  **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
|  Clydesdale Acquisition Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 4/15/2032<sup>(4)</sup> |  | 144000 |  | 136245 |
|  |  |  |  | **136245** |
|  **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** |
|  AbbVie, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 3/15/2027 |  | 249000 |  | 250256 |
|  Bayer Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65% due 2/15/2028<sup>(4)</sup> |  | 343000 |  | 355568 |
|  Bayer U.S. Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 11/21/2030<sup>(4)</sup> |  | 400000 |  | 420642 |
|  Pfizer Investment Enterprises Pte Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45% due 5/19/2028 |  | 250000 |  | 251484 |
|  Teva Pharmaceutical Finance Netherlands III BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15% due 10/1/2026 |  | 25000 |  | 24751 |
|  |  |  |  | **1302701** |
|  **Pipelines — 2.6%** | **Pipelines — 2.6%** | **Pipelines — 2.6%** | **Pipelines — 2.6%** | **Pipelines — 2.6%** |
|  Boardwalk Pipelines LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40% due 2/15/2031 |  | 148000 |  | 138060 |
|  Cheniere Energy Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 1/31/2032 |  | 45000 |  | 41013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 3/1/2031 |  | 55000 |  | 52796 |
|  Colonial Enterprises, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.627% due 11/15/2035<sup>(4)</sup> |  | 228000 |  | 227399 |
|  Columbia Pipelines Holding Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.999% due 11/17/2032<sup>(4)</sup> |  | 334000 |  | 331800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.097% due 10/1/2031<sup>(4)</sup> |  | 101000 |  | 101546 |
|  DT Midstream, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 6/15/2029<sup>(4)</sup> |  | 286000 |  | 279983 |
|  Eastern Energy Gas Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 10/15/2054 |  | 116000 |  | 109257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 1/15/2035 |  | 207000 |  | 214670 |
|  Enbridge, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% (8.50% fixed rate until 10/15/2033; 5 yr. CMT rate + 4.43% thereafter) due 1/15/2084<sup>(1)</sup> |  | 300000 |  | 337523 |
|  Florida Gas Transmission Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 7/15/2035<sup>(4)</sup> |  | 282000 |  | 289325 |
|  Gulfstream Natural Gas System LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% due 7/23/2035<sup>(4)</sup> |  | 272000 |  | 275428 |
|  NGPL PipeCo LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 7/15/2031<sup>(4)</sup> |  | 443000 |  | 407114 |
|  Southern Natural Gas Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 8/1/2035<sup>(4)</sup> |  | 196000 |  | 199415 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/1/2030 |  | 310000 |  | 312832 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |  |  |
|  **Pipelines — (continued)** |  |  |  |  |
|  Venture Global Plaquemines LNG LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% due 5/1/2033<sup>(4)</sup> | $| 241000 | $| 264908 |
|  |  |  |  | **3583069** |
|  **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
|  Kennedy-Wilson, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 3/1/2029 |  | 201000 |  | 197232 |
|  |  |  |  | **197232** |
|  **Real Estate Investment Trusts — 1.3%** | **Real Estate Investment Trusts — 1.3%** | **Real Estate Investment Trusts — 1.3%** | **Real Estate Investment Trusts — 1.3%** | **Real Estate Investment Trusts — 1.3%** |
|  Brandywine Operating Partnership LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% due 10/1/2029 |  | 194000 |  | 176885 |
|  CFE Fibra E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 9/23/2040<sup>(4)</sup> |  | 197160 |  | 191503 |
|  Crown Castle, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30% due 7/1/2030 |  | 308000 |  | 288583 |
|  EPR Properties |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 6/1/2027 |  | 180000 |  | 179241 |
|  Host Hotels & Resorts LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 6/15/2032 |  | 219000 |  | 224085 |
|  Iron Mountain Information Management Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/15/2032<sup>(4)</sup> |  | 161000 |  | 151994 |
|  Millrose Properties, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 8/1/2030<sup>(4)</sup> |  | 151000 |  | 150953 |
|  Piedmont Operating Partnership LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 1/15/2033 |  | 224000 |  | 217673 |
|  VICI Properties LP/VICI Note Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/1/2029<sup>(4)</sup> |  | 263000 |  | 258564 |
|  |  |  |  | **1839481** |
|  **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
|  Advance Auto Parts, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 8/1/2030<sup>(4)</sup> |  | 126000 |  | 127644 |
|  QXO Building Products, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 4/30/2032<sup>(4)</sup> |  | 131000 |  | 133619 |
|  |  |  |  | **261263** |
|  **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** |
|  Foundry JV Holdco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/25/2031<sup>(4)</sup> |  | 200000 |  | 204215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90% due 1/25/2033<sup>(4)</sup> |  | 447000 |  | 459566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% due 1/25/2032<sup>(4)</sup> |  | 200000 |  | 208797 |
|  |  |  |  | **872578** |
|  **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
|  Fiserv, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% due 2/15/2031 |  | 92000 |  | 90067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 8/12/2034 |  | 115000 |  | 111699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 3/15/2034 |  | 101000 |  | 100498 |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 9/26/2055 |  | 479000 |  | 402969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55% due 2/4/2046 |  | 201000 |  | 187524 |
|  |  |  |  | **892757** |
|  **Telecommunications — 0.6%** | **Telecommunications — 0.6%** | **Telecommunications — 0.6%** | **Telecommunications — 0.6%** | **Telecommunications — 0.6%** |
|  Cipher Compute LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 11/15/2030<sup>(4)</sup> |  | 140000 |  | 145044 |
|  Level 3 Financing, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 1/15/2036<sup>(4)</sup> |  | 265801 |  | 277340 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |  |  |
|  **Telecommunications — (continued)** |  |  |  |  |
|  Sprint Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% due 3/15/2032 | $| 212000 | $| 252083 |
|  SV RNO Property Owner 1 LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 3/1/2031<sup>(4)</sup> |  | 143000 |  | 141354 |
|  |  |  |  | **815821** |
|  **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** |
|  GXO Logistics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 5/6/2034 |  | 193000 |  | 202527 |
|  Rand Parent LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 2/15/2030<sup>(4)</sup> |  | 276000 |  | 283321 |
|  Watco Cos. LLC/Watco Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 8/1/2032<sup>(4)</sup> |  | 209000 |  | 214646 |
|  |  |  |  | **700494** |
|  **Water — 0.2%** | **Water — 0.2%** | **Water — 0.2%** | **Water — 0.2%** | **Water — 0.2%** |
|  Nova Securitisation SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 2/3/2031<sup>(4)</sup> |  | 280000 |  | 270895 |
|  |  |  |  | **270895** |
|  **Total Corporate Bonds & Notes** <br> (Cost $51,233,076) | **Total Corporate Bonds & Notes** <br> (Cost $51,233,076) | **Total Corporate Bonds & Notes** <br> (Cost $51,233,076) |  | **51075182** |
|  **Non-Agency Mortgage-Backed Securities — 11.0%** | **Non-Agency Mortgage-Backed Securities — 11.0%** | **Non-Agency Mortgage-Backed Securities — 11.0%** | **Non-Agency Mortgage-Backed Securities — 11.0%** | **Non-Agency Mortgage-Backed Securities — 11.0%** |
|  BANK | BANK | BANK | BANK | BANK |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN21, Class A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.851% due 10/17/2052 |  | 200000 |  | 188482 |
|  BBCMS Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C21, Class A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 9/15/2056<sup>(1)(2)</sup> |  | 370000 |  | 392050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C33, Class A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.839% due 3/15/2058 |  | 170000 |  | 176713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.659% due 5/15/2058 |  | 210000 |  | 216970 |
|  Benchmark Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2, Class A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.882% due 2/15/2051<sup>(1)(2)</sup> |  | 290000 |  | 285848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.909% due 11/15/2057<sup>(1)(2)</sup> |  | 200000 |  | 207730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V6, Class A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.926% due 3/15/2057 |  | 160000 |  | 165120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V9, Class A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.602% due 8/15/2057 |  | 410000 |  | 420593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V18, Class A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.184% due 10/15/2058 |  | 280000 |  | 285121 |
|  BMO Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C5, Class A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.494% due 6/15/2056 |  | 220000 |  | 225817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C5, Class A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.857% due 2/15/2057 |  | 250000 |  | 258111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C8, Class A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 12/15/2057<sup>(1)(2)</sup> |  | 270000 |  | 277805 |
|  BX Commercial Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CSMO, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.373% due 2/15/2043<sup>(1)(2)(4)</sup> |  | 200000 |  | 200000 |
|  BX Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.066% due 3/15/2030<sup>(1)(2)(4)</sup> |  | 302565 |  | 300107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.565% due 3/15/2042<sup>(1)(2)(4)</sup> |  | 100000 |  | 99250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VOLT, Class D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.423% due 12/15/2044<sup>(1)(2)(4)</sup> |  | 220000 |  | 218419 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Non-Agency Mortgage-Backed Securities — (continued)** |  |  |
|  CIM Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/1/2051<sup>(1)(2)(4)</sup> | $390802 | $325114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-J3, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 6/25/2051<sup>(1)(2)(4)</sup> | 772474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642651 |
|  Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV1, Class A3B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 11/27/2051<sup>(1)(2)(4)</sup> | 73103 | 63439 |
|  CONE Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.314% due 8/15/2041<sup>(1)(2)(4)</sup> | 210000 | 208491 |
|  Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R03, Class 2M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.562% due 4/25/2043<sup>(1)(2)(4)</sup> | 85000 | 88993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.962% due 5/25/2043<sup>(1)(2)(4)</sup> | 174594 | 177853 |
|  DBC Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DBC, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.023% due 11/15/2042<sup>(1)(2)(4)</sup> | 190000 | 189881 |
|  Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV4, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 10/25/2070<sup>(1)(2)(4)</sup> | 222877 | 221924 |
|  Flagstar Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3INV, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 6/25/2051<sup>(1)(2)(4)</sup> | 518301 | 431156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 8/25/2051<sup>(1)(2)(4)</sup> | 380673 | 318276 |
|  Freddie Mac STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.162% due 1/25/2042<sup>(1)(2)(4)</sup> | 225000 | 226687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.012% due 4/25/2042<sup>(1)(2)(4)</sup> | 150000 | 154359 |
|  GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MM1, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/25/2052<sup>(1)(2)(4)</sup> | 293861 | 243903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ2, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/25/2051<sup>(1)(2)(4)</sup> | 399193 | 332324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ8, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 1/25/2052<sup>(1)(2)(4)</sup> | 538042 | 446571 |
|  JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-13, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/25/2052<sup>(1)(2)(4)</sup> | 416664 | 345828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV6, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 4/25/2052<sup>(1)(2)(4)</sup> | 166395 | 144398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV8, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/25/2052<sup>(1)(2)(4)</sup> | 382936 | 332580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/25/2052<sup>(1)(2)(4)</sup> | 188354 | 155994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 10/25/2052<sup>(1)(2)(4)</sup> | 302417 | 261697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV1, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 3/25/2052<sup>(1)(2)(4)</sup> | 229594 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV3, Class A3B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 9/25/2052<sup>(1)(2)(4)</sup> | 219411 | 190559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC1, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.577% due 9/25/2065<sup>(1)(2)(4)</sup> | 340327 | 341799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VIS3, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.062% due 2/25/2066<sup>(1)(2)(4)</sup> | 191673 | 190802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM1, Class A1FC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.601% due 6/25/2066<sup>(1)(2)(4)</sup> | 155973 | 154866 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Non-Agency Mortgage-Backed Securities — (continued)** |  |  |
|  KIND Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.563% due 8/15/2041<sup>(1)(2)(4)</sup> | $170000 | $169894 |
|  Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C1, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.635% due 3/15/2058 | 150000 | 154785 |
|  Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC2, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.443% due 7/25/2070<sup>(1)(2)(4)</sup> | 273760 | 274464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-DSC1, Class A1FC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.617% due 1/25/2071<sup>(1)(2)(4)</sup> | 128721 | 128180 |
|  NYC Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1PARK, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.528% due 2/15/2043<sup>(1)(2)(4)</sup> | 200000 | 199144 |
|  NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV2, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 10/25/2060<sup>(1)(2)(4)</sup> | 245277 | 244004 |
|  OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM16, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.905% due 8/25/2065<sup>(1)(2)(4)</sup> | 108990 | 108444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM17, Class A1FC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.848% due 8/25/2065<sup>(1)(2)(4)</sup> | 188506 | 187857 |
|  Rate Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HB1, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 12/25/2051<sup>(1)(2)(4)</sup> | 321918 | 267808 |
|  RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 9/25/2051<sup>(1)(2)(4)</sup> | 84522 | 70153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 11/25/2051<sup>(1)(2)(4)</sup> | 566361 | 472226 |
|  ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.388% due 11/13/2041<sup>(4)</sup> | 240000 | 243981 |
|  Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-INV1, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 1/25/2056<sup>(1)(2)(4)</sup> | 321645 | 308516 |
|  SWCH Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DATA, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.115% due 2/15/2042<sup>(1)(2)(4)</sup> | 370000 | 365375 |
|  TEXAS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TWR, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.265% due 4/15/2042<sup>(1)(2)(4)</sup> | 200000 | 198751 |
|  Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-9, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.935% due 10/27/2070<sup>(1)(2)(4)</sup> | 294135 | 292695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1, Class A1FC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.743% due 1/25/2071<sup>(1)(2)(4)</sup> | 98387 | 97883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-2, Class A1FC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.507% due 2/25/2071<sup>(1)(2)(4)</sup> | 113965 | 112994 |
|  Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.055% due 6/15/2052 | 264019 | 252545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C61, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.658% due 11/15/2054 | 250000 | 223202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C65, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.292% due 10/15/2058 | 320000 | 324380 |
|  **Total Non-Agency Mortgage-Backed Securities** <br> (Cost $15,040,821) | **Total Non-Agency Mortgage-Backed Securities** <br> (Cost $15,040,821) | **15005562** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **Senior Secured Loans — 1.2%** | **Senior Secured Loans — 1.2%** | **Senior Secured Loans — 1.2%** | **Senior Secured Loans — 1.2%** |
|  **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.918% (3 mo. USD Term SOFR + 2.25%) due 4/20/2028<sup>(1)</sup> |  | $114924 | $113685 |
|  |  |  | **113685** |
|  **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** |
|  Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan B6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan B6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan B6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan B6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.425% (1 mo. USD Term SOFR + 1.75%) due 6/24/2030<sup>(1)</sup> |  | 417713 | 418139 |
|  Hudson River Trading LLC | Hudson River Trading LLC | Hudson River Trading LLC | Hudson River Trading LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Repriced Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Repriced Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Repriced Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.175% (1 mo. USD Term SOFR + 2.50%) due 3/18/2030<sup>(1)</sup> |  | 274908 | 273495 |
|  |  |  | **691634** |
|  **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.521% (3 mo. USD Term SOFR + 1.75%) due 4/16/2031<sup>(1)</sup> |  | 76958 | 77042 |
|  |  |  | **77042** |
|  **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
|  Flutter Financing BV | Flutter Financing BV | Flutter Financing BV | Flutter Financing BV |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% (3 mo. USD Term SOFR + 1.75%) due 11/30/2030<sup>(1)</sup> |  | 364333 | 359779 |
|  |  |  | **359779** |
|  **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
|  Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.168% (1 mo. USD Term SOFR + 1.50%) due 10/8/2032<sup>(1)</sup> |  | 206483 | 207722 |
|  |  |  | **207722** |
|  **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** |
|  Colossus Acquireco LLC | Colossus Acquireco LLC | Colossus Acquireco LLC | Colossus Acquireco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38% (3 mo. USD Term SOFR + 1.75%) due 7/30/2032<sup>(1)</sup> |  | 234820 | 233829 |
|  |  |  | **233829** |
|  **Total Senior Secured Loans** <br> (Cost $1,692,670) | **Total Senior Secured Loans** <br> (Cost $1,692,670) | **Total Senior Secured Loans** <br> (Cost $1,692,670) | **1683691** |
|  **Foreign Government — 0.4%** | **Foreign Government — 0.4%** | **Foreign Government — 0.4%** | **Foreign Government — 0.4%** |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.227% due 2/23/2034 | USD | 200000 | 192800 |
|  Romania Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 7/4/2036<sup>(4)</sup> | USD | 58000 | 53780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 5/16/2036<sup>(4)</sup> | USD | 266000 | 264163 |
|  **Total Foreign Government** <br> (Cost $522,860) | **Total Foreign Government** <br> (Cost $522,860) | **Total Foreign Government** <br> (Cost $522,860) | **510743** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **U.S. Government Securities — 24.9%** | **U.S. Government Securities — 24.9%** | **U.S. Government Securities — 24.9%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/15/2042 | $2326000 | $2104757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/15/2054 | 3648900 | 3408871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2044 | 2401000 | 2323249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 2/15/2045 | 3655000 | 3591323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 5/15/2055 | 5641000 | 5492703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 8/15/2045 | 1737000 | 1731301 |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 12/31/2027 | 3807000 | 3777704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 2/29/2028 | 3495000 | 3467422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 11/30/2030 | 7073000 | 6942868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 12/31/2030 | 1091000 | 1076169 |
|  **Total U.S. Government Securities** <br> (Cost $34,209,131) | **Total U.S. Government Securities** <br> (Cost $34,209,131) | **33916367** |
|  **Repurchase Agreements — 2.4%** | **Repurchase Agreements — 2.4%** | **Repurchase Agreements — 2.4%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $3,349,209, due 4/1/2026<sup>(5)</sup> | 3349110 | 3349110 |
|  **Total Repurchase Agreements** <br> (Cost $3,349,110) | **Total Repurchase Agreements** <br> (Cost $3,349,110) | **3349110** |
|  **Total Investments — 116.9%** <br> (Cost $160,133,295) | **Total Investments — 116.9%** <br> (Cost $160,133,295) | **159410878** |
|  **Liabilities in excess of other assets — (16.9)%** | **Liabilities in excess of other assets — (16.9)%** | **(23103730)** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**136307148** |

---

(1) Variable rate securities, which may include step-up bonds or adjustable
rate mortgages. The rate shown is the rate in effect at March 31, 2026.

(2) Variable coupon rate based on weighted average interest rate of underlying mortgages.

(3) TBA - To be announced.

(4) 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 March 31, 2026, the aggregate market value of these securities amounted to $48,311,976, representing 35.4% of net assets. These securities have been deemed liquid by the investment
adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees.

(5) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  U.S. Treasury Note | 3.625% | 8/31/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3416235 |

---

**Open futures contracts at March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional**<br>**Amount** | **Notional**<br>**Value** | **Unrealized**<br>**Depreciation** |
|  U.S. 2-Year Treasury Note | June 2026 | 32 | Long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6745681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6638250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107431) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional**<br>**Amount** | **Notional**<br>**Value** | **Unrealized**<br>**Depreciation** |
|  U.S. Ultra 10-Year Treasury Note | June 2026 | 15 | Short | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1701966) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1702734) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(768) |

---

**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

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** (unaudited) | **—** *Valuation Inputs* **—** | **—** *Valuation Inputs* **—** | **—** *Valuation Inputs* **—** | **—** *Valuation Inputs* **—** |
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Agency Mortgage-Backed Securities | $— | $39062339 | $— | $39062339 |
|  Asset-Backed Securities |  | 14807884 |  | 14807884 |
|  Corporate Bonds & Notes |  | 51075182 |  | 51075182 |
|  Non-Agency Mortgage-Backed Securities |  | 15005562 |  | 15005562 |
|  Senior Secured Loans |  | 1683691 |  | 1683691 |
|  Foreign Government |  | 510743 |  | 510743 |
|  U.S. Government Securities |  | 33916367 |  | 33916367 |
|  Repurchase Agreements |  | 3349110 |  | 3349110 |
|  **Total Assets** | $**—** | $**159410878** | $**—** | $**159410878** |
| **Liabilities** |  |  |  |  |
|  **Other Financial Instruments** |  |  |  |  |
|  Futures Contracts | $(108199) | $— | $— | $(108199) |
|  **Total Liabilities** | $**(108199)** | $**—** | $**—** | $**(108199)** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 98.9%** | **Common Stocks — 98.9%** | **Common Stocks — 98.9%** |
|  **Air Freight & Logistics — 2.5%** | **Air Freight & Logistics — 2.5%** | **Air Freight & Logistics — 2.5%** |
|  GXO Logistics, Inc.<sup>(1)</sup> | 44770 | $2321324 |
|  Hub Group, Inc., , Class A | 37371 | 1346851 |
|  |  | **3668175** |
|  **Automobile Components — 0.4%** | **Automobile Components — 0.4%** | **Automobile Components — 0.4%** |
|  Fox Factory Holding Corp.<sup>(1)</sup> | 32242 | 530703 |
|  |  | **530703** |
|  **Banks — 9.9%** | **Banks — 9.9%** | **Banks — 9.9%** |
|  Enterprise Financial Services Corp. | 54702 | 2959925 |
|  First BanCorp | 98205 | 2097659 |
|  National Bank Holdings Corp., Class A | 64711 | 2534083 |
|  Popular, Inc. | 11487 | 1541211 |
|  Prosperity Bancshares, Inc. | 37551 | 2522676 |
|  WesBanco, Inc. | 86275 | 2975625 |
|  |  | **14631179** |
|  **Biotechnology — 2.8%** | **Biotechnology — 2.8%** | **Biotechnology — 2.8%** |
|  Halozyme Therapeutics, Inc.<sup>(1)</sup> | 16247 | 1050044 |
|  PTC Therapeutics, Inc.<sup>(1)</sup> | 45069 | 3070551 |
|  |  | **4120595** |
|  **Building Products — 1.1%** | **Building Products — 1.1%** | **Building Products — 1.1%** |
|  UFP Industries, Inc. | 17654 | 1626286 |
|  |  | **1626286** |
|  **Capital Markets — 2.9%** | **Capital Markets — 2.9%** | **Capital Markets — 2.9%** |
|  BGC Group, Inc., Class A | 323791 | 3166676 |
|  Lazard, Inc. | 27313 | 1160256 |
|  |  | **4326932** |
|  **Chemicals — 5.7%** | **Chemicals — 5.7%** | **Chemicals — 5.7%** |
|  Ashland, Inc. | 39335 | 2187419 |
|  Celanese Corp. | 39292 | 2584235 |
|  Huntsman Corp. | 180679 | 2404838 |
|  Ingevity Corp.<sup>(1)</sup> | 17814 | 1268891 |
|  |  | **8445383** |
|  **Commercial Services & Supplies — 2.8%** | **Commercial Services & Supplies — 2.8%** | **Commercial Services & Supplies — 2.8%** |
|  ABM Industries, Inc. | 50992 | 1964212 |
|  BrightView Holdings, Inc.<sup>(1)</sup> | 182946 | 2156933 |
|  |  | **4121145** |
|  **Construction & Engineering — 2.3%** | **Construction & Engineering — 2.3%** | **Construction & Engineering — 2.3%** |
|  Arcosa, Inc. | 12059 | 1279942 |
|  MYR Group, Inc.<sup>(1)</sup> | 7227 | 2040327 |
|  |  | **3320269** |
|  **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
|  FirstCash Holdings, Inc. | 1974 | 371112 |
|  SLM Corp. | 40094 | 858413 |
|  |  | **1229525** |
|  **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** |
|  Sonoco Products Co. | 20187 | 1091915 |
|  |  | **1091915** |
|  **Diversified Consumer Services — 1.2%** | **Diversified Consumer Services — 1.2%** | **Diversified Consumer Services — 1.2%** |
|  ADT, Inc. | 273560 | 1797289 |
|  |  | **1797289** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Diversified REITs — 1.5%** | **Diversified REITs — 1.5%** | **Diversified REITs — 1.5%** |
|  Broadstone Net Lease, Inc. | 123555 | $2257350 |
|  |  | **2257350** |
|  **Electric Utilities — 1.4%** | **Electric Utilities — 1.4%** | **Electric Utilities — 1.4%** |
|  Portland General Electric Co. | 39308 | 2074283 |
|  |  | **2074283** |
|  **Electrical Equipment — 1.8%** | **Electrical Equipment — 1.8%** | **Electrical Equipment — 1.8%** |
|  Regal Rexnord Corp. | 14032 | 2627632 |
|  |  | **2627632** |
|  **Electronic Equipment, Instruments & Components — 2.8%** | **Electronic Equipment, Instruments & Components — 2.8%** | **Electronic Equipment, Instruments & Components — 2.8%** |
|  Crane NXT Co. | 45407 | 1843070 |
|  Littelfuse, Inc. | 6633 | 2250909 |
|  |  | **4093979** |
|  **Energy Equipment & Services — 2.6%** | **Energy Equipment & Services — 2.6%** | **Energy Equipment & Services — 2.6%** |
|  Atlas Energy Solutions, Inc. | 88885 | 1166171 |
|  Expro Group Holdings NV<sup>(1)</sup> | 53918 | 938712 |
|  Liberty Energy, Inc. | 61748 | 1778343 |
|  |  | **3883226** |
|  **Food Products — 1.1%** | **Food Products — 1.1%** | **Food Products — 1.1%** |
|  Post Holdings, Inc.<sup>(1)</sup> | 11263 | 1113460 |
|  Vital Farms, Inc.<sup>(1)</sup> | 38875 | 548915 |
|  |  | **1662375** |
|  **Gas Utilities — 1.5%** | **Gas Utilities — 1.5%** | **Gas Utilities — 1.5%** |
|  Spire, Inc. | 23509 | 2128505 |
|  |  | **2128505** |
|  **Ground Transportation — 2.5%** | **Ground Transportation — 2.5%** | **Ground Transportation — 2.5%** |
|  Knight-Swift Transportation Holdings, Inc. | 30735 | 1769721 |
|  RXO, Inc.<sup>(1)</sup> | 127071 | 1857778 |
|  |  | **3627499** |
|  **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** |
|  Integer Holdings Corp.<sup>(1)</sup> | 8371 | 736648 |
|  Teleflex, Inc. | 6612 | 790861 |
|  |  | **1527509** |
|  **Health Care Providers & Services — 2.9%** | **Health Care Providers & Services — 2.9%** | **Health Care Providers & Services — 2.9%** |
|  Aveanna Healthcare Holdings, Inc.<sup>(1)</sup> | 222476 | 1432745 |
|  Option Care Health, Inc.<sup>(1)</sup> | 106768 | 2874195 |
|  |  | **4306940** |
|  **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** |
|  Phreesia, Inc.<sup>(1)</sup> | 64548 | 540912 |
|  |  | **540912** |
|  **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
|  Dave & Buster's Entertainment, Inc.<sup>(1)</sup> | 19022 | 206008 |
|  |  | **206008** |
|  **Household Durables — 0.8%** | **Household Durables — 0.8%** | **Household Durables — 0.8%** |
|  Century Communities, Inc. | 19824 | 1137501 |
|  |  | **1137501** |
|  **Insurance — 4.4%** | **Insurance — 4.4%** | **Insurance — 4.4%** |
|  CNO Financial Group, Inc. | 55537 | 2280349 |
|  Hanover Insurance Group, Inc. | 7390 | 1281057 |
|  Primerica, Inc. | 6017 | 1507138 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Insurance — (continued)** | **Insurance — (continued)** | **Insurance — (continued)** |
|  Slide Insurance Holdings, Inc.<sup>(1)</sup> | 80254 | 1444572 |
|  |  | **6513116** |
|  **Interactive Media & Services — 2.0%** | **Interactive Media & Services — 2.0%** | **Interactive Media & Services — 2.0%** |
|  Cargurus, Inc.<sup>(1)</sup> | 26945 | 917477 |
|  IAC, Inc.<sup>(1)</sup> | 49776 | 1992534 |
|  |  | **2910011** |
|  **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
|  ASGN, Inc.<sup>(1)</sup> | 30872 | 1195055 |
|  |  | **1195055** |
|  **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** |
|  Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 4268 | 1189705 |
|  ICON PLC<sup>(1)</sup> | 12392 | 1371299 |
|  |  | **2561004** |
|  **Machinery — 1.9%** | **Machinery — 1.9%** | **Machinery — 1.9%** |
|  Hillman Solutions Corp.<sup>(1)</sup> | 175941 | 1463829 |
|  Timken Co. | 13863 | 1394202 |
|  |  | **2858031** |
|  **Marine Transportation — 1.3%** | **Marine Transportation — 1.3%** | **Marine Transportation — 1.3%** |
|  Star Bulk Carriers Corp. | 81994 | 1883402 |
|  |  | **1883402** |
|  **Metals & Mining — 6.2%** | **Metals & Mining — 6.2%** | **Metals & Mining — 6.2%** |
|  Alcoa Corp. | 15232 | 1010339 |
|  Capstone Copper Corp. (Canada)<sup>(1)</sup> | 219439 | 1654745 |
|  Commercial Metals Co. | 24954 | 1532924 |
|  Constellium SE<sup>(1)</sup> | 31761 | 780685 |
|  thyssenkrupp AG (Germany) | 212637 | 1834080 |
|  Warrior Met Coal, Inc. | 25114 | 2339369 |
|  |  | **9152142** |
|  **Multi-Utilities — 1.6%** | **Multi-Utilities — 1.6%** | **Multi-Utilities — 1.6%** |
|  Black Hills Corp. | 33169 | 2302260 |
|  |  | **2302260** |
|  **Oil, Gas & Consumable Fuels — 6.1%** | **Oil, Gas & Consumable Fuels — 6.1%** | **Oil, Gas & Consumable Fuels — 6.1%** |
|  Antero Resources Corp.<sup>(1)</sup> | 19735 | 837553 |
|  BKV Corp.<sup>(1)</sup> | 112191 | 3199687 |
|  DHT Holdings, Inc. | 74873 | 1367930 |
|  Northern Oil & Gas, Inc. | 15198 | 444238 |
|  Scorpio Tankers, Inc. | 32274 | 2409577 |
|  SM Energy Co. | 24374 | 759981 |
|  |  | **9018966** |
|  **Paper & Forest Products — 1.1%** | **Paper & Forest Products — 1.1%** | **Paper & Forest Products — 1.1%** |
|  Louisiana-Pacific Corp. | 22126 | 1609667 |
|  |  | **1609667** |
|  **Professional Services — 2.5%** | **Professional Services — 2.5%** | **Professional Services — 2.5%** |
|  KBR, Inc. | 19747 | 727874 |
|  ManpowerGroup, Inc. | 39123 | 1152564 |
|  Maximus, Inc. | 27630 | 1771083 |
|  |  | **3651521** |
|  **Retail REITs — 3.1%** | **Retail REITs — 3.1%** | **Retail REITs — 3.1%** |
|  Brixmor Property Group, Inc. | 79353 | 2285366 |
|  Getty Realty Corp. | 72087 | 2292367 |
|  |  | **4577733** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Semiconductors & Semiconductor Equipment — 6.1%** | **Semiconductors & Semiconductor Equipment — 6.1%** | **Semiconductors & Semiconductor Equipment — 6.1%** |
|  Diodes, Inc.<sup>(1)</sup> | 14768 | $1008064 |
|  Onto Innovation, Inc.<sup>(1)</sup> | 9010 | 1847681 |
|  Semtech Corp.<sup>(1)</sup> | 12067 | 927831 |
|  Silicon Motion Technology Corp., ADR | 19275 | 2164390 |
|  Ultra Clean Holdings, Inc.<sup>(1)</sup> | 48080 | 2989614 |
|  |  | **8937580** |
|  **Software — 4.5%** | **Software — 4.5%** | **Software — 4.5%** |
|  NCR Voyix Corp.<sup>(1)</sup> | 190243 | 1204238 |
|  Nice Ltd., ADR<sup>(1)</sup> | 5878 | 648109 |
|  Pegasystems, Inc. | 36568 | 1556334 |
|  Teradata Corp.<sup>(1)</sup> | 126521 | 3242733 |
|  |  | **6651414** |
|  **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
|  Academy Sports & Outdoors, Inc. | 28345 | 1600076 |
|  Advance Auto Parts, Inc. | 18523 | 977088 |
|  |  | **2577164** |
|  **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
|  Herc Holdings, Inc. | 3264 | 324931 |
|  |  | **324931** |
|  **Total Common Stocks**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $128,473,221) |  | **145707112** |
|  | <br> **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 1.1%** | **Repurchase Agreements — 1.1%** | **Repurchase Agreements — 1.1%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $1,652,375, due 4/1/2026<sup>(2)</sup> | $1652327 | 1652327 |
|  **Total Repurchase Agreements**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,652,327) | **Total Repurchase Agreements**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,652,327) | **1652327** |
|  **Total Investments — 100.0%**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $130,125,548) | **Total Investments — 100.0%**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $130,125,548) | **147359439** |
|  **Liabilities in excess of other assets — (0.0)%** | **Liabilities in excess of other assets — (0.0)%** | **(55135)** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**147304304** |

---

(1) Non–income–producing security.

(2) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  U.S. Treasury Note | 1.00% | 7/31/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685549 |

---

**Legend:** 

ADR – American Depositary Receipt

REITs – Real Estate Investment Trusts

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $143873032 | $1834080 \* | $— | $145707112 |
|  Repurchase Agreements |  | 1652327 |  | 1652327 |
|  **Total** | $**143873032** | $**3486407** | $**—** | $**147359439** |

---

\* Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Notes to Schedule of Investments). These investments in securities were classified as Level 2 rather than Level 1.

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN GLOBAL UTILITIES VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 99.2%** | **Common Stocks — 99.2%** | **Common Stocks — 99.2%** |
|  **Belgium — 2.4%** | **Belgium — 2.4%** | **Belgium — 2.4%** |
|  Elia Group SA<sup>(1)</sup> | 6899 | $1057249 |
|  |  | **1057249** |
|  **Bermuda — 1.7%** | **Bermuda — 1.7%** | **Bermuda — 1.7%** |
|  CK Infrastructure Holdings Ltd. | 91999 | 734280 |
|  |  | **734280** |
|  **Brazil — 4.4%** | **Brazil — 4.4%** | **Brazil — 4.4%** |
|  Cia de Saneamento Basico do Estado de Sao Paulo | 62819 | 1919067 |
|  |  | **1919067** |
|  **China — 3.5%** | **China — 3.5%** | **China — 3.5%** |
|  ENN Energy Holdings Ltd. | 189094 | 1528654 |
|  |  | **1528654** |
|  **France — 5.7%** | **France — 5.7%** | **France — 5.7%** |
|  Engie SA | 77501 | 2498647 |
|  |  | **2498647** |
|  **Germany — 5.3%** | **Germany — 5.3%** | **Germany — 5.3%** |
|  E.ON SE | 107542 | 2350522 |
|  |  | **2350522** |
|  **Italy — 4.5%** | **Italy — 4.5%** | **Italy — 4.5%** |
|  Enel SpA | 179788 | 1957327 |
|  |  | **1957327** |
|  **Japan — 4.5%** | **Japan — 4.5%** | **Japan — 4.5%** |
|  Kansai Electric Power Co., Inc. | 67800 | 1116762 |
|  Tokyo Gas Co. Ltd. | 17800 | 840461 |
|  |  | **1957223** |
|  **Spain — 2.0%** | **Spain — 2.0%** | **Spain — 2.0%** |
|  Iberdrola SA | 38633 | 886849 |
|  |  | **886849** |
|  **United Kingdom — 7.2%** | **United Kingdom — 7.2%** | **United Kingdom — 7.2%** |
|  National Grid PLC | 52129 | 878840 |
|  SSE PLC | 65725 | 2269093 |
|  |  | **3147933** |
|  **United States — 58.0%** | **United States — 58.0%** | **United States — 58.0%** |
|  American Electric Power Co., Inc. | 16637 | 2180778 |
|  American Water Works Co., Inc. | 10406 | 1416152 |
|  Atmos Energy Corp. | 10485 | 1936789 |
|  CMS Energy Corp. | 17713 | 1374175 |
|  Constellation Energy Corp. | 4017 | 1121747 |
|  Dominion Energy, Inc. | 30941 | 1912773 |
|  Duke Energy Corp. | 13048 | 1708505 |
|  Essential Utilities, Inc. | 15336 | 617581 |
|  Exelon Corp. | 15011 | 735839 |
|  IDACORP, Inc. | 10804 | 1544648 |
|  NextEra Energy, Inc. | 33798 | 3139158 |
|  NRG Energy, Inc. | 1414 | 206642 |
|  Sempra | 27368 | 2659349 |
|  Southern Co. | 17563 | 1695181 |
|  Vistra Corp. | 9780 | 1470227 |
|  WEC Energy Group, Inc. | 14306 | 1656206 |
|  |  | **25375750** |
|  **Total Common Stocks**<br> (Cost $28,561,670) | **Total Common Stocks**<br> (Cost $28,561,670) | **43413501** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN GLOBAL UTILITIES VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Repurchase Agreements — 0.6%** | **Repurchase Agreements — 0.6%** | **Repurchase Agreements — 0.6%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $268,387, due 4/1/2026<sup>(2)</sup> | $268379 | $268379 |
|  **Total Repurchase Agreements** <br> (Cost $268,379) | **Total Repurchase Agreements** <br> (Cost $268,379) | **268379** |
|  **Total Investments — 99.8%** <br> (Cost $28,830,049) | **Total Investments — 99.8%** <br> (Cost $28,830,049) | **43681880** |
|  **Assets in excess of other liabilities — 0.2%** | **Assets in excess of other liabilities — 0.2%** | **88679** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**43770559** |

---

(1) Non–income–producing security.

(2) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  U.S. Treasury Note | 1.00% | 7/31/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273777 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN GLOBAL UTILITIES VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | $— | $1057249 \* | $— | $1057249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bermuda |  | 734280 \* |  | 734280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 1919067 |  |  | 1919067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 1528654 \* |  | 1528654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 2498647 \* |  | 2498647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 2350522 \* |  | 2350522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 1957327 \* |  | 1957327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 1957223 \* |  | 1957223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 886849 \* |  | 886849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 3147933 \* |  | 3147933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 25375750 |  |  | 25375750 |
|  Repurchase Agreements |  | 268379 |  | 268379 |
|  **Total** | $**27294817** | $**16387063** | $**—** | $**43681880** |

---

\* Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Notes to Schedule of Investments). These investments in securities were classified as Level 2 rather than Level 1.

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 1.0%** | **Common Stocks — 1.0%** | **Common Stocks — 1.0%** |
|  **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
|  BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 4240 | $239518 |
|  |  | **239518** |
|  **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** |
|  Forgent Power Solutions, Inc.<sup>(1)</sup> | 4341 | 127061 |
|  |  | **127061** |
|  **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
|  PennyMac Financial Services, Inc. | 2631 | 229949 |
|  |  | **229949** |
|  **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
|  Caesars Entertainment, Inc.<sup>(1)</sup> | 5432 | 143568 |
|  |  | **143568** |
|  **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
|  Applied Digital Corp.<sup>(1)</sup> | 6366 | 151129 |
|  |  | **151129** |
|  **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
|  Hudbay Minerals, Inc. (Canada) | 11839 | 247435 |
|  |  | **247435** |
|  **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** |
|  Sunococorp LLC | 5292 | 326252 |
|  |  | **326252** |
|  **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
|  Broadcom, Inc. | 428 | 132470 |
|  |  | **132470** |
|  **Total Common Stocks** <br>(Cost $1,635,624) | **Total Common Stocks** <br>(Cost $1,635,624) | **1597382** |
|  | **Principal<br>Amount** | **Value** |
|  **Agency Mortgage-Backed Securities — 24.9%** | **Agency Mortgage-Backed Securities — 24.9%** | **Agency Mortgage-Backed Securities — 24.9%** |
|  Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 4/20/2056<sup>(2)</sup> | $2868000 | 2630115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/20/2056<sup>(2)</sup> | 472000 | 442064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 4/20/2056<sup>(2)</sup> | 229000 | 226779 |
|  Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/1/2056<sup>(2)</sup> | 794000 | 667456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 4/1/2056<sup>(2)</sup> | 4985000 | 4377725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 4/1/2056<sup>(2)</sup> | 5102000 | 4676718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/1/2056<sup>(2)</sup> | 2369000 | 2235208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 4/1/2056<sup>(2)</sup> | 5248470 | 5064803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 4/1/2056<sup>(2)</sup> | 5600939 | 5523235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 4/1/2056<sup>(2)</sup> | 4333537 | 4353497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/1/2056<sup>(2)</sup> | 4335463 | 4349504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 4/1/2056<sup>(2)</sup> | 2999274 | 3057244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/1/2056<sup>(2)</sup> | 754726 | 768399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 4/1/2056<sup>(2)</sup> | 262000 | 271040 |
|  **Total Agency Mortgage-Backed Securities** <br>(Cost $39,024,397) | **Total Agency Mortgage-Backed Securities** <br>(Cost $39,024,397) | **38643787** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Asset-Backed Securities — 21.2%** | **Asset-Backed Securities — 21.2%** | **Asset-Backed Securities — 21.2%** |
|  ACHV ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1PL, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.47% due 3/18/2030<sup>(3)</sup> | $260962 | $262669 |
|  Aligned Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.937% due 8/15/2046<sup>(3)</sup> | 169000 | 167274 |
|  Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class E | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class E | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.066% due 6/15/2033<sup>(3)</sup> | 203071 | 203644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.164% due 9/15/2033<sup>(3)</sup> | 680816 | 682633 |
|  Amur Equipment Finance Receivables XV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% due 8/20/2032<sup>(3)</sup> | 346000 | 350273 |
|  Arini European CLO II DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2A, Class DR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.166% (3 mo. EURIBOR + 3.15%) due 10/15/2038<sup>(3)(4)</sup> | 500000 | 570316 |
|  Ballyrock CLO 21 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-21A, Class BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.618% (3 mo. USD Term SOFR + 1.95%) due 10/20/2037<sup>(3)(4)</sup> | 1000000 | 999328 |
|  Bayview Opportunity Master Fund VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EDU1, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.462% (30 day SOFR + 1.80%) due 7/27/2048<sup>(3)(4)</sup> | 208860 | 209238 |
|  Benefit Street Partners CLO XXVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-28A, Class CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.568% (3 mo. USD Term SOFR + 1.90%) due 10/20/2037<sup>(3)(4)</sup> | 1000000 | 997488 |
|  Capital Four CLO XI DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.224% (3 mo. EURIBOR + 3.10%) due 1/25/2039<sup>(3)(4)</sup> | 500000 | 573523 |
|  Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N3, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.16% due 6/12/2028<sup>(3)</sup> | 830751 | 812162 |
|  CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.668% (3 mo. USD Term SOFR + 2.00%) due 10/20/2037<sup>(3)(4)</sup> | 1000000 | 998717 |
|  Compass Datacenters Issuer II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.756% due 5/25/2050<sup>(3)</sup> | 557000 | 556577 |
|  Elmwood CLO 36 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-12RA, Class CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.668% (3 mo. USD Term SOFR + 2.00%) due 10/20/2037<sup>(3)(4)</sup> | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298332 |
|  Empower CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.618% (3 mo. USD Term SOFR + 1.95%) due 10/20/2037<sup>(3)(4)</sup> | 1000000 | 999334 |
|  Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.84% due 10/15/2031<sup>(3)</sup> | 230000 | 236811 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** |
|  Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34% due 1/15/2032 | $180000 | $180496 |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69% due 8/15/2031<sup>(3)</sup> | 741000 | 722058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 6/15/2032<sup>(3)</sup> | 467000 | 442458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 5/15/2030<sup>(3)</sup> | 616000 | 618463 |
|  Fora Financial Asset Securitization LLC | Fora Financial Asset Securitization LLC | Fora Financial Asset Securitization LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.33% due 8/15/2029<sup>(3)</sup> | 416000 | 417380 |
|  Foundation Finance Trust | Foundation Finance Trust | Foundation Finance Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.10% due 6/15/2049<sup>(3)</sup> | 609040 | 648135 |
|  Hilton Grand Vacations Trust | Hilton Grand Vacations Trust | Hilton Grand Vacations Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52% due 5/27/2042<sup>(3)</sup> | 294051 | 295594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12% due 5/25/2044<sup>(3)</sup> | 367516 | 365709 |
|  Huntington Bank Auto Credit-Linked Notes | Huntington Bank Auto Credit-Linked Notes | Huntington Bank Auto Credit-Linked Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.923% (30 day SOFR + 2.25%) due 3/21/2033<sup>(3)(4)</sup> | 175693 | 175045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.173% (30 day SOFR + 3.50%) due 3/21/2033<sup>(3)(4)</sup> | 325357 | 321881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.923% (30 day SOFR + 3.25%) due 9/20/2033<sup>(3)(4)</sup> | 409064 | 399744 |
|  Jersey Mike's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61% due 8/16/2055<sup>(3)</sup> | 417900 | 424134 |
|  Kennedy Lewis CLO 8 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8A, Class CR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.768% (3 mo. USD Term SOFR + 2.10%) due 1/20/2038<sup>(3)(4)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000303 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68% due 7/15/2030<sup>(3)</sup> | 180970 | 180798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16% due 12/16/2030<sup>(3)</sup> | 30010 | 30001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.74% due 9/15/2031<sup>(3)</sup> | 39104 | 39211 |
|  Lightpath Fiber Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.597% due 3/25/2056<sup>(3)</sup> | 767000 | 764874 |
|  Lmdv Issuer Co. LLC | Lmdv Issuer Co. LLC | Lmdv Issuer Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90% due 12/15/2055<sup>(3)</sup> | 333000 | 332351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88% due 12/15/2055<sup>(3)</sup> | 237000 | 238024 |
|  Luxury Lease Partners Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.51% due 3/15/2032<sup>(3)</sup> | 565350 | 564870 |
|  Marlette Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02% due 7/16/2035<sup>(3)</sup> | 420000 | 420354 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** |
|  MetroNet Infrastructure Issuer LLC | MetroNet Infrastructure Issuer LLC | MetroNet Infrastructure Issuer LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.10% due 4/20/2056<sup>(3)</sup> | $237000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234550 |
|  MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 9/22/2042<sup>(3)</sup> | 302964 | 303637 |
|  OHA Credit Funding 3 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class CR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.418% (3 mo. USD Term SOFR + 1.75%) due 1/20/2038<sup>(3)(4)</sup> | 1000000 | 996843 |
|  OnDeck Asset Securitization IV LLC | OnDeck Asset Securitization IV LLC | OnDeck Asset Securitization IV LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52% due 4/19/2032<sup>(3)</sup> | 500000 | 495565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.64% due 4/19/2032<sup>(3)</sup> | 250000 | 248493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.77% due 4/19/2032<sup>(3)</sup> | 200000 | 202256 |
|  Palmer Square European CLO DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class DR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.136% (3 mo. EURIBOR + 3.15%) due 3/15/2038<sup>(3)(4)</sup> | 330000 | 376292 |
|  Polus Eu CLO XXI DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.079% (3 mo. EURIBOR + 2.00%) due 4/25/2039<sup>(3)(4)</sup> | 270000 | 312080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.579% (3 mo. EURIBOR + 2.50%) due 4/25/2039<sup>(3)(4)</sup> | 340000 | 392989 |
|  Pretium Mortgage Credit Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL4, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.368% due 4/25/2055<sup>(3)(4)</sup> | 593057 | 593614 |
|  QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.928% due 5/25/2055<sup>(3)</sup> | 310000 | 303108 |
|  QTS Issuer ABS II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.729% due 1/5/2056<sup>(3)</sup> | 410121 | 405900 |
|  RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CES2, Class M1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.355% due 2/25/2056<sup>(3)(4)</sup> | 150000 | 147683 |
|  Reach ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69% due 8/18/2032<sup>(3)</sup> | 220000 | 220357 |
|  Reach Abs Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16% due 2/15/2033<sup>(3)</sup> | 270000 | 266883 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-R1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-R1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-R1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.659% due 7/25/2034<sup>(3)</sup> | 316000 | 316203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-R1A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.211% due 7/25/2034<sup>(3)</sup> | 173000 | 173120 |
|  RKTL Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21% due 2/26/2035<sup>(3)</sup> | 244000 | 240793 |
|  Santander Bank Auto Credit-Linked Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.274% due 1/16/2034<sup>(3)</sup> | 250000 | 250307 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** |
|  SEB Funding LLC | SEB Funding LLC | SEB Funding LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.665% due 1/30/2056<sup>(3)</sup> | $230000 | $228162 |
|  SF ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.377% due 11/25/2055<sup>(3)</sup> | 735000 | 719252 |
|  Sierra Timeshare Receivables Funding LLC | Sierra Timeshare Receivables Funding LLC | Sierra Timeshare Receivables Funding LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.86% due 1/21/2042<sup>(3)</sup> | 484343 | 487122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.10% due 12/22/2042<sup>(3)</sup> | 500000 | 498140 |
|  SoFi Consumer Loan Program Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% due 8/15/2034<sup>(3)</sup> | 846000 | 839307 |
|  Sotheby's Artfi Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54% due 6/20/2033<sup>(3)</sup> | 591000 | 590147 |
|  Stack Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 3/27/2056<sup>(3)</sup> | 394000 | 379108 |
|  Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class A21 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.609% due 3/27/2056<sup>(3)</sup> | 632000 | 631850 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.72% due 10/15/2029<sup>(3)(5)(6)</sup> | 906000 | 198297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.84% due 4/15/2031<sup>(3)(5)(6)</sup> | 370000 | 46161 |
|  Truist Bank Auto Credit-Linked Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.807% due 9/26/2033<sup>(3)</sup> | 519255 | 517846 |
|  Upstart Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.43% due 9/20/2035<sup>(3)</sup> | 190000 | 189088 |
|  VB-S1 Issuer LLC | VB-S1 Issuer LLC | VB-S1 Issuer LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.193% due 3/15/2056<sup>(3)</sup> | 151000 | 148462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.843% due 3/15/2056<sup>(3)</sup> | 132000 | 132557 |
|  Vertical Bridge CC LLC | Vertical Bridge CC LLC | Vertical Bridge CC LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.602% due 8/16/2055<sup>(3)</sup> | 525000 | 522225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.446% due 8/16/2055<sup>(3)</sup> | 507000 | 513973 |
|  Western Funding Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34% due 11/15/2035<sup>(3)</sup> | 247000 | 249240 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P1, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P1, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P1, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59% due 7/15/2032<sup>(3)</sup> | 346000 | 350699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 7/15/2031<sup>(3)</sup> | 194000 | 192045 |
|  Wingspire Equipment Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 9/20/2033<sup>(3)</sup> | 432000 | 429327 |
|  **Total Asset-Backed Securities** <br> (Cost $33,968,493) | **Total Asset-Backed Securities** <br> (Cost $33,968,493) | **32843883** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — 33.0%** | **Corporate Bonds & Notes — 33.0%** | **Corporate Bonds & Notes — 33.0%** |
|  **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 4/20/2029<sup>(3)</sup> | $314000 | $312282 |
|  Latam Airlines Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 1/7/2031<sup>(3)</sup> | 453000 | 457530 |
|  |  | **769812** |
|  **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% (5.75% fixed rate until 9/30/2027; 3 mo. USD Term SOFR + 3.606% thereafter) due 9/30/2027<sup>(4)</sup> | 493000 | 479995 |
|  Stellantis Finance U.S., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45% due 3/18/2035<sup>(3)</sup> | 387000 | 381219 |
|  |  | **861214** |
|  **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** |
|  Cyprium Corp./Cyprium Holdings Luxembourg SARL | Cyprium Corp./Cyprium Holdings Luxembourg SARL | Cyprium Corp./Cyprium Holdings Luxembourg SARL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 4/15/2034<sup>(3)</sup> | 464000 | 450378 |
|  |  | **450378** |
|  **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
|  BioMarin Pharmaceutical, Inc. | BioMarin Pharmaceutical, Inc. | BioMarin Pharmaceutical, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 2/15/2034<sup>(3)</sup> | 200000 | 196911 |
|  Bridgebio Pharma, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75% due 2/1/2033<sup>(3)</sup> | 323000 | 319996 |
|  |  | **516907** |
|  **Building Materials — 0.6%** | **Building Materials — 0.6%** | **Building Materials — 0.6%** |
|  JH North America Holdings, Inc. | JH North America Holdings, Inc. | JH North America Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 1/31/2031<sup>(3)</sup> | 390000 | 386759 |
|  Wilsonart LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00% due 8/15/2032<sup>(3)</sup> | 656000 | 475523 |
|  |  | **862282** |
|  **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
|  FIS Fabbrica Italiana Sintetici SpA | FIS Fabbrica Italiana Sintetici SpA | FIS Fabbrica Italiana Sintetici SpA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.279% (3 mo. EURIBOR + 3.25%) due 2/5/2031<sup>(3)(4)</sup> | 290000 | 328637 |
|  Olympus Water U.S. Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 2/15/2033<sup>(3)</sup> | 200000 | 190820 |
|  SCIH Salt Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 5/1/2029<sup>(3)</sup> | 381000 | 379095 |
|  |  | **898552** |
|  **Commercial Banks — 1.4%** | **Commercial Banks — 1.4%** | **Commercial Banks — 1.4%** |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.592% (5.592% fixed rate until 11/19/2029 ; 5 yr. CMT rate + 1.28% thereafter) due 11/19/2034<sup>(4)</sup> | 315000 | 319722 |
|  Series JJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% (6.50% fixed rate until 5/15/2031; 5 yr. CMT rate + 2.75% thereafter) due 5/15/2031<sup>(4)</sup> | 464000 | 462874 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Commercial Banks — (continued)** | **Commercial Banks — (continued)** | **Commercial Banks — (continued)** |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KK |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65% (3.65% fixed rate until 6/1/2026; 5 yr. CMT rate + 2.85% thereafter) due 6/1/2026<sup>(4)</sup> | 408000 | 406129 |
|  M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% (3.50% fixed rate until 9/1/2026; 5 yr. CMT rate + 2.68% thereafter) due 9/1/2026<sup>(4)</sup> | 251000 | 242998 |
|  Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35% (6.35% fixed rate until 10/31/2030; 5 yr. CMT rate + 2.72% thereafter) due 10/31/2085<sup>(4)</sup> | 314000 | 308939 |
|  U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70% (3.70% fixed rate until 1/15/2027; 5 yr. CMT rate + 2.54% thereafter) due 1/15/2027<sup>(4)</sup> | 415000 | 406794 |
|  |  | **2147456** |
|  **Commercial Services — 1.0%** | **Commercial Services — 1.0%** | **Commercial Services — 1.0%** |
|  Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 1/15/2031<sup>(3)</sup> | 231000 | 234201 |
|  House of HR Group BV, Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% due 11/3/2029 | 400000 | 396155 |
|  Raven Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 11/15/2031<sup>(3)</sup> | 360000 | 347061 |
|  Veritiv Operating Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50% due 11/30/2030<sup>(3)</sup> | 543000 | 564312 |
|  |  | **1541729** |
|  **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 4/15/2035 | 306000 | 308495 |
|  |  | **308495** |
|  **Diversified Financial Services — 3.3%** | **Diversified Financial Services — 3.3%** | **Diversified Financial Services — 3.3%** |
|  Aretec Group, Inc. | Aretec Group, Inc. | Aretec Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% due 8/15/2030<sup>(3)</sup> | 122000 | 129584 |
|  Atlas Warehouse Lending Co. LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 11/15/2030<sup>(3)</sup> | 250000 | 245230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 1/15/2033<sup>(3)</sup> | 250000 | 242118 |
|  Bread Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 5/15/2031<sup>(3)</sup> | 463000 | 459410 |
|  Burford Capital Global Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% due 7/15/2033<sup>(3)</sup> | 698000 | 581085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 1/15/2034<sup>(3)</sup> | 200000 | 171744 |
|  Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.183% (6.183% fixed rate until 1/30/2035; 1 day USD SOFR + 2.04% thereafter) due 1/30/2036<sup>(4)</sup> | 298000 | 303112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.964% (7.964% fixed rate until 11/2/2033; 1 day USD SOFR + 3.37% thereafter) due 11/2/2034<sup>(4)</sup> | 82000 | 94042 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Diversified Financial Services — (continued)** | **Diversified Financial Services — (continued)** | **Diversified Financial Services — (continued)** | **Diversified Financial Services — (continued)** | **Diversified Financial Services — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% (3.95% fixed rate until 9/1/2026; 5 yr. CMT rate + 3.16% thereafter) due 9/1/2026<sup>(4)</sup> | $| 411000 | $| 405065 |
|  Jane Street Group/JSG Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 5/1/2033<sup>(3)</sup> |  | 660000 |  | 669615 |
|  Marex Group PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.404% due 11/4/2029 |  | 75000 |  | 77240 |
|  Navient Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 3/15/2027 |  | 240000 |  | 234592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/15/2029 |  | 252000 |  | 230971 |
|  OneMain Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 3/15/2033 |  | 351000 |  | 335530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 9/15/2033 |  | 30000 |  | 28766 |
|  Osaic Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 8/1/2032<sup>(3)</sup> |  | 494000 |  | 494062 |
|  PennyMac Financial Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 2/15/2034<sup>(3)</sup> |  | 387000 |  | 362169 |
|  StoneX Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 3/1/2031<sup>(3)</sup> |  | 121000 |  | 125674 |
|  |  |  |  | **5190009** |
|  **Electric — 2.6%** | **Electric — 2.6%** | **Electric — 2.6%** | **Electric — 2.6%** | **Electric — 2.6%** |
|  Algonquin Power & Utilities Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% (4.75% fixed rate until 1/18/2027; 5 yr. CMT rate + 3.25% thereafter) due 1/18/2082<sup>(4)</sup> |  | 287000 |  | 279131 |
|  Alpha Generation LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 1/15/2034<sup>(3)</sup> |  | 798000 |  | 783910 |
|  American Electric Power Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% (3.875% fixed rate until 11/15/2026; 5 yr. CMT rate + 2.68% thereafter) due 2/15/2062<sup>(4)</sup> |  | 271000 |  | 265494 |
|  CenterPoint Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% (5.95% fixed rate until 1/1/2031 ; 5 yr. CMT rate + 2.22% thereafter) due 4/1/2056<sup>(4)</sup> |  | 395000 |  | 391488 |
|  CMS Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% (6.50% fixed rate until 3/1/2035; 5 yr. CMT rate + 1.96% thereafter) due 6/1/2055<sup>(4)</sup> |  | 375000 |  | 381763 |
|  Long Ridge Energy LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% due 2/15/2032<sup>(3)</sup> |  | 194000 |  | 203528 |
|  NRG Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 1/15/2034<sup>(3)</sup> |  | 322000 |  | 317629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 1/15/2036<sup>(3)</sup> |  | 82000 |  | 81254 |
|  Talen Energy Supply LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 2/1/2034<sup>(3)</sup> |  | 323000 |  | 319401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 2/1/2036<sup>(3)</sup> |  | 453000 |  | 456140 |
|  Vistra Operations Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 4/15/2034<sup>(3)</sup> |  | 315000 |  | 323809 |
|  Xcel Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% (5.75% fixed rate until 9/3/2031; 5 yr. CMT rate + 2.17% thereafter) due 12/3/2056<sup>(4)</sup> |  | 264000 |  | 257711 |
|  |  |  |  | **4061258** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Weekley Homes LLC/Weekley Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 1/15/2034<sup>(3)</sup> | $152000 | $145577 |
|  |  | **145577** |
|  **Entertainment — 2.9%** | **Entertainment — 2.9%** | **Entertainment — 2.9%** |
|  Allwyn Entertainment Financing U.K. PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 8/15/2031<sup>(3)</sup> | 250000 | 276946 |
|  Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 10/15/2032<sup>(3)</sup> | 601000 | 552925 |
|  Flutter Treasury DAC, Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 6/4/2031 | 210000 | 268791 |
|  Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25% due 4/15/2030<sup>(3)</sup> | 359000 | 367519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.875% due 4/15/2031<sup>(3)</sup> | 355000 | 369827 |
|  Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 7/1/2029<sup>(3)</sup> | 148000 | 138410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 4/1/2031<sup>(3)</sup> | 520000 | 505034 |
|  Rivers Enterprise Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 10/15/2030<sup>(3)</sup> | 406000 | 404976 |
|  Six Flags Entertainment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 5/15/2031<sup>(3)</sup> | 516000 | 496813 |
|  Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.625% due 1/15/2032<sup>(3)</sup> | 95000 | 95153 |
|  Starz Capital Holdings 1, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 4/15/2030<sup>(3)</sup> | 498000 | 456915 |
|  Voyager Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25% due 7/1/2032<sup>(3)</sup> | 595000 | 617737 |
|  |  | **4551046** |
|  **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
|  Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 7/1/2033 | 381000 | 398976 |
|  |  | **398976** |
|  **Healthcare-Services — 1.1%** | **Healthcare-Services — 1.1%** | **Healthcare-Services — 1.1%** |
|  Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/15/2053 | 391000 | 338878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% (6.625% fixed rate until 6/15/2031; 5 yr. CMT rate + 2.89% thereafter) due 9/15/2056<sup>(4)</sup> | 753000 | 723622 |
|  LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% due 6/1/2032<sup>(3)</sup> | 201000 | 205267 |
|  Surgery Center Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 4/15/2032<sup>(3)</sup> | 267000 | 262240 |
|  UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% due 6/15/2035 | 236000 | 240752 |
|  |  | **1770759** |
|  **Home Builders — 0.8%** | **Home Builders — 0.8%** | **Home Builders — 0.8%** |
|  LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/15/2029<sup>(3)</sup> | 138000 | 122914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 11/15/2032<sup>(3)</sup> | 573000 | 531301 |
|  Risewell Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 11/1/2030<sup>(3)</sup> | 487000 | 476199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25% due 10/1/2029<sup>(3)</sup> | 141000 | 142431 |
|  |  | **1272845** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
|  Asurion LLC/Asurion Co-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 12/31/2032<sup>(3)</sup> | $250000 | $259362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375% due 2/1/2034<sup>(3)</sup> | 214000 | 207765 |
|  |  | **467127** |
|  **Internet — 0.6%** | **Internet — 0.6%** | **Internet — 0.6%** |
|  AppLovin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 12/1/2034 | 555000 | 550405 |
|  Rakuten Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% (5.125% fixed rate until 4/22/2026; 5 yr. CMT rate + 4.58% thereafter) due 4/22/2026<sup>(3)(4)</sup> | 324000 | 323223 |
|  |  | **873628** |
|  **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
|  Apollo Debt Solutions BDC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 12/8/2028<sup>(3)</sup> | 91000 | 89870 |
|  Cipher Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% due 10/1/2031<sup>(3)(7)</sup> | 187000 | 208446 |
|  |  | **298316** |
|  **Leisure Time — 0.9%** | **Leisure Time — 0.9%** | **Leisure Time — 0.9%** |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 8/1/2032<sup>(3)</sup> | 463000 | 462850 |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 1/15/2031<sup>(3)</sup> | 592000 | 575167 |
|  Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 1/15/2036 | 410000 | 402803 |
|  |  | **1440820** |
|  **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 7/1/2031<sup>(3)</sup> | 508000 | 458396 |
|  |  | **458396** |
|  **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** |
|  Esab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 4/1/2031<sup>(3)</sup> | 338000 | 340369 |
|  |  | **340369** |
|  **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
|  AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50% due 7/15/2032<sup>(3)</sup> | 615000 | 606958 |
|  Midcontinent Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 8/15/2032<sup>(3)</sup> | 333000 | 310139 |
|  Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 7/31/2031<sup>(3)</sup> | 91000 | 91444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.375% due 8/1/2032<sup>(3)</sup> | 292000 | 300940 |
|  |  | **1309481** |
|  **Mining — 0.5%** | **Mining — 0.5%** | **Mining — 0.5%** |
|  First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 2/15/2034<sup>(3)</sup> | 494000 | 502910 |
|  Taseko Mines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25% due 5/1/2030<sup>(3)</sup> | 328000 | 341960 |
|  |  | **844870** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** |
|  Maxam Prill SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% due 7/15/2030<sup>(3)</sup> | $540000 | $548836 |
|  |  | **548836** |
|  **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** |
|  Antero Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 2/1/2036 | 405000 | 398261 |
|  Granite Ridge Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 11/5/2029<sup>(3)</sup> | 839000 | 819544 |
|  Infinity Natural Resources LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 4/1/2031<sup>(3)</sup> | 191000 | 192008 |
|  Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 4/15/2034<sup>(3)</sup> | 122000 | 121229 |
|  SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 4/15/2034<sup>(3)</sup> | 67000 | 66811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 8/1/2032<sup>(3)</sup> | 363000 | 370657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.625% due 6/15/2033<sup>(3)</sup> | 378000 | 417584 |
|  Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875% (7.875% fixed rate until 9/18/2030; 5 yr. CMT rate + 4.23% thereafter) due 9/18/2030<sup>(3)(4)</sup> | 832000 | 849494 |
|  Viper Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 8/1/2035 | 402000 | 405140 |
|  |  | **3640728** |
|  **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** |
|  Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 4/1/2031<sup>(3)</sup> | 306000 | 307516 |
|  USA Compression Partners LP/USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 10/1/2033<sup>(3)</sup> | 481000 | 479487 |
|  |  | **787003** |
|  **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 9/1/2029 | 478000 | 498439 |
|  |  | **498439** |
|  **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% (6.75% fixed rate until 9/10/2034; 5 yr. CMT rate + 2.52% thereafter) due 12/10/2054<sup>(4)</sup> | 257000 | 260223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% (7.00% fixed rate until 12/10/2029; 5 yr. CMT rate + 2.89% thereafter) due 3/10/2055<sup>(4)</sup> | 236000 | 243219 |
|  HLF Financing SARL LLC/Herbalife International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 6/1/2029<sup>(3)</sup> | 347000 | 324703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25% due 4/15/2029<sup>(3)</sup> | 89000 | 94911 |
|  Teva Pharmaceutical Finance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% due 2/1/2036 | 608000 | 626431 |
|  |  | **1549487** |
|  **Pipelines — 1.7%** | **Pipelines — 1.7%** | **Pipelines — 1.7%** |
|  DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 6/15/2029<sup>(3)</sup> | 63000 | 61675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 12/15/2034<sup>(3)</sup> | 255000 | 261808 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Pipelines — (continued)** | **Pipelines — (continued)** | **Pipelines — (continued)** | **Pipelines — (continued)** | **Pipelines — (continued)** |
|  Hess Midstream Operations LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 2/15/2030<sup>(3)</sup> | $| 634000 | $| 609234 |
|  Howard Midstream Energy Partners LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 1/15/2034<sup>(3)</sup> |  | 399000 |  | 400517 |
|  ITT Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 8/1/2029<sup>(3)</sup> |  | 668000 |  | 649522 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 3/15/2034<sup>(3)</sup> |  | 716000 |  | 719585 |
|  |  |  |  | **2702341** |
|  **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** |
|  EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 9/30/2030<sup>(3)</sup> |  | 449000 |  | 432377 |
|  GLP Capital LP/GLP Financing II, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 3/1/2036 |  | 232000 |  | 225643 |
|  Millrose Properties, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 9/15/2032<sup>(3)</sup> |  | 280000 |  | 274850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 8/1/2030<sup>(3)</sup> |  | 277000 |  | 276914 |
|  Rithm Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 4/1/2029<sup>(3)</sup> |  | 233000 |  | 228906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 7/15/2030<sup>(3)</sup> |  | 395000 |  | 381246 |
|  |  |  |  | **1819936** |
|  **Retail — 1.0%** | **Retail — 1.0%** | **Retail — 1.0%** | **Retail — 1.0%** | **Retail — 1.0%** |
|  Carvana Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% (9.00% Cash or 13.00% PIK) due 6/1/2030<sup>(3)(8)</sup> |  | 510837 |  | 531400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% (9.00% Cash or 14.00% PIK) due 6/1/2031<sup>(3)(8)</sup> |  | 199577 |  | 215803 |
|  Kohl's Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% due 6/1/2030<sup>(3)</sup> |  | 111000 |  | 117374 |
|  Michaels Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 3/15/2033<sup>(3)</sup> |  | 275000 |  | 267711 |
|  Victra Holdings LLC/Victra Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% due 9/15/2029<sup>(3)</sup> |  | 369000 |  | 382969 |
|  |  |  |  | **1515257** |
|  **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |
|  Kioxia Holdings Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 7/24/2033<sup>(3)</sup> |  | 373000 |  | 383379 |
|  |  |  |  | **383379** |
|  **Software — 1.0%** | **Software — 1.0%** | **Software — 1.0%** | **Software — 1.0%** | **Software — 1.0%** |
|  Cloud Software Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% due 9/30/2029<sup>(3)</sup> |  | 679000 |  | 655013 |
|  CoreWeave, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% due 2/1/2031<sup>(3)</sup> |  | 34000 |  | 32352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25% due 6/1/2030<sup>(3)</sup> |  | 277000 |  | 269150 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Software — (continued)** | **Software — (continued)** | **Software — (continued)** | **Software — (continued)** | **Software — (continued)** |
|  ROBLOX Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 5/1/2030<sup>(3)</sup> | $| 579000 | $| 544134 |
|  |  |  |  | **1500649** |
|  **Telecommunications — 2.4%** | **Telecommunications — 2.4%** | **Telecommunications — 2.4%** | **Telecommunications — 2.4%** | **Telecommunications — 2.4%** |
|  APLD ComputeCo 2 LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 3/15/2031<sup>(3)</sup> |  | 549000 |  | 545003 |
|  APLD ComputeCo LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25% due 12/15/2030<sup>(3)</sup> |  | 393000 |  | 404916 |
|  Black Pearl Compute LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 2/15/2031<sup>(3)</sup> |  | 417000 |  | 424421 |
|  Cipher Compute LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 11/15/2030<sup>(3)</sup> |  | 440000 |  | 455853 |
|  Flash Compute LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 12/31/2030<sup>(3)</sup> |  | 274000 |  | 275861 |
|  Level 3 Financing, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 7/15/2029<sup>(3)</sup> |  | 239000 |  | 221672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 6/30/2033<sup>(3)</sup> |  | 94779 |  | 96515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 3/31/2034<sup>(3)</sup> |  | 60362 |  | 61786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 1/15/2036<sup>(3)</sup> |  | 381000 |  | 397540 |
|  SV RNO Property Owner 1 LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 3/1/2031<sup>(3)</sup> |  | 395000 |  | 390455 |
|  Vmed O2 U.K. Financing I PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 1/15/2033<sup>(3)</sup> |  | 453000 |  | 404731 |
|  |  |  |  | **3678753** |
|  **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** |
|  Rand Parent LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 2/15/2030<sup>(3)</sup> |  | 464000 |  | 476308 |
|  Watco Cos. LLC/Watco Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 8/1/2032<sup>(3)</sup> |  | 280000 |  | 287564 |
|  |  |  |  | **763872** |
|  **Total Corporate Bonds & Notes** <br> (Cost $51,972,866) | **Total Corporate Bonds & Notes** <br> (Cost $51,972,866) | **Total Corporate Bonds & Notes** <br> (Cost $51,972,866) |  | **51168982** |
|  **Non-Agency Mortgage-Backed Securities — 27.3%** | **Non-Agency Mortgage-Backed Securities — 27.3%** | **Non-Agency Mortgage-Backed Securities — 27.3%** | **Non-Agency Mortgage-Backed Securities — 27.3%** | **Non-Agency Mortgage-Backed Securities — 27.3%** |
|  1211 Avenue of the Americas Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1211, Class A1A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.901% due 8/10/2035<sup>(3)</sup> |  | 1100000 |  | 1050500 |
|  1301 Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1301, Class D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.223% due 8/11/2042<sup>(3)(4)(9)</sup> |  | 314000 |  | 315059 |
|  ALA Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-OANA, Class D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.764% due 6/15/2040<sup>(3)(4)(9)</sup> |  | 221000 |  | 221276 |
|  BLP Commercial Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND2, Class E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.423% due 12/15/2042<sup>(3)(4)(9)</sup> |  | 991000 |  | 990690 |
|  BPR Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PMDW, Class E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% due 11/5/2041<sup>(3)(4)(9)</sup> |  | 378000 |  | 363292 |
|  BX Commercial Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIR2, Class D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.463% due 10/15/2041<sup>(3)(4)(9)</sup> |  | 502610 |  | 502610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BIO2, Class D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.713% due 8/13/2041<sup>(3)(4)(9)</sup> |  | 780000 |  | 752724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GPA3, Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.564% due 12/15/2039<sup>(3)(4)(9)</sup> |  | 1287533 |  | 1287533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CSMO, Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.673% due 2/15/2043<sup>(3)(4)(9)</sup> |  | 100000 |  | 100094 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CSMO, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.123% due 2/15/2043<sup>(3)(4)(9)</sup> | $100000 | $100156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-XL6, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.773% due 3/15/2043<sup>(3)(4)(9)</sup> | 300000 | 298123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-XL6, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.673% due 3/15/2043<sup>(3)(4)(9)</sup> | 108000 | 107327 |
|  BX Trust | BX Trust | BX Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.363% due 4/15/2041<sup>(3)(4)(9)</sup> | 1212035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.562% due 6/15/2041<sup>(3)(4)(9)</sup> | 488000 | 478878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VLT7, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.423% due 7/15/2044<sup>(3)(4)(9)</sup> | 955000 | 945473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CART, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.573% due 2/15/2036<sup>(3)(4)(9)</sup> | 300000 | 297110 |
|  BXHPP Trust | BXHPP Trust | BXHPP Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FILM, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.437% due 8/15/2036<sup>(3)(4)(9)</sup> | 154000 | 145915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FILM, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.687% due 8/15/2036<sup>(3)(4)(9)</sup> | 480000 | 442800 |
|  Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C3, Class AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.366% due 11/15/2049<sup>(4)(9)</sup> | 1000000 | 985317 |
|  Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.662% due 10/25/2041<sup>(3)(4)(9)</sup> | 99000 | 101025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.862% due 11/25/2041<sup>(3)(4)(9)</sup> | 73000 | 74661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.662% due 12/25/2041<sup>(3)(4)(9)</sup> | 821508 | 842742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.512% due 5/25/2042<sup>(3)(4)(9)</sup> | 255000 | 261893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R04, Class 1B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.862% due 5/25/2044<sup>(3)(4)(9)</sup> | 690000 | 696784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.662% due 7/25/2044<sup>(3)(4)(9)</sup> | 1800000 | 1801110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01, Class 1B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.362% due 1/25/2045<sup>(3)(4)(9)</sup> | 605000 | 603506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.612% due 2/25/2045<sup>(3)(4)(9)</sup> | 1920000 | 1919232 |
|  DROP Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FILE, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.487% due 10/15/2043<sup>(3)(4)(9)</sup> | 445000 | 441662 |
|  Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL1, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.565% due 11/25/2040<sup>(3)(4)(9)</sup> | 215000 | 215117 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ESH, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.273% due 10/15/2042<sup>(3)(4)(9)</sup> | 1052000 | 1053315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ESH, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.023% due 10/15/2042<sup>(3)(4)(9)</sup> | 253000 | 253316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ESH, Class F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.773% due 10/15/2042<sup>(3)(4)(9)</sup> | 133000 | 133166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-ESH2, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.573% due 2/15/2043<sup>(3)(4)(9)</sup> | 318008 | 318704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-ESH2, Class F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.423% due 2/15/2043<sup>(3)(4)(9)</sup> | 158509 | 158507 |
|  Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STACR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-DNA3, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.526% due 9/25/2048<sup>(3)(4)(9)</sup> | 87000 | 98927 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** |
|  Freddie Mac STACR REMIC Trust | Freddie Mac STACR REMIC Trust | Freddie Mac STACR REMIC Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA5, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.062% due 11/25/2050<sup>(3)(4)(9)</sup> | $61223 | $74674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.162% due 10/25/2041<sup>(3)(4)(9)</sup> | 1086857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.462% due 11/25/2041<sup>(3)(4)(9)</sup> | 1375001 | 1421369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA3, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.912% due 9/25/2041<sup>(3)(4)(9)</sup> | 307339 | 312915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.662% due 12/25/2041<sup>(3)(4)(9)</sup> | 1858033 | 1916132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.162% due 2/25/2042<sup>(3)(4)(9)</sup> | 384527 | 404718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.312% due 2/25/2045<sup>(3)(4)(9)</sup> | 218000 | 218131 |
|  FS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4SZN, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.08% due 11/10/2039<sup>(3)(4)(9)</sup> | 1727000 | 1753391 |
|  Great Wolf Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WOLF, Class G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.109% due 3/15/2039<sup>(3)(4)(9)</sup> | 133000 | 133182 |
|  GS Mortgage Securities Corp. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-800D, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.33% due 11/25/2041<sup>(3)(4)(9)</sup> | 760000 | 759199 |
|  GWT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WLF2, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.612% due 5/15/2041<sup>(3)(4)(9)</sup> | 1120000 | 1123500 |
|  Homeward Opportunities Fund Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RRTL1, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.476% due 3/25/2040<sup>(3)(4)(9)</sup> | 1550000 | 1552605 |
|  JPMorgan Chase Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-CL1, Class M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.043% due 10/25/2057<sup>(3)(4)(9)</sup> | 1132140 | 1167171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-CL1, Class M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.293% due 10/25/2057<sup>(3)(4)(9)</sup> | 859180 | 892316 |
|  LEX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-450, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.023% due 3/15/2043<sup>(3)(4)(9)</sup> | 407000 | 403308 |
|  MHC Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.388% due 4/15/2038<sup>(3)(4)(9)</sup> | 520000 | 519675 |
|  MTN Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LPFL, Class F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.965% due 3/15/2039<sup>(3)(4)(9)</sup> | 807000 | 805062 |
|  NRM FHT1 Excess Owner LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FHT1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.545% due 3/25/2032<sup>(3)(4)(9)</sup> | 1352206 | 1356974 |
|  NYC Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-909, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.206% due 4/10/2043<sup>(3)(4)(9)</sup> | 385000 | 312524 |
|  PNW Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-ARTE, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.184% due 4/15/2029<sup>(3)(4)(9)</sup> | 153000 | 152659 |
|  PRM7 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM7, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.618% due 11/10/2042<sup>(3)(4)(9)</sup> | 321000 | 316136 |
|  Saluda Grade Alternative Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-RTL7, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.748% due 3/25/2031<sup>(3)(4)(9)</sup> | 223000 | 220224 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value** | **Value** |
|  **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** |
|  Saluds Grade Alternative Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RRTL1, Class A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.657% due 10/25/2040<sup>(3)(4)(9)</sup> | $| 100000 | $| 99560 |
|  SCG Commercial Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FLWR, Class E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.423% due 8/15/2042<sup>(3)(4)(9)</sup> |  | 200000 |  | 198544 |
|  SCG Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SNIP, Class E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.073% due 9/15/2042<sup>(3)(4)(9)</sup> |  | 335000 |  | 335000 |
|  SMRT |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MINI, Class E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.373% due 1/15/2039<sup>(3)(4)(9)</sup> |  | 900000 |  | 896625 |
|  SWCH Commercial Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DATA, Class F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.911% due 2/15/2042<sup>(3)(4)(9)</sup> |  | 640000 |  | 630195 |
|  Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK3A, Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.741% due 7/20/2035<sup>(3)(4)(9)</sup> |  | 140000 |  | 184944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK3A, Class D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.541% due 7/20/2035<sup>(3)(4)(9)</sup> |  | 200000 |  | 263168 |
|  TVC Mortgage Trust | TVC Mortgage Trust | TVC Mortgage Trust | TVC Mortgage Trust | TVC Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-RRTL1, Class A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.315% due 2/25/2041<sup>(3)(4)(9)</sup> |  | 100000 |  | 99285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-RRTL1, Class M1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34% due 2/25/2041<sup>(3)(4)(9)</sup> |  | 100000 |  | 99294 |
|  Vontive Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL1, Class A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.507% due 3/25/2030<sup>(3)(4)(9)</sup> |  | 897000 |  | 907387 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1918, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.204% due 9/15/2040<sup>(3)(4)(9)</sup> |  | 663000 |  | 659027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VTT, Class D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.764% due 3/15/2038<sup>(3)(4)(9)</sup> |  | 735000 |  | 730931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VTT, Class E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.447% due 3/15/2038<sup>(3)(4)(9)</sup> |  | 746000 |  | 751543 |
|  **Total Non-Agency Mortgage-Backed Securities**<br> (Cost $42,767,866) |  |  |  | **42358782** |
|  **Senior Secured Loans — 11.9%** | **Senior Secured Loans — 11.9%** | **Senior Secured Loans — 11.9%** | **Senior Secured Loans — 11.9%** | **Senior Secured Loans — 11.9%** |
|  **Building Materials — 0.7%** | **Building Materials — 0.7%** | **Building Materials — 0.7%** | **Building Materials — 0.7%** | **Building Materials — 0.7%** |
|  Chamberlain Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.418% (1 mo. USD Term SOFR + 2.75%) due 9/8/2032<sup>(4)</sup> |  | 74078 |  | 73311 |
|  CP Atlas Buyer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.918% (1 mo. USD Term SOFR + 5.25%) due 7/8/2030<sup>(4)</sup> |  | 394020 |  | 361186 |
|  EMRLD Borrower LP | EMRLD Borrower LP | EMRLD Borrower LP | EMRLD Borrower LP | EMRLD Borrower LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.923% (3 mo. USD Term SOFR + 2.25%) due 5/31/2030<sup>(4)</sup> |  | 278243 |  | 277756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% (3 mo. USD Term SOFR + 2.25%) due 8/4/2031<sup>(4)</sup> |  | 247543 |  | 246924 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value** | **Value** |
|  **Senior Secured Loans — (continued)** | **Senior Secured Loans — (continued)** | **Senior Secured Loans — (continued)** | **Senior Secured Loans — (continued)** | **Senior Secured Loans — (continued)** |
|  **Building Materials — (continued)** | **Building Materials — (continued)** | **Building Materials — (continued)** | **Building Materials — (continued)** | **Building Materials — (continued)** |
|  Gibraltar Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Term Loan B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.918% (1 mo. USD Term SOFR + 2.25%) due 2/2/2033<sup>(4)</sup> | $| 149132 | $| 148200 |
|  |  |  |  | **1107377** |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  Olympus Water U.S. Holding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Term Loan B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95% (3 mo. USD Term SOFR + 3.25%) due 11/3/2032<sup>(4)</sup> |  | 36589 |  | 35177 |
|  |  |  |  | **35177** |
|  **Commercial Banks — 0.4%** | **Commercial Banks — 0.4%** | **Commercial Banks — 0.4%** | **Commercial Banks — 0.4%** | **Commercial Banks — 0.4%** |
|  Chrysaor Bidco SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Term Loan B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.531% (3 mo. EURIBOR + 3.50%) due 10/30/2031<sup>(4)</sup> |  | 500000 |  | 573920 |
|  |  |  |  | **573920** |
|  **Commercial Services — 1.7%** | **Commercial Services — 1.7%** | **Commercial Services — 1.7%** | **Commercial Services — 1.7%** | **Commercial Services — 1.7%** |
|  Albion Financing 3 SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Term Loan |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.664% (3 mo. USD Term SOFR + 3.00%) due 5/21/2031<sup>(4)</sup> |  | 229422 |  | 229064 |
|  Atlas Luxco 4 SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR Term Loan B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% due 8/20/2032<sup>(10)</sup> |  | 498747 |  | 574026 |
|  Ensemble RCM LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Term Loan B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70% (3 mo. USD Term SOFR + 3.00%) due 2/9/2033<sup>(4)</sup> |  | 483309 |  | 477166 |
|  Inspired Finco Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 EUR Term Loan B8 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.892% (1 mo. EURIBOR + 3.00%) due 2/28/2031<sup>(4)</sup> |  | 480793 |  | 552162 |
|  Lernen Bidco Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Term Loan B3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.41% (6 mo. USD Term SOFR + 3.50%) due 10/27/2031<sup>(4)</sup> |  | 399985 |  | 383654 |
|  Parexel International Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Repriced Term Loan B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.418% (1 mo. USD Term SOFR + 2.75%) due 12/12/2031<sup>(4)</sup> |  | 160598 |  | 159928 |
|  Veritiv Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.70% (3 mo. USD Term SOFR + 4.00%) due 12/2/2030<sup>(4)</sup> |  | 261368 |  | 253527 |
|  |  |  |  | **2629527** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Senior Secured Loans — (continued)** |  |  |
|  **Distribution/Wholesale — 0.2%** |  |  |
|  Gloves Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.668% (1 mo. USD Term SOFR + 4.00%) due 5/21/2032<sup>(4)</sup> | $293375 | $292055 |
|  |  | **292055** |
|  **Diversified Financial Services — 0.4%** |  |  |
|  Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Repriced Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.668% (1 mo. USD Term SOFR + 3.00%) due 8/9/2030<sup>(4)</sup> | 117705 | 116111 |
|  Hudson River Trading LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Repriced Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.175% (1 mo. USD Term SOFR + 2.50%) due 3/18/2030<sup>(4)</sup> | 352616 | 350804 |
|  Osaic Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.595% (6 mo. USD Term SOFR + 3.00%) due 7/30/2032<sup>(4)</sup> | 147000 | 144116 |
|  |  | **611031** |
|  **Electric — 0.3%** |  |  |
|  Long Ridge Energy LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.20% (3 mo. USD Term SOFR + 4.50%) due 2/19/2032<sup>(4)</sup> | 488967 | 482855 |
|  |  | **482855** |
|  **Engineering & Construction — 0.8%** |  |  |
|  Azuria Water Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Delayed Draw Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% due 1/27/2033<sup>(4)(10)(11)</sup> | 57355 | 56710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% due 1/27/2033<sup>(4)(10)</sup> | 430166 | 425326 |
|  Ramudden Global Group GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 EUR Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% due 2/14/2033<sup>(4)(10)</sup> | 500000 | 572250 |
|  Salas O'brien, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.418% (1 mo. USD Term SOFR + 2.75%) due 1/31/2033<sup>(4)</sup> | 200874 | 200372 |
|  |  | **1254658** |
|  **Entertainment — 0.3%** |  |  |
|  Flutter Financing BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% (3 mo. USD Term SOFR + 2.00%) due 6/4/2032<sup>(4)</sup> | 200187 | 197685 |
|  River Rock Entertainment Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.676% (1 mo. USD Term SOFR + 9.00%) due 6/25/2031<sup>(4)</sup> | 260000 | 253500 |
|  |  | **451185** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Senior Secured Loans — (continued)** |  |  |
|  **Food — 0.3%** |  |  |
|  Froneri Lux Finco SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.899% (6 mo. EURIBOR + 2.75%) due 9/30/2032<sup>(4)</sup> | $500000 | $568072 |
|  |  | **568072** |
|  **Food Service — 0.7%** |  |  |
|  Areas Worldwide SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Repriced Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.635% (3 mo. EURIBOR + 3.50%) due 12/31/2029<sup>(4)</sup> | 500000 | 566586 |
|  Gategroup Finance Luxembourg SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR Repriced Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.573% (3 mo. EURIBOR + 3.50%) due 6/10/2032<sup>(4)</sup> | 500000 | 574313 |
|  |  | **1140899** |
|  **Forest Products & Paper — 0.2%** |  |  |
|  Spa Holdings 3 OYJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.473% (3 mo. USD Term SOFR + 4.51%) due 5/23/2030<sup>(4)</sup> | 359352 | 355234 |
|  |  | **355234** |
|  **Healthcare-Products — 0.4%** |  |  |
|  Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 EUR Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% due 4/7/2033<sup>(10)</sup> | 500000 | 571302 |
|  |  | **571302** |
|  **Healthcare-Services — 0.4%** |  |  |
|  Dermatology Intermediate Holdings III, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.917% (3 mo. USD Term SOFR + 4.25%) due 3/30/2029<sup>(4)</sup> | 375128 | 352932 |
|  Star Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.70% (3 mo. USD Term SOFR + 4.00%) due 9/27/2030<sup>(4)</sup> | 224478 | 221713 |
|  |  | **574645** |
|  **Household Products & Wares — 0.2%** |  |  |
|  Lavender Dutch BorrowerCo BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.949% (3 mo. USD Term SOFR + 3.25%) due 12/30/2032<sup>(4)</sup> | 286771 | 282111 |
|  |  | **282111** |
|  **Insurance — 1.0%** |  |  |
|  Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B13 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.918% (1 mo. USD Term SOFR + 4.25%) due 9/19/2030<sup>(4)</sup> | 313853 | 309864 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Senior Secured Loans — (continued)** |  |  |
|  **Insurance — (continued)** |  |  |
|  Jones DesLauriers Insurance Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Repriced Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.664% (3 mo. USD Term SOFR + 3.00%) due 2/2/2033<sup>(4)</sup> | $401000 | $388970 |
|  Siaci Saint Honore |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 EUR Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.377% (3 mo. EURIBOR + 3.25%) due 7/26/2032<sup>(4)</sup> | 590000 | 673686 |
|  USI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% (3 mo. USD Term SOFR + 2.25%) due 9/29/2030<sup>(4)</sup> | 244418 | 243502 |
|  |  | **1616022** |
|  **Internet — 0.6%** |  |  |
|  Hunter Holdco 3 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 4.25%) due 8/19/2028<sup>(4)</sup> | 360000 | 320400 |
|  Proofpoint, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Repriced Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70% (3 mo. USD Term SOFR + 3.00%) due 8/31/2028<sup>(4)</sup> | 589647 | 569994 |
|  |  | **890394** |
|  **Media — 0.1%** |  |  |
|  DirecTV Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.179% (3 mo. USD Term SOFR + 5.25%) due 8/2/2029<sup>(4)</sup> | 181591 | 181847 |
|  |  | **181847** |
|  **Packaging & Containers — 0.3%** |  |  |
|  Proampac PG Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 USD Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.782% (1 mo. USD Term SOFR + 4.00%) due 3/7/2033<sup>(4)</sup> | 514966 | 496041 |
|  |  | **496041** |
|  **Pharmaceuticals — 0.4%** |  |  |
|  AI Sirona (Luxembourg) Acquisition SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% due 1/20/2033<sup>(10)</sup> | 500000 | 573001 |
|  |  | **573001** |
|  **Retail — 1.1%** |  |  |
|  LSF9 Atlantis Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.45% (3 mo. USD Term SOFR + 3.75%) due 3/29/2029<sup>(4)</sup> | 132344 | 130359 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Senior Secured Loans — (continued)** |  |  |
|  **Retail — (continued)** |  |  |
|  Men's Wearhouse, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.414% (3 mo. USD Term SOFR + 5.75%) due 1/28/2031<sup>(4)</sup> | $177912 | $177634 |
|  Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.161% (3 mo. USD Term SOFR + 4.50%) due 3/15/2031<sup>(4)</sup> | 127000 | 123873 |
|  Peer Holding III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Add on Term Loan B9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.877% (3 mo. EURIBOR + 2.75%) due 9/29/2032<sup>(4)</sup> | 500000 | 575538 |
|  White Cap Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Incremental Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.168% (1 mo. USD Term SOFR + 3.50%) due 2/10/2033<sup>(4)</sup> | 685679 | 650826 |
|  |  | **1658230** |
|  **Software — 1.1%** |  |  |
|  Darktrace PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.898% (3 mo. USD Term SOFR + 3.25%) due 10/9/2031<sup>(4)</sup> | 831208 | 793912 |
|  Modena Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.917% (3 mo. USD Term SOFR + 4.25%) due 7/1/2031<sup>(4)</sup> | 363484 | 325216 |
|  Project Alpha Intermediate Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95% (3 mo. USD Term SOFR + 3.25%) due 10/26/2030<sup>(4)</sup> | 321236 | 242022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 2nd Lien Incremental Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.70% (3 mo. USD Term SOFR + 5.00%) due 5/9/2033<sup>(4)</sup> | 250000 | 145250 |
|  Rocket Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 USD Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.418% (1 mo. USD Term SOFR + 3.75%) due 11/28/2028<sup>(4)</sup> | 249372 | 238697 |
|  |  | **1745097** |
|  **Telecommunications — 0.3%** |  |  |
|  Windstream Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.668% (1 mo. USD Term SOFR + 4.00%) due 10/6/2032<sup>(4)</sup> | 414960 | 414703 |
|  |  | **414703** |
|  **Total Senior Secured Loans** <br> (Cost $19,022,761) |  | **18505383** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** |
|  **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
|  Oracle Corp., Series D, 6.50%<sup>(1)</sup> | 8300 | $373583 |
|  |  | **373583** |
|  **Total Preferred Stocks** <br>(Cost $415,000) | **Total Preferred Stocks** <br>(Cost $415,000) | **373583** |
|  **Exchange-Traded Funds — 4.1%** | **Exchange-Traded Funds — 4.1%** | **Exchange-Traded Funds — 4.1%** |
|  Janus Henderson Emerging Markets Debt Hard Currency ETF | 121292 | 6363051 |
|  **Total Exchange-Traded Funds** <br>(Cost $6,175,154) | **Total Exchange-Traded Funds** <br>(Cost $6,175,154) | **6363051** |
|  | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 1.3%** | **Repurchase Agreements — 1.3%** | **Repurchase Agreements — 1.3%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $1,927,046, due 4/1/2026<sup>(12)</sup> | $1926989 | 1926989 |
|  **Total Repurchase Agreements** <br>(Cost $1,926,989) | **Total Repurchase Agreements** <br>(Cost $1,926,989) | **1926989** |
|  | **Notional<br>Amount** |  |
|  **Swaptions Purchased — Put — 0.4%** | **Swaptions Purchased — Put — 0.4%** | **Swaptions Purchased — Put — 0.4%** |
|  CDX Swaption | CDX Swaption | CDX Swaption |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expration: June 2026; Contracts: 23,000,000; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expration: June 2026; Contracts: 23,000,000; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expration: June 2026; Contracts: 23,000,000; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise Rate: 1.065%; Counterparty: BNP Paribas SA<sup>(1)</sup> | 24250050 | 583153 |
|  **Total Swaptions Purchased — Put** <br>(Premium paid $438,095) | **Total Swaptions Purchased — Put** <br>(Premium paid $438,095) | **583153** |
|  **Total Investments — 125.4%** <br>(Cost $197,347,245) | **Total Investments — 125.4%** <br>(Cost $197,347,245) | **194364975** |
|  **Liabilities in excess of other assets — (25.4)%** | **Liabilities in excess of other assets — (25.4)%** | **(39373001)** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**154991974** |

---

(1) Non–income–producing security.

(2) TBA - To be announced.

(3) 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 March 31, 2026, the aggregate market value of these securities amounted to $113,007,245, 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.

(4) Variable rate securities, which may include step-up bonds or adjustable
rate mortgages. The rate shown is the rate in effect at March 31, 2026.

(5) Security valued using significant unobservable inputs (Level 3).

(6) The table below presents securities deemed illiquid by the investment adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Cost** | **Value** | **Acquisition<br>Date** | **% of Fund's<br>Net Assets** |
|  Tricolor Auto Securitization Trust, Class C | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198297 | 3/11/2025 | 0.13% |
|  Tricolor Auto Securitization Trust, Class D | 370000 | 46161 | 3/11/2025 | 0.03 |

---

(7) Zero coupon bond.

(8) 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.

(9) Variable coupon rate based on weighted average interest rate of underlying mortgages.

(10) Represents an unsettled loan commitment. The coupon rate will be determined at time of settlement.

(11) This security, or a portion of this security, has unfunded loan commitments.

(12) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  U.S. Treasury Note | 1.00% | 7/31/2028 | $997400 | $936102 |
|  U.S. Treasury Note | 3.625 | 8/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029583 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

**Open futures contracts at March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Depreciation** |
|  U.S. 2-Year Treasury Note | June 2026 | 203 | Long | $42205350 | $42111398 | $(93952) |
|  U.S. 5-Year Treasury Note | June 2026 | 324 | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35622108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35050219 | (571889) |
|  U.S. 10-Year Treasury Note | June 2026 | 15 | Long | 1692910 | 1665703 | (27207) |
|  U.S. Long Bond | June 2026 | 5 | Long | 585871 | 569375 | (16496) |
|  **Total** |  |  |  | $**80106239** | $**79396695** | $**(709544)** |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | <br> **Unrealized<br>Appreciation** |
|  U.S. Ultra 10-Year Treasury Note | June 2026 | 70 | Short | $(8090997) | $(7946094) | $144903 |
|  U.S. Ultra Bond | June 2026 | 26 | Short | (3136572) | (3030625) | 105947 |
|  **Total** |  |  |  | $**(11227569)** | $**(10976719)** | $**250850** |

---

**Credit default swaptions written at March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Strike Rate** | **Expiration<br>Month** | **Notional<br>Amount** | **Premium**<br>**Paid** | **Market Value** |
|  **Put** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX.NA.HY.S45 | BNP Paribas SA | 1.00% | June 2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22770000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129789) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145675) |

---

**Total return swap at March 31, 2026:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty <br>/Return Paid** | **Return Received** | **Notional<br>Amount** | **Notional<br>Amount** | **Maturity** | **Payment<br>Frequency** | **Upfront<br>Payments** | **Value** | **Unrealized<br>Depreciation** |
|  BNP Paribas SA<br>USD SOFR + 0.16% | Janus Henderson AAA CLO<br>ETF | USD | 154955 | 7/23/2026 | Quarterly | $– $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68180) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68180) |

---

**Open forward foreign currency contracts at March 31, 2026:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>Sold** | **Unrealized<br>Appreciation** |
|  BNP Paribas Securities Services | 5/22/2026 | 176,850 EUR | 203,982 USD | $907 |
|  BNP Paribas Securities Services | 5/22/2026 | 141,236 EUR | 162,718 USD | 911 |
|  BNP Paribas Securities Services | 5/22/2026 | 135,812 EUR | 156,849 USD | 496 |
|  BNP Paribas Securities Services | 5/22/2026 | 95,831 EUR | 110,273 USD | 752 |
|  BNP Paribas Securities Services | 5/22/2026 | 95,106 EUR | 109,844 USD | 341 |
|  BNP Paribas Securities Services | 5/22/2026 | 18,000 EUR | 20,817 USD | 37 |
|  BNP Paribas Securities Services | 5/22/2026 | 11,979 EUR | 13,936 USD | (58) |
|  BNP Paribas Securities Services | 5/22/2026 | 573,214 USD | 498,750 EUR | (4613) |
|  BNP Paribas Securities Services | 5/22/2026 | 577,366 USD | 500,000 EUR | (1909) |
|  BNP Paribas Securities Services | 5/22/2026 | 578,493 USD | 500,000 EUR | (783) |
|  BNP Paribas Securities Services | 5/22/2026 | 7,678,270 USD | 6,486,587 EUR | 163232 |
|  BNP Paribas Securities Services | 5/22/2026 | 715,019 USD | 528,905 GBP | 15029 |
|  **Total** |  |  |  | $**174342** |

---

---

| |
|:---|
| **Legend:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CLO – Collateralized Loan Obligation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMT – Constant Maturity Treasury |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR – Euro |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EURIBOR – Euro Interbank Offered Rate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBP – Great British Pound |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK – Payment–In–Kind |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REMIC – Real Estate Mortgage Investment Conduit |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR – Secured Overnight Financing Rate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STACR – Structured Agency Credit Risk |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD – United States Dollar |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** (unaudited) | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3<sup>(1)</sup>** | **Total** |
|  Common Stocks | $1597382 | $— | $— | $1597382 |
|  Agency Mortgage-Backed Securities |  | 38643787 |  | 38643787 |
|  Asset-Backed Securities |  | 32599425 | 244458 | 32843883 |
|  Corporate Bonds & Notes |  | 51168982 |  | 51168982 |
|  Non-Agency Mortgage-Backed Securities |  | 42358782 |  | 42358782 |
|  Senior Secured Loans |  | 18505383 |  | 18505383 |
|  Preferred Stocks | 373583 |  |  | 373583 |
|  Exchange-Traded Funds | 6363051 |  |  | 6363051 |
|  Repurchase Agreements |  | 1926989 |  | 1926989 |
|  Swaptions Purchased |  | 583153 |  | 583153 |
|  Total Investments in Securities | $8334016 | $185786501 | $244458 | $194364975 |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Forward foreign Currency Contracts | $— | $181705 | $— | $181705 |
|  Futures Contracts | 250850 |  |  | 250850 |
|  **Total Assets** | $**8584866** | $**185968206** | $**244458** | $**194797530** |
|  **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
|  Forward foreign Currency Contracts | $— | $(7363) | $— | $(7363) |
|  Futures Contracts | (709544) |  |  | (709544) |
|  Swaptions Written |  | (145675) |  | (145675) |
|  Total Return Swaps |  | (68180) |  | (68180) |
|  **Total Liabilities** | $**(709544)** | $**(221218)** | $**—** | $**(930762)** |

---

(1) For the period ended March 31, 2026, investments valued at $244,458 were transferred into Level 3 due
to a reduction in the availability of significant observable inputs. There were no transfers out of Level 3.

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Asset-Backed Securities — 20.1%** | **Asset-Backed Securities — 20.1%** | **Asset-Backed Securities — 20.1%** |
|  ACRES Commercial Realty Issuer LLC | ACRES Commercial Realty Issuer LLC | ACRES Commercial Realty Issuer LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-FL4, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-FL4, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-FL4, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61% due 8/18/2044<sup>(1)(2)(3)</sup> | $454000 | $453997 |
|  Anchorage Capital CLO 7 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-7A, Class BR3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.721% (3 mo. USD Term SOFR + 2.05%) due 4/28/2037<sup>(1)(2)</sup> | 462000 | 461993 |
|  Arbor Realty Commercial Real Estate Notes LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-FL1, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87% due 9/20/2043<sup>(1)(2)(3)</sup> | 448633 | 448631 |
|  Benefit Street Partners CLO XXVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-28A, Class CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.568% (3 mo. USD Term SOFR + 1.90%) due 10/20/2037<sup>(1)(2)</sup> | 1000000 | 997488 |
|  Black Diamond CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.869% (3 mo. USD Term SOFR + 2.2%) due 11/22/2034<sup>(1)(2)</sup> | 600000 | 599618 |
|  BlueMountain CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A, Class BR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.679% (3 mo. USD Term SOFR + 2.01%) due 10/20/2030<sup>(1)(2)</sup> | 800000 | 800652 |
|  Carlyle U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class CR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67% (3 mo. USD Term SOFR + 2%) due 10/21/2037<sup>(1)(2)</sup> | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996145 |
|  Citizens Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11% due 4/17/2028<sup>(1)</sup> | 599777 | 602125 |
|  CNH Equipment Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.91% due 3/15/2028 | 1630000 | 1627434 |
|  CyrusOne Data Centers Issuer I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/20/2049<sup>(1)</sup> | 900000 | 874856 |
|  DB Master Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.493% due 11/20/2051<sup>(1)</sup> | 1005375 | 946561 |
|  Elmwood CLO 36 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-12RA, Class CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.668% (3 mo. USD Term SOFR + 2.00%) due 10/20/2037<sup>(1)(2)</sup> | 1000000 | 998717 |
|  Enterprise Fleet Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06% due 3/20/2031<sup>(1)</sup> | 1000000 | 1014563 |
|  Ford Credit Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.18% due 2/15/2028 | 600000 | 604642 |
|  GMF Floorplan Owner Revolving Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.33% due 3/15/2029<sup>(1)</sup> | 942000 | 950588 |
|  Hyundai Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04% due 9/16/2030 | 800000 | 812808 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** |
|  Kennedy Lewis CLO 10 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-10A, Class BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.269% (3 mo. USD Term SOFR + 1.6%) due 1/22/2038<sup>(1)(2)</sup> | $1200000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197952 |
|  Kennedy Lewis CLO 8 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8A, Class CR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.768% (3 mo. USD Term SOFR + 2.10%) due 1/20/2038<sup>(1)(2)</sup> | 1000000 | 1000303 |
|  Kubota Credit Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67% due 6/15/2029<sup>(1)</sup> | 450000 | 453341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87% due 7/15/2030<sup>(1)</sup> | 450000 | 455373 |
|  LRECS LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE1, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.677% (1 mo. USD Term SOFR + 2%) due 8/19/2043<sup>(1)(2)(3)</sup> | 624843 | 625435 |
|  Marble Point CLO XXII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.718% (3 mo. USD Term SOFR + 2.05%) due 7/25/2034<sup>(1)(2)</sup> | 1283333 | 1281955 |
|  MF1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL17, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL17, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL17, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.772% (1 mo. USD Term SOFR + 2.09%) due 2/18/2040<sup>(1)(2)(3)</sup> | 888889 | 889397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL20, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83% (1 mo. USD Term SOFR + 2.15%) due 2/18/2043<sup>(1)(2)(3)</sup> | 758766 | 760208 |
|  Neuberger Berman CLO XVII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17A, Class BR3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.369% (3 mo. USD Term SOFR + 1.7%) due 7/22/2038<sup>(1)(2)</sup> | 1100000 | 1098188 |
|  Neuberger Berman Loan Advisers CLO 35 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-35A, Class CRR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.318% (3 mo. USD Term SOFR + 1.65%) due 1/19/2033<sup>(1)(2)</sup> | 1250000 | 1244185 |
|  NextGear Floorplan Master Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12% due 3/15/2029<sup>(1)</sup> | 1500000 | 1512973 |
|  Nissan Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21% due 12/15/2028 | 1050000 | 1059178 |
|  Octagon Investment Partners 50 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4A, Class DR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.084% (3 mo. USD Term SOFR + 3.41%) due 1/15/2035<sup>(1)(2)</sup> | 1100000 | 1033885 |
|  OHA Credit Funding 3 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class CR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.418% (3 mo. USD Term SOFR + 1.75%) due 1/20/2038<sup>(1)(2)</sup> | 2000000 | 1993686 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** |
|  Oscar U.S. Funding XV LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81% due 12/10/2027<sup>(1)</sup> | $| 335032 | $| 335515 |
|  Parallel Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.468% (3 mo. USD Term SOFR + 1.8%) due 7/20/2036<sup>(1)(2)</sup> |  | 949520 |  | 949968 |
|  Park Avenue Institutional Advisers CLO Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class CRR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.063% (3 mo. USD Term SOFR + 3.4%) due 10/15/2034<sup>(1)(2)</sup> |  | 297872 |  | 296905 |
|  PFP Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-12, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.722% (1 mo. USD Term SOFR + 2.04%) due 12/18/2042<sup>(1)(2)(3)</sup> |  | 325000 |  | 324923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-13, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53% due 8/18/2043<sup>(1)(2)(3)</sup> |  | 100000 |  | 100068 |
|  RR 36 Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-36RA, Class A1R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.962% (3 mo. USD Term SOFR + 1.29%) due 1/15/2040<sup>(1)(2)</sup> |  | 1150000 |  | 1148635 |
|  Santander Drive Auto Receivables Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77% due 12/15/2028 |  | 689659 |  | 694213 |
|  Stellantis Financial Underwritten Enhanced Lease Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AA, Class A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% due 7/20/2027<sup>(1)</sup> |  | 299774 |  | 300260 |
|  Taco Bell Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.821% due 8/25/2055<sup>(1)</sup> |  | 628635 |  | 618977 |
|  TCW CLO Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.028% (3 mo. USD Term SOFR + 1.36%) due 1/20/2038<sup>(1)(2)</sup> |  | 1650000 |  | 1650201 |
|  Vantage Data Centers Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 9/15/2054<sup>(1)</sup> |  | 800000 |  | 786559 |
|  Wheels Fleet Lease Funding 1 LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 9/19/2039<sup>(1)</sup> |  | 409376 |  | 412009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07% due 9/19/2039<sup>(1)</sup> |  | 375000 |  | 378595 |
|  World Omni Select Auto Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.18% due 6/17/2030 |  | 800000 |  | 805840 |
|  **Total Asset-Backed Securities** <br>(Cost $38,680,956) | **Total Asset-Backed Securities** <br>(Cost $38,680,956) | **Total Asset-Backed Securities** <br>(Cost $38,680,956) |  | **38599545** |
|  **Corporate Bonds & Notes — 40.5%** | **Corporate Bonds & Notes — 40.5%** | **Corporate Bonds & Notes — 40.5%** | **Corporate Bonds & Notes — 40.5%** | **Corporate Bonds & Notes — 40.5%** |
|  **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
|  Boeing Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.528% due 5/1/2034 |  | 508000 |  | 553386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.858% due 5/1/2054 |  | 495000 |  | 544785 |
|  Bombardier, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% due 2/1/2029<sup>(1)</sup> |  | 1063000 |  | 1103731 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Aerospace & Defense — (continued)** | **Aerospace & Defense — (continued)** | **Aerospace & Defense — (continued)** | **Aerospace & Defense — (continued)** | **Aerospace & Defense — (continued)** |
|  RTX Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10% due 3/15/2034 | $| 700000 | $| 753794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40% due 3/15/2054 |  | 100000 |  | 107831 |
|  TransDigm, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 1/15/2029 |  | 1159000 |  | 1138745 |
|  |  |  |  | **4202272** |
|  **Apparel — 0.4%** | **Apparel — 0.4%** | **Apparel — 0.4%** | **Apparel — 0.4%** | **Apparel — 0.4%** |
|  Beach Acquisition Bidco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.00% Cash or 10.75% PIK) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% due 7/15/2033<sup>(1)(4)</sup> |  | 706212 |  | 752128 |
|  |  |  |  | **752128** |
|  **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** |
|  Ford Motor Credit Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05% due 3/5/2031 |  | 1079000 |  | 1088547 |
|  General Motors Financial Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% due 1/7/2030 |  | 400000 |  | 407289 |
|  Wabash National Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 10/15/2028<sup>(1)</sup> |  | 500000 |  | 438054 |
|  |  |  |  | **1933890** |
|  **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
|  Anheuser-Busch InBev Worldwide, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 1/15/2042 |  | 400000 |  | 373137 |
|  Bacardi Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 5/15/2038<sup>(1)</sup> |  | 819000 |  | 758937 |
|  |  |  |  | **1132074** |
|  **Building Materials — 0.9%** | **Building Materials — 0.9%** | **Building Materials — 0.9%** | **Building Materials — 0.9%** | **Building Materials — 0.9%** |
|  JH North America Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 1/31/2031<sup>(1)</sup> |  | 504000 |  | 499812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 7/31/2032<sup>(1)</sup> |  | 504000 |  | 501992 |
|  Quikrete Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 3/1/2032<sup>(1)</sup> |  | 681000 |  | 690536 |
|  |  |  |  | **1692340** |
|  **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
|  Chemours Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 11/15/2028<sup>(1)</sup> |  | 435000 |  | 430704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 3/15/2034<sup>(1)</sup> |  | 162000 |  | 161953 |
|  OCP SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 5/2/2034<sup>(1)</sup> |  | 416000 |  | 432772 |
|  |  |  |  | **1025429** |
|  **Commercial Banks — 5.3%** | **Commercial Banks — 5.3%** | **Commercial Banks — 5.3%** | **Commercial Banks — 5.3%** | **Commercial Banks — 5.3%** |
|  Banco Mercantil del Norte SA, Reg S |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% (6.625% fixed rate until 01/24/2032 ; 10 yr. CMT rate + 5.03% thereafter) due 1/24/2032<sup>(2)</sup> |  | 345000 |  | 328700 |
|  Banco Nacional de Comercio Exterior SNC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 5/7/2030<sup>(1)</sup> |  | 205000 |  | 209551 |
|  Bank of America Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.898% (1.898% fixed rate until 7/23/2030; 1 day USD SOFR + 1.53% thereafter) due 7/23/2031<sup>(2)</sup> |  | 1000000 |  | 890644 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Commercial Banks — (continued)** | **Commercial Banks — (continued)** | **Commercial Banks — (continued)** | **Commercial Banks — (continued)** | **Commercial Banks — (continued)** |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.45% (8.45% fixed rate until 6/29/2033; 5 yr. CMT rate + 4.66% thereafter) due<br>6/29/2038<sup>(1)(2)</sup> | $| 303000 | $| 325824 |
|  Citigroup, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series GG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% (6.875% fixed rate until 8/15/2030 ; 5 yr. CMT rate + 2.89% thereafter) due 8/15/2030<sup>(2)</sup> |  | 991000 |  | 997995 |
|  Deutsche Bank AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.403% (5.403% fixed rate until 9/11/2034; 1 day USD SOFR + 2.05% thereafter) due 9/11/2035<sup>(2)</sup> |  | 765000 |  | 761104 |
|  M&T Bank Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.082% (6.082% fixed rate until 3/13/2031; 1 day USD SOFR + 2.26% thereafter) due 3/13/2032<sup>(2)</sup> |  | 1000000 |  | 1048283 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32% (5.32% fixed rate until 7/19/2034; 1 day USD SOFR + 1.56% thereafter) due 7/19/2035<sup>(2)</sup> |  | 1100000 |  | 1103815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.942% (5.942% fixed rate until 2/7/2034; 5 yr. CMT rate + 1.80% thereafter) due 2/7/2039<sup>(2)</sup> |  | 1087000 |  | 1111183 |
|  UBS Group AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% (4.375% fixed rate until 2/10/2031; 5 yr. CMT rate + 3.31% thereafter) due 2/10/2031<sup>(1)(2)</sup> |  | 1263000 |  | 1114217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.699% (5.699% fixed rate until 2/8/2034; 1 yr. CMT rate + 1.77% thereafter) due<br>2/8/2035<sup>(1)(2)</sup> |  | 1075000 |  | 1102001 |
|  Wells Fargo & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35% (3.35% fixed rate until 3/2/2032; 1 day USD SOFR + 1.50% thereafter) due 3/2/2033<sup>(2)</sup> |  | 1217000 |  | 1117432 |
|  |  |  |  | **10110749** |
|  **Commercial Services — 1.1%** | **Commercial Services — 1.1%** | **Commercial Services — 1.1%** | **Commercial Services — 1.1%** | **Commercial Services — 1.1%** |
|  Ashtead Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 4/15/2034<sup>(1)</sup> |  | 1066000 |  | 1086777 |
|  Triton Container International Ltd./TAL International Container Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 2/15/2033 |  | 983000 |  | 962484 |
|  |  |  |  | **2049261** |
|  **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** |
|  Booz Allen Hamilton, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 4/15/2035 |  | 1028000 |  | 1036382 |
|  |  |  |  | **1036382** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Diversified Financial Services — 4.1%** | **Diversified Financial Services — 4.1%** | **Diversified Financial Services — 4.1%** |
|  Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.051% (6.051% fixed rate until 2/1/2034; 1 day USD SOFR + 2.26% thereafter) due 2/1/2035<sup>(2)</sup> | $1381000 | $1427151 |
|  Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.136% (6.136% fixed rate until 8/24/2033; 1 day USD SOFR + 2.01% thereafter) due 8/24/2034<sup>(2)</sup> | 500000 | 532194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% (5.00% fixed rate until 6/1/2027; 5 yr. CMT rate + 3.26% thereafter) due 6/1/2027<sup>(2)</sup> | 718000 | 710102 |
|  Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 5/1/2033<sup>(1)</sup> | 560000 | 568158 |
|  Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 2/15/2036 | 1169000 | 1121999 |
|  LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 5/15/2031<sup>(1)</sup> | 1505000 | 1439617 |
|  Muthoot Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 2/14/2028<sup>(1)</sup> | 508000 | 510609 |
|  Nomura Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.043% (5.043% fixed rate until 6/10/2031; 5 yr. CMT rate + 1.30% thereafter) due 6/10/2036<sup>(2)</sup> | 600000 | 582032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% (7.00% fixed rate until 7/15/2030; 5 yr. CMT rate + 3.08% thereafter) due 7/15/2030<sup>(2)</sup> | 450000 | 453044 |
|  Shriram Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% due 4/3/2028<sup>(1)</sup> | 514000 | 517205 |
|  |  | **7862111** |
|  **Electric — 1.5%** | **Electric — 1.5%** | **Electric — 1.5%** |
|  Engie Energia Chile SA, Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40% due 1/28/2030 | 294000 | 273418 |
|  NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 3/15/2035 | 500000 | 508337 |
|  Saavi Energia SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 2/10/2035<sup>(1)</sup> | 554000 | 581368 |
|  Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/15/2034 | 900000 | 914888 |
|  XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 1/15/2029<sup>(1)</sup> | 552000 | 568100 |
|  |  | **2846111** |
|  **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
|  Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 5/1/2032<sup>(1)</sup> | 577000 | 575614 |
|  |  | **575614** |
|  **Food — 1.2%** | **Food — 1.2%** | **Food — 1.2%** |
|  JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 4/1/2033 | 200000 | 206448 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Food — (continued)** | **Food — (continued)** | **Food — (continued)** | **Food — (continued)** | **Food — (continued)** |
|  Performance Food Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 9/15/2032<sup>(1)</sup> | $| 537000 | $| 537992 |
|  Post Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 4/15/2030<sup>(1)</sup> |  | 578000 |  | 554883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 10/15/2034<sup>(1)</sup> |  | 762000 |  | 746155 |
|  Tyson Foods, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 2/20/2036 |  | 240000 |  | 234433 |
|  |  |  |  | **2279911** |
|  **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
|  APA Infrastructure Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 9/16/2034<sup>(1)</sup> |  | 663000 |  | 657295 |
|  |  |  |  | **657295** |
|  **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** |
|  Toledo Hospital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.325% due 11/15/2028 |  | 71000 |  | 71626 |
|  UnitedHealth Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 7/15/2034 |  | 600000 |  | 605116 |
|  |  |  |  | **676742** |
|  **Insurance — 3.5%** | **Insurance — 3.5%** | **Insurance — 3.5%** | **Insurance — 3.5%** | **Insurance — 3.5%** |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 11/1/2029<sup>(1)</sup> |  | 783000 |  | 757575 |
|  Brown & Brown, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 6/11/2034 |  | 1075000 |  | 1084136 |
|  Corebridge Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 1/15/2034 |  | 1064000 |  | 1091323 |
|  Fairfax Financial Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 5/20/2035 |  | 182000 |  | 186525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 12/7/2033 |  | 1268000 |  | 1324759 |
|  MetLife, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35% (6.35% fixed rate until 3/15/2035; 5 yr. CMT rate + 2.08% thereafter) due 3/15/2055<sup>(2)</sup> |  | 485000 |  | 492154 |
|  Nippon Life Insurance Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% (6.50% fixed rate until 4/30/2035; 5 yr. CMT rate + 3.19% thereafter) due 4/30/2055<sup>(1)(2)</sup> |  | 319000 |  | 328913 |
|  Sammons Financial Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 4/15/2034<sup>(1)</sup> |  | 1422000 |  | 1505565 |
|  |  |  |  | **6770950** |
|  **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
|  Snap, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 3/1/2033<sup>(1)</sup> |  | 598000 |  | 564674 |
|  |  |  |  | **564674** |
|  **Leisure Time — 1.3%** | **Leisure Time — 1.3%** | **Leisure Time — 1.3%** | **Leisure Time — 1.3%** | **Leisure Time — 1.3%** |
|  NCL Corp. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 2/1/2032<sup>(1)</sup> |  | 700000 |  | 694689 |
|  Patrick Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 5/1/2029<sup>(1)</sup> |  | 1144000 |  | 1112657 |
|  Royal Caribbean Cruises Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 5/15/2033 |  | 349000 |  | 336980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 2/27/2038 |  | 342000 |  | 325350 |
|  |  |  |  | **2469676** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
|  Wynn Macau Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 2/15/2034<sup>(1)</sup> | $418000 | $407936 |
|  |  | **407936** |
|  **Machinery-Diversified — 0.8%** | **Machinery-Diversified — 0.8%** | **Machinery-Diversified — 0.8%** |
|  Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40% due 4/15/2033 | 1463000 | 1546376 |
|  |  | **1546376** |
|  **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/15/2030<sup>(1)</sup> | 846000 | 790569 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10% due 6/1/2029 | 700000 | 725096 |
|  VZ Secured Financing BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/15/2032<sup>(1)</sup> | 617000 | 528890 |
|  |  | **2044555** |
|  **Mining — 1.7%** | **Mining — 1.7%** | **Mining — 1.7%** |
|  Anglo American Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 3/16/2052<sup>(1)</sup> | 222000 | 181608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/2/2033<sup>(1)</sup> | 727000 | 735538 |
|  Eldorado Gold Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 9/1/2029<sup>(1)</sup> | 125000 | 124318 |
|  IAMGOLD Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 10/15/2028<sup>(1)</sup> | 511000 | 508513 |
|  Northern Star Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 4/11/2033<sup>(1)</sup> | 1045000 | 1079192 |
|  Rio Tinto Finance USA PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 3/14/2035 | 660000 | 670544 |
|  |  | **3299713** |
|  **Oil & Gas — 2.3%** | **Oil & Gas — 2.3%** | **Oil & Gas — 2.3%** |
|  BP Capital Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45% (6.45% fixed rate until 12/1/2033; 5 yr. CMT rate + 2.15% thereafter) due 12/1/2033<sup>(2)</sup> | 732000 | 761158 |
|  Eni SpA <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/15/2034<sup>(1)</sup> | 758000 | 776452 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 10/1/2034 | 1085000 | 1103403 |
|  Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 1/28/2031 | 322000 | 307856 |
|  Santos Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 11/13/2035<sup>(1)</sup> | 374000 | 374867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 9/19/2033<sup>(1)</sup> | 997000 | 1085468 |
|  |  | **4409204** |
|  **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
|  AstraZeneca PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45% due 9/15/2037 | 400000 | 447032 |
|  |  | **447032** |
|  **Pipelines — 3.2%** | **Pipelines — 3.2%** | **Pipelines — 3.2%** |
|  Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 6/30/2033 | 500000 | 524155 |
|  DCP Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 2/15/2032 | 1649000 | 1498881 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Pipelines — (continued)** | **Pipelines — (continued)** | **Pipelines — (continued)** | **Pipelines — (continued)** | **Pipelines — (continued)** |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 4/1/2035 | $| 400000 | $| 410812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20% due 4/1/2055 |  | 300000 |  | 291257 |
|  MPLX LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 6/1/2034 |  | 100000 |  | 101029 |
|  ONEOK, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% due 11/1/2034 |  | 300000 |  | 291809 |
|  Plains All American Pipeline LP/PAA Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 9/15/2034 |  | 734000 |  | 749756 |
|  Targa Resources Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 7/30/2036 |  | 588000 |  | 583707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 2/15/2035 |  | 400000 |  | 403558 |
|  Venture Global LNG, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 1/15/2030<sup>(1)</sup> |  | 985000 |  | 1005737 |
|  Western Midstream Operating LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 11/15/2034 |  | 300000 |  | 297066 |
|  |  |  |  | **6157767** |
|  **Real Estate Investment Trusts — 2.1%** | **Real Estate Investment Trusts — 2.1%** | **Real Estate Investment Trusts — 2.1%** | **Real Estate Investment Trusts — 2.1%** | **Real Estate Investment Trusts — 2.1%** |
|  Boston Properties LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 1/15/2035 |  | 1105000 |  | 1098934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 1/15/2034 |  | 519000 |  | 543333 |
|  Store Capital LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70% due 12/1/2031 |  | 1301000 |  | 1132106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 3/15/2029 |  | 554000 |  | 548092 |
|  Vornado Realty LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 2/1/2033 |  | 796000 |  | 780579 |
|  |  |  |  | **4103044** |
|  **Retail — 0.5%** | **Retail — 0.5%** | **Retail — 0.5%** | **Retail — 0.5%** | **Retail — 0.5%** |
|  Home Depot, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 6/25/2034 |  | 400000 |  | 402896 |
|  PetSmart LLC/PetSmart Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% due 9/15/2032<sup>(1)</sup> |  | 474000 |  | 476308 |
|  |  |  |  | **879204** |
|  **Semiconductors — 0.3%** | **Semiconductors — 0.3%** | **Semiconductors — 0.3%** | **Semiconductors — 0.3%** | **Semiconductors — 0.3%** |
|  Broadcom, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.137% due 11/15/2035<sup>(1)</sup> |  | 658000 |  | 559027 |
|  |  |  |  | **559027** |
|  **Software — 1.3%** | **Software — 1.3%** | **Software — 1.3%** | **Software — 1.3%** | **Software — 1.3%** |
|  Fiserv, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 8/21/2033 |  | 600000 |  | 605623 |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 2/4/2036 |  | 382000 |  | 367288 |
|  Salesforce, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 3/15/2033 |  | 393000 |  | 392329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 3/15/2036 |  | 687000 |  | 684863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40% due 3/15/2046 |  | 393000 |  | 395721 |
|  |  |  |  | **2445824** |
|  **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** |
|  Rogers Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80% due 3/15/2032 |  | 1196000 |  | 1116451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% due 2/15/2034 |  | 300000 |  | 298693 |
|  |  |  |  | **1415144** |
|  **Trucking & Leasing — 0.6%** | **Trucking & Leasing — 0.6%** | **Trucking & Leasing — 0.6%** | **Trucking & Leasing — 0.6%** | **Trucking & Leasing — 0.6%** |
|  SMBC Aviation Capital Finance DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 4/3/2034<sup>(1)</sup> |  | 1073000 |  | 1076980 |
|  |  |  |  | **1076980** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
|  Aegea Finance SARL <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% due 1/20/2031<sup>(1)</sup> | $261000 | $254149 |
|  |  | **254149** |
|  **Total Corporate Bonds & Notes**<br> (Cost $77,641,101) |  | **77683564** |
|  **Municipals — 0.9%** | **Municipals — 0.9%** | **Municipals — 0.9%** |
|  California Public Finance Authority <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 11/15/2031 | 456000 | 465477 |
|  Massachusetts Development Finance Agency <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 10/1/2035 | 680000 | 695135 |
|  Oklahoma Development Finance Authority <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 8/15/2028 | 230000 | 228803 |
|  Public Finance Authority <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.087% due 7/1/2060 | 360000 | 362569 |
|  **Total Municipals**<br> (Cost $1,728,247) |  | **1751984** |
|  **Non-Agency Mortgage-Backed Securities — 10.6%** | **Non-Agency Mortgage-Backed Securities — 10.6%** | **Non-Agency Mortgage-Backed Securities — 10.6%** |
|  Arbor Realty Commercial Real Estate Notes Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL1, Class C <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.972% due 1/15/2037<sup>(1)(2)(3)</sup> | 1000000 | 999837 |
|  BANK | BANK | BANK |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN24, Class AS  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN24, Class AS  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN24, Class AS  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.283% due 11/15/2062<sup>(2)(3)</sup> | 1413000 | 1310628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK43, Class B <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.151% due 8/15/2055<sup>(2)(3)</sup> | 500000 | 481502 |
|  BBCMS Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29, Class B <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.858% due 9/15/2057<sup>(2)(3)</sup> | 300000 | 304324 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class AM  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class AM  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class AM  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.201% due 11/15/2057<sup>(2)(3)</sup> | 1000000 | 1032440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V5, Class AM <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.417% due 1/10/2057<sup>(2)(3)</sup> | 855000 | 886579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V5, Class B <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.059% due 1/10/2057<sup>(2)(3)</sup> | 360000 | 365435 |
|  BMO Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C6, Class AS <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55% due 9/15/2056<sup>(2)(3)</sup> | 950000 | 1008051 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class C <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.573% due 8/15/2042<sup>(1)(2)(3)</sup> | 210823 | 210559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class D <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.323% due 8/15/2042<sup>(1)(2)(3)</sup> | 159075 | 159374 |
|  Citigroup Commercial Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C3, Class AS <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.366% due 11/15/2049<sup>(2)(3)</sup> | 1125000 | 1108482 |
|  Dwight Issuer LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL1, Class AS <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.966% due 6/18/2042<sup>(1)(2)(3)</sup> | 639000 | 639087 |
|  Greystone CRE Notes LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL4, Class B <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.261% due 1/15/2043<sup>(1)(2)(3)</sup> | 114500 | 114591 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | | **Principal<br>Amount** | **Value** |
|  **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** |
|  JP Morgan Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM1, Class A1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.745% due 6/25/2066<sup>(1)(2)(3)</sup> |  | 161187 | 159470 |
|  MF1 LLC | MF1 LLC | MF1 LLC | MF1 LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL19, Class AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL19, Class AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL19, Class AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL19, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.671% due 5/18/2042<sup>(1)(2)(3)</sup> |  | 1053777 | 1056425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL19, Class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.021% due 5/18/2042<sup>(1)(2)(3)</sup> |  | 1092085 | 1093959 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-L4, Class AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-L4, Class AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-L4, Class AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-L4, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88% due 2/15/2053 |  | 750000 | 684535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L6, Class AS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.749% due 6/15/2054<sup>(2)(3)</sup> |  | 1700000 | 1513805 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.439% due 7/25/2070<sup>(1)(2)(3)</sup> |  | 185068 | 185289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM6, Class A1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.152% due 7/25/2070<sup>(1)(2)(3)</sup> |  | 493205 | 492100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM9, Class A1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.016% due 9/25/2070<sup>(1)(2)(3)</sup> |  | 466208 | 465232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM2, Class A1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.734% due 1/26/2071<sup>(1)(2)(3)</sup> |  | 713226 | 706363 |
|  NEW Residential Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.566% due 4/25/2065<sup>(1)(2)(3)</sup> |  | 323115 | 324695 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM2, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM2, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM2, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.743% due 12/25/2065<sup>(1)(2)(3)</sup> |  | 484493 | 479593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM3, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM3, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM3, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.833% due 2/25/2066<sup>(1)(2)(3)</sup> |  | 990226 | 980855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM4, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM4, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM4, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.003% due 2/25/2066<sup>(1)(2)(3)</sup> |  | 370982 | 370847 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM14, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM14, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM14, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM14, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.162% due 7/25/2065<sup>(1)(2)(3)</sup> |  | 166212 | 166022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 2/25/2055<sup>(1)(2)(3)</sup> |  | 653119 | 654522 |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV4, Class A9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV4, Class A9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV4, Class A9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV4, Class A9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/25/2056<sup>(1)(2)(3)</sup> |  | 612740 | 613155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CNF1, Class A26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CNF1, Class A26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CNF1, Class A26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CNF1, Class A26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.862% due 1/25/2057<sup>(1)(2)(3)</sup> |  | 185131 | 184791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-INV2, Class A35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-INV2, Class A35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-INV2, Class A35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-INV2, Class A35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.812% due 1/25/2057<sup>(1)(2)(3)</sup> |  | 958683 | 957382 |
|  Provident Funding Mortgage Trust | Provident Funding Mortgage Trust | Provident Funding Mortgage Trust | Provident Funding Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 6/25/2055<sup>(1)(2)(3)</sup> |  | 545367 | 545588 |
|  **Total Non-Agency Mortgage-Backed Securities**<br> (Cost $20,540,505) |  |  | **20255517** |
|  **Foreign Government — 2.5%** | **Foreign Government — 2.5%** | **Foreign Government — 2.5%** | **Foreign Government — 2.5%** |
|  Angola Government International Bonds, Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 11/26/2029 | USD | 457000 | 451197 |
|  Colombia Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 1/21/2033 | USD | 314000 | 307406 |
|  Eagle Funding Luxco SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 8/17/2030<sup>(1)</sup> | USD | 370000 | 371943 |
|  Egypt Government International Bonds, Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30% due 9/30/2033 | USD | 510000 | 474453 |
|  Ivory Coast Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 1/30/2033<sup>(1)</sup> | USD | 562000 | 571902 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Foreign Government — (continued)** | **Foreign Government — (continued)** | **Foreign Government — (continued)** | **Foreign Government — (continued)** | **Foreign Government — (continued)** |
|  Nigeria Government International Bonds, Reg S |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 9/28/2033 | USD | $| 591000 | $578726 |
|  Republic of South Africa Government International Bonds, Reg S |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.10% due 11/19/2036 | USD |  | 430000 | 439209 |
|  Romania Government International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 5/16/2036<sup>(1)</sup> | USD |  | 402000 | 399223 |
|  Serbia International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 6/12/2034<sup>(1)</sup> | USD |  | 651000 | 652277 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 5/21/2030 | EUR |  | 288000 | 346206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 5/15/2034 | USD |  | 218000 | 221781 |
|  **Total Foreign Government**<br> (Cost $4,663,506) |  |  |  | **4814323** |
|  **U.S. Government Securities — 23.9%** | **U.S. Government Securities — 23.9%** | **U.S. Government Securities — 23.9%** | **U.S. Government Securities — 23.9%** | **U.S. Government Securities — 23.9%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 2/15/2054 |  |  | 2000000 | 1791562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/15/2054 |  |  | 12000000 | 11210625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2044 |  |  | 23789000 | 23018645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 8/15/2045 |  |  | 750000 | 747539 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 12/31/2027 |  |  | 1400000 | 1389227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 1/31/2030 |  |  | 7474000 | 7568593 |
|  **Total U.S. Government Securities**<br> (Cost $46,844,612) |  |  |  | **45726191** |
|  **Repurchase Agreements — 0.4%** | **Repurchase Agreements — 0.4%** | **Repurchase Agreements — 0.4%** | **Repurchase Agreements — 0.4%** | **Repurchase Agreements — 0.4%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $684,976, due 4/1/2026<sup>(5)</sup> | Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $684,976, due 4/1/2026<sup>(5)</sup> |  | 684956 | 684956 |
|  **Total Repurchase Agreements**<br> (Cost $684,956) |  |  |  | **684956** |
|  **Total Investments — 98.9%**<br> (Cost $190,783,883) |  |  |  | **189516080** |
|  **Assets in excess of other liabilities — 1.1%** | **Assets in excess of other liabilities — 1.1%** | **Assets in excess of other liabilities — 1.1%** | **Assets in excess of other liabilities — 1.1%** | **2146012** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**191662092** |

---

(1) 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 March 31, 2026, the aggregate market value of these securities amounted to $78,346,121, representing 40.9% 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.

(2) Variable rate securities, which may include step-up bonds or adjustable
rate mortgages. The rate shown is the rate in effect at March 31, 2026.

(3) Variable coupon rate based on weighted average interest rate of underlying mortgages.

(4) 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.

(5) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  U.S. Treasury Note | 3.625% | 8/31/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698795 |

---

**Open futures contracts at March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Depreciation** |
|  U.S. 2-Year Treasury Note | June 2026 | 99 | Long | $20931451 | $20537086 | $(394365) |
|  U.S. 5-Year Treasury Note | June 2026 | 24 | Long | 2629019 | 2596313 | (32706) |
|  **Total** | **Total** | **Total** | **Total** | $**23560470** | $**23133399** | $**(427071)** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Open forward foreign currency contracts at March 31, 2026:** | **Open forward foreign currency contracts at March 31, 2026:** | **Open forward foreign currency contracts at March 31, 2026:** | **Open forward foreign currency contracts at March 31, 2026:** | **Open forward foreign currency contracts at March 31, 2026:** | **Open forward foreign currency contracts at March 31, 2026:** | **Open forward foreign currency contracts at March 31, 2026:** |
| **Counterparty** | **Settlement<br>Date** | **Amount and<br>Description of<br>Currency to be<br>Purchased** | **Amount and<br>Description of<br>Currency to be<br>Purchased** | **Amount and<br>Description of<br>Currency to be<br>Sold** | **Amount and<br>Description of<br>Currency to be<br>Sold** | **Unrealized<br>Appreciation** |
|  HSBC Bank USA NA | 4/17/2026 | 372075 | USD | 318000 | EUR | $4254 |
|  **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | $**4254** |

---

**Legend:** 

CLO – Collateralized Loan Obligation

CMT – Constant Maturity Treasury

EUR – Euro

PIK – Payment–In–Kind

SOFR – Secured Overnight Financing Rate

USD – United States Dollar

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** (unaudited) | **—** *Valuation Inputs* **—** | **—** *Valuation Inputs* **—** | **—** *Valuation Inputs* **—** | **—** *Valuation Inputs* **—** |
| **Investments in Securities**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Asset-Backed Securities | $— | $38599545 | $— | $38599545 |
|  Corporate Bonds & Notes |  | 77683564 |  | 77683564 |
|  Municipals |  | 1751984 |  | 1751984 |
|  Non-Agency Mortgage-Backed Securities |  | 20255517 |  | 20255517 |
|  Foreign Government |  | 4814323 |  | 4814323 |
|  U.S. Government Securities |  | 45726191 |  | 45726191 |
|  Repurchase Agreements |  | 684956 |  | 684956 |
|  **Total Investments in Securities** | $**—** | $**189516080** | $**—** | $**189516080** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Forward Foreign Currency Contracts |  | 4254 |  | 4254 |
|  **Total Assets** | $**—** | $**189520334** | $**—** | $**189520334** |
|  **Liabilities** |  |  |  |  |
|  Futures Contracts | (427071) |  |  | (427071) |
|  **Total Liabilities** | $**(427071)** | $**—** | $**—** | $**(427071)**  |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Agency Mortgage-Backed Securities — 2.7%** | **Agency Mortgage-Backed Securities — 2.7%** | **Agency Mortgage-Backed Securities — 2.7%** |
|  Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.359% due 8/1/2055<sup>(1)(2)</sup> | $56804 | $57608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.425% due 10/1/2055<sup>(1)(2)</sup> | 89628 | 90207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.508% due 7/1/2055<sup>(1)(2)</sup> | 156393 | 158513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.634% due 8/1/2055<sup>(1)(2)</sup> | 87859 | 89225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86% due 5/1/2055<sup>(1)(2)</sup> | 110525 | 112785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.992% due 8/1/2054<sup>(1)(2)</sup> | 55961 | 57269 |
|  Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.465% due 10/1/2055<sup>(1)(2)</sup> | 33207 | 33530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.525% due 10/1/2053<sup>(1)(2)</sup> | 20283 | 20634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.719% due 8/1/2055<sup>(1)(2)</sup> | 130260 | 132754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.885% due 2/1/2054<sup>(1)(2)</sup> | 33276 | 34054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.984% due 9/1/2055<sup>(1)(2)</sup> | 446876 | 458413 |
|  Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 4/1/2040<sup>(3)</sup> | 925000 | 918337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/1/2041<sup>(3)</sup> | 41000 | 40669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 4/1/2040<sup>(3)</sup> | 387000 | 389826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 5/1/2041<sup>(3)</sup> | 296000 | 297884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 4/1/2040<sup>(3)</sup> | 238000 | 242625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/1/2041<sup>(3)</sup> | 438000 | 446135 |
|  **Total Agency Mortgage-Backed Securities**<br> (Cost $3,589,288) | **Total Agency Mortgage-Backed Securities**<br> (Cost $3,589,288) | **3580468** |
|  **Asset-Backed Securities — 2.3%** | **Asset-Backed Securities — 2.3%** | **Asset-Backed Securities — 2.3%** |
|  BlueMountain CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A, Class BR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.679% (3 mo. USD Term SOFR + 2.01%) due 10/20/2030<sup>(1)(4)</sup> | 600000 | 600489 |
|  LoanCore Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE8, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.063% (1 mo. USD Term SOFR + 1.39%) due 8/17/2042<sup>(1)(2)(4)</sup> | 270000 | 270033 |
|  Oscar U.S. Funding XV LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81% due 12/10/2027<sup>(4)</sup> | 251274 | 251637 |
|  Silver Point CLO 12 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-12A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.288% (3 mo. USD Term SOFR + 1.31%) due 10/15/2038<sup>(1)(4)</sup> | 1000000 | 999577 |
|  Voya CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A2RR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.272% (3 mo. USD Term SOFR + 1.60%) due 10/15/2037<sup>(1)(4)</sup> | 1000000 | 999727 |
|  **Total Asset-Backed Securities**<br> (Cost $3,121,612) | **Total Asset-Backed Securities**<br> (Cost $3,121,612) | **3121463** |
|  **Corporate Bonds & Notes — 40.3%** | **Corporate Bonds & Notes — 40.3%** | **Corporate Bonds & Notes — 40.3%** |
|  **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** |
|  Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.298% due 5/1/2029 | 500000 | 524918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.388% due 5/1/2031 | 200000 | 213268 |
|  Honeywell Aerospace, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60% due 3/16/2033<sup>(4)</sup> | 182000 | 179912 |
|  |  | **918098** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Agriculture — 0.5%** | **Agriculture — 0.5%** | **Agriculture — 0.5%** |
|  BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.834% due 2/20/2031 | $320000 | $334873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.343% due 8/2/2030 | 342000 | 365078 |
|  |  | **699951** |
|  **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
|  United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 10/15/2027 | 132196 | 134405 |
|  |  | **134405** |
|  **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.35% due 11/4/2027 | 876000 | 904074 |
|  |  | **904074** |
|  **Commercial Banks — 8.6%** | **Commercial Banks — 8.6%** | **Commercial Banks — 8.6%** |
|  AIB Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 | 451081 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.803% (3.803% fixed rate until 12/15/2027; 5 yr. USD Swap rate + 1.43% thereafter)<br>due 12/15/2032<sup>(1)</sup> | 550000 | 541212 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27% (6.27% fixed rate until 11/17/2032; 1 day USD SOFR + 2.34% thereafter) due 11/17/2033<sup>(1)</sup> | 1113000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189562 |
|  Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.253% (5.253% fixed rate until 3/5/2030; 1 day USD SOFR + 1.26% thereafter) due 3/5/2031<sup>(1)</sup> | 731000 | 739708 |
|  Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.383% (2.383% fixed rate until 7/21/2031; 1 day USD SOFR + 1.25% thereafter) due 7/21/2032<sup>(1)</sup> | 782000 | 690329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.065% (5.065% fixed rate until 1/21/2036; 1 day USD SOFR + 1.19% thereafter) due 1/21/2037<sup>(1)</sup> | 117000 | 114388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.218% (5.218% fixed rate until 4/23/2030; 1 day USD SOFR + 1.58% thereafter) due 4/23/2031<sup>(1)</sup> | 350000 | 355903 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.956% (2.956% fixed rate until 5/13/2030; 3 mo. USD Term SOFR + 2.52% thereafter) due 5/13/2031<sup>(1)</sup> | 347000 | 323325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.963% (2.963% fixed rate until 1/25/2032; 1 day USD SOFR + 1.26% thereafter) due 1/25/2033<sup>(1)</sup> | 1054000 | 956213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.995% (4.995% fixed rate until 7/22/2029; 1 day USD SOFR + 1.13% thereafter) due 7/22/2030<sup>(1)</sup> | 269000 | 272819 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Commercial Banks — (continued)** | **Commercial Banks — (continued)** | **Commercial Banks — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.193% (5.193% fixed rate until 2/5/2036; 1 day USD SOFR + 1.30% thereafter) due 2/5/2037<sup>(1)</sup> | $338000 | $332141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.576% (5.576% fixed rate until 7/23/2035; 1 day USD SOFR + 1.64% thereafter) due 7/23/2036<sup>(1)</sup> | 165000 | 167096 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.708% (4.708% fixed rate until 3/12/2031; 1 day USD SOFR + 1.20% thereafter) due 3/12/2032<sup>(1)</sup> | 185000 | 183754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.042% (5.042% fixed rate until 7/19/2029; 1 day USD SOFR + 1.22% thereafter) due 7/19/2030<sup>(1)</sup> | 1089000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.424% (5.424% fixed rate until 7/21/2033; 1 day USD SOFR + 1.88% thereafter) due 7/21/2034<sup>(1)</sup> | 520000 | 527623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.449% (5.449% fixed rate until 7/20/2028; 1 day USD SOFR + 1.63% thereafter) due 7/20/2029<sup>(1)</sup> | 321000 | 326723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.342% (6.342% fixed rate until 10/18/2032; 1 day USD SOFR + 2.56% thereafter) due 10/18/2033<sup>(1)</sup> | 580000 | 620585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.892% (4.892% fixed rate until 10/22/2035; 1 day USD SOFR + 1.31% thereafter) due 10/22/2036<sup>(1)</sup> | 159000 | 153706 |
|  Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% (3.625% fixed rate until 9/15/2026; 5 yr. USD Swap rate + 2.21% thereafter) due 9/15/2031<sup>(1)</sup> | 113000 | 112344 |
|  U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.046% (5.046% fixed rate until 2/12/2030; 1 day USD SOFR + 1.06% thereafter) due 2/12/2031<sup>(1)</sup> | 375000 | 380463 |
|  UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.746% (2.746% fixed rate until 2/11/2032; 1 yr. CMT rate + 1.10% thereafter) due 2/11/2033<sup>(1)(4)</sup> | 794000 | 702191 |
|  UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.459% (5.459% fixed rate until 6/30/2030; 5 yr. CMT rate + 4.75% thereafter) due 6/30/2035<sup>(1)(4)</sup> | 200000 | 199640 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35% (3.35% fixed rate until 3/2/2032; 1 day USD SOFR + 1.50% thereafter) due 3/2/2033<sup>(1)</sup> | 477000 | 437974 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Commercial Banks — (continued)** | **Commercial Banks — (continued)** | **Commercial Banks — (continued)** | **Commercial Banks — (continued)** | **Commercial Banks — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.389% (5.389% fixed rate until 4/24/2033; 1 day USD SOFR + 2.02% thereafter) due 4/24/2034<sup>(1)</sup> | $| 614000 | $| 623195 |
|  |  |  |  | **11503572** |
|  **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
|  Global Payments, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 11/15/2032 |  | 278000 |  | 269856 |
|  |  |  |  | **269856** |
|  **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
|  Gartner, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 7/1/2028<sup>(4)</sup> |  | 383000 |  | 376541 |
|  |  |  |  | **376541** |
|  **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** |
|  Kenvue, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 3/22/2033 |  | 409000 |  | 412291 |
|  |  |  |  | **412291** |
|  **Diversified Financial Services — 1.9%** | **Diversified Financial Services — 1.9%** | **Diversified Financial Services — 1.9%** | **Diversified Financial Services — 1.9%** | **Diversified Financial Services — 1.9%** |
|  Air Lease Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% due 12/15/2027 |  | 445000 |  | 454297 |
|  Aircastle Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85% due 1/26/2028<sup>(4)</sup> |  | 671000 |  | 650033 |
|  Aviation Capital Group LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 1/28/2033<sup>(4)</sup> |  | 136000 |  | 131241 |
|  Avolon Holdings Funding Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 2/15/2027<sup>(4)</sup> |  | 786000 |  | 777122 |
|  LPL Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2027<sup>(4)</sup> |  | 377000 |  | 374242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 3/15/2030 |  | 201000 |  | 202473 |
|  |  |  |  | **2589408** |
|  **Electric — 6.4%** | **Electric — 6.4%** | **Electric — 6.4%** | **Electric — 6.4%** | **Electric — 6.4%** |
|  AEP Texas, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 4/15/2036 |  | 134000 |  | 131784 |
|  Alliant Energy Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 3/30/2029<sup>(4)</sup> |  | 353000 |  | 366155 |
|  American Transmission Systems, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% due 1/15/2032<sup>(4)</sup> |  | 243000 |  | 217722 |
|  Capital Power U.S. Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.189% due 6/1/2035<sup>(4)</sup> |  | 189000 |  | 193527 |
|  Constellation Energy Generation LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 2/1/2031<sup>(4)</sup> |  | 331000 |  | 331891 |
|  DTE Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 3/1/2029 |  | 551000 |  | 560283 |
|  Duke Energy Indiana LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DDDD |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 3/15/2036 |  | 438000 |  | 431191 |
|  Evergy Kansas Central, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 3/15/2035 |  | 200000 |  | 201598 |
|  Evergy Missouri West, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 6/1/2034<sup>(4)</sup> |  | 696000 |  | 710601 |
|  FirstEnergy Pennsylvania Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 3/15/2028<sup>(4)</sup> |  | 629000 |  | 614966 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Electric — (continued)** | **Electric — (continued)** | **Electric — (continued)** | **Electric — (continued)** | **Electric — (continued)** |
|  Idaho Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 8/15/2034 | $| 363000 | $| 367876 |
|  ITC Holdings Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 4/15/2036<sup>(4)</sup> |  | 135000 |  | 135399 |
|  Kentucky Utilities Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KENT<br>5.45% due 4/15/2033 |  | 450000 |  | 464343 |
|  Liberty Utilities Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.869% due 1/31/2034<sup>(4)</sup> |  | 356000 |  | 368457 |
|  Monongahela Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% due 2/15/2034<sup>(4)</sup> |  | 437000 |  | 458845 |
|  NorthWestern Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.073% due 3/21/2030<sup>(4)</sup> |  | 449000 |  | 456167 |
|  Oncor Electric Delivery Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 3/15/2031<sup>(4)</sup> |  | 97000 |  | 96466 |
|  Pacific Gas and Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 5/1/2036 |  | 114000 |  | 111108 |
|  PSEG Power LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 5/15/2035<sup>(4)</sup> |  | 275000 |  | 279308 |
|  Public Service Enterprise Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 4/1/2029 |  | 367000 |  | 373967 |
|  Puget Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.725% due 3/15/2035 |  | 464000 |  | 467376 |
|  Southern Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 6/15/2033 |  | 392000 |  | 395927 |
|  Virginia Electric and Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 3/15/2036 |  | 272000 |  | 265144 |
|  Vistra Operations Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70% due 1/31/2031<sup>(4)</sup> |  | 135000 |  | 132826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95% due 10/15/2033<sup>(4)</sup> |  | 150000 |  | 163216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% due 10/15/2031<sup>(4)</sup> |  | 230000 |  | 240921 |
|  |  |  |  | **8537064** |
|  **Electronics — 0.4%** | **Electronics — 0.4%** | **Electronics — 0.4%** | **Electronics — 0.4%** | **Electronics — 0.4%** |
|  Amphenol Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40% due 2/15/2033 |  | 573000 |  | 559235 |
|  |  |  |  | **559235** |
|  **Food — 1.0%** | **Food — 1.0%** | **Food — 1.0%** | **Food — 1.0%** | **Food — 1.0%** |
|  JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 1/15/2032 |  | 413000 |  | 382558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/15/2036 |  | 372000 |  | 372171 |
|  Pilgrim's Pride Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 3/1/2032 |  | 387000 |  | 351297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 4/15/2031 |  | 205000 |  | 195819 |
|  |  |  |  | **1301845** |
|  **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
|  National Fuel Gas Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 9/1/2028 |  | 370000 |  | 370228 |
|  |  |  |  | **370228** |
|  **Healthcare-Products — 0.9%** | **Healthcare-Products — 0.9%** | **Healthcare-Products — 0.9%** | **Healthcare-Products — 0.9%** | **Healthcare-Products — 0.9%** |
|  Abbott Laboratories |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% due 3/15/2033 |  | 509000 |  | 498136 |
|  Augusta SpinCo Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.945% due 3/23/2033 |  | 263000 |  | 262090 |
|  Baxter International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 12/15/2035 |  | 233000 |  | 227553 |
|  VSP Optical Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 12/1/2035<sup>(4)</sup> |  | 161000 |  | 157786 |
|  |  |  |  | **1145565** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Healthcare-Services — 2.5%** | **Healthcare-Services — 2.5%** | **Healthcare-Services — 2.5%** |
|  Beth Israel Lahey Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series O<br>4.717% due 7/1/2030 | $300000 | $299218 |
|  Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 2/15/2030 | 390000 | 352302 |
|  CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.318% due 12/1/2034 | 359000 | 359585 |
|  Fresenius Medical Care U.S. Finance III, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 12/1/2031<sup>(4)</sup> | 301000 | 267556 |
|  HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 4/1/2031 | 363000 | 372074 |
|  Icon Investments Six DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/8/2034 | 344000 | 348472 |
|  Providence St. Joseph Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.369% due 10/1/2032 | 771000 | 782372 |
|  UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 4/15/2033 | 543000 | 530165 |
|  |  | **3311744** |
|  **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
|  Brighthouse Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 6/28/2028<sup>(4)</sup> | 399000 | 372905 |
|  Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 3/15/2031 | 536000 | 471633 |
|  |  | **844538** |
|  **Internet — 1.6%** | **Internet — 1.6%** | **Internet — 1.6%** |
|  Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85% due 3/13/2028 | 240000 | 239234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% due 3/13/2033 | 405000 | 401102 |
|  MercadoLibre, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 1/14/2031 | 375000 | 342008 |
|  Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/15/2029<sup>(4)</sup> | 915000 | 907248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 9/15/2035 | 288000 | 279462 |
|  |  | **2169054** |
|  **Leisure Time — 0.8%** | **Leisure Time — 0.8%** | **Leisure Time — 0.8%** |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/1/2028<sup>(4)</sup> | 500000 | 488239 |
|  Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70% due 3/15/2028 | 525000 | 516520 |
|  |  | **1004759** |
|  **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
|  Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 8/18/2026 | 243000 | 241709 |
|  |  | **241709** |
|  **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** |
|  nVent Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% due 4/15/2028 | 548000 | 546719 |
|  Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30% due 2/15/2030 | 352000 | 368816 |
|  |  | **915535** |
|  **Mining — 0.9%** | **Mining — 0.9%** | **Mining — 0.9%** |
|  Anglo American Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/2/2033<sup>(4)</sup> | 200000 | 202349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 4/1/2030<sup>(4)</sup> | 269000 | 277386 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Mining — (continued)** | **Mining — (continued)** | **Mining — (continued)** | **Mining — (continued)** | **Mining — (continued)** |
|  Glencore Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.186% due 4/1/2030<sup>(4)</sup> | $| 721000 | $| 730998 |
|  |  |  |  | **1210733** |
|  **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** |
|  Eaton Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 3/6/2033 |  | 200000 |  | 197258 |
|  |  |  |  | **197258** |
|  **Oil & Gas — 1.1%** | **Oil & Gas — 1.1%** | **Oil & Gas — 1.1%** | **Oil & Gas — 1.1%** | **Oil & Gas — 1.1%** |
|  Continental Resources, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 1/15/2028 |  | 443000 |  | 439998 |
|  Ovintiv, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 11/1/2031 |  | 169000 |  | 186950 |
|  Patterson-UTI Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% due 2/1/2028 |  | 463000 |  | 455459 |
|  Permian Resources Operating LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 1/15/2032<sup>(4)</sup> |  | 380000 |  | 393488 |
|  |  |  |  | **1475895** |
|  **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% due 6/15/2033 |  | 299000 |  | 294283 |
|  |  |  |  | **294283** |
|  **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
|  AbbVie, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40% due 3/15/2033 |  | 528000 |  | 518326 |
|  Bayer U.S. Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 11/21/2030<sup>(4)</sup> |  | 435000 |  | 457448 |
|  EMD Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 10/15/2032<sup>(4)</sup> |  | 690000 |  | 680190 |
|  |  |  |  | **1655964** |
|  **Pipelines — 2.3%** | **Pipelines — 2.3%** | **Pipelines — 2.3%** | **Pipelines — 2.3%** | **Pipelines — 2.3%** |
|  Cheniere Energy Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 3/1/2031 |  | 55000 |  | 52796 |
|  Colonial Pipeline Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63% due 4/15/2032<sup>(4)</sup> |  | 300000 |  | 332539 |
|  Columbia Pipelines Holding Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.999% due 11/17/2032<sup>(4)</sup> |  | 188000 |  | 186762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.097% due 10/1/2031<sup>(4)</sup> |  | 371000 |  | 373005 |
|  DT Midstream, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 6/15/2029<sup>(4)</sup> |  | 250000 |  | 244740 |
|  Energy Transfer LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 2/1/2031<sup>(4)</sup> |  | 720000 |  | 746794 |
|  NGPL PipeCo LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 7/15/2031<sup>(4)</sup> |  | 612000 |  | 562423 |
|  ONEOK, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 6/1/2029 |  | 359000 |  | 365797 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 2/1/2031 |  | 223000 |  | 222648 |
|  |  |  |  | **3087504** |
|  **Real Estate Investment Trusts — 2.0%** | **Real Estate Investment Trusts — 2.0%** | **Real Estate Investment Trusts — 2.0%** | **Real Estate Investment Trusts — 2.0%** | **Real Estate Investment Trusts — 2.0%** |
|  Brixmor Operating Partnership LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 4/1/2032 |  | 417000 |  | 419662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 2/15/2035 |  | 101000 |  | 103733 |
|  Crown Castle, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30% due 7/1/2030 |  | 489000 |  | 458173 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Real Estate Investment Trusts — (continued)** | **Real Estate Investment Trusts — (continued)** | **Real Estate Investment Trusts — (continued)** | **Real Estate Investment Trusts — (continued)** | **Real Estate Investment Trusts — (continued)** |
|  Invitation Homes Operating Partnership LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 1/15/2033 | $| 348000 | $| 339847 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 6/15/2029<sup>(4)</sup> |  | 425000 |  | 411941 |
|  Phillips Edison Grocery Center Operating Partnership I LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 3/15/2033 |  | 64000 |  | 62450 |
|  Regency Centers LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/15/2032 |  | 219000 |  | 220629 |
|  Tanger Properties LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% due 9/1/2031 |  | 327000 |  | 292025 |
|  VICI Properties LP/VICI Note Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/1/2029<sup>(4)</sup> |  | 407000 |  | 400136 |
|  |  |  |  | **2708596** |
|  **Semiconductors — 1.6%** | **Semiconductors — 1.6%** | **Semiconductors — 1.6%** | **Semiconductors — 1.6%** | **Semiconductors — 1.6%** |
|  Broadcom, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15% due 4/15/2032<sup>(4)</sup> |  | 653000 |  | 631779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 2/15/2036 |  | 180000 |  | 175488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 7/15/2032 |  | 258000 |  | 260255 |
|  Foundry JV Holdco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/25/2031<sup>(4)</sup> |  | 647000 |  | 660636 |
|  Marvell Technology, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 2/15/2029 |  | 445000 |  | 459453 |
|  |  |  |  | **2187611** |
|  **Software — 1.3%** | **Software — 1.3%** | **Software — 1.3%** | **Software — 1.3%** | **Software — 1.3%** |
|  Fiserv, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 7/1/2029 |  | 173000 |  | 165700 |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% due 5/6/2030 |  | 545000 |  | 532651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 2/4/2031 |  | 1000000 |  | 978440 |
|  |  |  |  | **1676791** |
|  **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |
|  Frontier Communications Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 1/15/2030<sup>(4)</sup> |  | 654000 |  | 657912 |
|  T-Mobile USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 4/15/2029 |  | 386000 |  | 374082 |
|  |  |  |  | **1031994** |
|  **Total Corporate Bonds & Notes**<br> (Cost $53,673,659) | **Total Corporate Bonds & Notes**<br> (Cost $53,673,659) | **Total Corporate Bonds & Notes**<br> (Cost $53,673,659) |  | **53736101** |
|  **Non-Agency Mortgage-Backed Securities — 1.1%** | **Non-Agency Mortgage-Backed Securities — 1.1%** | **Non-Agency Mortgage-Backed Securities — 1.1%** | **Non-Agency Mortgage-Backed Securities — 1.1%** | **Non-Agency Mortgage-Backed Securities — 1.1%** |
|  BBCMS Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3<br> 5.659% due 5/15/2058 |  | 200000 |  | 206639 |
|  Benchmark Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-V21, Class A3<br> 5.127% due 3/15/2031 |  | 400000 |  | 405333 |
|  BMO Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-5C14, Class A3<br> 5.209% due 3/15/2059 |  | 210000 |  | 213539 |
|  GS Mortgage Securities Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS7, Class A4<br> 3.43% due 8/10/2050 |  | 230000 |  | 226696 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | | **Principal**<br>**Amount** | **Value** |
|  **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** |
|  Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.942% due 10/15/2049 |  | $418000 | $415538 |
|  **Total Non-Agency Mortgage-Backed Securities**<br> (Cost $1,474,925) | **Total Non-Agency Mortgage-Backed Securities**<br> (Cost $1,474,925) | **Total Non-Agency Mortgage-Backed Securities**<br> (Cost $1,474,925) | **1467745** |
|  **Foreign Government — 0.5%** | **Foreign Government — 0.5%** | **Foreign Government — 0.5%** | **Foreign Government — 0.5%** |
|  Caisse d'Amortissement de la Dette Sociale |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 3/3/2033<sup>(4)</sup> | USD | 287000 | 278181 |
|  Cassa Depositi e Prestiti SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 10/1/2030<sup>(4)</sup> | USD | 329000 | 326539 |
|  **Total Foreign Government**<br> (Cost $614,790) | **Total Foreign Government**<br> (Cost $614,790) | **Total Foreign Government**<br> (Cost $614,790) | **604720** |
|  **U.S. Government Securities — 53.9%** | **U.S. Government Securities — 53.9%** | **U.S. Government Securities — 53.9%** | **U.S. Government Securities — 53.9%** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50% due 11/30/2028 |  | 1766000 | 1662937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 2/15/2032 |  | 1149000 | 1018885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 2/29/2028 |  | 275000 | 272830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 4/30/2030 |  | 3292000 | 3241848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 11/30/2030 |  | 5606000 | 5502858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/2029 |  | 7020000 | 6966253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 12/31/2030 |  | 1474000 | 1453963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 12/31/2032 |  | 3372000 | 3323132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 8/15/2034 |  | 2023000 | 1971556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 1/31/2031 |  | 1210000 | 1212458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/2029 |  | 6142000 | 6192384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 2/28/2029 |  | 4513000 | 4564829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 6/30/2029 |  | 4649000 | 4705297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 1/31/2030 |  | 5971000 | 6046570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 11/15/2034 |  | 1308000 | 1307642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 8/15/2035 |  | 4704000 | 4686360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 7/15/2027 |  | 2801000 | 2820038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 8/31/2028 |  | 5419000 | 5486737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/31/2029 |  | 4688000 | 4778830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2035 |  | 1583300 | 1624491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 10/31/2030 |  | 2951000 | 3065928 |
|  **Total U.S. Government Securities**<br> (Cost $71,934,334) | **Total U.S. Government Securities**<br> (Cost $71,934,334) | **Total U.S. Government Securities**<br> (Cost $71,934,334) | **71905826** |
|  **Repurchase Agreements — 0.3%** | **Repurchase Agreements — 0.3%** | **Repurchase Agreements — 0.3%** | **Repurchase Agreements — 0.3%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $339,555, due 4/1/2026<sup>(5)</sup> |  | $339545 | 339545 |
|  **Total Repurchase Agreements**<br> (Cost $339,545) | **Total Repurchase Agreements**<br> (Cost $339,545) | **Total Repurchase Agreements**<br> (Cost $339,545) | **339545** |
|  **Total Investments — 101.1%**<br> (Cost $134,748,153) | **Total Investments — 101.1%**<br> (Cost $134,748,153) | **Total Investments — 101.1%**<br> (Cost $134,748,153) | **134755868** |
|  **Liabilities in excess of other assets — (1.1)%** | **Liabilities in excess of other assets — (1.1)%** | **Liabilities in excess of other assets — (1.1)%** | **(1480577)** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**133275291** |

---

(1) Variable rate securities, which may include step-up bonds or adjustable
rate mortgages. The rate shown is the rate in effect at March 31, 2026.

(2) Variable coupon rate based on weighted average interest rate of underlying mortgages.

(3) TBA - To be announced.

(4) 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 March 31, 2026, the aggregate market value of these securities amounted to $22,478,913, representing 16.9% 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.

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND** 

(5) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  U.S. Treasury Note | 3.625% | 8/31/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346522 |

---

**Legend:** 

CLO – Collateralized Loan Obligation

CMT – Constant Maturity Treasury

SOFR – Secured Overnight Financing Rate

USD – United States Dollar

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Agency Mortgage-Backed Securities | $— | $3580468 | $— | $3580468 |
|  Asset-Backed Securities |  | 3121463 |  | 3121463 |
|  Corporate Bonds & Notes |  | 53736101 |  | 53736101 |
|  Non-Agency Mortgage-Backed Securities |  | 1467745 |  | 1467745 |
|  Foreign Government |  | 604720 |  | 604720 |
|  U.S. Government Securities |  | 71905826 |  | 71905826 |
|  Repurchase Agreements |  | 339545 |  | 339545 |
|  **Total** | $**—** | $**134755868** | $**—** | $**134755868** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN ALL CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 99.4%** | **Common Stocks — 99.4%** | **Common Stocks — 99.4%** |
|  **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** |
|  BWX Technologies, Inc. | 2523 | $515928 |
|  Curtiss-Wright Corp. | 1183 | 805765 |
|  General Dynamics Corp. | 2043 | 701198 |
|  General Electric Co. | 3418 | 969926 |
|  Howmet Aerospace, Inc. | 3465 | 798544 |
|  Leonardo DRS, Inc. | 4875 | 217035 |
|  RTX Corp. | 7490 | 1444821 |
|  |  | **5453217** |
|  **Automobile Components — 0.4%** | **Automobile Components — 0.4%** | **Automobile Components — 0.4%** |
|  Aptiv PLC<sup>(1)</sup> | 10331 | 717385 |
|  |  | **717385** |
|  **Banks — 4.0%** | **Banks — 4.0%** | **Banks — 4.0%** |
|  Columbia Banking System, Inc. | 11712 | 321260 |
|  JPMorgan Chase & Co. | 14583 | 4289735 |
|  PNC Financial Services Group, Inc. | 9127 | 1899238 |
|  Prosperity Bancshares, Inc. | 5590 | 375536 |
|  Wells Fargo & Co. | 16217 | 1291035 |
|  |  | **8176804** |
|  **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
|  Celsius Holdings, Inc.<sup>(1)</sup> | 4405 | 156289 |
|  Coca-Cola Europacific Partners PLC | 4547 | 412276 |
|  PepsiCo, Inc. | 9350 | 1451962 |
|  |  | **2020527** |
|  **Biotechnology — 2.4%** | **Biotechnology — 2.4%** | **Biotechnology — 2.4%** |
|  Gilead Sciences, Inc. | 24197 | 3372336 |
|  Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 3547 | 1583877 |
|  |  | **4956213** |
|  **Broadline Retail — 4.2%** | **Broadline Retail — 4.2%** | **Broadline Retail — 4.2%** |
|  Amazon.com, Inc.<sup>(1)</sup> | 41945 | 8735885 |
|  |  | **8735885** |
|  **Building Products — 0.7%** | **Building Products — 0.7%** | **Building Products — 0.7%** |
|  Allegion PLC | 2488 | 361482 |
|  Trane Technologies PLC | 2802 | 1167705 |
|  |  | **1529187** |
|  **Capital Markets — 3.2%** | **Capital Markets — 3.2%** | **Capital Markets — 3.2%** |
|  Bullish<sup>(1)</sup> | 1469 | 52487 |
|  Charles Schwab Corp. | 13293 | 1249276 |
|  CME Group, Inc. | 3239 | 956639 |
|  KKR & Co., Inc. | 9799 | 906407 |
|  Moody's Corp. | 2068 | 902165 |
|  Morgan Stanley | 9228 | 1518652 |
|  Northern Trust Corp. | 2156 | 300913 |
|  Raymond James Financial, Inc. | 2920 | 422787 |
|  TPG, Inc. | 7949 | 322014 |
|  |  | **6631340** |
|  **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
|  Albemarle Corp. | 2849 | 511481 |
|  International Flavors & Fragrances, Inc. | 2429 | 176224 |
|  Linde PLC | 1743 | 864110 |
|  Sherwin-Williams Co. | 1783 | 571540 |
|  |  | **2123355** |
|  **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
|  GFL Environmental, Inc. | 29405 | 1226777 |
|  |  | **1226777** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN ALL CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** |
|  Arista Networks, Inc.<sup>(1)</sup> | 13166 | $1616522 |
|  |  | **1616522** |
|  **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** |
|  Legence Corp., Class A<sup>(1)</sup> | 18648 | 1052866 |
|  MYR Group, Inc.<sup>(1)</sup> | 3728 | 1052489 |
|  |  | **2105355** |
|  **Construction Materials — 0.6%** | **Construction Materials — 0.6%** | **Construction Materials — 0.6%** |
|  CRH PLC | 12091 | 1271006 |
|  |  | **1271006** |
|  **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** |
|  BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 17036 | 1676683 |
|  Performance Food Group Co.<sup>(1)</sup> | 5836 | 499912 |
|  |  | **2176595** |
|  **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
|  Avery Dennison Corp. | 2172 | 375061 |
|  Smurfit WestRock PLC | 8089 | 322347 |
|  |  | **697408** |
|  **Distributors — 0.2%** | **Distributors — 0.2%** | **Distributors — 0.2%** |
|  LKQ Corp. | 14056 | 412825 |
|  |  | **412825** |
|  **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** |
|  Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | 4081 | 335173 |
|  Grand Canyon Education, Inc.<sup>(1)</sup> | 1237 | 210327 |
|  Phoenix Education Partners, Inc. | 3654 | 114955 |
|  |  | **660455** |
|  **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** |
|  Duke Energy Corp. | 6123 | 801746 |
|  Evergy, Inc. | 5070 | 415334 |
|  NextEra Energy, Inc. | 7989 | 742018 |
|  PG&E Corp. | 61589 | 1082119 |
|  Xcel Energy, Inc. | 6187 | 491495 |
|  |  | **3532712** |
|  **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** |
|  AMETEK, Inc. | 4537 | 972551 |
|  Emerson Electric Co. | 8490 | 1112360 |
|  GE Vernova, Inc. | 1537 | 1341647 |
|  |  | **3426558** |
|  **Electronic Equipment, Instruments & Components — 1.3%** | **Electronic Equipment, Instruments & Components — 1.3%** | **Electronic Equipment, Instruments & Components — 1.3%** |
|  Advanced Energy Industries, Inc. | 2025 | 653488 |
|  Amphenol Corp., Class A | 11228 | 1418658 |
|  Coherent Corp.<sup>(1)</sup> | 1447 | 344690 |
|  Zebra Technologies Corp., Class A<sup>(1)</sup> | 1369 | 286230 |
|  |  | **2703066** |
|  **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** |
|  SLB Ltd. | 10688 | 549256 |
|  TechnipFMC PLC | 5676 | 392382 |
|  |  | **941638** |
|  **Entertainment — 1.7%** | **Entertainment — 1.7%** | **Entertainment — 1.7%** |
|  Live Nation Entertainment, Inc.<sup>(1)</sup> | 1945 | 296632 |
|  Netflix, Inc.<sup>(1)</sup> | 18412 | 1770314 |
|  Spotify Technology SA<sup>(1)</sup> | 1935 | 938301 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN ALL CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Entertainment — (continued)** | **Entertainment — (continued)** | **Entertainment — (continued)** |
|  Take-Two Interactive Software, Inc.<sup>(1)</sup> | 2523 | 498292 |
|  |  | **3503539** |
|  **Financial Services — 2.4%** | **Financial Services — 2.4%** | **Financial Services — 2.4%** |
|  Block, Inc.<sup>(1)</sup> | 6887 | 414460 |
|  Fidelity National Information Services, Inc. | 7632 | 358017 |
|  Mastercard, Inc., Class A | 6297 | 3146359 |
|  Visa, Inc., Class A | 3242 | 979862 |
|  |  | **4898698** |
|  **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
|  Mondelez International, Inc., Class A | 13672 | 788054 |
|  Tyson Foods, Inc., Class A | 5054 | 323810 |
|  |  | **1111864** |
|  **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
|  Uber Technologies, Inc.<sup>(1)</sup> | 19146 | 1377172 |
|  XPO, Inc.<sup>(1)</sup> | 2729 | 530927 |
|  |  | **1908099** |
|  **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |
|  Becton Dickinson & Co. | 8050 | 1265701 |
|  Boston Scientific Corp.<sup>(1)</sup> | 13357 | 838152 |
|  Medtronic PLC | 19204 | 1664027 |
|  STERIS PLC | 3446 | 762014 |
|  |  | **4529894** |
|  **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** |
|  Cigna Group | 5239 | 1397503 |
|  Humana, Inc. | 2229 | 386487 |
|  Lumexa Imaging Holdings, Inc.<sup>(1)</sup> | 25245 | 217107 |
|  McKesson Corp. | 711 | 615271 |
|  |  | **2616368** |
|  **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
|  Waystar Holding Corp.<sup>(1)</sup> | 4508 | 108688 |
|  |  | **108688** |
|  **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** |
|  Aramark | 16965 | 687761 |
|  DraftKings, Inc., Class A<sup>(1)</sup> | 6557 | 141762 |
|  Dutch Bros, Inc., Class A<sup>(1)</sup> | 9244 | 468301 |
|  Hilton Worldwide Holdings, Inc. | 3110 | 945689 |
|  Starbucks Corp. | 7380 | 661174 |
|  Viking Holdings Ltd.<sup>(1)</sup> | 6520 | 479090 |
|  |  | **3383777** |
|  **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
|  PulteGroup, Inc. | 4449 | 523247 |
|  |  | **523247** |
|  **Household Products — 0.6%** | **Household Products — 0.6%** | **Household Products — 0.6%** |
|  Colgate-Palmolive Co. | 7342 | 625759 |
|  Procter & Gamble Co. | 4036 | 582960 |
|  |  | **1208719** |
|  **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
|  Vistra Corp. | 4276 | 642811 |
|  |  | **642811** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN ALL CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** |
|  Honeywell International, Inc. | 4846 | $1095341 |
|  |  | **1095341** |
|  **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
|  Rexford Industrial Realty, Inc. | 6670 | 218309 |
|  |  | **218309** |
|  **Insurance — 3.4%** | **Insurance — 3.4%** | **Insurance — 3.4%** |
|  Aon PLC, Class A | 3923 | 1266266 |
|  Arthur J Gallagher & Co. | 3643 | 789001 |
|  Assurant, Inc. | 1622 | 353288 |
|  Chubb Ltd. | 4645 | 1513945 |
|  Everest Group Ltd. | 1007 | 329138 |
|  Lincoln National Corp. | 8006 | 284213 |
|  Principal Financial Group, Inc. | 5727 | 516060 |
|  Progressive Corp. | 4485 | 889106 |
|  Selective Insurance Group, Inc. | 3988 | 300655 |
|  Willis Towers Watson PLC | 2431 | 706692 |
|  |  | **6948364** |
|  **Interactive Media & Services — 6.9%** | **Interactive Media & Services — 6.9%** | **Interactive Media & Services — 6.9%** |
|  Alphabet, Inc., Class A | 31997 | 9201057 |
|  Meta Platforms, Inc., Class A | 8765 | 5014720 |
|  |  | **14215777** |
|  **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
|  Accenture PLC, Class A | 4468 | 885960 |
|  MongoDB, Inc.<sup>(1)</sup> | 1519 | 371806 |
|  Okta, Inc.<sup>(1)</sup> | 6891 | 542390 |
|  |  | **1800156** |
|  **Life Sciences Tools & Services — 1.2%** | **Life Sciences Tools & Services — 1.2%** | **Life Sciences Tools & Services — 1.2%** |
|  ICON PLC<sup>(1)</sup> | 4108 | 454591 |
|  Illumina, Inc.<sup>(1)</sup> | 3613 | 445338 |
|  Repligen Corp.<sup>(1)</sup> | 4152 | 489189 |
|  Waters Corp.<sup>(1)</sup> | 3980 | 1185244 |
|  |  | **2574362** |
|  **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
|  Caterpillar, Inc. | 2520 | 1785319 |
|  Nordson Corp. | 3274 | 871080 |
|  Pentair PLC | 8188 | 713257 |
|  RBC Bearings, Inc.<sup>(1)</sup> | 665 | 361175 |
|  |  | **3730831** |
|  **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
|  EchoStar Corp., Class A<sup>(1)</sup> | 5034 | 589330 |
|  |  | **589330** |
|  **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
|  Sempra | 9253 | 899114 |
|  |  | **899114** |
|  **Office REITs — 0.1%** | **Office REITs — 0.1%** | **Office REITs — 0.1%** |
|  Highwoods Properties, Inc. | 12858 | 275290 |
|  |  | **275290** |
|  **Oil, Gas & Consumable Fuels — 3.8%** | **Oil, Gas & Consumable Fuels — 3.8%** | **Oil, Gas & Consumable Fuels — 3.8%** |
|  Cheniere Energy, Inc. | 4039 | 1146107 |
|  ConocoPhillips | 17808 | 2350656 |
|  EQT Corp. | 6710 | 427024 |
|  Exxon Mobil Corp. | 15886 | 2695219 |
|  Permian Resources Corp,Class A | 20767 | 442752 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN ALL CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Oil, Gas & Consumable Fuels — (continued)** | **Oil, Gas & Consumable Fuels — (continued)** | **Oil, Gas & Consumable Fuels — (continued)** |
|  Valero Energy Corp. | 3224 | 796586 |
|  |  | **7858344** |
|  **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
|  e.l.f. Beauty, Inc.<sup>(1)</sup> | 1154 | 69944 |
|  Kenvue, Inc. | 33758 | 581988 |
|  |  | **651932** |
|  **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** |
|  Johnson & Johnson | 17003 | 4156213 |
|  Pfizer, Inc. | 136907 | 3844349 |
|  |  | **8000562** |
|  **Professional Services — 1.2%** | **Professional Services — 1.2%** | **Professional Services — 1.2%** |
|  Jacobs Solutions, Inc. | 5317 | 676748 |
|  Leidos Holdings, Inc. | 5118 | 795951 |
|  TransUnion | 8753 | 605620 |
|  Verisk Analytics, Inc. | 2417 | 458626 |
|  |  | **2536945** |
|  **Retail REITs — 0.6%** | **Retail REITs — 0.6%** | **Retail REITs — 0.6%** |
|  Federal Realty Investment Trust | 6944 | 737522 |
|  NNN REIT, Inc. | 13873 | 583082 |
|  |  | **1320604** |
|  **Semiconductors & Semiconductor Equipment — 12.9%** | **Semiconductors & Semiconductor Equipment — 12.9%** | **Semiconductors & Semiconductor Equipment — 12.9%** |
|  Broadcom, Inc. | 18458 | 5712936 |
|  First Solar, Inc.<sup>(1)</sup> | 1149 | 226652 |
|  KLA Corp. | 1373 | 2021619 |
|  Lam Research Corp. | 14933 | 3190585 |
|  MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 2035 | 451912 |
|  NVIDIA Corp. | 86448 | 15076531 |
|  |  | **26680235** |
|  **Software — 8.2%** | **Software — 8.2%** | **Software — 8.2%** |
|  Autodesk, Inc.<sup>(1)</sup> | 5718 | 1368889 |
|  Cadence Design Systems, Inc.<sup>(1)</sup> | 6447 | 1791428 |
|  Guidewire Software, Inc.<sup>(1)</sup> | 7416 | 1109137 |
|  HubSpot, Inc.<sup>(1)</sup> | 1961 | 478680 |
|  Intuit, Inc. | 2970 | 1284169 |
|  JFrog Ltd.<sup>(1)</sup> | 6448 | 302605 |
|  Microsoft Corp. | 26996 | 9993109 |
|  Tyler Technologies, Inc.<sup>(1)</sup> | 1597 | 546781 |
|  |  | **16874798** |
|  **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
|  Digital Realty Trust, Inc. | 5086 | 916548 |
|  Smartstop Self Storage REIT, Inc. | 7213 | 218410 |
|  |  | **1134958** |
|  **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** |
|  Carvana Co.<sup>(1)</sup> | 3536 | 1111647 |
|  Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 17310 | 879348 |
|  TJX Cos., Inc. | 8821 | 1408714 |
|  Tractor Supply Co. | 20123 | 911572 |
|  |  | **4311281** |
|  **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** |
|  Apple, Inc. | 47880 | 12151465 |
|  Seagate Technology Holdings PLC | 2158 | 845418 |
|  |  | **12996883** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN ALL CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
|  Amer Sports, Inc.<sup>(1)</sup> | 7620 | $250850 |
|  Birkenstock Holding PLC<sup>(1)</sup> | 11653 | 417527 |
|  Columbia Sportswear Co. | 2349 | 128749 |
|  Wolverine World Wide, Inc. | 6948 | 113391 |
|  |  | **910517** |
|  **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
|  Philip Morris International, Inc. | 7551 | 1248482 |
|  |  | **1248482** |
|  **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** |
|  Ferguson Enterprises, Inc. | 1934 | 451125 |
|  WW Grainger, Inc. | 712 | 776657 |
|  |  | **1227782** |
|  **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** |
|  T-Mobile U.S., Inc. | 7559 | 1587617 |
|  |  | **1587617** |
|  **Total Common Stocks**<br> (Cost $169,672,933) | **Total Common Stocks**<br> (Cost $169,672,933) | **205238348** |
|  | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 0.6%** | **Repurchase Agreements — 0.6%** | **Repurchase Agreements — 0.6%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $1,259,167, due 4/1/2026<sup>(2)</sup> | $1259129 | 1259129 |
|  **Total Repurchase Agreements**<br> (Cost $1,259,129) | **Total Repurchase Agreements**<br> (Cost $1,259,129) | **1259129** |
|  **Total Investments — 100.0%**<br> (Cost $170,932,062) | **Total Investments — 100.0%**<br> (Cost $170,932,062) | **206497477** |
|  **Assets in excess of other liabilities — 0.0%** | **Assets in excess of other liabilities — 0.0%** | **3398** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**206500875** |

---

(1) Non–income–producing security.

(2) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  U.S. Treasury Note | 1.00% | 7/31/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284376 |

---

**Legend:** 

REITs – Real Estate Investment Trusts

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN ALL CAP CORE VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $205238348 | $— | $— | $205238348 |
|  Repurchase Agreements |  | 1259129 |  | 1259129 |
|  **Total** | $**205238348** | $**1259129** | $**—** | $**206497477** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 63.9%** | **Common Stocks — 63.9%** | **Common Stocks — 63.9%** |
|  **Aerospace & Defense — 1.1%** | **Aerospace & Defense — 1.1%** | **Aerospace & Defense — 1.1%** |
|  Axon Enterprise, Inc.<sup>(1)</sup> | 1609 | $683326 |
|  Northrop Grumman Corp. | 2104 | 1435433 |
|  |  | **2118759** |
|  **Automobiles — 1.1%** | **Automobiles — 1.1%** | **Automobiles — 1.1%** |
|  Tesla, Inc.<sup>(1)</sup> | 5328 | 1980684 |
|  |  | **1980684** |
|  **Banks — 1.3%** | **Banks — 1.3%** | **Banks — 1.3%** |
|  Wells Fargo & Co. | 30756 | 2448485 |
|  |  | **2448485** |
|  **Biotechnology — 0.9%** | **Biotechnology — 0.9%** | **Biotechnology — 0.9%** |
|  AbbVie, Inc. | 2418 | 525891 |
|  Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 2420 | 1080627 |
|  |  | **1606518** |
|  **Broadline Retail — 2.2%** | **Broadline Retail — 2.2%** | **Broadline Retail — 2.2%** |
|  Amazon.com, Inc.<sup>(1)</sup> | 19365 | 4033149 |
|  |  | **4033149** |
|  **Capital Markets — 3.7%** | **Capital Markets — 3.7%** | **Capital Markets — 3.7%** |
|  Bank of New York Mellon Corp. | 11859 | 1406833 |
|  Blackrock, Inc. | 1490 | 1432948 |
|  CME Group, Inc. | 4017 | 1186421 |
|  Goldman Sachs Group, Inc. | 1245 | 1053258 |
|  KKR & Co., Inc. | 20014 | 1851295 |
|  |  | **6930755** |
|  **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
|  Celanese Corp. | 5295 | 348252 |
|  Linde PLC | 2119 | 1050516 |
|  PPG Industries, Inc. | 3632 | 388188 |
|  |  | **1786956** |
|  **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** |
|  Clean Harbors, Inc.<sup>(1)</sup> | 4815 | 1380605 |
|  Waste Connections, Inc. | 3914 | 635790 |
|  |  | **2016395** |
|  **Construction Materials — 0.6%** | **Construction Materials — 0.6%** | **Construction Materials — 0.6%** |
|  James Hardie Industries PLC<sup>(1)</sup> | 55618 | 1053405 |
|  |  | **1053405** |
|  **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
|  Packaging Corp. of America | 1008 | 213918 |
|  |  | **213918** |
|  **Distributors — 0.4%** | **Distributors — 0.4%** | **Distributors — 0.4%** |
|  Pool Corp. | 4030 | 815390 |
|  |  | **815390** |
|  **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
|  Eaton Corp. PLC | 1845 | 659901 |
|  Regal Rexnord Corp. | 3619 | 677694 |
|  |  | **1337595** |
|  **Electronic Equipment, Instruments & Components — 1.3%** | **Electronic Equipment, Instruments & Components — 1.3%** | **Electronic Equipment, Instruments & Components — 1.3%** |
|  Celestica, Inc.<sup>(1)</sup> | 3333 | 938839 |
|  Coherent Corp.<sup>(1)</sup> | 1128 | 268701 |
|  Flex Ltd.<sup>(1)</sup> | 18008 | 1178804 |
|  |  | **2386344** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
|  Netflix, Inc.<sup>(1)</sup> | 5192 | $499211 |
|  Spotify Technology SA<sup>(1)</sup> | 853 | 413628 |
|  Walt Disney Co. | 10196 | 982691 |
|  |  | **1895530** |
|  **Financial Services — 1.8%** | **Financial Services — 1.8%** | **Financial Services — 1.8%** |
|  Mastercard, Inc., Class A | 6533 | 3264279 |
|  |  | **3264279** |
|  **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** |
|  Boston Scientific Corp<sup>.(1)</sup> | 17634 | 1106534 |
|  Edwards Lifesciences Corp.<sup>(1)</sup> | 22213 | 1778817 |
|  |  | **2885351** |
|  **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** |
|  UnitedHealth Group, Inc. | 3614 | 977912 |
|  |  | **977912** |
|  **Health Care REITs — 1.1%** | **Health Care REITs — 1.1%** | **Health Care REITs — 1.1%** |
|  Welltower, Inc. | 9992 | 1975518 |
|  |  | **1975518** |
|  **Hotels, Restaurants & Leisure — 3.4%** | **Hotels, Restaurants & Leisure — 3.4%** | **Hotels, Restaurants & Leisure — 3.4%** |
|  Carnival Corp. | 105552 | 2731686 |
|  DoorDash, Inc., Class A<sup>(1)</sup> | 13445 | 2018766 |
|  Marriott International, Inc., Class A | 4642 | 1518259 |
|  |  | **6268711** |
|  **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** |
|  American International Group, Inc. | 28790 | 2166447 |
|  |  | **2166447** |
|  **Interactive Media & Services — 5.5%** | **Interactive Media & Services — 5.5%** | **Interactive Media & Services — 5.5%** |
|  Alphabet, Inc., Class A | 26468 | 7611138 |
|  Meta Platforms, Inc., Class A | 4654 | 2662693 |
|  |  | **10273831** |
|  **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
|  Shopify, Inc., Class A<sup>(1)</sup> | 8039 | 953586 |
|  Snowflake, Inc.<sup>(1)</sup> | 4824 | 727556 |
|  |  | **1681142** |
|  **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** |
|  Danaher Corp. | 5025 | 952740 |
|  ICON PLC<sup>(1)</sup> | 7519 | 832053 |
|  |  | **1784793** |
|  **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
|  IDEX Corp. | 5180 | 981869 |
|  |  | **981869** |
|  **Multi-Utilities — 2.1%** | **Multi-Utilities — 2.1%** | **Multi-Utilities — 2.1%** |
|  Sempra | 39911 | 3878152 |
|  |  | **3878152** |
|  **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** |
|  Exxon Mobil Corp. | 22626 | 3838727 |
|  Shell PLC, ADR | 16138 | 1500834 |
|  |  | **5339561** |
|  **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |
|  Eli Lilly & Co. | 2418 | 2224004 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** | **Pharmaceuticals — (continued)** |
|  Merck & Co., Inc. | 17078 | 2054312 |
|  |  | **4278316** |
|  **Semiconductors & Semiconductor Equipment — 11.4%** | **Semiconductors & Semiconductor Equipment — 11.4%** | **Semiconductors & Semiconductor Equipment — 11.4%** |
|  Broadcom, Inc. | 13812 | 4274952 |
|  KLA Corp. | 1479 | 2177694 |
|  Micron Technology, Inc. | 5449 | 1840890 |
|  NVIDIA Corp. | 64599 | 11266066 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4739 | 1601545 |
|  |  | **21161147** |
|  **Software — 5.2%** | **Software — 5.2%** | **Software — 5.2%** |
|  Autodesk, Inc.<sup>(1)</sup> | 2853 | 683008 |
|  Figma, Inc., Class A<sup>(1)</sup> | 2334 | 49341 |
|  Microsoft Corp. | 18846 | 6976224 |
|  Palantir Technologies, Inc., Class A<sup>(1)</sup> | 4920 | 719697 |
|  Samsara, Inc., Class A<sup>(1)</sup> | 24474 | 775581 |
|  Trimble, Inc.<sup>(1)</sup> | 7464 | 486877 |
|  |  | **9690728** |
|  **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** |
|  O'Reilly Automotive, Inc.<sup>(1)</sup> | 21716 | 2004604 |
|  |  | **2004604** |
|  **Technology Hardware, Storage & Peripherals — 2.1%** | **Technology Hardware, Storage & Peripherals — 2.1%** | **Technology Hardware, Storage & Peripherals — 2.1%** |
|  Apple, Inc. | 15702 | 3985011 |
|  |  | **3985011** |
|  **Tobacco — 1.2%** | **Tobacco — 1.2%** | **Tobacco — 1.2%** |
|  Philip Morris International, Inc. | 13942 | 2305170 |
|  |  | **2305170** |
|  **Trading Companies & Distributors — 1.0%** | **Trading Companies & Distributors — 1.0%** | **Trading Companies & Distributors — 1.0%** |
|  Ferguson Enterprises, Inc. | 3945 | 920210 |
|  WESCO International, Inc. | 3190 | 872848 |
|  |  | **1793058** |
|  **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** |
|  T-Mobile U.S., Inc. | 6694 | 1405941 |
|  |  | **1405941** |
|  **Total Common Stocks**<br> (Cost $102,271,883) |  | **118725424** |
|  | **Principal<br>Amount** | **Value** |
|  **Agency Mortgage-Backed Securities — 8.7%** | **Agency Mortgage-Backed Securities — 8.7%** | **Agency Mortgage-Backed Securities — 8.7%** |
|  Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 5/1/2051 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736759 | 601529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 4/1/2052 | 979677 | 803601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/1/2041 | 302109 | 272321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/1/2042 | 442341 | 397712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/1/2051 | 811577 | 695138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 10/1/2051 | 52617 | 44601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 11/1/2051 | 322755 | 275701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/1/2047 | 7321 | 7062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/1/2048 | 96539 | 92600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 5/1/2049 | 12642 | 12173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/1/2049 | 15555 | 15013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/1/2052 | 278486 | 264045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 1/1/2038 | 77857 | 77417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/1/2038 | 17070 | 16994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/1/2048 | 19287 | 18917 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Agency Mortgage-Backed Securities — (continued)** | **Agency Mortgage-Backed Securities — (continued)** | **Agency Mortgage-Backed Securities — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/1/2049 | $44001 | $43219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/1/2053 | 105491 | 104556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 6/1/2040 | 331643 | 341117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 9/1/2052 | 199886 | 202729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 2/1/2053 | 19123 | 19285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/1/2053 | 29158 | 29447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/1/2053 | 43916 | 44281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 6/1/2053 | 59028 | 59504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366156 | 369167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 8/1/2053 | 101692 | 102467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 9/1/2053 | 28250 | 28621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 11/1/2053 | 138574 | 141326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 11/1/2053 | 247551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256221 |
|  Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 12/1/2050 | 178405 | 145263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/1/2041 | 51569 | 46661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/1/2051 | 479916 | 412384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 6/1/2043 | 186402 | 171262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 10/1/2051 | 609685 | 537380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 8/1/2043 | 184949 | 174696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 4/1/2052 | 99261 | 91531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 3/1/2046 | 7650 | 7373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 1/1/2049 | 9649 | 9304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/1/2049 | 6402 | 6171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/1/2051 | 8565 | 8265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/1/2052 | 107534 | 101821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20% due 10/1/2030 | 530000 | 528947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.22% due 9/1/2030 | 520419 | 520428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.34% due 8/1/2030 | 284000 | 285374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40% due 9/1/2030 | 330000 | 331590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.47% due 5/1/2030 | 289000 | 290346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 4/1/2038 | 290654 | 289369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/1/2048 | 27816 | 27385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 10/1/2050 | 14200 | 13953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/1/2052 | 13347 | 12934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 9/1/2052 | 28680 | 27956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83% due 10/1/2030 | 275000 | 280579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2052 | 542450 | 538976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 9/1/2052 | 30996 | 30819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 10/1/2052 | 19936 | 19817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/1/2040 | 265742 | 273334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/1/2053 | 116664 | 117692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 8/1/2053 | 29935 | 30177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 9/1/2053 | 343029 | 351432 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates | Freddie Mac Multifamily Structured Pass-Through Certificates | Freddie Mac Multifamily Structured Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-150, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.71% due 9/25/2032<sup>(2)(3)</sup> | 78000 | 74898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-157, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.99% due 5/25/2033<sup>(2)(3)</sup> | 125000 | 123680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-758, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68% due 10/25/2031<sup>(2)(3)</sup> | 100000 | 101563 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 12/20/2050 | 349365 | 288775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 1/20/2051 | 95316 | 78785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 2/20/2051 | 317473 | 262414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/20/2051 | 431176 | 371203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/20/2051 | 441033 | 379663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 8/20/2051 | 431799 | 371713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 1/20/2051 | 395838 | 355209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/20/2051 | 208117 | 185932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 1/20/2052 | 359493 | 332766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 2/20/2052 | 358852 | 332282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/20/2052 | 68116 | 64386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/20/2052 | 290293 | 274372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/20/2056<sup>(4)</sup> | 403000 | 377440 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value** | **Value** |
|  **Agency Mortgage-Backed Securities — (continued)** | **Agency Mortgage-Backed Securities — (continued)** | **Agency Mortgage-Backed Securities — (continued)** | **Agency Mortgage-Backed Securities — (continued)** | **Agency Mortgage-Backed Securities — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/20/2048 | $| 139897 | $| 137698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 4/20/2056<sup>(4)</sup> |  | 300000 |  | 301911 |
|  Uniform Mortgage-Backed Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/1/2041<sup>(4)</sup> |  | 461000 |  | 450182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/1/2056<sup>(4)</sup> |  | 213000 |  | 200971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 4/1/2056<sup>(4)</sup> |  | 166000 |  | 160191 |
|  **Total Agency Mortgage-Backed Securities**<br> (Cost $16,469,819) |  |  |  | **16246017** |
|  **Asset-Backed Securities — 0.4%** | **Asset-Backed Securities — 0.4%** | **Asset-Backed Securities — 0.4%** | **Asset-Backed Securities — 0.4%** | **Asset-Backed Securities — 0.4%** |
|  CF Hippolyta Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.97% due 8/15/2062<sup>(5)</sup> |  | 95855 |  | 95253 |
|  Chesapeake Funding II LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52% due 5/15/2036<sup>(5)</sup> |  | 80837 |  | 81644 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40% due 3/20/2030<sup>(5)</sup> |  | 84690 |  | 85452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98% due 8/21/2028<sup>(5)</sup> |  | 300000 |  | 302477 |
|  Kubota Credit Owner Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.28% due 1/18/2028<sup>(5)</sup> |  | 90438 |  | 90994 |
|  Navient Private Education Refi Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.51% due 10/15/2071<sup>(5)</sup> |  | 127391 |  | 128826 |
|  **Total Asset-Backed Securities**<br> (Cost $781,077) |  |  |  | **784646** |
|  **Corporate Bonds & Notes — 6.5%** | **Corporate Bonds & Notes — 6.5%** | **Corporate Bonds & Notes — 6.5%** | **Corporate Bonds & Notes — 6.5%** | **Corporate Bonds & Notes — 6.5%** |
|  **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
|  Boeing Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.705% due 5/1/2040 |  | 35000 |  | 35055 |
|  |  |  |  | **35055** |
|  **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |
|  BAT Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% due 8/15/2032 |  | 75000 |  | 76959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 8/15/2035 |  | 313000 |  | 321908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.079% due 8/2/2043 |  | 15000 |  | 16488 |
|  Philip Morris International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 10/29/2032 |  | 153000 |  | 148215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 2/13/2034 |  | 230000 |  | 234209 |
|  Reynolds American, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% due 8/15/2045 |  | 10000 |  | 9685 |
|  |  |  |  | **807464** |
|  **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
|  United Airlines Pass-Through Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Class AA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10% due 7/7/2028 |  | 33089 |  | 32219 |
|  |  |  |  | **32219** |
|  **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
|  LG Energy Solution Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 4/2/2031<sup>(5)</sup> |  | 200000 |  | 199380 |
|  |  |  |  | **199380** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Commercial Banks — 1.3%** | **Commercial Banks — 1.3%** | **Commercial Banks — 1.3%** |
|  Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.645% (6.645% fixed rate until 4/25/2034; 1 day USD SOFR + 2.33% thereafter)<br>due 4/25/2035<sup>(3)</sup> | $325000 | $348323 |
|  Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.071% due 9/14/2028<sup>(5)</sup> | 250000 | 256261 |
|  Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.148% (4.148% fixed rate until 1/21/2028; 1 day USD SOFR + 0.71% thereafter)<br>due 1/21/2029<sup>(3)</sup> | 248000 | 246470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.516% (4.516% fixed rate until 1/21/2031; 1 day USD SOFR + 0.96% thereafter)<br>due 1/21/2032<sup>(3)</sup> | 80000 | 78787 |
|  HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.675% (4.675% fixed rate until 3/10/2031; 1 day USD SOFR + 1.21% thereafter)<br>due 3/10/2032(3) | 200000 | 197350 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.912% (4.912% fixed rate until 7/25/2032; 1 day USD SOFR + 2.08% thereafter)<br>due 7/25/2033<sup>(3)</sup> | 415000 | 415286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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> | 84000 | 85525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14% (5.14% fixed rate until 1/24/2030; 1 day USD SOFR + 1.01% thereafter)<br>due 1/24/2031<sup>(3)</sup> | 125000 | 127288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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> | 409000 | 421468 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.238% (4.238% fixed rate until 1/9/2029; 1 day USD SOFR + 0.80% thereafter)<br>due 1/9/2030<sup>(3)</sup> | 130000 | 128688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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> | 161000 | 160934 |
|  |  | **2466380** |
|  **Electric — 0.9%** | **Electric — 0.9%** | **Electric — 0.9%** |
|  AEP Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 4/15/2036 | 35000 | 34421 |
|  CenterPoint Energy Houston Electric LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% due 4/1/2036 | 165000 | 161583 |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 9/15/2035 | 45000 | 43868 |
|  Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20% due 12/1/2030 | 45000 | 44506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% due 12/1/2035 | 55000 | 53982 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Electric — (continued)** | **Electric — (continued)** | **Electric — (continued)** | **Electric — (continued)** | **Electric — (continued)** |
|  Duke Energy Indiana LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DDDD |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 3/15/2036 | $| 10000 | $| 9845 |
|  FirstEnergy Pennsylvania Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60% due 6/1/2029<sup>(5)</sup> |  | 34000 |  | 33017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 4/1/2028<sup>(5)</sup> |  | 10000 |  | 10142 |
|  Ohio Edison Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 12/15/2029<sup>(5)</sup> |  | 20000 |  | 20203 |
|  Pacific Gas and Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 2/15/2044 |  | 60000 |  | 49991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 7/1/2050 |  | 421867 |  | 349465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 5/1/2036 |  | 10000 |  | 9746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/1/2056 |  | 10000 |  | 9490 |
|  Public Service Co. of Colorado |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15% due 3/13/2029 |  | 105000 |  | 104700 |
|  Public Service Co. of Oklahoma |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 1/15/2036 |  | 175000 |  | 176123 |
|  Southern California Edison Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/1/2047 |  | 128000 |  | 95095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% due 10/1/2043 |  | 122000 |  | 102027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 3/15/2033 |  | 125000 |  | 122767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20% due 9/15/2055 |  | 6000 |  | 5950 |
|  Southwestern Electric Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 4/1/2036 |  | 143000 |  | 140619 |
|  |  |  |  | **1577540** |
|  **Food — 0.6%** | **Food — 0.6%** | **Food — 0.6%** | **Food — 0.6%** | **Food — 0.6%** |
|  JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/15/2032 |  | 80000 |  | 71091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/15/2036 |  | 132000 |  | 132061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 3/10/2037<sup>(5)</sup> |  | 135000 |  | 135423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 4/1/2033 |  | 60000 |  | 61934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 4/20/2035 |  | 40000 |  | 41523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 3/1/2056 |  | 65000 |  | 63720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 4/15/2066 |  | 155000 |  | 152096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 3/15/2034 |  | 25000 |  | 27496 |
|  Mars, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 3/1/2035<sup>(5)</sup> |  | 187000 |  | 188780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 5/1/2045<sup>(5)</sup> |  | 117000 |  | 115539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 5/1/2055<sup>(5)</sup> |  | 104000 |  | 101407 |
|  |  |  |  | **1091070** |
|  **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** |
|  Providence St. Joseph Health Obligated Group |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.403% due 10/1/2033 |  | 110000 |  | 112156 |
|  Sutter Health |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.294% due 8/15/2030 |  | 25000 |  | 22777 |
|  |  |  |  | **134933** |
|  **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
|  Athene Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.583% due 1/9/2029<sup>(5)</sup> |  | 175000 |  | 176609 |
|  Fortitude Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 10/6/2028<sup>(5)</sup> |  | 125000 |  | 123731 |
|  Protective Life Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.432% due 1/14/2032<sup>(5)</sup> |  | 185000 |  | 189448 |
|  RGA Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35% due 8/25/2028<sup>(5)</sup> |  | 205000 |  | 203900 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Insurance — (continued)** | **Insurance — (continued)** | **Insurance — (continued)** | **Insurance — (continued)** | **Insurance — (continued)** |
|  Sammons Financial Group Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 6/12/2030<sup>(5)</sup> | $| 260000 | $| 260082 |
|  |  |  |  | **953770** |
|  **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
|  Amazon.com, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 3/13/2036 |  | 70000 |  | 69362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 3/13/2046 |  | 35000 |  | 34879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 3/13/2066 |  | 60000 |  | 60197 |
|  |  |  |  | **164438** |
|  **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** |
|  Diamondback Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 12/1/2029 |  | 76000 |  | 73333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 4/18/2054 |  | 200000 |  | 189148 |
|  Saudi Arabian Oil Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 6/2/2035<sup>(5)</sup> |  | 240000 |  | 238611 |
|  |  |  |  | **501092** |
|  **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
|  Novartis Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60% due 3/18/2033 |  | 135000 |  | 134426 |
|  |  |  |  | **134426** |
|  **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
|  Columbia Pipelines Holding Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.999% due 11/17/2032<sup>(5)</sup> |  | 45000 |  | 44704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.097% due 10/1/2031<sup>(5)</sup> |  | 75000 |  | 75405 |
|  Columbia Pipelines Operating Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.927% due 8/15/2030<sup>(5)</sup> |  | 120000 |  | 125605 |
|  Gray Oak Pipeline LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45% due 10/15/2027<sup>(5)</sup> |  | 15000 |  | 14714 |
|  Greensaif Pipelines Bidco SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.853% due 2/23/2036<sup>(5)</sup> |  | 200000 |  | 200445 |
|  Whistler Pipeline LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 9/30/2029<sup>(5)</sup> |  | 193000 |  | 197698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 9/30/2031<sup>(5)</sup> |  | 130000 |  | 133533 |
|  |  |  |  | **792104** |
|  **Real Estate Investment Trusts — 0.5%** | **Real Estate Investment Trusts — 0.5%** | **Real Estate Investment Trusts — 0.5%** | **Real Estate Investment Trusts — 0.5%** | **Real Estate Investment Trusts — 0.5%** |
|  American Tower Trust I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49% due 3/15/2028<sup>(5)</sup> |  | 315000 |  | 318494 |
|  Healthpeak OP LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 1/15/2033 |  | 175000 |  | 171185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 2/15/2035 |  | 150000 |  | 150462 |
|  Kilroy Realty LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% due 11/15/2033 |  | 95000 |  | 75458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 10/15/2035 |  | 199000 |  | 191852 |
|  WEA Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 1/15/2027<sup>(5)</sup> |  | 20000 |  | 19752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 6/15/2029<sup>(5)</sup> |  | 45000 |  | 43484 |
|  |  |  |  | **970687** |
|  **Semiconductors — 0.5%** | **Semiconductors — 0.5%** | **Semiconductors — 0.5%** | **Semiconductors — 0.5%** | **Semiconductors — 0.5%** |
|  Foundry JV Holdco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90% due 1/25/2033<sup>(5)</sup> |  | 400000 |  | 411245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30% due 1/25/2039<sup>(5)</sup> |  | 200000 |  | 208320 |
|  Intel Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60% due 3/25/2040 |  | 307000 |  | 270713 |
|  |  |  |  | **890278** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |  |  |
|  **Software — 0.4%** |  |  |  |  |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60% due 4/1/2050 | $| 175000 | $| 105652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% due 3/25/2051 |  | 35000 |  | 22178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/15/2046 |  | 5000 |  | 3367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/15/2047 |  | 10000 |  | 6618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% due 2/4/2029 |  | 70000 |  | 69115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 9/27/2054 |  | 20000 |  | 15471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 2/6/2053 |  | 25000 |  | 19947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 9/26/2045 |  | 17000 |  | 14667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 8/3/2055 |  | 15000 |  | 12576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55% due 2/4/2046 |  | 50000 |  | 46648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85% due 2/4/2066 |  | 60000 |  | 55159 |
|  Salesforce, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% due 3/15/2029 |  | 175000 |  | 175362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 9/15/2031 |  | 175000 |  | 174752 |
|  |  |  |  | **721512** |
|  **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** |
|  AT&T, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 11/1/2045 |  | 165000 |  | 156205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% due 4/30/2046 |  | 81000 |  | 78932 |
|  T-Mobile USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% due 7/15/2033 |  | 110000 |  | 110762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 5/15/2032 |  | 188000 |  | 190700 |
|  |  |  |  | **536599** |
|  **Total Corporate Bonds & Notes**<br> (Cost $12,094,037) |  |  |  | **12008947** |
|  **Municipals — 0.5%** | **Municipals — 0.5%** | **Municipals — 0.5%** | **Municipals — 0.5%** | **Municipals — 0.5%** |
|  Chicago Transit Authority Sales & Transfer Tax Receipts Revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.899% due 12/1/2040 |  | 45231 |  | 50508 |
|  Dallas Fort Worth International Airport |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.087% due 11/1/2051 |  | 100000 |  | 80808 |
|  Metropolitan Transportation Authority |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.175% due 11/15/2049 |  | 10000 |  | 9330 |
|  Municipal Electric Authority of Georgia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.637% due 4/1/2057 |  | 144000 |  | 154373 |
|  Regents of the University of California Medical Center Pooled Revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.006% due 5/15/2050 |  | 125000 |  | 81911 |
|  State of Illinois |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 6/1/2033 |  | 545343 |  | 555491 |
|  Texas Natural Gas Securitization Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.169% due 4/1/2041 |  | 35000 |  | 35447 |
|  **Total Municipals**<br> (Cost $1,023,173) |  |  |  | **967868** |
|  **Non-Agency Mortgage-Backed Securities — 1.3%** | **Non-Agency Mortgage-Backed Securities — 1.3%** | **Non-Agency Mortgage-Backed Securities — 1.3%** | **Non-Agency Mortgage-Backed Securities — 1.3%** | **Non-Agency Mortgage-Backed Securities — 1.3%** |
|  BX Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ARIA, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.031% due 12/13/2042<sup>(2)(3)(5)</sup> |  | 50000 |  | 50263 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value** | **Value** |
|  **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** |
|  Fannie Mae REMIC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-42, Class LA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 8/25/2049 |  | $| 208480 | $| 191669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-27, Class HC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50% due 10/25/2049 |  |  | 311374 |  | 245942 |
|  Ginnie Mae REMIC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-215, Class KA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 10/20/2049 |  |  | 225608 |  | 201321 |
|  GS Mortgage-Backed Securities Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-DSC1, Class A1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.725% due 5/25/2066<sup>(2)(3)(5)</sup> |  |  | 261861 |  | 259449 |
|  Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL2, Class A1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/25/2064<sup>(2)(3)(5)</sup> |  |  | 231287 |  | 224362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL6, Class A1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85% due 9/25/2069<sup>(2)(3)(5)</sup> |  |  | 353162 |  | 350057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-RPL1, Class A1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15% due 1/25/2070<sup>(2)(3)(5)</sup> |  |  | 185311 |  | 179489 |
|  PRPM Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-RCF1, Class A1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.845% due 1/25/2056<sup>(2)(3)(5)</sup> |  |  | 95121 |  | 94591 |
|  RFR Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.379% due 3/11/2041<sup>(2)(3)(5)</sup> |  |  | 174333 |  | 176389 |
|  Verus Securitization Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R2, Class A1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.086% due 7/25/2067<sup>(2)(3)(5)</sup> |  |  | 293984 |  | 293040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-R2, Class A1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.389% due 10/25/2067<sup>(2)(3)(5)</sup> |  |  | 150000 |  | 149850 |
|  **Total Non-Agency Mortgage-Backed Securities**<br> (Cost $2,437,660) | **Total Non-Agency Mortgage-Backed Securities**<br> (Cost $2,437,660) | **Total Non-Agency Mortgage-Backed Securities**<br> (Cost $2,437,660) | **Total Non-Agency Mortgage-Backed Securities**<br> (Cost $2,437,660) |  | **2416422** |
|  **Foreign Government — 0.1%** | **Foreign Government — 0.1%** | **Foreign Government — 0.1%** | **Foreign Government — 0.1%** | **Foreign Government — 0.1%** | **Foreign Government — 0.1%** |
|  Israel Government International Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 3/12/2029 | USD |  | 220000 |  | 223204 |
|  **Total Foreign Government**<br> (Cost $219,274) | **Total Foreign Government**<br> (Cost $219,274) | **Total Foreign Government**<br> (Cost $219,274) | **Total Foreign Government**<br> (Cost $219,274) |  | **223204** |
|  **U.S. Government Securities — 17.3%** | **U.S. Government Securities — 17.3%** | **U.S. Government Securities — 17.3%** | **U.S. Government Securities — 17.3%** | **U.S. Government Securities — 17.3%** | **U.S. Government Securities — 17.3%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% due 2/15/2052 |  |  | 566900 |  | 341646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 5/15/2051 |  |  | 358700 |  | 224398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/15/2045 |  |  | 153100 |  | 107367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/15/2046 |  |  | 460700 |  | 317847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 11/15/2044 |  |  | 70500 |  | 53982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 5/15/2042 |  |  | 25000 |  | 20600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 8/15/2042 |  |  | 29600 |  | 24724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 2/15/2053 |  |  | 385000 |  | 308993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 5/15/2053 |  |  | 232300 |  | 186267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 2/15/2043 |  |  | 544700 |  | 483996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 5/15/2043 |  |  | 536200 |  | 475228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/15/2042 |  |  | 796900 |  | 721101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/15/2052 |  |  | 389300 |  | 334479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 8/15/2044 |  |  | 334800 |  | 303753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 8/15/2053 |  |  | 148300 |  | 130052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 2/15/2054 |  |  | 38700 |  | 34667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 8/15/2043 |  |  | 478600 |  | 451735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 2/15/2044 |  |  | 392900 |  | 375726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/15/2054 |  |  | 211400 |  | 197494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 5/15/2044 |  |  | 418200 |  | 405572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2044 |  |  | 382000 |  | 369630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2045 |  |  | 70900 |  | 68385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2046 |  |  | 422800 |  | 407606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 5/15/2054 |  |  | 312700 |  | 298152 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **U.S. Government Securities — (continued)** | **U.S. Government Securities — (continued)** | **U.S. Government Securities — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2055 | $368300 | $351899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 11/15/2043 | 435700 | 430458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 11/15/2053 | 377800 | 367337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 5/15/2055 | 436200 | 424733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 8/15/2055 | 156900 | 152904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 2/15/2056 | 407200 | 397147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 5/15/2045 | 108600 | 110013 |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/30/2027 | 352800 | 350195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 12/31/2027 | 1011600 | 1003815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 2/29/2028 | 1494400 | 1482608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 9/15/2028 | 610700 | 604402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 10/31/2027 | 463200 | 460721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 1/31/2028 | 1600500 | 1591372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 1/15/2029 | 266900 | 264627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 9/30/2029 | 479300 | 473533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 11/30/2030 | 160300 | 157351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 2/28/2031 | 1058000 | 1037501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/2027 | 670000 | 668011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/2029 | 459600 | 456081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/2030 | 693700 | 685191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 10/31/2030 | 602000 | 594216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 12/31/2030 | 415800 | 410148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 8/15/2027 | 282900 | 282546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 1/31/2031 | 833800 | 826700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 8/31/2031 | 438700 | 433251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 10/31/2032 | 28600 | 28005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 11/30/2032 | 78800 | 77122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 7/31/2027 | 493200 | 493393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 10/15/2027 | 141500 | 141588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 12/31/2029 | 147100 | 147002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 4/30/2030 | 489200 | 488665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 6/30/2030 | 448600 | 447917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 7/31/2030 | 351300 | 350710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 8/31/2032 | 227100 | 224252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 12/31/2032 | 389300 | 383658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 12/15/2027 | 491300 | 492624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 1/31/2029 | 123000 | 123557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/31/2029 | 310500 | 311883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/31/2029 | 441900 | 443661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 2/28/2030 | 306500 | 307661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 3/31/2030 | 407700 | 409165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 5/31/2030 | 793600 | 796297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/31/2032 | 228200 | 227050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 1/31/2033 | 619000 | 614261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/15/2035 | 138900 | 135493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 9/30/2027 | 373400 | 374932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/2029 | 24400 | 24600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/30/2029 | 429200 | 432754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 3/31/2032 | 86100 | 86403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 5/31/2032 | 77300 | 77502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 2/15/2036 | 1604300 | 1579233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 1/15/2028 | 279800 | 281778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 6/30/2029 | 609000 | 616375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 7/15/2027 | 514500 | 517997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 12/31/2029 | 340200 | 345954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/31/2029 | 378600 | 385935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 4/30/2031 | 12600 | 12974 |
|  **Total U.S. Government Securities**<br> (Cost $32,732,050) |  | **32040561** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Exchange-Traded Funds — 0.4%** |  |  |
|  State Street SPDR S&P 500 ETF Trust | 1037 | $674403 |
|  **Total Exchange-Traded Funds**<br> (Cost $682,335) |  | **674403** |
|  | **Principal<br>Amount** | **Value** |
|  **U.S. Treasury Bills — 0.5%** |  |  |
|  U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.833% due 5/12/2026<sup>(6)</sup> | $900000 | 896281 |
|  **Total U.S. Treasury Bills**<br> (Cost $896,287) |  | **896281** |
|  **Repurchase Agreements — 1.5%** |  |  |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $2,823,955,<br>due 4/1/2026<sup>(7)</sup> | 2823872 | 2823872 |
|  **Total Repurchase Agreements**<br> (Cost $2,823,872) |  | **2823872** |
|  **Total Investments Before TBA Sale Commitments — 101.1%**<br> (Cost $172,431,467) |  | **187807645** |
|  **TBA Sale Commitments** |  |  |
|  **Agency Mortgage-Backed Securities — (0.9)%** |  |  |
|  Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 4/20/2056<sup>(4)</sup> | (128000) | (114252) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/20/2056<sup>(4)</sup> | (403000) | (377440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 5/20/2056<sup>(4)</sup> | (403000) | (377220) |
|  Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/1/2056<sup>(4)</sup> | (213000) | (200971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 4/1/2040<sup>(4)</sup> | (359000) | (356414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 4/1/2056<sup>(4)</sup> | (166000) | (160191) |
|  **Total TBA Sale Commitments**<br> (Proceeds $1,598,251) |  | **(1586488)** |
|  **Liabilities in excess of other assets — (0.2)%** |  | **(528204)** |
|  **Total Net Assets — 100.0%** |  | $**185692953** |

---

(1) Non–income–producing security.

(2) Variable coupon rate based on weighted average interest rate of underlying mortgages.

(3) Variable rate securities, which may include step-up bonds or adjustable
rate mortgages. The rate shown is the rate in effect at March 31, 2026.

(4) TBA - To be announced.

(5) 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 March 31, 2026, the aggregate market value of these securities amounted to $6,608,068, representing 3.6% of net assets. These securities have been deemed liquid by the investment
adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees.

(6) Interest rate shown reflects the discount rate at time of purchase.

(7) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  U.S. Treasury Note | 1.00% | 7/31/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880381 |

---

**Open futures contracts at March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional**<br>**Amount** | **Notional**<br>**Value** | **Unrealized**<br>**Appreciation<br>(Depreciation)** |
|  U.S. 10-Year Treasury Note | June 2026 | 7 | Long | $775935 | $777328 | $1393 |
|  U.S. 2-Year Treasury Note | June 2026 | 1 | Long | 210290 | 207445 | (2845) |
|  **Total** |  |  |  | $**986225** | $**984773** | $**(1452)** |

---

**Legend:** 

ADR – American Depositary Receipt

REITs – Real Estate Investment Trusts

REMIC – Real Estate Mortgage Investment Conduit

SOFR – Secured Overnight Financing Rate

USD – United States Dollar

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** (unaudited) | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $118725424 | $— | $— | $118725424 |
|  Agency Mortgage-Backed Securities |  | 16246017 |  | 16246017 |
|  Asset-Backed Securities |  | 784646 |  | 784646 |
|  Corporate Bonds & Notes |  | 12008947 |  | 12008947 |
|  Municipals |  | 967868 |  | 967868 |
|  Non-Agency Mortgage-Backed Securities |  | 2416422 |  | 2416422 |
|  Foreign Government |  | 223204 |  | 223204 |
|  U.S. Government Securities |  | 32040561 |  | 32040561 |
|  Exchange-Traded Funds | 674403 |  |  | 674403 |
|  U.S. Treasury Bills |  | 896281 |  | 896281 |
|  Repurchase Agreements |  | 2823872 |  | 2823872 |
|  Total Investments in Securities | $119399827 | $68407818 | $— | $187807645 |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts | $1393 | $— | $— | $1393 |
|  **Total Assets** | $**119401220** | $**68407818** | $**—** | $**187809038** |
|  **Liabilities** |  |  |  |  |
|  Futures Contracts | $(2845) | $— | $— | $(2845) |
|  TBA Sale Commitments |  | (1586488) |  | (1586488) |
|  **Total Liabilities** | $**(2845)** | $**(1586488)** | $**—** | $**(1589333)** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Agency Mortgage-Backed Securities — 16.0%** | **Agency Mortgage-Backed Securities — 16.0%** | **Agency Mortgage-Backed Securities — 16.0%** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50% due 4/1/2036 | $183590 | $165660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 11/1/2035 | 3201688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2953687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 8/1/2050 | 18846 | 15481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 9/1/2050 | 14333 | 11676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 1/1/2051 | 17247 | 14114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 7/1/2051 | 67832 | 55048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 1/1/2052 | 480659 | 394483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 3/1/2052 | 879550 | 718307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/1/2050 | 342347 | 291901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/1/2051 | 613848 | 526756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/1/2037 | 280212 | 274084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 6/1/2052 | 1514617 | 1432645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 11/1/2053 | 446977 | 447811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 4/1/2054 | 53286 | 53071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 9/1/2053 | 3327175 | 3367089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 10/1/2053 | 2631555 | 2694960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 8/1/2055 | 764545 | 794988 |
|  Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50% due 4/1/2036 | 145692 | 131464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50% due 6/1/2036 | 440128 | 396184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 8/1/2050 | 24271 | 19742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 9/1/2050 | 25455 | 20706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 10/1/2050 | 59819 | 48505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 11/1/2050 | 56915 | 46324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 12/1/2050 | 51698 | 42151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 1/1/2051 | 107810 | 87732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 2/1/2051 | 16465 | 13526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 4/1/2051 | 80673 | 65506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 7/1/2051 | 80319 | 65063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 8/1/2051 | 17578 | 14472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 11/1/2051 | 49995 | 40975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/1/2037 | 1129232 | 1067571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 12/1/2049 | 758564 | 645741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/1/2051 | 1458724 | 1253654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/1/2052 | 1468941 | 1260513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 6/1/2051 | 235390 | 210970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 3/1/2052 | 114482 | 102172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 4/1/2052 | 97345 | 86704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 10/1/2052 | 2792624 | 2562940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2052 | 459438 | 459284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 3/1/2054 | 50359 | 50179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/1/2054 | 860341 | 866302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 9/1/2053 | 214101 | 219583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/1/2055 | 184101 | 191321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 7/1/2055 | 288080 | 294217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 8/1/2055 | 329416 | 341728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 12/1/2053 | 290226 | 306485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 8/1/2055 | 596805 | 630622 |
|  Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 10/20/2050 | 3841601 | 3177172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/20/2050 | 1599434 | 1378986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 12/20/2051 | 237708 | 204641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 6/20/2052 | 140631 | 121068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/20/2052 | 1670190 | 1492146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 8/20/2047 | 513870 | 484328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 7/20/2052 | 508117 | 469868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 8/20/2052 | 323919 | 299297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 10/20/2052 | 91303 | 84415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/20/2055 | 395679 | 370921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/20/2054 | 1074800 | 1040355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 4/20/2056<sup>(1)</sup> | 850000 | 841757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 2/20/2055 | 652503 | 657535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/20/2055 | 441051 | 444415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 4/20/2056<sup>(1)</sup> | 175000 | 176115 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Agency Mortgage-Backed Securities — (continued)** | **Agency Mortgage-Backed Securities — (continued)** | **Agency Mortgage-Backed Securities — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/20/2056<sup>(1)</sup> | 150000 | 150651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 4/20/2056<sup>(1)</sup> | 800000 | 813445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/20/2056<sup>(1)</sup> | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624952 |
|  Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 4/1/2056<sup>(1)</sup> | 5625000 | 4529443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 5/1/2056<sup>(1)</sup> | 1000000 | 804961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/1/2056<sup>(1)</sup> | 300000 | 252188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 4/1/2056<sup>(1)</sup> | 1300000 | 1141633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 4/1/2056<sup>(1)</sup> | 1450000 | 1399258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 4/1/2040<sup>(1)</sup> | 750000 | 755477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 5/1/2041<sup>(1)</sup> | 450000 | 452864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 4/1/2056<sup>(1)</sup> | 750000 | 739595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 4/1/2056<sup>(1)</sup> | 1000000 | 1004606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/1/2056<sup>(1)</sup> | 1100000 | 1119929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 4/1/2056<sup>(1)</sup> | 175000 | 181038 |
|  **Total Agency Mortgage-Backed Securities** <br> (Cost $51,627,698) | **Total Agency Mortgage-Backed Securities** <br> (Cost $51,627,698) | **51967156** |
|  **Asset-Backed Securities — 9.9%** | **Asset-Backed Securities — 9.9%** | **Asset-Backed Securities — 9.9%** |
|  AASET LLC | AASET LLC | AASET LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/16/2047<sup>(2)</sup> | 1077605 | 1094398 |
|  Aimco CLO 20 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-20A, Class A1R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-20A, Class A1R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-20A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.881% (3 mo. USD Term SOFR + 1.21%) due 10/16/2038<sup>(2)(3)</sup> | 1250000 | 1249024 |
|  Allegro CLO XIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.008% (3 mo. USD Term SOFR + 1.34%) due 7/20/2038<sup>(2)(3)</sup> | 250000 | 250233 |
|  ALTDE Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90% due 8/15/2050<sup>(2)</sup> | 694261 | 698400 |
|  Ares LIV CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-54A, Class AR2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-54A, Class AR2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-54A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.982% (3 mo. USD Term SOFR + 1.31%) due 7/15/2038<sup>(2)(3)</sup> | 250000 | 249901 |
|  Ares LVIII CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-58A, Class A1R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-58A, Class A1R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-58A, Class A1R2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.912% (3 mo. USD Term SOFR + 1.24%) due 4/15/2038<sup>(2)(3)</sup> | 263000 | 262298 |
|  Ares LXX CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-70A, Class A1R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-70A, Class A1R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-70A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.918% (3 mo. USD Term SOFR + 1.25%) due 1/25/2039<sup>(2)(3)</sup> | 250000 | 249930 |
|  Ares LXXVI CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-76A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-76A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-76A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.072% (3 mo. USD Term SOFR + 1.40%) due 5/27/2038<sup>(2)(3)</sup> | 563000 | 563166 |
|  Ares XXXIV CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2A, Class A1R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2A, Class A1R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2A, Class A1R4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.958% (3 mo. USD Term SOFR + 1.29%) due 7/17/2038<sup>(2)(3)</sup> | 343000 | 342736 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** |
|  Bain Capital Credit CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A1R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A1R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.988% (3 mo. USD Term SOFR + 1.32%) due 7/18/2038<sup>(2)(3)</sup> | $261000 | $260859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class A1R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class A1R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96% (3 mo. USD Term SOFR + 1.23%) due 1/21/2039<sup>(2)(3)</sup> | 256000 | 255381 |
|  BCRED BSL Static CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class AR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class AR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.918% (3 mo. USD Term SOFR + 1.25%) due 7/24/2035<sup>(2)(3)</sup> | 185220 | 185259 |
|  Benefit Street Partners CLO 43 Ltd. | Benefit Street Partners CLO 43 Ltd. | Benefit Street Partners CLO 43 Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-43A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-43A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-43A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.072% (3 mo. USD Term SOFR + 1.27%) due 10/20/2038<sup>(2)(3)</sup> | 250000 | 249888 |
|  Benefit Street Partners CLO 44 Ltd. | Benefit Street Partners CLO 44 Ltd. | Benefit Street Partners CLO 44 Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-44A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-44A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-44A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.944% (3 mo. USD Term SOFR + 1.22%) due 1/15/2039<sup>(2)(3)</sup> | 250000 | 249401 |
|  Benefit Street Partners CLO XXXIII Ltd. | Benefit Street Partners CLO XXXIII Ltd. | Benefit Street Partners CLO XXXIII Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-33A, Class AR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-33A, Class AR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-33A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.854% (3 mo. USD Term SOFR + 1.19%) due 1/25/2039<sup>(2)(3)</sup> | 250000 | 249667 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.879% (3 mo. USD Term SOFR + 1.22%) due 1/20/2039<sup>(2)(3)</sup> | 250000 | 249362 |
|  Cedar Funding XII CLO Ltd. | Cedar Funding XII CLO Ltd. | Cedar Funding XII CLO Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class ARR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class ARR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class ARR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.868% (3 mo. USD Term SOFR + 1.20%) due 1/25/2038<sup>(2)(3)</sup> | 100000 | 99925 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5A, Class A1R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5A, Class A1R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5A, Class A1R2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.942% (3 mo. USD Term SOFR + 1.27%) due 10/15/2038<sup>(2)(3)</sup> | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11% (3 mo. USD Term SOFR + 1.25%) due 10/23/2038<sup>(2)(3)</sup> | 152000 | 151545 |
|  DB Master Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.045% due 11/20/2051<sup>(2)</sup> | 105325 | 103682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.493% due 11/20/2051<sup>(2)</sup> | 928775 | 874442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2I |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.891% due 8/20/2055<sup>(2)</sup> | 184538 | 182779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.165% due 8/20/2055<sup>(2)</sup> | 149625 | 147341 |
|  Domino's Pizza Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.118% due 7/25/2047<sup>(2)</sup> | 1085700 | 1078237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.328% due 7/25/2048<sup>(2)</sup> | 506913 | 503254 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** |
|  Flatiron CLO 31 Ltd. | Flatiron CLO 31 Ltd. | Flatiron CLO 31 Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-31A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-31A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-31A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.897% (3 mo. USD Term SOFR + 1.20%) due 1/18/2039<sup>(2)(3)</sup> | $250000 | $249397 |
|  Flatiron CLO 32 Ltd. | Flatiron CLO 32 Ltd. | Flatiron CLO 32 Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-32A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-32A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-32A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.959% (3 mo. USD Term SOFR + 1.29%) due 10/22/2038<sup>(2)(3)</sup> | 250000 | 249545 |
|  Flatiron RR CLO 30 Ltd. | Flatiron RR CLO 30 Ltd. | Flatiron RR CLO 30 Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-30A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-30A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-30A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.832% (3 mo. USD Term SOFR + 1.16%) due 4/15/2038<sup>(2)(3)</sup> | 262000 | 261174 |
|  GGAM Master Trust International Ltd. | GGAM Master Trust International Ltd. | GGAM Master Trust International Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.923% due 9/30/2060<sup>(2)</sup> | 471761 | 470062 |
|  GoldenTree Loan Management U.S. CLO 28 Ltd. | GoldenTree Loan Management U.S. CLO 28 Ltd. | GoldenTree Loan Management U.S. CLO 28 Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-28A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-28A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-28A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.837% (3 mo. USD Term SOFR + 1.17%) due 10/20/2039<sup>(2)(3)</sup> | 131000 | 131000 |
|  Green Lakes Park CLO LLC | Green Lakes Park CLO LLC | Green Lakes Park CLO LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class ARR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class ARR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class ARR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.848% (3 mo. USD Term SOFR + 1.18%) due 1/25/2038<sup>(2)(3)</sup> | 2000000 | 1991046 |
|  Horizon Aircraft Finance II Ltd. | Horizon Aircraft Finance II Ltd. | Horizon Aircraft Finance II Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.721% due 7/15/2039<sup>(2)</sup> | 803739 | 797680 |
|  Jersey Mike's Funding LLC | Jersey Mike's Funding LLC | Jersey Mike's Funding LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.636% due 2/15/2055<sup>(2)</sup> | 346500 | 350421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61% due 8/16/2055<sup>(2)</sup> | 144275 | 146427 |
|  Lakeside Park CLO Ltd. | Lakeside Park CLO Ltd. | Lakeside Park CLO Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.822% (3 mo. USD Term SOFR + 1.15%) due 4/15/2038<sup>(2)(3)</sup> | 250000 | 249212 |
|  Magnetite XLV Ltd. | Magnetite XLV Ltd. | Magnetite XLV Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-45A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-45A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-45A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.822% (3 mo. USD Term SOFR + 1.15%) due 4/15/2038<sup>(2)(3)</sup> | 184000 | 183249 |
|  Magnetite XXVI Ltd. | Magnetite XXVI Ltd. | Magnetite XXVI Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-26A, Class AR2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-26A, Class AR2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-26A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.818% (3 mo. USD Term SOFR + 1.15%) due 1/25/2038<sup>(2)(3)</sup> | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495410 |
|  Magnetite XXXVI Ltd. | Magnetite XXXVI Ltd. | Magnetite XXXVI Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-36A, Class AR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-36A, Class AR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-36A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.988% (3 mo. USD Term SOFR + 1.32%) due 7/25/2038<sup>(2)(3)</sup> | 250000 | 249959 |
|  Morgan Stanley Eaton Vance CLO Ltd. | Morgan Stanley Eaton Vance CLO Ltd. | Morgan Stanley Eaton Vance CLO Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-21A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-21A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-21A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.842% (3 mo. USD Term SOFR + 1.17%) due 4/15/2038<sup>(2)(3)</sup> | 316000 | 315011 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** |
|  Navigator Aviation Ltd. | Navigator Aviation Ltd. | Navigator Aviation Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.107% due 10/15/2050<sup>(2)</sup> | $340227 | $333350 |
|  OCP Aegis CLO Ltd. | OCP Aegis CLO Ltd. | OCP Aegis CLO Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-39A, Class AR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-39A, Class AR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-39A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.762% (3 mo. USD Term SOFR + 1.09%) due 4/16/2038<sup>(2)(3)</sup> | 166000 | 165749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-47A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-47A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-47A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.857% (3 mo. USD Term SOFR + 1.11%) due 1/21/2038<sup>(2)(3)</sup> | 250000 | 249310 |
|  OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-15A, Class AR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-15A, Class AR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-15A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.918% (3 mo. USD Term SOFR + 1.25%) due 1/20/2038<sup>(2)(3)</sup> | 250000 | 249815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-8RA, Class AR2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-8RA, Class AR2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-8RA, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.888% (3 mo. USD Term SOFR + 1.22%) due 10/17/2038<sup>(2)(3)</sup> | 250000 | 249423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-44A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-44A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-44A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.968% (3 mo. USD Term SOFR + 1.30%) due 10/24/2038<sup>(2)(3)</sup> | 250000 | 250185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-46A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-46A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-46A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.047% (3 mo. USD Term SOFR + 1.20%) due 10/15/2038<sup>(2)(3)</sup> | 250000 | 249515 |
|  OHA Credit Funding Ltd. | OHA Credit Funding Ltd. | OHA Credit Funding Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-14RA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-14RA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-14RA, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.898% (3 mo. USD Term SOFR + 1.23%) due 4/20/2038<sup>(2)(3)</sup> | 250000 | 249339 |
|  OHA Credit Partners VII Ltd. | OHA Credit Partners VII Ltd. | OHA Credit Partners VII Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-7A, Class AR4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-7A, Class AR4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-7A, Class AR4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.796% (3 mo. USD Term SOFR + 1.14%) due 2/20/2038<sup>(2)(3)</sup> | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991066 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55% due 6/16/2036<sup>(2)</sup> | 700000 | 684063 |
|  Palmer Square CLO Ltd. | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.094% (3 mo. USD Term SOFR + 1.21%) due 10/20/2038<sup>(2)(3)</sup> | 250000 | 249512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86% (3 mo. USD Term SOFR + 1.19%) due 4/20/2039<sup>(2)(3)</sup> | 250000 | 249190 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.612% (3 mo. USD Term SOFR + 0.94%) due 7/15/2033<sup>(2)(3)</sup> | 222923 | 222724 |
|  Phantom Aviation | Phantom Aviation | Phantom Aviation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24% due 1/15/2051<sup>(2)</sup> | 249032 | 244142 |
|  Planet Fitness Master Issuer LLC | Planet Fitness Master Issuer LLC | Planet Fitness Master Issuer LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.858% due 12/5/2049<sup>(2)</sup> | 1720313 | 1638247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A2II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A2II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A2II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.008% due 12/5/2051<sup>(2)</sup> | 960000 | 895732 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **Asset-Backed Securities — (continued)** |  |  |
|  RR 25 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-25A, Class A1A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-25A, Class A1A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-25A, Class A1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.849% (3 mo. USD Term SOFR + 1.18%) due 4/15/2041<sup>(2)(3)</sup> | $250000 | $249260 |
|  RR 36 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-36RA, Class A1R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-36RA, Class A1R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-36RA, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.962% (3 mo. USD Term SOFR + 1.29%) due 1/15/2040<sup>(2)(3)</sup> | 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897745 |
|  RR 44 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-44A, Class A1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-44A, Class A1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-44A, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.842% (3 mo. USD Term SOFR + 1.17%) due 4/15/2041<sup>(2)(3)</sup> | 236000 | 235109 |
|  Sixth Street CLO XIX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-19A, Class A1R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-19A, Class A1R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-19A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.948% (3 mo. USD Term SOFR + 1.28%) due 7/17/2038<sup>(2)(3)</sup> | 250000 | 249565 |
|  Sixth Street CLO XVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A, Class A1R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A, Class A1R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.918% (3 mo. USD Term SOFR + 1.25%) due 10/17/2038<sup>(2)(3)</sup> | 250000 | 249427 |
|  Sixth Street CLO XX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-20A, Class A1R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-20A, Class A1R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-20A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.988% (3 mo. USD Term SOFR + 1.32%) due 7/17/2038<sup>(2)(3)</sup> | 250000 | 249870 |
|  Slam Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.807% due 5/15/2050<sup>(2)</sup> | 237549 | 240156 |
|  Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2I |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.028% due 7/30/2054<sup>(2)</sup> | 49375 | 49694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2I |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.246% due 7/30/2054<sup>(2)</sup> | 138250 | 136475 |
|  Taco Bell Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2I |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.821% due 8/25/2055<sup>(2)</sup> | 330000 | 324930 |
|  Wheels Fleet Lease Funding 1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 9/19/2039<sup>(2)</sup> | 551083 | 554628 |
|  Willis Engine Structured Trust VIII |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.582% due 6/15/2050<sup>(2)</sup> | 243315 | 246250 |
|  **Total Asset-Backed Securities**<br> (Cost $32,070,360) |  | **32041135** |
|  **Corporate Bonds & Notes — 26.1%** |  |  |
|  **Aerospace & Defense — 0.3%** |  |  |
|  Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 5/1/2030 | 1000000 | 1016740 |
|  |  | **1016740** |
|  **Agriculture — 0.3%** |  |  |
|  BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.421% due 8/2/2033 | 1000000 | 1084505 |
|  |  | **1084505** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Apparel — 0.0%** |  |  |
|  Gildan Activewear, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70% due 10/7/2030<sup>(2)</sup> | $28000 | $27705 |
|  |  | **27705** |
|  **Auto Manufacturers — 0.4%** |  |  |
|  General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 7/15/2029 | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227662 |
|  |  | **1227662** |
|  **Commercial Banks — 9.5%** |  |  |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.898% (1.898% fixed rate until 7/23/2030; 1 day USD SOFR + 1.53% thereafter) due 7/23/2031<sup>(3)</sup> | 2300000 | 2048481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.271% (4.271% fixed rate until 7/23/2028; 3 mo. USD Term SOFR + 1.57% thereafter) due 7/23/2029<sup>(3)</sup> | 1500000 | 1493886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.623% (4.623% fixed rate until 5/9/2028; 1 day USD SOFR + 1.11% thereafter) due 5/9/2029<sup>(3)</sup> | 693000 | 696013 |
|  Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.219% (4.219% fixed rate until 5/24/2029; 1 day USD SOFR + 0.93% thereafter) due 5/24/2030<sup>(3)</sup> | 266000 | 261875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.367% (5.367% fixed rate until 2/25/2030; 1 day USD SOFR + 1.23% thereafter) due 2/25/2031<sup>(3)</sup> | 1500000 | 1526051 |
|  BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.786% (5.786% fixed rate until 1/13/2032; 1 day USD SOFR + 1.62% thereafter) due 1/13/2033<sup>(2)(3)</sup> | 1000000 | 1033022 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.412% (4.412% fixed rate until 3/31/2030; 1 day USD SOFR + 3.91% thereafter) due 3/31/2031<sup>(3)</sup> | 1000000 | 988569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% (4.91% fixed rate until 5/24/2032; 1 day USD SOFR + 2.09% thereafter) due 5/24/2033<sup>(3)</sup> | 3000000 | 2986418 |
|  Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.718% (5.718% fixed rate until 7/23/2031; 1 day USD SOFR + 1.91% thereafter) due 7/23/2032<sup>(3)</sup> | 1000000 | 1027907 |
|  Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.311% (2.311% fixed rate until 11/16/2026; 1 day USD SOFR + 1.22% thereafter) due 11/16/2027<sup>(3)</sup> | 800000 | 789092 |
|  Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80% due 3/15/2030 | 2000000 | 1943582 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.493% (4.493% fixed rate until 3/24/2030; 3 mo. USD Term SOFR + 3.79% thereafter) due 3/24/2031<sup>(3)</sup> | 2600000 | 2585960 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Commercial Banks — (continued)** | **Commercial Banks — (continued)** | **Commercial Banks — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.995% (4.995% fixed rate until 7/22/2029; 1 day USD SOFR + 1.13% thereafter) due 7/22/2030<sup>(3)</sup> | $1700000 | $1724135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.103% (5.103% fixed rate until 4/22/2030; 1 day USD SOFR + 1.44% thereafter) due 4/22/2031<sup>(3)</sup> | 270000 | 274902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.502% (5.502% fixed rate until 1/24/2035; 1 day USD SOFR + 1.32% thereafter) due 1/24/2036<sup>(3)</sup> | 1000000 | 1023539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.572% (5.572% fixed rate until 4/22/2035; 1 day USD SOFR + 1.68% thereafter) due 4/22/2036<sup>(3)</sup> | 320000 | 329755 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.654% (4.654% fixed rate until 10/18/2029; 1 day USD SOFR + 1.10% thereafter) due 10/18/2030<sup>(3)</sup> | 700000 | 699711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.123% (5.123% fixed rate until 2/1/2028; 1 day USD SOFR + 1.73% thereafter) due 2/1/2029<sup>(3)</sup> | 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.192% (5.192% fixed rate until 4/17/2030; 1 day USD SOFR + 1.51% thereafter) due 4/17/2031<sup>(3)</sup> | 494000 | 501357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.587% (5.587% fixed rate until 1/18/2035; 1 day USD SOFR + 1.42% thereafter) due 1/18/2036<sup>(3)</sup> | 700000 | 713667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.664% (5.664% fixed rate until 4/17/2035; 1 day USD SOFR + 1.76% thereafter) due 4/17/2036<sup>(3)</sup> | 194000 | 198707 |
|  Morgan Stanley Private Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.734% (4.734% fixed rate until 7/18/2030; 1 day USD SOFR + 1.08% thereafter) due 7/18/2031<sup>(3)</sup> | 400000 | 398761 |
|  PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.812% (4.812% fixed rate until 10/21/2031; 1 day USD SOFR + 1.26% thereafter) due 10/21/2032<sup>(3)</sup> | 1000000 | 996674 |
|  UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.428% (5.428% fixed rate until 2/8/2029; 1 yr. CMT rate + 1.52% thereafter) due 2/8/2030<sup>(2)(3)</sup> | 1500000 | 1532371 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.879% (2.879% fixed rate until 10/30/2029; 3 mo. USD Term SOFR + 1.43% thereafter) due 10/30/2030<sup>(3)</sup> | 2200000 | 2075654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% (5.15% fixed rate until 4/23/2030; 1 day USD SOFR + 1.50% thereafter) due 4/23/2031<sup>(3)</sup> | 365000 | 371236 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **<br>Value** | **<br>Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Commercial Banks — (continued)** | **Commercial Banks — (continued)** | **Commercial Banks — (continued)** | **Commercial Banks — (continued)** | **Commercial Banks — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.605% (5.605% fixed rate until 4/23/2035; 1 day USD SOFR + 1.74% thereafter) due 4/23/2036<sup>(3)</sup> | $| 322000 | $| 329512 |
|  |  |  |  | **30673803** |
|  **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
|  Verisk Analytics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45% due 3/15/2031 |  | 44000 |  | 43268 |
|  |  |  |  | **43268** |
|  **Computers — 0.6%** | **Computers — 0.6%** | **Computers — 0.6%** | **Computers — 0.6%** | **Computers — 0.6%** |
|  Dell International LLC/EMC Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15% due 2/15/2029 |  | 162000 |  | 160652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 2/15/2031 |  | 300000 |  | 296454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 10/6/2032 |  | 216000 |  | 212931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 2/15/2036 |  | 340000 |  | 332453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% due 10/1/2029 |  | 1000000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020537 |
|  |  |  |  | **2023027** |
|  **Diversified Financial Services — 2.1%** | **Diversified Financial Services — 2.1%** | **Diversified Financial Services — 2.1%** | **Diversified Financial Services — 2.1%** | **Diversified Financial Services — 2.1%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 12/15/2031 |  | 1800000 |  | 1828341 |
|  American Express Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.085% (5.085% fixed rate until 1/30/2030; 1 day USD SOFR + 1.02% thereafter) due 1/30/2031<sup>(3)</sup> |  | 1000000 |  | 1016915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.282% (5.282% fixed rate until 7/27/2028; 1 day USD SOFR + 1.28% thereafter) due 7/27/2029<sup>(3)</sup> |  | 300000 |  | 305111 |
|  Avolon Holdings Funding Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 1/15/2030<sup>(2)</sup> |  | 27000 |  | 27098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 5/30/2030<sup>(2)</sup> |  | 146000 |  | 147592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 3/1/2029<sup>(2)</sup> |  | 1000000 |  | 1022621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 5/4/2028<sup>(2)</sup> |  | 40000 |  | 41172 |
|  Capital One Financial Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% (5.70% fixed rate until 2/1/2029; 1 day USD SOFR + 1.91% thereafter) due 2/1/2030<sup>(3)</sup> |  | 1500000 |  | 1538874 |
|  Stellantis Financial Services U.S. Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 9/15/2028<sup>(2)</sup> |  | 482000 |  | 479349 |
|  Takeoff Merger Sub, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40% due 3/24/2028<sup>(2)</sup> |  | 123000 |  | 122340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 3/24/2029<sup>(2)</sup> |  | 122000 |  | 121215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% due 3/24/2031<sup>(2)</sup> |  | 152000 |  | 150099 |
|  |  |  |  | **6800727** |
|  **Electric — 0.7%** | **Electric — 0.7%** | **Electric — 0.7%** | **Electric — 0.7%** | **Electric — 0.7%** |
|  AEP Texas, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 4/15/2036 |  | 65000 |  | 63925 |
|  Duke Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 6/15/2034 |  | 1000000 |  | 1022140 |
|  Southern Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 3/15/2034 |  | 1000000 |  | 1036232 |
|  Southwestern Electric Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 4/1/2036 |  | 105000 |  | 103252 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **<br>Value** | **<br>Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Electric — (continued)** | **Electric — (continued)** | **Electric — (continued)** | **Electric — (continued)** | **Electric — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% due 4/1/2033 | $| 127000 | $| 128781 |
|  |  |  |  | **2354330** |
|  **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
|  Mars, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 3/1/2030<sup>(2)</sup> |  | 262000 |  | 264757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 3/1/2032<sup>(2)</sup> |  | 197000 |  | 199339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 3/1/2035<sup>(2)</sup> |  | 164000 |  | 165562 |
|  |  |  |  | **629658** |
|  **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
|  NiSource, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60% due 5/1/2030 |  | 1000000 |  | 963645 |
|  |  |  |  | **963645** |
|  **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** |
|  Centene Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/15/2029 |  | 1000000 |  | 949283 |
|  Cigna Group |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 3/15/2033 |  | 400000 |  | 411222 |
|  |  |  |  | **1360505** |
|  **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** |
|  Aon North America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 3/1/2034 |  | 800000 |  | 816987 |
|  Athene Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.596% (1 day USD SOFR + 0.95%) due 4/19/2027<sup>(2)(3)</sup> |  | 320000 |  | 320048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.721% due 10/8/2029<sup>(2)</sup> |  | 1000000 |  | 983831 |
|  Corebridge Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90% due 4/5/2032 |  | 1000000 |  | 937796 |
|  Grand River Funding Trust I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.311% due 2/15/2036<sup>(2)</sup> |  | 253000 |  | 255236 |
|  MetLife, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 7/15/2033 |  | 600000 |  | 618969 |
|  Reinsurance Group of America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 9/15/2034 |  | 1000000 |  | 1015819 |
|  Unum Group |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 8/15/2042 |  | 1000000 |  | 972667 |
|  |  |  |  | **5921353** |
|  **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
|  Uber Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15% due 1/15/2031 |  | 163000 |  | 159380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 9/15/2035 |  | 129000 |  | 125176 |
|  |  |  |  | **284556** |
|  **Investment Companies — 0.7%** | **Investment Companies — 0.7%** | **Investment Companies — 0.7%** | **Investment Companies — 0.7%** | **Investment Companies — 0.7%** |
|  Ares Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 1/15/2027 |  | 500000 |  | 506751 |
|  Ares Strategic Income Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 9/9/2028<sup>(2)</sup> |  | 206000 |  | 203856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 4/15/2031<sup>(2)</sup> |  | 700000 |  | 670584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 9/9/2030<sup>(2)</sup> |  | 167000 |  | 162389 |
|  HPS Corporate Lending Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 11/15/2030<sup>(2)</sup> |  | 670000 |  | 640678 |
|  |  |  |  | **2184258** |
|  **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 4/1/2053 |  | 200000 |  | 156840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10% due 6/1/2029 |  | 1000000 |  | 1035851 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Media — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.484% due 10/23/2045 | $1000000 | $921965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70% due 12/1/2055 | 500000 | 477684 |
|  |  | **2592340** |
|  **Oil & Gas — 1.5%** |  |  |
|  Cenovus Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% due 1/15/2032 | 800000 | 711289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% due 3/20/2031 | 67000 | 66536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 3/20/2036 | 52000 | 51732 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% due 5/1/2031 | 1000000 | 1113018 |
|  Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 1/28/2031 | 1500000 | 1434109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.69% due 1/23/2050 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298982 |
|  |  | **4675666** |
|  **Pharmaceuticals — 0.6%** |  |  |
|  Bayer U.S. Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 11/21/2030<sup>(2)</sup> | 1000000 | 1051605 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 4/1/2030 | 1000000 | 966281 |
|  |  | **2017886** |
|  **Pipelines — 1.8%** |  |  |
|  Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.439% due 2/15/2035<sup>(2)</sup> | 1000000 | 1014146 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 4/1/2035 | 800000 | 821625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20% due 4/1/2055 | 400000 | 388342 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 9/1/2032 | 1000000 | 995467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 6/1/2034 | 100000 | 101029 |
|  ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% due 11/1/2034 | 600000 | 583617 |
|  Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35% due 1/15/2029 | 85000 | 84644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35% due 4/15/2031 | 97000 | 94959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 9/15/2030 | 126000 | 127065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 2/15/2036 | 303000 | 307452 |
|  Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 11/15/2034 | 300000 | 297066 |
|  Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% due 8/15/2032 | 1000000 | 988067 |
|  |  | **5803479** |
|  **Real Estate Investment Trusts — 2.0%** |  |  |
|  American Homes 4 Rent LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 6/15/2030 | 293000 | 294072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/15/2034 | 200000 | 200070 |
|  Brixmor Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 5/15/2029 | 900000 | 887783 |
|  COPT Defense Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 10/15/2030 | 33000 | 32574 |
|  Extra Space Storage LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 1/15/2033 | 472000 | 465793 |
|  Healthpeak OP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 2/15/2035 | 1000000 | 1003083 |
|  Kite Realty Group Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 9/15/2030 | 1000000 | 999823 |
|  Omega Healthcare Investors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 4/15/2033 | 937000 | 824746 |
|  Phillips Edison Grocery Center Operating Partnership I LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 11/15/2031 | 740000 | 655335 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **<br>March 31, 2026 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Real Estate Investment Trusts — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 3/15/2033 | $91000 | $88797 |
|  VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 4/1/2028 | 61000 | 61062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 5/15/2032 | 1000000 | 985459 |
|  |  | **6498597** |
|  **Retail — 0.2%** |  |  |
|  O'Reilly Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/19/2034 | 700000 | 692253 |
|  |  | **692253** |
|  **Semiconductors — 0.4%** |  |  |
|  Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.419% due 4/15/2033 | 112000 | 102416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 2/15/2041 | 888000 | 708455 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% due 8/19/2032 | 103000 | 101601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 8/19/2035 | 297000 | 296100 |
|  |  | **1208572** |
|  **Software — 0.4%** |  |  |
|  MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 3/15/2036 | 70000 | 67801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 9/1/2035 | 267000 | 261541 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45% due 9/26/2030 | 123000 | 118533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 9/26/2032 | 205000 | 195231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 9/26/2035 | 187000 | 175405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 9/26/2045 | 115000 | 99215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 9/26/2055 | 144000 | 121143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10% due 9/26/2065 | 149000 | 123548 |
|  Paychex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 4/15/2030 | 32000 | 32287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% due 4/15/2032 | 46000 | 46232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% due 4/15/2035 | 36000 | 36156 |
|  |  | **1277092** |
|  **Telecommunications — 1.0%** |  |  |
|  AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% due 12/1/2033 | 1000000 | 846238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 2/15/2034 | 700000 | 715745 |
|  NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.567% due 7/16/2027<sup>(2)</sup> | 200000 | 200455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62% due 7/16/2028<sup>(2)</sup> | 200000 | 200760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.876% due 7/16/2030<sup>(2)</sup> | 200000 | 201264 |
|  T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70% due 3/15/2032 | 300000 | 266867 |
|  Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% due 3/21/2031 | 1000000 | 907868 |
|  |  | **3339197** |
|  **Total Corporate Bonds & Notes**<br> (Cost $83,892,672) |  | **84700824** |
|  **Non-Agency Mortgage-Backed Securities — 4.9%** |  |  |
|  BLP Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IND2, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.015% due 3/15/2041<sup>(2)(3)(4)</sup> | 106225 | 106250 |
|  BMP Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF23, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.314% due 6/15/2041<sup>(2)(3)(4)</sup> | 213000 | 212867 |
|  BPR Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PARK, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87% due 11/5/2039<sup>(2)(3)(4)</sup> | 774000 | 782176 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **<br>March 31, 2026 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** |
|  BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV2, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.542% due 3/9/2044<sup>(2)(3)(4)</sup> | $696000 | $648546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV3, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.544% due 3/9/2044<sup>(2)(3)(4)</sup> | 1000000 | 941925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.037% due 11/15/2038<sup>(2)(3)(4)</sup> | 74705 | 74659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LP2, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.234% due 2/15/2039<sup>(2)(3)(4)</sup> | 700000 | 699562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GPA3, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.965% due 12/15/2039<sup>(2)(3)(4)</sup> | 315218 | 315218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.115% due 2/15/2039<sup>(2)(3)(4)</sup> | 579408 | 580067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL5, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.064% due 3/15/2041<sup>(2)(3)(4)</sup> | 1023292 | 1024464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.116% due 4/15/2040<sup>(2)(3)(4)</sup> | 521319 | 521400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-ALOHA, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% due 4/15/2043<sup>(2)(3)(4)</sup> | 274000 | 274000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-XL6, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.873% due 3/15/2043<sup>(2)(3)(4)</sup> | 338000 | 337156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-XL6, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.123% due 3/15/2043<sup>(2)(3)(4)</sup> | 100000 | 99249 |
|  BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.202% due 12/9/2041<sup>(2)</sup> | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class AJV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.837% due 2/15/2036<sup>(2)(3)(4)</sup> | 275000 | 274828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.114% due 4/15/2041<sup>(2)(3)(4)</sup> | 204620 | 204688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.823% due 2/15/2035<sup>(2)(3)(4)</sup> | 100000 | 99481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.816% due 3/15/2030<sup>(2)(3)(4)</sup> | 427495 | 425357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.066% due 3/15/2030<sup>(2)(3)(4)</sup> | 1464023 | 1452128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TAIL, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.073% due 6/15/2035<sup>(2)(3)(4)</sup> | 100000 | 100000 |
|  CENT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CITY, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.92% due 7/10/2040<sup>(2)(3)(4)</sup> | 198000 | 199420 |
|  ELP Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ELP, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.297% due 11/13/2042<sup>(2)(3)(4)</sup> | 149000 | 147227 |
|  Extended Stay America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ESH, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.973% due 10/15/2042<sup>(2)(3)(4)</sup> | 460000 | 460000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ESH, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.273% due 10/15/2042<sup>(2)(3)(4)</sup> | 80000 | 80100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ESH, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.523% due 10/15/2042<sup>(2)(3)(4)</sup> | 40000 | 40063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-ESH2, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.873% due 2/15/2043<sup>(2)(3)(4)</sup> | 388346 | 388346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-ESH2, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.073% due 2/15/2043<sup>(2)(3)(4)</sup> | 39627 | 39664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-ESH2, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.273% due 2/15/2043<sup>(2)(3)(4)</sup> | 26748 | 26790 |
|  HAVN Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MOB, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.373% due 10/15/2035<sup>(2)(3)(4)</sup> | 50000 | 49688 |
|  Hilton USA Trust |  |  |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-HHV, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.719% due 11/5/2038<sup>(2)</sup> | 1875000 | $1865225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-HHV, Class B <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.194% due 11/5/2038<sup>(2)(3)(4)</sup> | 250000 | 249262 |
|  INT Commercial Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PLAZA, Class A <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.554% due 11/5/2037<sup>(2)(3)(4)</sup> | 134000 | 133551 |
|  MHP Commercial Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MHIL2, Class A <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.173% due 9/15/2040<sup>(2)(3)(4)</sup> | 212000 | 211062 |
|  PLYM Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-IND, Class A <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.923% due 3/15/2043<sup>(2)(3)(4)</sup> | 339000 | 337305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-IND, Class B <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.123% due 3/15/2043<sup>(2)(3)(4)</sup> | 100000 | 99250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-IND, Class C <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.323% due 3/15/2043<sup>(2)(3)(4)</sup> | 100000 | 99125 |
|  TCO Commercial Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DPM, Class A <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.915% due 12/15/2039<sup>(2)(3)(4)</sup> | 600000 | 599063 |
|  **Total Non-Agency Mortgage-Backed Securities** <br>(Cost $16,041,698) | **Total Non-Agency Mortgage-Backed Securities** <br>(Cost $16,041,698) | **16087427** |
|  **U.S. Government Securities — 46.4%** | **U.S. Government Securities — 46.4%** | **U.S. Government Securities — 46.4%** |
|  U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/15/2054 | 3825000 | 3573387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2044 | 30000000 | 29028516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2055 | 5800000 | 5531977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2055 | 1300000 | 1242109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 2/15/2045 | 7500000 | 7369336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 8/15/2055 | 3380000 | 3293916 |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 10/31/2032 | 2760000 | 2702536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 7/31/2030 | 3450000 | 3444205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 2/28/2030 | 12751400 | 12799716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 6/30/2032 | 5200000 | 5176234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/31/2032 | 2574000 | 2561029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 1/31/2033 | 5700000 | 5656359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 2/29/2032 | 47400000 | 47575899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 5/31/2032 | 150000 | 150393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 8/15/2035 | 4500000 | 4483125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2035 | 15890200 | 16303593 |
|  **Total U.S. Government Securities** <br>(Cost $152,252,721) | **Total U.S. Government Securities** <br>(Cost $152,252,721) | **150892330** |
|  **Repurchase Agreements — 1.3%** | **Repurchase Agreements — 1.3%** | **Repurchase Agreements — 1.3%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $4,362,631, due 4/1/2026<sup>(5)</sup> | 4362503 | 4362503 |
|  **Total Repurchase Agreements** <br>(Cost $4,362,503) | **Total Repurchase Agreements** <br>(Cost $4,362,503) | **4362503** |
|  **Total Investments Before TBA Sale Commitments — 104.6%** <br>(Cost $340,247,652) | **Total Investments Before TBA Sale Commitments — 104.6%** <br>(Cost $340,247,652) | **340051375** |
|  **TBA Sale Commitments** | **TBA Sale Commitments** |  |
|  **Agency Mortgage-Backed Securities — (0.3)%** | **Agency Mortgage-Backed Securities — (0.3)%** | **Agency Mortgage-Backed Securities — (0.3)%** |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 4/1/2056<sup>(1)</sup> | (1000000) | (1004606) |
|  **Total TBA Sale Commitments** <br>(Cost $(1011016)) | **Total TBA Sale Commitments** <br>(Cost $(1011016)) | **(1004606)** |
|  **Liabilities in excess of other assets — (4.3)%** | **Liabilities in excess of other assets — (4.3)%** | **(13920896)** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**325125873** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

(1) TBA - To be announced.

(2) 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 March 31, 2026, the aggregate market value of these securities amounted to $59,367,656, representing 18.3% of net assets. These securities have been deemed liquid by the investment
adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees.

(3) Variable rate securities, which may include step-up bonds or adjustable
rate mortgages. The rate shown is the rate in effect at March 31, 2026.

(4) Variable coupon rate based on weighted average interest rate of underlying mortgages.

(5) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>Security** | **<br>Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
|  U.S. Treasury Note | 1.00% | 7/31/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4741400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4449901 |

---

**Legend:** 

CLO – Collateralized Loan Obligation

CMT – Constant Maturity Treasury

SOFR – Secured Overnight Financing Rate

USD – United States Dollar

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** (unaudited) | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Agency Mortgage-Backed Securities | $— | $51967156 | $— | $51967156 |
|  Asset-Backed Securities |  | 32041135 |  | 32041135 |
|  Corporate Bonds & Notes |  | 84700824 |  | 84700824 |
|  Non-Agency Mortgage-Backed Securities |  | 16087427 |  | 16087427 |
|  U.S. Government Securities |  | 150892330 |  | 150892330 |
|  Repurchase Agreements |  | 4362503 |  | 4362503 |
|  **Total Assets** | $**—** | $**340051375** | $**—** | $**340051375** |
|  **Liabilities** |  |  |  |  |
|  **Other Financial Instruments** |  |  |  |  |
|  TBA Sale Commitments | $— | $(1004606) | $— | $(1004606) |
|  **Total Liabilities** | $**—** | $**(1004606)** | $**—** | $**(1004606)** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN EQUITY INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 99.6%** | **Common Stocks — 99.6%** | **Common Stocks — 99.6%** |
|  **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
|  L3Harris Technologies, Inc. | 35373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12208991 |
|  |  | **12208991** |
|  **Banks — 5.9%** | **Banks — 5.9%** | **Banks — 5.9%** |
|  Bank of America Corp. | 262060 | 12775425 |
|  Huntington Bancshares, Inc. | 908087 | 14211562 |
|  M&T Bank Corp. | 64981 | 13432872 |
|  Regions Financial Corp. | 389960 | 10185755 |
|  |  | **50605614** |
|  **Beverages — 3.7%** | **Beverages — 3.7%** | **Beverages — 3.7%** |
|  Constellation Brands, Inc., Class A | 64327 | 9649050 |
|  Keurig Dr Pepper, Inc. | 562185 | 14802331 |
|  Pernod Ricard SA (France) | 99324 | 7413448 |
|  |  | **31864829** |
|  **Biotechnology — 1.4%** | **Biotechnology — 1.4%** | **Biotechnology — 1.4%** |
|  Gilead Sciences, Inc. | 89436 | 12464695 |
|  |  | **12464695** |
|  **Building Products — 0.8%** | **Building Products — 0.8%** | **Building Products — 0.8%** |
|  Johnson Controls International PLC | 52231 | 6839649 |
|  |  | **6839649** |
|  **Capital Markets — 6.5%** | **Capital Markets — 6.5%** | **Capital Markets — 6.5%** |
|  Ares Management Corp., Class A | 109031 | 11895282 |
|  Intercontinental Exchange, Inc. | 63345 | 9962902 |
|  Nasdaq, Inc. | 139301 | 11825262 |
|  Raymond James Financial, Inc. | 74529 | 10791054 |
|  S&P Global, Inc. | 27098 | 11525863 |
|  |  | **56000363** |
|  **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
|  Nutrien Ltd. | 97348 | 7345880 |
|  PPG Industries, Inc. | 87732 | 9376796 |
|  |  | **16722676** |
|  **Communications Equipment — 2.0%** | **Communications Equipment — 2.0%** | **Communications Equipment — 2.0%** |
|  Cisco Systems, Inc. | 217172 | 16850375 |
|  |  | **16850375** |
|  **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
|  Capital One Financial Corp. | 47780 | 8716505 |
|  |  | **8716505** |
|  **Containers & Packaging — 1.0%** | **Containers & Packaging — 1.0%** | **Containers & Packaging — 1.0%** |
|  Avery Dennison Corp. | 50644 | 8745206 |
|  |  | **8745206** |
|  **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** |
|  American Electric Power Co., Inc. | 101890 | 13355741 |
|  PPL Corp. | 266823 | 10192639 |
|  |  | **23548380** |
|  **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** |
|  Eaton Corp. PLC | 28953 | 10355620 |
|  Emerson Electric Co. | 74764 | 9795579 |
|  |  | **20151199** |
|  **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** |
|  TE Connectivity PLC | 59715 | 12481629 |
|  |  | **12481629** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN EQUITY INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
|  Walt Disney Co. | 113052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10895952 |
|  |  | **10895952** |
|  **Financial Services — 1.9%** | **Financial Services — 1.9%** | **Financial Services — 1.9%** |
|  Equitable Holdings, Inc. | 152000 | 5640720 |
|  Visa, Inc., Class A | 34446 | 10410959 |
|  |  | **16051679** |
|  **Food Products — 1.3%** | **Food Products — 1.3%** | **Food Products — 1.3%** |
|  Archer-Daniels-Midland Co. | 150204 | 10918329 |
|  |  | **10918329** |
|  **Gas Utilities — 1.3%** | **Gas Utilities — 1.3%** | **Gas Utilities — 1.3%** |
|  Atmos Energy Corp. | 58475 | 10801502 |
|  |  | **10801502** |
|  **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** |
|  Becton Dickinson & Co. | 64504 | 10141964 |
|  |  | **10141964** |
|  **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** |
|  CVS Health Corp. | 128431 | 9223915 |
|  Elevance Health, Inc. | 49963 | 14626668 |
|  |  | **23850583** |
|  **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** |
|  Darden Restaurants, Inc. | 33721 | 6610665 |
|  |  | **6610665** |
|  **Household Products — 1.1%** | **Household Products — 1.1%** | **Household Products — 1.1%** |
|  Kimberly-Clark Corp. | 96310 | 9291026 |
|  |  | **9291026** |
|  **Industrial Conglomerates — 1.7%** | **Industrial Conglomerates — 1.7%** | **Industrial Conglomerates — 1.7%** |
|  Honeywell International, Inc. | 64668 | 14616908 |
|  |  | **14616908** |
|  **Insurance — 4.5%** | **Insurance — 4.5%** | **Insurance — 4.5%** |
|  American International Group, Inc. | 164635 | 12388784 |
|  Marsh & McLennan Cos., Inc. | 80120 | 13896814 |
|  Progressive Corp. | 62344 | 12359074 |
|  |  | **38644672** |
|  **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
|  Amdocs Ltd. | 139025 | 9072771 |
|  |  | **9072771** |
|  **Machinery — 2.0%** | **Machinery — 2.0%** | **Machinery — 2.0%** |
|  IDEX Corp. | 37063 | 7025292 |
|  PACCAR, Inc. | 87238 | 10075989 |
|  |  | **17101281** |
|  **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** |
|  Anglo American PLC (United Kingdom) | 200383 | 8513219 |
|  |  | **8513219** |
|  **Multi-Utilities — 3.1%** | **Multi-Utilities — 3.1%** | **Multi-Utilities — 3.1%** |
|  Dominion Energy, Inc. | 215777 | 13339334 |
|  Sempra | 134185 | 13038757 |
|  |  | **26378091** |
|  **Oil, Gas & Consumable Fuels — 5.0%** | **Oil, Gas & Consumable Fuels — 5.0%** | **Oil, Gas & Consumable Fuels — 5.0%** |
|  Diamondback Energy, Inc. | 78930 | 15611565 |
|  EQT Corp. | 139332 | 8867088 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN EQUITY INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Oil, Gas & Consumable Fuels — (continued)** |  |  |
|  Marathon Petroleum Corp. | 27249 | 6653661 |
|  Targa Resources Corp. | 46540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11668974 |
|  |  | **42801288** |
|  **Personal Care Products — 2.0%** | **Personal Care Products — 2.0%** | **Personal Care Products — 2.0%** |
|  Unilever PLC, ADR | 297550 | 16951423 |
|  |  | **16951423** |
|  **Pharmaceuticals — 10.5%** | **Pharmaceuticals — 10.5%** | **Pharmaceuticals — 10.5%** |
|  AstraZeneca PLC, ADR | 46938 | 9257112 |
|  Eli Lilly & Co. | 11949 | 10990332 |
|  Johnson & Johnson | 72442 | 17707723 |
|  Merck & Co., Inc. | 193059 | 23223067 |
|  Pfizer, Inc. | 384328 | 10791930 |
|  Roche Holding AG (Switzerland) | 23506 | 9281717 |
|  Zoetis, Inc. | 74434 | 8798843 |
|  |  | **90050724** |
|  **Professional Services — 1.1%** | **Professional Services — 1.1%** | **Professional Services — 1.1%** |
|  Automatic Data Processing, Inc. | 46001 | 9346483 |
|  |  | **9346483** |
|  **Residential REITs — 1.2%** | **Residential REITs — 1.2%** | **Residential REITs — 1.2%** |
|  Sun Communities, Inc. | 82039 | 10333632 |
|  |  | **10333632** |
|  **Semiconductors & Semiconductor Equipment — 2.6%** | **Semiconductors & Semiconductor Equipment — 2.6%** | **Semiconductors & Semiconductor Equipment — 2.6%** |
|  Broadcom, Inc. | 33066 | 10234258 |
|  NXP Semiconductors NV | 63425 | 12485845 |
|  |  | **22720103** |
|  **Software — 2.4%** | **Software — 2.4%** | **Software — 2.4%** |
|  Microsoft Corp. | 32285 | 11950938 |
|  Roper Technologies, Inc. | 24230 | 8574028 |
|  |  | **20524966** |
|  **Specialized REITs — 6.0%** | **Specialized REITs — 6.0%** | **Specialized REITs — 6.0%** |
|  Crown Castle, Inc. | 195968 | 15934158 |
|  Gaming & Leisure Properties, Inc. | 349951 | 15527326 |
|  Lamar Advertising Co., Class A | 81602 | 10335709 |
|  Weyerhaeuser Co. | 408700 | 9984541 |
|  |  | **51781734** |
|  **Specialty Retail — 2.5%** | **Specialty Retail — 2.5%** | **Specialty Retail — 2.5%** |
|  Dick's Sporting Goods, Inc. | 61556 | 12205939 |
|  Industria de Diseno Textil SA (Spain) | 165588 | 9520650 |
|  |  | **21726589** |
|  **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** |
|  NetApp, Inc. | 119958 | 12282500 |
|  |  | **12282500** |
|  **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** |
|  NIKE, Inc., Class B | 114106 | 6027079 |
|  |  | **6027079** |
|  **Tobacco — 1.4%** | **Tobacco — 1.4%** | **Tobacco — 1.4%** |
|  Philip Morris International, Inc. | 74393 | 12300139 |
|  |  | **12300139** |
|  **Trading Companies & Distributors — 2.4%** | **Trading Companies & Distributors — 2.4%** | **Trading Companies & Distributors — 2.4%** |
|  Ferguson Enterprises, Inc. | 50351 | 11744874 |
|  Sunbelt Rentals Holdings, Inc. (United States) | 133384 | 8517682 |
|  |  | **20262556** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN EQUITY INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Water Utilities — 1.3%** | **Water Utilities — 1.3%** | **Water Utilities — 1.3%** |
|  American Water Works Co., Inc. | 80757 | $10990220 |
|  |  | **10990220** |
|  **Wireless Telecommunication Services — 1.9%** | **Wireless Telecommunication Services — 1.9%** | **Wireless Telecommunication Services — 1.9%** |
|  T-Mobile U.S., Inc. | 78232 | 16431067 |
|  |  | **16431067** |
|  **Total Common Stocks** <br> (Cost $813,025,666) |  | **854619256** |
|  | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 0.5%** | **Repurchase Agreements — 0.5%** | **Repurchase Agreements — 0.5%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $4,091,442, due 4/1/2026<sup>(1)</sup> | $4091322 | 4091322 |
|  **Total Repurchase Agreements** <br>(Cost $4,091,322) | **Total Repurchase Agreements** <br>(Cost $4,091,322) | **4091322** |
|  **Total Investments — 100.1%** <br>(Cost $817,116,988) | **Total Investments — 100.1%** <br>(Cost $817,116,988) | **858710578** |
|  **Liabilities in excess of other assets — (0.1)%** | **Liabilities in excess of other assets — (0.1)%** | **(981716)** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**857728862** |

---

(1) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **<br>Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
|  U.S. Treasury Note | 3.625% | 8/31/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4196900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4173166 |

---

**Legend:** 

ADR – American Depositary Receipt

REITs – Real Estate Investment Trusts

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN EQUITY INCOME VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $811372540 | $43246716 <sup>\*</sup> | $— | $854619256 |
|  Repurchase Agreements |  | 4091322 |  | 4091322 |
|  **Total** | $**811372540** | $**47338038** | $**—** | $**858710578** |

---

<sup>\*</sup> Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Notes to Schedule of Investments). These investments in securities were classified as Level 2 rather than Level 1.

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 98.4%** | **Common Stocks — 98.4%** | **Common Stocks — 98.4%** |
|  **Aerospace & Defense — 4.8%** | **Aerospace & Defense — 4.8%** | **Aerospace & Defense — 4.8%** |
|  Carpenter Technology Corp. | 6351 | $2503247 |
|  Curtiss-Wright Corp. | 690 | 469973 |
|  HEICO Corp., Class A | 6186 | 1305803 |
|  Howmet Aerospace, Inc. | 6860 | 1580956 |
|  StandardAero, Inc.<sup>(1)</sup> | 1010 | 26088 |
|  Woodward, Inc. | 4970 | 1778862 |
|  |  | **7664929** |
|  **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
|  LCI Industries | 2973 | 365620 |
|  |  | **365620** |
|  **Banks — 6.3%** | **Banks — 6.3%** | **Banks — 6.3%** |
|  Bancorp, Inc.<sup>(1)</sup> | 5471 | 293957 |
|  East West Bancorp, Inc. | 12187 | 1301084 |
|  Eastern Bankshares, Inc. | 38443 | 751945 |
|  First Horizon Corp. | 32025 | 728889 |
|  FNB Corp. | 57468 | 960865 |
|  Hancock Whitney Corp. | 15359 | 976679 |
|  Pinnacle Financial Partners, Inc. | 12235 | 1053923 |
|  Popular, Inc. | 6236 | 836684 |
|  UMB Financial Corp. | 6890 | 777123 |
|  Webster Financial Corp. | 5071 | 352029 |
|  Western Alliance Bancorp | 10339 | 732518 |
|  Wintrust Financial Corp. | 8932 | 1241012 |
|  |  | **10006708** |
|  **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
|  Boston Beer Co., Inc., Class A<sup>(1)</sup> | 204 | 47002 |
|  Celsius Holdings, Inc.<sup>(1)</sup> | 7533 | 267271 |
|  Coca-Cola Consolidated, Inc. | 2769 | 530928 |
|  |  | **845201** |
|  **Biotechnology — 3.0%** | **Biotechnology — 3.0%** | **Biotechnology — 3.0%** |
|  Caris Life Sciences, Inc.<sup>(1)</sup> | 30130 | 538725 |
|  Cytokinetics, Inc.<sup>(1)</sup> | 7780 | 512780 |
|  Legend Biotech Corp., ADR<sup>(1)</sup> | 20900 | 378081 |
|  Moderna, Inc.<sup>(1)</sup> | 10000 | 508000 |
|  Neurocrine Biosciences, Inc.<sup>(1)</sup> | 2030 | 267432 |
|  Roivant Sciences Ltd.<sup>(1)</sup> | 38450 | 1065065 |
|  United Therapeutics Corp.<sup>(1)</sup> | 1450 | 859821 |
|  Veracyte, Inc.<sup>(1)</sup> | 19230 | 619398 |
|  |  | **4749302** |
|  **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
|  Etsy, Inc.<sup>(1)</sup> | 5496 | 274690 |
|  |  | **274690** |
|  **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
|  Armstrong World Industries, Inc. | 1260 | 207648 |
|  Carlisle Cos., Inc. | 3226 | 1076258 |
|  Owens Corning | 2360 | 255399 |
|  Simpson Manufacturing Co., Inc. | 4830 | 828925 |
|  Trex Co., Inc.<sup>(1)</sup> | 6720 | 244742 |
|  |  | **2612972** |
|  **Capital Markets — 2.5%** | **Capital Markets — 2.5%** | **Capital Markets — 2.5%** |
|  Amundi SA (France)<sup>(2)</sup> | 6340 | 545284 |
|  Blue Owl Capital, Inc. | 51481 | 470021 |
|  Carlyle Group, Inc. | 15805 | 764804 |
|  Evercore, Inc., Class A | 2360 | 704484 |
|  Marex Group PLC | 16316 | 727367 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Capital Markets — (continued)** | **Capital Markets — (continued)** | **Capital Markets — (continued)** |
|  Patria Investments Ltd., Class A | 53553 | 674768 |
|  Raymond James Financial, Inc. | 800 | 115832 |
|  Wealthfront Corp.<sup>(1)</sup> | 4742 | 43863 |
|  |  | **4046423** |
|  **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
|  Avient Corp. | 16686 | 605702 |
|  RPM International, Inc. | 11060 | 1099364 |
|  Westlake Corp. | 6639 | 775568 |
|  |  | **2480634** |
|  **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
|  Brink's Co. | 10796 | 1118790 |
|  |  | **1118790** |
|  **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
|  Ciena Corp.<sup>(1)</sup> | 1889 | 733366 |
|  |  | **733366** |
|  **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** |
|  Comfort Systems USA, Inc. | 1110 | 1530679 |
|  EMCOR Group, Inc. | 1400 | 1033634 |
|  WillScot Holdings Corp. | 30515 | 529740 |
|  |  | **3094053** |
|  **Construction Materials — 0.5%** | **Construction Materials — 0.5%** | **Construction Materials — 0.5%** |
|  Eagle Materials, Inc. | 4289 | 812551 |
|  |  | **812551** |
|  **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
|  FirstCash Holdings, Inc. | 2310 | 434280 |
|  SLM Corp. | 55327 | 1184551 |
|  |  | **1618831** |
|  **Consumer Staples Distribution & Retail — 3.2%** | **Consumer Staples Distribution & Retail — 3.2%** | **Consumer Staples Distribution & Retail — 3.2%** |
|  Albertsons Cos., Inc., Class A | 13366 | 227756 |
|  BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 7276 | 716104 |
|  Casey's General Stores, Inc. | 1937 | 1409865 |
|  Maplebear, Inc.<sup>(1)</sup> | 6602 | 247311 |
|  Performance Food Group Co.<sup>(1)</sup> | 10858 | 930096 |
|  Sprouts Farmers Market, Inc.<sup>(1)</sup> | 4744 | 365905 |
|  U.S. Foods Holding Corp.<sup>(1)</sup> | 13234 | 1220307 |
|  |  | **5117344** |
|  **Containers & Packaging — 0.7%** | **Containers & Packaging — 0.7%** | **Containers & Packaging — 0.7%** |
|  Crown Holdings, Inc. | 10711 | 1073778 |
|  |  | **1073778** |
|  **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** |
|  Service Corp. International | 15271 | 1260010 |
|  |  | **1260010** |
|  **Electric Utilities — 1.1%** | **Electric Utilities — 1.1%** | **Electric Utilities — 1.1%** |
|  IDACORP, Inc. | 1398 | 199872 |
|  OGE Energy Corp. | 15236 | 730719 |
|  Pinnacle West Capital Corp. | 3460 | 348595 |
|  Portland General Electric Co. | 9281 | 489758 |
|  |  | **1768944** |
|  **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** |
|  Acuity, Inc. | 2270 | 636099 |
|  Forgent Power Solutions, Inc.<sup>(1)</sup> | 1600 | 46832 |
|  Nextpower, Inc., Class A<sup>(1)</sup> | 8320 | 1002976 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Electrical Equipment — (continued)** | **Electrical Equipment — (continued)** | **Electrical Equipment — (continued)** |
|  nVent Electric PLC | 11580 | 1369683 |
|  |  | **3055590** |
|  **Electronic Equipment, Instruments & Components — 2.8%** | **Electronic Equipment, Instruments & Components — 2.8%** | **Electronic Equipment, Instruments & Components — 2.8%** |
|  Coherent Corp.<sup>(1)</sup> | 4302 | 1024779 |
|  Jabil, Inc. | 4254 | 1129990 |
|  TD SYNNEX Corp. | 10259 | 1730796 |
|  TTM Technologies, Inc.<sup>(1)</sup> | 6356 | 619202 |
|  |  | **4504767** |
|  **Energy Equipment & Services — 1.2%** | **Energy Equipment & Services — 1.2%** | **Energy Equipment & Services — 1.2%** |
|  Liberty Energy, Inc. | 21212 | 610906 |
|  Noble Corp. PLC | 9675 | 474752 |
|  Weatherford International PLC | 9393 | 888390 |
|  |  | **1974048** |
|  **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
|  Warner Music Group Corp., Class A | 4173 | 106578 |
|  |  | **106578** |
|  **Financial Services — 1.3%** | **Financial Services — 1.3%** | **Financial Services — 1.3%** |
|  NMI Holdings, Inc.<sup>(1)</sup> | 15918 | 597084 |
|  Voya Financial, Inc. | 20464 | 1398101 |
|  |  | **1995185** |
|  **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
|  Darling Ingredients, Inc.<sup>(1)</sup> | 8231 | 509087 |
|  Ingredion, Inc. | 2901 | 326827 |
|  Marzetti Co. | 379 | 52427 |
|  Pilgrim's Pride Corp. | 1545 | 58339 |
|  |  | **946680** |
|  **Gas Utilities — 1.2%** | **Gas Utilities — 1.2%** | **Gas Utilities — 1.2%** |
|  National Fuel Gas Co. | 6975 | 655371 |
|  Southwest Gas Holdings, Inc. | 5780 | 502282 |
|  UGI Corp. | 21938 | 798982 |
|  |  | **1956635** |
|  **Ground Transportation — 3.2%** | **Ground Transportation — 3.2%** | **Ground Transportation — 3.2%** |
|  Knight-Swift Transportation Holdings, Inc. | 7010 | 403636 |
|  Landstar System, Inc. | 8818 | 1413613 |
|  XPO, Inc.<sup>(1)</sup> | 17111 | 3328945 |
|  |  | **5146194** |
|  **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
|  Penumbra, Inc.<sup>(1)</sup> | 1620 | 531959 |
|  |  | **531959** |
|  **Health Care Providers & Services — 1.9%** | **Health Care Providers & Services — 1.9%** | **Health Care Providers & Services — 1.9%** |
|  Alignment Healthcare, Inc.<sup>(1)</sup> | 23330 | 411075 |
|  BrightSpring Health Services, Inc.<sup>(1)</sup> | 19000 | 809590 |
|  Privia Health Group, Inc.<sup>(1)</sup> | 25390 | 522272 |
|  Tenet Healthcare Corp.<sup>(1)</sup> | 6730 | 1270018 |
|  |  | **3012955** |
|  **Health Care REITs — 1.0%** | **Health Care REITs — 1.0%** | **Health Care REITs — 1.0%** |
|  CareTrust REIT, Inc. | 4950 | 181418 |
|  Janus Living, Inc., Class A<sup>(1)</sup> | 7560 | 178189 |
|  Ventas, Inc. | 15223 | 1244937 |
|  |  | **1604544** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** |
|  Waystar Holding Corp.<sup>(1)</sup> | 23740 | $572371 |
|  |  | **572371** |
|  **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |
|  Aramark | 24050 | 974987 |
|  Brinker International, Inc.<sup>(1)</sup> | 5066 | 723273 |
|  Planet Fitness, Inc., Class A<sup>(1)</sup> | 12457 | 926552 |
|  Wingstop, Inc. | 3014 | 467079 |
|  Wynn Resorts Ltd. | 4763 | 483683 |
|  |  | **3575574** |
|  **Household Durables — 2.2%** | **Household Durables — 2.2%** | **Household Durables — 2.2%** |
|  Somnigroup International, Inc. | 19239 | 1422147 |
|  Taylor Morrison Home Corp.<sup>(1)</sup> | 11770 | 685485 |
|  Toll Brothers, Inc. | 10079 | 1375481 |
|  |  | **3483113** |
|  **Independent Power and Renewable Electricity Producers — 1.0%** | **Independent Power and Renewable Electricity Producers — 1.0%** | **Independent Power and Renewable Electricity Producers — 1.0%** |
|  Ormat Technologies, Inc. | 4962 | 555347 |
|  Talen Energy Corp.<sup>(1)</sup> | 3431 | 1095278 |
|  |  | **1650625** |
|  **Industrial REITs — 1.1%** | **Industrial REITs — 1.1%** | **Industrial REITs — 1.1%** |
|  EastGroup Properties, Inc. | 4930 | 912494 |
|  Terreno Realty Corp. | 14120 | 867250 |
|  |  | **1779744** |
|  **Insurance — 3.7%** | **Insurance — 3.7%** | **Insurance — 3.7%** |
|  American Financial Group, Inc. | 9171 | 1171228 |
|  Assurant, Inc. | 3297 | 718120 |
|  Baldwin Insurance Group, Inc.<sup>(1)</sup> | 46889 | 1028745 |
|  Reinsurance Group of America, Inc. | 9033 | 1844177 |
|  Selective Insurance Group, Inc. | 5336 | 402281 |
|  Unum Group | 10121 | 739137 |
|  |  | **5903688** |
|  **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
|  Pinterest, Inc., Class A<sup>(1)</sup> | 27383 | 502204 |
|  |  | **502204** |
|  **IT Services — 1.9%** | **IT Services — 1.9%** | **IT Services — 1.9%** |
|  Okta, Inc.<sup>(1)</sup> | 10506 | 826927 |
|  Twilio, Inc., Class A<sup>(1)</sup> | 16793 | 2112896 |
|  |  | **2939823** |
|  **Life Sciences Tools & Services — 1.8%** | **Life Sciences Tools & Services — 1.8%** | **Life Sciences Tools & Services — 1.8%** |
|  10X Genomics, Inc., Class A<sup>(1)</sup> | 18890 | 401035 |
|  Bio-Techne Corp. | 10450 | 546117 |
|  Illumina, Inc.<sup>(1)</sup> | 2760 | 340198 |
|  Repligen Corp.<sup>(1)</sup> | 7460 | 878937 |
|  Sartorius Stedim Biotech (France) | 2550 | 499251 |
|  West Pharmaceutical Services, Inc. | 900 | 225576 |
|  |  | **2891114** |
|  **Machinery — 6.3%** | **Machinery — 6.3%** | **Machinery — 6.3%** |
|  Allison Transmission Holdings, Inc. | 8376 | 980495 |
|  Crane Co. | 8560 | 1463760 |
|  Dover Corp. | 2240 | 466928 |
|  Esab Corp. | 14180 | 1370639 |
|  Flowserve Corp. | 28275 | 2078495 |
|  ITT, Inc. | 11781 | 2244634 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Machinery — (continued)** | **Machinery — (continued)** | **Machinery — (continued)** |
|  RBC Bearings, Inc.<sup>(1)</sup> | 2470 | 1341506 |
|  |  | **9946457** |
|  **Marine Transportation — 1.5%** | **Marine Transportation — 1.5%** | **Marine Transportation — 1.5%** |
|  Kirby Corp.<sup>(1)</sup> | 18472 | 2454559 |
|  |  | **2454559** |
|  **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
|  EchoStar Corp., Class A<sup>(1)</sup> | 210 | 24585 |
|  New York Times Co., Class A | 8360 | 699983 |
|  Nexstar Media Group, Inc. | 1479 | 267447 |
|  |  | **992015** |
|  **Metals & Mining — 1.9%** | **Metals & Mining — 1.9%** | **Metals & Mining — 1.9%** |
|  Century Aluminum Co.<sup>(1)</sup> | 7238 | 424798 |
|  Lundin Mining Corp. (Canada) | 49328 | 1230097 |
|  Reliance, Inc. | 4582 | 1392562 |
|  |  | **3047457** |
|  **Office REITs — 0.7%** | **Office REITs — 0.7%** | **Office REITs — 0.7%** |
|  Douglas Emmett, Inc. | 22290 | 209972 |
|  Postal Realty Trust, Inc., Class A | 49888 | 925921 |
|  |  | **1135893** |
|  **Oil, Gas & Consumable Fuels — 4.2%** | **Oil, Gas & Consumable Fuels — 4.2%** | **Oil, Gas & Consumable Fuels — 4.2%** |
|  Antero Resources Corp.<sup>(1)</sup> | 25357 | 1076151 |
|  HF Sinclair Corp. | 15592 | 972785 |
|  Northern Oil & Gas, Inc. | 11379 | 332608 |
|  Ovintiv, Inc. | 22192 | 1317317 |
|  Permian Resources Corp. | 73171 | 1560006 |
|  Plains All American Pipeline LP | 24274 | 542038 |
|  Targa Resources Corp. | 3248 | 814371 |
|  |  | **6615276** |
|  **Paper & Forest Products — 0.4%** | **Paper & Forest Products — 0.4%** | **Paper & Forest Products — 0.4%** |
|  Louisiana-Pacific Corp. | 8584 | 624486 |
|  |  | **624486** |
|  **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
|  BellRing Brands, Inc.<sup>(1)</sup> | 6030 | 97023 |
|  e.l.f. Beauty, Inc.<sup>(1)</sup> | 2718 | 164738 |
|  |  | **261761** |
|  **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
|  Elanco Animal Health, Inc.<sup>(1)</sup> | 59720 | 1429100 |
|  Royalty Pharma PLC, Class A | 14200 | 681174 |
|  |  | **2110274** |
|  **Professional Services — 1.4%** | **Professional Services — 1.4%** | **Professional Services — 1.4%** |
|  CACI International, Inc., Class A<sup>(1)</sup> | 2930 | 1593539 |
|  KBR, Inc. | 17120 | 631043 |
|  |  | **2224582** |
|  **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** |
|  Compass, Inc., Class A<sup>(1)</sup> | 39480 | 288599 |
|  Jones Lang LaSalle, Inc.<sup>(1)</sup> | 3310 | 1007299 |
|  |  | **1295898** |
|  **Residential REITs — 0.9%** | **Residential REITs — 0.9%** | **Residential REITs — 0.9%** |
|  American Homes 4 Rent, Class A | 17550 | 489996 |
|  Camden Property Trust | 3370 | 329114 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Residential REITs — (continued)** | **Residential REITs — (continued)** | **Residential REITs — (continued)** |
|  Sun Communities, Inc. | 4360 | 549186 |
|  |  | **1368296** |
|  **Retail REITs — 0.8%** | **Retail REITs — 0.8%** | **Retail REITs — 0.8%** |
|  Macerich Co. | 23720 | 448308 |
|  Urban Edge Properties | 38420 | 767632 |
|  |  | **1215940** |
|  **Semiconductors & Semiconductor Equipment — 4.2%** | **Semiconductors & Semiconductor Equipment — 4.2%** | **Semiconductors & Semiconductor Equipment — 4.2%** |
|  Allegro MicroSystems, Inc.<sup>(1)</sup> | 18222 | 574540 |
|  Entegris, Inc. | 11943 | 1400197 |
|  MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 10485 | 2328404 |
|  MKS, Inc. | 4469 | 1027021 |
|  Nova Ltd.<sup>(1)</sup> | 1083 | 470325 |
|  Rambus, Inc.<sup>(1)</sup> | 10499 | 903229 |
|  |  | **6703716** |
|  **Software — 1.7%** | **Software — 1.7%** | **Software — 1.7%** |
|  Gen Digital, Inc. | 13775 | 259383 |
|  Guidewire Software, Inc.<sup>(1)</sup> | 6119 | 915158 |
|  Nutanix, Inc., Class A<sup>(1)</sup> | 9462 | 359651 |
|  Rubrik, Inc., , Class A<sup>(1)</sup> | 11186 | 547778 |
|  Samsara, Inc., Class A<sup>(1)</sup> | 17293 | 548015 |
|  |  | **2629985** |
|  **Specialized REITs — 1.5%** | **Specialized REITs — 1.5%** | **Specialized REITs — 1.5%** |
|  CubeSmart | 15479 | 567305 |
|  Four Corners Property Trust, Inc. | 33050 | 781633 |
|  Outfront Media, Inc. | 38291 | 1014711 |
|  |  | **2363649** |
|  **Specialty Retail — 3.9%** | **Specialty Retail — 3.9%** | **Specialty Retail — 3.9%** |
|  Aritzia, Inc. (Canada)<sup>(1)</sup> | 7814 | 637657 |
|  Bath & Body Works, Inc. | 34794 | 649604 |
|  Burlington Stores, Inc.<sup>(1)</sup> | 4614 | 1501303 |
|  Dick's Sporting Goods, Inc. | 5033 | 997994 |
|  Five Below, Inc.<sup>(1)</sup> | 4839 | 1105615 |
|  Gap, Inc. | 23310 | 564102 |
|  Murphy USA, Inc. | 1576 | 778497 |
|  |  | **6234772** |
|  **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** |
|  Everpure, Inc., Class A<sup>(1)</sup> | 570 | 33653 |
|  Western Digital Corp. | 5017 | 1357048 |
|  |  | **1390701** |
|  **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** |
|  Amer Sports, Inc.<sup>(1)</sup> | 20455 | 673379 |
|  Birkenstock Holding PLC<sup>(1)</sup> | 16722 | 599149 |
|  Ralph Lauren Corp. | 1141 | 392492 |
|  Tapestry, Inc. | 3605 | 508702 |
|  |  | **2173722** |
|  **Trading Companies & Distributors — 2.5%** | **Trading Companies & Distributors — 2.5%** | **Trading Companies & Distributors — 2.5%** |
|  Core & Main, Inc., Class A<sup>(1)</sup> | 13440 | 663936 |
|  Watsco, Inc. | 2500 | 909475 |
|  WESCO International, Inc. | 8949 | 2448625 |
|  |  | **4022036** |
|  **Total Common Stocks** <br>(Cost $124,684,622) | **Total Common Stocks** <br>(Cost $124,684,622) | **156589012** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **U.S. Treasury Bills — 0.1%** | **U.S. Treasury Bills — 0.1%** | **U.S. Treasury Bills — 0.1%** |
|  U.S. Treasury Bills <br>3.638% due 4/23/2026<sup>(3)</sup> | $110000 | $109756 |
|  **Total U.S. Treasury Bills** <br>(Cost $109,761) | **Total U.S. Treasury Bills** <br>(Cost $109,761) | **109756** |
|  **Repurchase Agreements — 1.6%** | **Repurchase Agreements — 1.6%** | **Repurchase Agreements — 1.6%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $2,546,005, due 4/1/2026<sup>(4)</sup> | $2545930 | 2545930 |
|  **Total Repurchase Agreements** <br>(Cost $2,545,930) | **Total Repurchase Agreements** <br>(Cost $2,545,930) | **2545930** |
|  **Total Investments — 100.1%** <br>(Cost $127,340,313) | **Total Investments — 100.1%** <br>(Cost $127,340,313) | **159244698** |
|  **Liabilities in excess of other assets — (0.1)%** | **Liabilities in excess of other assets — (0.1)%** | **(106350)** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**159138348** |

---

(1) Non–income–producing security.

(2) 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 March 31, 2026, the aggregate market value of this security amounted to $545,284, representing 0.3% of net assets. These security has been deemed liquid by the investment adviser
pursuant to the Fund's liquidity procedures approved by the Board of Trustees.

(3) Interest rate shown reflects the discount rate at time of purchase.

(4) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **<br>Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  U.S. Treasury Note | 3.625% | 8/31/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2597001 |

---

**Open futures contracts at March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation** |
|  S&P MidCap 400 E-mini futures | June 2026 | 3 | Long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017779 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018950 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171 |

---

**Legend:** 

ADR – American Depositary Receipt

REITs – Real Estate Investment Trusts

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SELECT MID CAP CORE VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** (unaudited) | **Assets** (unaudited) | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $155544477 | $1044535 <sup>\*</sup> | $— | $156589012 |
|  U.S. Treasury Bills |  | 109756 |  | 109756 |
|  Repurchase Agreements |  | 2545930 |  | 2545930 |
|  **Total Investments in Securities** | $**155544477** | $**3700221** | $**—** | $**159244698** |
|  **Other Financial Instruments** |  |  |  |  |
|  Futures Contracts | $1171 | $— | $— | $1171 |
|  **Total Assets** | $**155545648** | $**3700221** | $**—** | $**159245869** |

---

<sup>\*</sup> Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Notes to Schedule of Investments). These investments in securities were classified as Level 2 rather than Level 1.

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SHORT DURATION BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Agency Mortgage-Backed Securities — 22.1%** |  |  |
|  Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/1/2033 | $5316649 | $5195626 |
|  Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 4/1/2033 | 3209843 | 3169887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 9/1/2034 | 5555422 | 5379254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/1/2037 | 5151796 | 5004129 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-065, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.243% due 4/25/2027 | 2900000 | 2876526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-068, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.244% due 8/25/2027 | 7000000 | 6920687 |
|  **Total Agency Mortgage-Backed Securities**<br> (Cost $28,483,286) |  | **28546109** |
|  **Asset-Backed Securities — 24.8%** |  |  |
|  Aligned Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.937% due 8/15/2046<sup>(1)</sup> | 900000 | 890809 |
|  Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.66% due 2/20/2028<sup>(1)</sup> | 1100000 | 1079931 |
|  CARDS II Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% due 3/15/2031<sup>(1)</sup> | 3000000 | 3010808 |
|  Citizens Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11% due 4/17/2028<sup>(1)</sup> | 493453 | 495385 |
|  CNH Equipment Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77% due 6/15/2029 | 1222498 | 1230666 |
|  CyrusOne Data Centers Issuer I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/20/2049<sup>(1)</sup> | 450000 | 437428 |
|  DLLMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84% due 8/21/2028<sup>(1)</sup> | 1000000 | 1005479 |
|  GMF Floorplan Owner Revolving Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88% due 3/15/2029<sup>(1)</sup> | 2900000 | 2911292 |
|  Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91% due 9/25/2029<sup>(1)</sup> | 2900000 | 2921536 |
|  Kubota Credit Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67% due 6/15/2029<sup>(1)</sup> | 405000 | 408007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87% due 7/15/2030<sup>(1)</sup> | 405000 | 409836 |
|  NextGear Floorplan Master Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12% due 3/15/2029<sup>(1)</sup> | 1000000 | 1008649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89% due 2/15/2030<sup>(1)</sup> | 3000000 | 3010573 |
|  Octagon Investment Partners 36 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.324% (3 mo. USD Term SOFR + 1.65%) due 4/15/2031<sup>(1)(2)</sup> | 1209375 | 1209456 |
|  Oscar U.S. Funding XV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81% due 12/10/2027<sup>(1)</sup> | 251274 | 251637 |
|  Stellantis Financial Underwritten Enhanced Lease Trust |  |  |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SHORT DURATION BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Asset-Backed Securities — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71% due 1/22/2030<sup>(1)</sup> | $610000 | $608320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CA, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.44% due 8/20/2030<sup>(1)</sup> | 2650000 | 2630039 |
|  Tesla Lease Electric Vehicle Securitization LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09% due 6/20/2029<sup>(1)</sup> | 2650000 | 2656526 |
|  Verizon Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 3/20/2030 | 2900000 | 2912537 |
|  Wheels Fleet Lease Funding 1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 9/19/2039<sup>(1)</sup> | 188943 | 190158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07% due 9/19/2039<sup>(1)</sup> | 195000 | 196870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.08% due 1/18/2040<sup>(1)</sup> | 2500000 | 2510100 |
|  **Total Asset-Backed Securities**<br> (Cost $31,880,531) |  | **31986042** |
|  **Corporate Bonds & Notes — 32.0%** |  |  |
|  **Airlines — 1.1%** |  |  |
|  Delta Air Lines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 7/10/2028 | 645000 | 647374 |
|  Southwest Airlines Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 11/15/2028 | 800000 | 789631 |
|  |  | **1437005** |
|  **Biotechnology — 0.4%** |  |  |
|  Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 3/2/2028 | 500000 | 507327 |
|  |  | **507327** |
|  **Commercial Banks — 10.3%** |  |  |
|  Banco Santander Chile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% due 11/20/2030<sup>(1)</sup> | 1300000 | 1282944 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.419% (3.419% fixed rate until 12/20/2027; 3 mo. USD Term SOFR + 1.30% thereafter) due 12/20/2028<sup>(2)</sup> | 500000 | 491186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.979% (4.979% fixed rate until 1/24/2028; 1 day USD SOFR + 0.83% thereafter) due 1/24/2029<sup>(2)</sup> | 940000 | 947323 |
|  Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.484% (6.484% fixed rate until 10/24/2028; 1 day USD SOFR + 1.77% thereafter) due 10/24/2029<sup>(2)</sup> | 2700000 | 2824591 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.915% (4.915% fixed rate until 1/24/2028; 1 day USD SOFR + 0.80% thereafter) due 1/24/2029<sup>(2)</sup> | 1400000 | 1411924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.299% (5.299% fixed rate until 7/24/2028; 1 day USD SOFR + 1.45% thereafter) due 7/24/2029<sup>(2)</sup> | 500000 | 509331 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SHORT DURATION BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Commercial Banks — (continued)** |  |  |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.164% (5.164% fixed rate until 4/20/2028; 1 day USD SOFR + 1.59% thereafter) due 4/20/2029<sup>(2)</sup> | 1900000 | 1921885 |
|  Morgan Stanley Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.968% (4.968% fixed rate until 7/14/2027; 1 day USD SOFR + 0.93% thereafter) due 7/14/2028<sup>(2)</sup> | 1000000 | 1005931 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.574% (5.574% fixed rate until 7/25/2028; 1 day USD SOFR + 1.74% thereafter) due 7/25/2029<sup>(2)</sup> | 2800000 | 2864323 |
|  |  | **13259438** |
|  **Computers — 1.1%** | **Computers — 1.1%** | **Computers — 1.1%** |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 4/1/2028 | 1450000 | 1460190 |
|  |  | **1460190** |
|  **Diversified Financial Services — 4.0%** | **Diversified Financial Services — 4.0%** | **Diversified Financial Services — 4.0%** |
|  American Express Co. | American Express Co. | American Express Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.098% (5.098% fixed rate until 2/16/2027; 1 day USD SOFR + 1.00% thereafter) due 2/16/2028<sup>(2)</sup> | 1100000 | 1105990 |
|  Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 10/25/2028<sup>(1)</sup> | 1300000 | 1360258 |
|  Lseg U.S. Fin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 3/23/2029<sup>(1)</sup> | 490000 | 486429 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 9/15/2028 | 1100000 | 1045386 |
|  Western Union Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 6/15/2029 | 1120000 | 1110024 |
|  |  | **5108087** |
|  **Electric — 1.0%** | **Electric — 1.0%** | **Electric — 1.0%** |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% due 10/15/2028<sup>(1)</sup> | 1300000 | 1284420 |
|  |  | **1284420** |
|  **Electrical Components & Equipment — 1.1%** | **Electrical Components & Equipment — 1.1%** | **Electrical Components & Equipment — 1.1%** |
|  Molex Electronic Technologies LLC | Molex Electronic Technologies LLC | Molex Electronic Technologies LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 4/30/2028<sup>(1)</sup> | 1400000 | 1405973 |
|  |  | **1405973** |
|  **Food — 2.2%** | **Food — 2.2%** | **Food — 2.2%** |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% due 4/20/2028<sup>(1)</sup> | 2870000 | 2889130 |
|  |  | **2889130** |
|  **Healthcare-Products — 0.9%** | **Healthcare-Products — 0.9%** | **Healthcare-Products — 0.9%** |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 4/1/2029<sup>(1)</sup> | 1170000 | 1131813 |
|  |  | **1131813** |
|  **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 6/1/2028 | 1000000 | 1015045 |
|  |  | **1015045** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SHORT DURATION BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
|  Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05% due 7/15/2028<sup>(1)</sup> | $650000 | $674279 |
|  |  | **674279** |
|  **Leisure Time — 1.7%** | **Leisure Time — 1.7%** | **Leisure Time — 1.7%** |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 8/15/2029<sup>(1)</sup> | 1600000 | 1659762 |
|  Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 7/15/2027<sup>(1)</sup> | 500000 | 501888 |
|  |  | **2161650** |
|  **Lodging — 0.8%** | **Lodging — 0.8%** | **Lodging — 0.8%** |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90% due 6/1/2027 | 1000000 | 1012998 |
|  |  | **1012998** |
|  **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** |
|  EQT Corp. | EQT Corp. | EQT Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 1/15/2029 | 500000 | 498831 |
|  |  | **498831** |
|  **Pipelines — 1.8%** | **Pipelines — 1.8%** | **Pipelines — 1.8%** |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 6/15/2029<sup>(1)</sup> | 1370000 | 1341176 |
|  Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% due 8/15/2028 | 1000000 | 1021029 |
|  |  | **2362205** |
|  **Real Estate Investment Trusts — 1.7%** | **Real Estate Investment Trusts — 1.7%** | **Real Estate Investment Trusts — 1.7%** |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 7/1/2026 | 500000 | 498907 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 8/1/2030 | 670000 | 671313 |
|  VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 4/1/2028 | 980000 | 980998 |
|  |  | **2151218** |
|  **Telecommunications — 1.8%** | **Telecommunications — 1.8%** | **Telecommunications — 1.8%** |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.152% due 3/20/2028<sup>(1)</sup> | 1880000 | 1889283 |
|  T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 4/15/2027 | 500000 | 496905 |
|  |  | **2386188** |
|  **Transportation — 0.4%** | **Transportation — 0.4%** | **Transportation — 0.4%** |
|  GXO Logistics, Inc. | GXO Logistics, Inc. | GXO Logistics, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 5/6/2029 | 461000 | 477910 |
|  |  | **477910** |
|  **Total Corporate Bonds & Notes**<br> (Cost $41,158,715) | **Total Corporate Bonds & Notes**<br> (Cost $41,158,715) | **41223707** |
|  **Non-Agency Mortgage-Backed Securities — 1.6%** | **Non-Agency Mortgage-Backed Securities — 1.6%** | **Non-Agency Mortgage-Backed Securities — 1.6%** |
|  Brean Asset-Backed Securities Trust | Brean Asset-Backed Securities Trust | Brean Asset-Backed Securities Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RM11, Class A1<br> 4.75% due 5/25/2065<sup>(1)(2)(3)</sup> | 2095040 | 2053227 |
|  **Total Non-Agency Mortgage-Backed Securities**<br> (Cost $2,031,102) | **Total Non-Agency Mortgage-Backed Securities**<br> (Cost $2,031,102) | **2053227** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SHORT DURATION BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **U.S. Government Securities — 15.8%** | **U.S. Government Securities — 15.8%** | **U.S. Government Securities — 15.8%** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 10/31/2028 | $21700000 | $20406476 |
|  **Total U.S. Government Securities**<br> (Cost $20,418,344) | **Total U.S. Government Securities**<br> (Cost $20,418,344) | **20406476** |
|  **Repurchase Agreements — 1.0%** | **Repurchase Agreements — 1.0%** | **Repurchase Agreements — 1.0%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $1,281,984, due 4/1/2026<sup>(4)</sup> | $1281946 | 1281946 |
|  **Total Repurchase Agreements**<br> (Cost $1,281,946) | **Total Repurchase Agreements**<br> (Cost $1,281,946) | **1281946** |
|  **Total Investments — 97.3%**<br> (Cost $125,253,924) | **Total Investments — 97.3%**<br> (Cost $125,253,924) | **125497507** |
|  **Assets in excess of other liabilities — 2.7%** | **Assets in excess of other liabilities — 2.7%** | **3462293** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**128959800** |

---

(1) 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 March 31, 2026, the aggregate market value of these securities amounted to $45,803,421, representing 35.5% 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.

(2) Variable rate securities, which may include step-up bonds or adjustable
rate mortgages. The rate shown is the rate in effect at March 31, 2026.

(3) Variable coupon rate based on weighted average interest rate of underlying mortgages.

(4) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  U.S. Treasury Note | 1.00% | 7/31/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307653 |

---

**Legend:** 

SOFR – Secured Overnight Financing Rate

USD – United States Dollar

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SHORT DURATION BOND VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Agency Mortgage-Backed Securities | $— | $28546109 | $— | $28546109 |
|  Asset-Backed Securities |  | 31986042 |  | 31986042 |
|  Corporate Bonds & Notes |  | 41223707 |  | 41223707 |
|  Non-Agency Mortgage-Backed Securities |  | 2053227 |  | 2053227 |
|  U.S. Government Securities |  | 20406476 |  | 20406476 |
|  Repurchase Agreements |  | 1281946 |  | 1281946 |
|  **Total** | $**—** | $**125497507** | $**—** | $**125497507** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SMALL-MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 98.7%** | **Common Stocks — 98.7%** | **Common Stocks — 98.7%** |
|  **Aerospace & Defense — 4.0%** | **Aerospace & Defense — 4.0%** | **Aerospace & Defense — 4.0%** |
|  BWX Technologies, Inc. | 14366 | $2937703 |
|  Melrose Industries PLC (United Kingdom) | 319124 | 2149603 |
|  V2X, Inc.<sup>(1)</sup> | 35003 | 2397706 |
|  |  | **7485012** |
|  **Automobile Components — 0.9%** | **Automobile Components — 0.9%** | **Automobile Components — 0.9%** |
|  Gentherm, Inc.<sup>(1)</sup> | 61221 | 1700719 |
|  |  | **1700719** |
|  **Banks — 7.2%** | **Banks — 7.2%** | **Banks — 7.2%** |
|  Ameris Bancorp | 38795 | 3025622 |
|  Axos Financial, Inc.<sup>(1)</sup> | 26000 | 2212340 |
|  Customers Bancorp, Inc.<sup>(1)</sup> | 8335 | 578532 |
|  Popular, Inc. | 15158 | 2033749 |
|  Texas Capital Bancshares, Inc.<sup>(1)</sup> | 27051 | 2566599 |
|  Wintrust Financial Corp. | 21626 | 3004717 |
|  |  | **13421559** |
|  **Biotechnology — 3.8%** | **Biotechnology — 3.8%** | **Biotechnology — 3.8%** |
|  ACADIA Pharmaceuticals, Inc.<sup>(1)</sup> | 23496 | 523021 |
|  Arrowhead Pharmaceuticals, Inc.<sup>(1)</sup> | 11456 | 718291 |
|  Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | 22418 | 555070 |
|  Exelixis, Inc.<sup>(1)</sup> | 13890 | 595742 |
|  Janux Therapeutics, Inc.<sup>(1)</sup> | 36984 | 514078 |
|  Monte Rosa Therapeutics, Inc.<sup>(1)</sup> | 32978 | 542488 |
|  Praxis Precision Medicines, Inc.<sup>(1)</sup> | 1606 | 517437 |
|  Protagonist Therapeutics, Inc.<sup>(1)</sup> | 5735 | 604469 |
|  PTC Therapeutics, Inc.<sup>(1)</sup> | 8311 | 566228 |
|  Roivant Sciences Ltd.<sup>(1)</sup> | 26707 | 739784 |
|  United Therapeutics Corp.<sup>(1)</sup> | 2143 | 1270756 |
|  |  | **7147364** |
|  **Building Products — 3.3%** | **Building Products — 3.3%** | **Building Products — 3.3%** |
|  AAON, Inc. | 19887 | 1645649 |
|  AZZ, Inc. | 18565 | 2323039 |
|  Carlisle Cos., Inc. | 6462 | 2155852 |
|  |  | **6124540** |
|  **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
|  Cboe Global Markets, Inc. | 4998 | 1404788 |
|  Raymond James Financial, Inc. | 12761 | 1847665 |
|  StoneX Group, Inc.<sup>(1)</sup> | 9453 | 762384 |
|  |  | **4014837** |
|  **Chemicals — 2.9%** | **Chemicals — 2.9%** | **Chemicals — 2.9%** |
|  Ashland, Inc. | 43714 | 2430935 |
|  Westlake Corp. | 24784 | 2895267 |
|  |  | **5326202** |
|  **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** |
|  Montrose Environmental Group, Inc.<sup>(1)</sup> | 95336 | 2086905 |
|  Republic Services, Inc. | 5790 | 1268126 |
|  |  | **3355031** |
|  **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
|  Ciena Corp.<sup>(1)</sup> | 2475 | 960869 |
|  |  | **960869** |
|  **Construction & Engineering — 3.3%** | **Construction & Engineering — 3.3%** | **Construction & Engineering — 3.3%** |
|  API Group Corp.<sup>(1)</sup> | 75235 | 3048522 |
|  Comfort Systems USA, Inc. | 1344 | 1853363 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SMALL-MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Construction & Engineering — (continued)** | **Construction & Engineering — (continued)** | **Construction & Engineering — (continued)** |
|  Sterling Infrastructure, Inc.<sup>(1)</sup> | 2903 | 1182305 |
|  |  | **6084190** |
|  **Containers & Packaging — 1.1%** | **Containers & Packaging — 1.1%** | **Containers & Packaging — 1.1%** |
|  Crown Holdings, Inc. | 20742 | 2079385 |
|  |  | **2079385** |
|  **Electrical Equipment — 3.7%** | **Electrical Equipment — 3.7%** | **Electrical Equipment — 3.7%** |
|  Allient, Inc. | 50897 | 3007504 |
|  Nextpower, Inc., Class A<sup>(1)</sup> | 7392 | 891105 |
|  Regal Rexnord Corp. | 16066 | 3008519 |
|  |  | **6907128** |
|  **Electronic Equipment, Instruments & Components — 6.1%** | **Electronic Equipment, Instruments & Components — 6.1%** | **Electronic Equipment, Instruments & Components — 6.1%** |
|  Littelfuse, Inc. | 8913 | 3024627 |
|  Mirion Technologies, Inc.<sup>(1)</sup> | 126259 | 2347155 |
|  Ralliant Corp. | 55643 | 2314192 |
|  Sanmina Corp.<sup>(1)</sup> | 3440 | 445962 |
|  Teledyne Technologies, Inc.<sup>(1)</sup> | 4002 | 2421250 |
|  TTM Technologies, Inc.<sup>(1)</sup> | 9737 | 948578 |
|  |  | **11501764** |
|  **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
|  Roku, Inc.<sup>(1)</sup> | 28516 | 2698184 |
|  |  | **2698184** |
|  **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
|  Haemonetics Corp.<sup>(1)</sup> | 33173 | 1869630 |
|  LivaNova PLC<sup>(1)</sup> | 41632 | 2646130 |
|  |  | **4515760** |
|  **Health Care Providers & Services — 2.1%** | **Health Care Providers & Services — 2.1%** | **Health Care Providers & Services — 2.1%** |
|  HealthEquity, Inc.<sup>(1)</sup> | 36310 | 3034427 |
|  Humana, Inc. | 5585 | 968383 |
|  |  | **4002810** |
|  **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** |
|  Omega Healthcare Investors, Inc. | 18856 | 826270 |
|  |  | **826270** |
|  **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** |
|  Planet Fitness, Inc., Class A<sup>(1)</sup> | 31592 | 2349813 |
|  |  | **2349813** |
|  **Household Durables — 1.4%** | **Household Durables — 1.4%** | **Household Durables — 1.4%** |
|  Toll Brothers, Inc. | 19534 | 2665805 |
|  |  | **2665805** |
|  **Independent Power and Renewable Electricity Producers — 1.4%** | **Independent Power and Renewable Electricity Producers — 1.4%** | **Independent Power and Renewable Electricity Producers — 1.4%** |
|  Talen Energy Corp.<sup>(1)</sup> | 7957 | 2540113 |
|  |  | **2540113** |
|  **Industrial REITs — 1.6%** | **Industrial REITs — 1.6%** | **Industrial REITs — 1.6%** |
|  Terreno Realty Corp. | 47710 | 2930348 |
|  |  | **2930348** |
|  **Insurance — 5.6%** | **Insurance — 5.6%** | **Insurance — 5.6%** |
|  Arch Capital Group Ltd.<sup>(1)</sup> | 20328 | 1951285 |
|  Axis Capital Holdings Ltd. | 20078 | 2036110 |
|  First American Financial Corp. | 29355 | 1769813 |
|  Reinsurance Group of America, Inc. | 13595 | 2775555 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SMALL-MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Insurance — (continued)** | **Insurance — (continued)** | **Insurance — (continued)** |
|  Unum Group | 26107 | 1906594 |
|  |  | **10439357** |
|  **IT Services — 1.3%** | **IT Services — 1.3%** | **IT Services — 1.3%** |
|  Okta, Inc.<sup>(1)</sup> | 31535 | 2482120 |
|  |  | **2482120** |
|  **Life Sciences Tools & Services — 5.2%** | **Life Sciences Tools & Services — 5.2%** | **Life Sciences Tools & Services — 5.2%** |
|  Azenta, Inc.<sup>(1)</sup> | 118607 | 2506166 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 8394 | 2339827 |
|  Bruker Corp. | 73921 | 2670027 |
|  ICON PLC<sup>(1)</sup> | 19892 | 2201249 |
|  |  | **9717269** |
|  **Machinery — 1.2%** | **Machinery — 1.2%** | **Machinery — 1.2%** |
|  Esab Corp. | 23059 | 2228883 |
|  |  | **2228883** |
|  **Marine Transportation — 2.0%** | **Marine Transportation — 2.0%** | **Marine Transportation — 2.0%** |
|  Kirby Corp.<sup>(1)</sup> | 27507 | 3655130 |
|  |  | **3655130** |
|  **Metals & Mining — 2.2%** | **Metals & Mining — 2.2%** | **Metals & Mining — 2.2%** |
|  Century Aluminum Co.<sup>(1)</sup> | 13480 | 791141 |
|  Coeur Mining, Inc.<sup>(1)</sup> | 43627 | 818879 |
|  Commercial Metals Co. | 41824 | 2569248 |
|  |  | **4179268** |
|  **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** |
|  Antero Resources Corp.<sup>(1)</sup> | 47293 | 2007115 |
|  Coterra Energy, Inc. | 60319 | 2119610 |
|  Teekay Corp. Ltd. | 67469 | 823796 |
|  |  | **4950521** |
|  **Paper & Forest Products — 1.3%** | **Paper & Forest Products — 1.3%** | **Paper & Forest Products — 1.3%** |
|  Louisiana-Pacific Corp. | 34436 | 2505219 |
|  |  | **2505219** |
|  **Passenger Airlines — 1.2%** | **Passenger Airlines — 1.2%** | **Passenger Airlines — 1.2%** |
|  Alaska Air Group, Inc.<sup>(1)</sup> | 61916 | 2277270 |
|  |  | **2277270** |
|  **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
|  Amneal Pharmaceuticals, Inc.<sup>(1)</sup> | 45539 | 566050 |
|  |  | **566050** |
|  **Residential REITs — 1.5%** | **Residential REITs — 1.5%** | **Residential REITs — 1.5%** |
|  Sun Communities, Inc. | 22167 | 2792155 |
|  |  | **2792155** |
|  **Semiconductors & Semiconductor Equipment — 5.6%** | **Semiconductors & Semiconductor Equipment — 5.6%** | **Semiconductors & Semiconductor Equipment — 5.6%** |
|  Allegro MicroSystems, Inc.<sup>(1)</sup> | 74291 | 2342395 |
|  Credo Technology Group Holding Ltd.<sup>(1)</sup> | 6537 | 613628 |
|  Marvell Technology, Inc. | 34561 | 3423267 |
|  ON Semiconductor Corp.<sup>(1)</sup> | 67517 | 4180653 |
|  |  | **10559943** |
|  **Software — 3.0%** | **Software — 3.0%** | **Software — 3.0%** |
|  CCC Intelligent Solutions Holdings, Inc.<sup>(1)</sup> | 314461 | 1886766 |
|  Cipher Digital, Inc.<sup>(1)</sup> | 27067 | 348352 |
|  D-Wave Quantum, Inc.<sup>(1)</sup> | 17652 | 254719 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SMALL-MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Software — (continued)** | **Software — (continued)** | **Software — (continued)** |
|  Dynatrace, Inc.<sup>(1)</sup> | 82899 | $3065605 |
|  |  | **5555442** |
|  **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |
|  SBA Communications Corp. | 10032 | 1726608 |
|  |  | **1726608** |
|  **Specialty Retail — 4.7%** | **Specialty Retail — 4.7%** | **Specialty Retail — 4.7%** |
|  Burlington Stores, Inc.<sup>(1)</sup> | 7907 | 2572780 |
|  Chewy, Inc., Class A<sup>(1)</sup> | 57882 | 1562814 |
|  National Vision Holdings, Inc.<sup>(1)</sup> | 90553 | 2345323 |
|  Revolve Group, Inc.<sup>(1)</sup> | 103602 | 2342441 |
|  |  | **8823358** |
|  **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** |
|  Sandisk Corp.<sup>(1)</sup> | 1725 | 1095962 |
|  |  | **1095962** |
|  **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
|  Tapestry, Inc. | 7097 | 1001458 |
|  |  | **1001458** |
|  **Trading Companies & Distributors — 6.2%** | **Trading Companies & Distributors — 6.2%** | **Trading Companies & Distributors — 6.2%** |
|  Applied Industrial Technologies, Inc. | 10926 | 2898886 |
|  Herc Holdings, Inc. | 23441 | 2333552 |
|  QXO, Inc.<sup>(1)</sup> | 169956 | 3300545 |
|  WESCO International, Inc. | 11284 | 3087528 |
|  |  | **11620511** |
|  **Total Common Stocks**<br> (Cost $175,463,156) | **Total Common Stocks**<br> (Cost $175,463,156) | **184814227** |
|  | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 0.2%** | **Repurchase Agreements — 0.2%** | **Repurchase Agreements — 0.2%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $409,920, due 4/1/2026<sup>(2)</sup> | $409908 | 409908 |
|  **Total Repurchase Agreements**<br> (Cost $409,908) | **Total Repurchase Agreements**<br> (Cost $409,908) | **409908** |
|  **Total Investments — 98.9%**<br> (Cost $175,873,064) | **Total Investments — 98.9%**<br> (Cost $175,873,064) | **185224135** |
|  **Assets in excess of other liabilities — 1.1%** | **Assets in excess of other liabilities — 1.1%** | **2154050** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**187378185** |

---

(1) Non–income–producing security.

(2) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  U.S. Treasury Note | 3.625% | 8/31/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418136 |

---

**Legend:** 

REITs – Real Estate Investment Trusts

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SMALL-MID CAP CORE VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $182664624 | $2149603 \* | $— | $184814227 |
|  Repurchase Agreements |  | 409908 |  | 409908 |
|  **Total** | $**182664624** | $**2559511** | $**—** | $**185224135** |

---

<sup>\*</sup> Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Notes to Schedule of Investments). These investments in securities were classified as Level 2 rather than Level 1.

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 98.8%** | **Common Stocks — 98.8%** | **Common Stocks — 98.8%** |
|  **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** |
|  BAE Systems PLC, ADR | 24280 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828620 |
|  L3Harris Technologies, Inc. | 9710 | 3351406 |
|  |  | **6180026** |
|  **Banks — 3.9%** | **Banks — 3.9%** | **Banks — 3.9%** |
|  Bank of America Corp. | 60428 | 2945865 |
|  JPMorgan Chase & Co. | 10256 | 3016905 |
|  M&T Bank Corp. | 4723 | 976338 |
|  |  | **6939108** |
|  **Beverages — 1.5%** | **Beverages — 1.5%** | **Beverages — 1.5%** |
|  Coca-Cola Co. | 14917 | 1134438 |
|  Monster Beverage Corp.<sup>(1)</sup> | 20545 | 1488691 |
|  |  | **2623129** |
|  **Biotechnology — 3.8%** | **Biotechnology — 3.8%** | **Biotechnology — 3.8%** |
|  AbbVie, Inc. | 13450 | 2925240 |
|  Gilead Sciences, Inc. | 27902 | 3888702 |
|  |  | **6813942** |
|  **Broadline Retail — 3.2%** | **Broadline Retail — 3.2%** | **Broadline Retail — 3.2%** |
|  Amazon.com, Inc.<sup>(1)</sup> | 27318 | 5689520 |
|  |  | **5689520** |
|  **Building Products — 0.5%** | **Building Products — 0.5%** | **Building Products — 0.5%** |
|  Trane Technologies PLC | 2171 | 904743 |
|  |  | **904743** |
|  **Capital Markets — 2.9%** | **Capital Markets — 2.9%** | **Capital Markets — 2.9%** |
|  Cboe Global Markets, Inc. | 8067 | 2267392 |
|  CME Group, Inc. | 2475 | 730991 |
|  S&P Global, Inc. | 5059 | 2151795 |
|  |  | **5150178** |
|  **Communications Equipment — 3.2%** | **Communications Equipment — 3.2%** | **Communications Equipment — 3.2%** |
|  Cisco Systems, Inc. | 43479 | 3373536 |
|  Motorola Solutions, Inc. | 5091 | 2209341 |
|  |  | **5582877** |
|  **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** |
|  Stantec, Inc. | 16434 | 1419898 |
|  |  | **1419898** |
|  **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |
|  U.S. Foods Holding Corp.<sup>(1)</sup> | 9550 | 880605 |
|  |  | **880605** |
|  **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** |
|  ADT, Inc. | 80559 | 529273 |
|  |  | **529273** |
|  **Electric Utilities — 3.4%** | **Electric Utilities — 3.4%** | **Electric Utilities — 3.4%** |
|  American Electric Power Co., Inc. | 25738 | 3373737 |
|  NextEra Energy, Inc. | 28626 | 2658783 |
|  |  | **6032520** |
|  **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
|  Eaton Corp. PLC | 3627 | 1297269 |
|  |  | **1297269** |
|  **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
|  Netflix, Inc.<sup>(1)</sup> | 22660 | 2178759 |
|  |  | **2178759** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Financial Services — 4.2%** | **Financial Services — 4.2%** | **Financial Services — 4.2%** |
|  Mastercard, Inc., Class A | 7302 | $3648517 |
|  Visa, Inc., Class A | 12556 | 3794926 |
|  |  | **7443443** |
|  **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** |
|  Medtronic PLC | 21804 | 1889317 |
|  |  | **1889317** |
|  **Health Care Providers & Services — 2.7%** | **Health Care Providers & Services — 2.7%** | **Health Care Providers & Services — 2.7%** |
|  McKesson Corp. | 4095 | 3543649 |
|  UnitedHealth Group, Inc. | 4266 | 1154337 |
|  |  | **4697986** |
|  **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** |
|  Booking Holdings, Inc. | 164 | 690493 |
|  Compass Group PLC, ADR | 67484 | 1876055 |
|  Yum! Brands, Inc. | 11956 | 1858919 |
|  |  | **4425467** |
|  **Household Products — 2.2%** | **Household Products — 2.2%** | **Household Products — 2.2%** |
|  Colgate-Palmolive Co. | 28249 | 2407662 |
|  Procter & Gamble Co. | 10652 | 1538575 |
|  |  | **3946237** |
|  **Insurance — 4.4%** | **Insurance — 4.4%** | **Insurance — 4.4%** |
|  American Financial Group, Inc. | 6094 | 778265 |
|  Everest Group Ltd. | 1380 | 451053 |
|  Hanover Insurance Group, Inc. | 5170 | 896219 |
|  Marsh & McLennan Cos., Inc. | 9084 | 1575620 |
|  Reinsurance Group of America, Inc. | 3077 | 628200 |
|  Travelers Cos., Inc. | 8043 | 2345982 |
|  Willis Towers Watson PLC | 4011 | 1165998 |
|  |  | **7841337** |
|  **Interactive Media & Services — 7.1%** | **Interactive Media & Services — 7.1%** | **Interactive Media & Services — 7.1%** |
|  Alphabet, Inc., Class C | 37113 | 10646235 |
|  Meta Platforms, Inc., Class A | 3248 | 1858278 |
|  |  | **12504513** |
|  **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
|  Thermo Fisher Scientific, Inc. | 2687 | 1320741 |
|  |  | **1320741** |
|  **Multi-Utilities — 1.5%** | **Multi-Utilities — 1.5%** | **Multi-Utilities — 1.5%** |
|  Ameren Corp. | 24360 | 2677651 |
|  |  | **2677651** |
|  **Office REITs — 0.4%** | **Office REITs — 0.4%** | **Office REITs — 0.4%** |
|  COPT Defense Properties | 24525 | 750465 |
|  |  | **750465** |
|  **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |
|  Exxon Mobil Corp. | 12663 | 2148405 |
|  Shell PLC, ADR | 29979 | 2788047 |
|  |  | **4936452** |
|  **Pharmaceuticals — 4.4%** | **Pharmaceuticals — 4.4%** | **Pharmaceuticals — 4.4%** |
|  Eli Lilly & Co. | 3209 | 2951542 |
|  Merck & Co., Inc. | 33643 | 4046917 |
|  Zoetis, Inc. | 6720 | 794371 |
|  |  | **7792830** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **March 31, 2026 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Professional Services — 3.7%** | **Professional Services — 3.7%** | **Professional Services — 3.7%** |
|  Automatic Data Processing, Inc. | 4683 | $951492 |
|  Experian PLC, ADR | 41459 | 1448577 |
|  Jacobs Solutions, Inc. | 6428 | 818156 |
|  Leidos Holdings, Inc. | 13615 | 2117405 |
|  RELX PLC, ADR | 38210 | 1266662 |
|  |  | **6602292** |
|  **Semiconductors & Semiconductor Equipment — 12.6%** | **Semiconductors & Semiconductor Equipment — 12.6%** | **Semiconductors & Semiconductor Equipment — 12.6%** |
|  Analog Devices, Inc. | 8501 | 2704508 |
|  Broadcom, Inc. | 20308 | 6285529 |
|  KLA Corp. | 513 | 755346 |
|  NVIDIA Corp. | 50422 | 8793597 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 11361 | 3839450 |
|  |  | **22378430** |
|  **Software — 8.1%** | **Software — 8.1%** | **Software — 8.1%** |
|  Intuit, Inc. | 3438 | 1486522 |
|  Microsoft Corp. | 27590 | 10212990 |
|  Nice Ltd., ADR<sup>(1)</sup> | 8799 | 970178 |
|  ServiceNow, Inc.<sup>(1)</sup> | 16776 | 1753931 |
|  |  | **14423621** |
|  **Specialized REITs — 1.3%** | **Specialized REITs — 1.3%** | **Specialized REITs — 1.3%** |
|  Digital Realty Trust, Inc. | 8433 | 1519711 |
|  Extra Space Storage, Inc. | 6394 | 838445 |
|  |  | **2358156** |
|  **Specialty Retail — 2.7%** | **Specialty Retail — 2.7%** | **Specialty Retail — 2.7%** |
|  AutoZone, Inc.<sup>(1)</sup> | 751 | 2536713 |
|  O'Reilly Automotive, Inc.<sup>(1)</sup> | 8725 | 805405 |
|  Ulta Beauty, Inc.<sup>(1)</sup> | 2843 | 1486064 |
|  |  | **4828182** |
|  **Technology Hardware, Storage & Peripherals — 5.5%** | **Technology Hardware, Storage & Peripherals — 5.5%** | **Technology Hardware, Storage & Peripherals — 5.5%** |
|  Apple, Inc. | 38355 | 9734115 |
|  |  | **9734115** |
|  **Tobacco — 1.5%** | **Tobacco — 1.5%** | **Tobacco — 1.5%** |
|  Philip Morris International, Inc. | 16169 | 2673382 |
|  |  | **2673382** |
|  **Total Common Stocks**<br> (Cost $137,482,762) | **Total Common Stocks**<br> (Cost $137,482,762) | **175446464** |
|  | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 1.4%** | **Repurchase Agreements — 1.4%** | **Repurchase Agreements — 1.4%** |
|  Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $2,458,430, due 4/1/2026<sup>(2)</sup> | $2458358 | 2458358 |
|  **Total Repurchase Agreements**<br> (Cost $2,458,358) | **Total Repurchase Agreements**<br> (Cost $2,458,358) | **2458358** |
|  **Total Investments — 100.2%**<br> (Cost $139,941,120) | **Total Investments — 100.2%**<br> (Cost $139,941,120) | **177904822** |
|  **Liabilities in excess of other assets — (0.2)%** | **Liabilities in excess of other assets — (0.2)%** | **(420584)** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**177484238** |

---

(1) Non–income–producing security.

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

(2) The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  U.S. Treasury Note | 3.625% | 8/31/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507542 |

---

**Legend:** 

ADR – American Depositary Receipt

REITs – Real Estate Investment Trusts

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* | *— Valuation Inputs —* |
| **Investments in Securities** (unaudited) | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $175446464 | $— | $— | $175446464 |
|  Repurchase Agreements |  | 2458358 |  | 2458358 |
|  **Total** | $**175446464** | $**2458358** | $**—** | $**177904822** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**Notes to Schedule of Investments (unaudited)** 

**Investment Valuations** 

The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Funds pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (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 Funds.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value. 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 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 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.

**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 a 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 Funds' Schedule of Investments. As of March 31, 2026, Guardian Multi-Sector Bond VIP Fund held two illiquid securities, Guardian Large Cap Fundamental Growth VIP Fund held three illiquid securities, and Guardian Mid Cap Relative Value VIP Fund held three illiquid securities.

**Fair Value Measurements** 

In accordance with Financial Accounting Standards Board ("FASB") Codification Topic 820 ("ASC Topic 820"), fair value is defined as the price that the Fund would receive upon selling an investment in an "arm's length" transaction to a willing buyer in the principal or most advantageous market for the investment. ASC Topic 820 established a hierarchy for classification of fair value measurements for disclosure purposes. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. The hierarchy of inputs is summarized in the 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. As of March 31, 2026, except for Guardian Multi-Sector Bond VIP Fund, there were no transfers into or out of Level 3 of the fair value hierarchy. Guardian Multi-Sector Bond VIP had transfers into Level 3 of the fair value hierarchy as of March 31, 2026.

The Funds' policy is to recognize transfers between Level 1, Level 2 and Level 3 at the end of the reporting period. Transfers between Levels 1 and 2 related to certain exchange-traded foreign securities whose prices may have been affected by events occurring after the close of trading on the exchange and, as a result, whose value were determined by a pricing service using pricing models in accordance with methods approved by the Funds' Board of Trustees. Transfers between Levels 2 and 3 relate to securities which have significant unobservable inputs, as they trade infrequently or not at all.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Funds' investment portfolios into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Funds' assets and liabilities carried at fair value as of March 31, 2026 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 Funds' 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 Funds' results of operations. As of March 31, 2026, Guardian Large Cap Fundamental Growth VIP Fund has two securities and Guardian Multi-Sector Bond VIP Fund has 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, swaptions and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the period ended March 31, 2026, Guardian Multi-Sector Bond VIP Fund, Guardian Total Return Bond VIP Fund, Guardian Balanced Allocation VIP Fund and Guardian Core Plus Fixed Income VIP Fund entered into U.S. Treasury futures contracts to manage portfolio duration and Guardian Select Mid Cap Core VIP Fund entered into equity futures contracts to equitize cash and keep the Fund fully invested. During the period ended March 31, 2026 Guardian Multi-Sector Bond VIP Fund and Guardian Total Return Bond VIP Fund entered into forward foreign currency contracts. During the period ended March 31, 2026, Guardian Multi-Sector Bond VIP Fund entered into swaps and swaptions.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Guardian Variable Products Trust

- **b. Investment Company Act file number:** 811-23148

- **c. CIK number of Registrant:** 0001668512

- **d. LEI of Registrant:** 549300S9PVDT6IL3OT03

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 10 Hudson Yards

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10001

  - **Telephone number:** 212-598-8000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Guardian Core Fixed Income VIP Fund

- **b. EDGAR series identifier (if any):** S000070433

- **c. LEI of Series:** 549300CKF80XWVUT5L40

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $345036717.98

**Total Liabilities:** $19631919.62

**Net Assets:** $325404798.36

**Delayed Delivery Securities:** $17610612.92

**Cash Not Reported:** $26.02

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -280.45000000 | **1-Year:** -7737.78000000 | **5-Year:** -30266.69000000 | **10-Year:** -12596.12000000 | **30-Year:** -2077.18000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -18.26000000 | **1-Year:** -428.94000000 | **5-Year:** -2273.43000000 | **10-Year:** -223.68000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223917 | 0.18%                | 1.73%                | -1.88%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $76796.34                | $-648271.64                                |
| Month 2  | $127635.92               | $4729855.87                                |
| Month 3  | $30020.47                | $-7685818.69                               |

**Designated Index Information**

- **Index Name:** Barclays US Aggregate

- **Index Identifier:** LBUSTRUU

### Schedule of Portfolio Investments

| Name                                      | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AEP TEXAS INC                             | AEP Texas Inc                                                                   | CUSIP: 00108WAV2<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63925.02     | 0.02%             | 2036-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Altde Trust                               | ALTDE 2025-1 Trust                                                              | CUSIP: 00166NAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    694261 | PA      | $698399.86    | 0.21%             | 2050-08-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                  | AT&T Inc                                                                        | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $846237.36    | 0.26%             | 2033-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                  | AT&T Inc                                                                        | CUSIP: 00206RMT6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    700000 | PA      | $715745.30    | 0.22%             | 2034-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| AASET 2022-1 LLC                          | AASET 2022-1 LLC                                                                | CUSIP: 00255EAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1077605 | PA      | $1094398.01   | 0.34%             | 2047-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBP9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1800000 | PA      | $1828341.36   | 0.56%             | 2031-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Aimco                                     | Aimco CLO 20 Ltd                                                                | CUSIP: 00901QAN2<br>LEI: 2549009AFNTQKXTAWE65 | Long             | ABS-CBDO         | CORP              | JE        |   1250000 | PA      | $1249023.75   | 0.38%             | 2038-10-16      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Allegro CLO Ltd                           | Allegro CLO XIII Ltd                                                            | CUSIP: 01750WAQ2<br>LEI: 254900E6QZJ305P65V74 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250232.82    | 0.08%             | 2038-07-20      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                 | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F020646<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6625000 | PA      | $5334677.70   | 1.64%             | 2056-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                 | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F022642<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    475000 | PA      | $399296.88    | 0.12%             | 2056-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                 | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F030645<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1300000 | PA      | $1141633.29   | 0.35%             | 2056-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                 | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F042640<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1450000 | PA      | $1399258.22   | 0.43%             | 2056-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                 | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F050445<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    750000 | PA      | $755476.51    | 0.23%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                 | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F050452<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    450000 | PA      | $452864.03    | 0.14%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                 | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F050643<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    750000 | PA      | $739594.98    | 0.23%             | 2056-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                 | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F052649<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $1004605.91   | 0.31%             | 2056-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                 | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F052649<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -1000000 | PA      | $-1004605.91  | -0.31%            | 2056-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                 | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F060659<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1100000 | PA      | $1119928.77   | 0.34%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                 | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F062648<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    175000 | PA      | $181038.16    | 0.06%             | 2056-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                       | American Express Co                                                             | CUSIP: 025816DH9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    300000 | PA      | $305111.01    | 0.09%             | 2029-07-27      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                       | American Express Co                                                             | CUSIP: 025816DY2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1016914.89   | 0.31%             | 2031-01-30      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                     | American Homes 4 Rent LP                                                        | CUSIP: 02666TAH0<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              |  | US        |    200000 | PA      | $200070.32    | 0.06%             | 2034-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                     | American Homes 4 Rent LP                                                        | CUSIP: 02666TAK3<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              |  | US        |    293000 | PA      | $294071.69    | 0.09%             | 2030-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                     | Aon North America Inc                                                           | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $816987.35    | 0.25%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                              | Ares LXX CLO Ltd                                                                | CUSIP: 039951AS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $249929.75    | 0.08%             | 2039-01-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                         | Ares Capital Corp                                                               | CUSIP: 04010LBE2<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506750.85    | 0.16%             | 2027-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                              | Ares XXXIV CLO Ltd                                                              | CUSIP: 04015GBB4<br>LEI: 549300VDFIIXSFET0S73 | Long             | ABS-CBDO         | CORP              | KY        |    343000 | PA      | $342735.89    | 0.11%             | 2038-07-17      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                              | Ares LIV CLO Ltd                                                                | CUSIP: 04017WAW2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249901.00    | 0.08%             | 2038-07-15      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                              | Ares LVIII CLO Ltd                                                              | CUSIP: 04018AAY5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    263000 | PA      | $262297.79    | 0.08%             | 2038-04-15      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| ARES STRATEGIC INCOME FU                  | Ares Strategic Income Fund                                                      | CUSIP: 04020EAK3<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |    167000 | PA      | $162388.72    | 0.05%             | 2030-09-09      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ARES STRATEGIC INCOME FU                  | Ares Strategic Income Fund                                                      | CUSIP: 04020EAL1<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |    206000 | PA      | $203856.25    | 0.06%             | 2028-09-09      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ARES STRATEGIC INCOME FU                  | Ares Strategic Income Fund                                                      | CUSIP: 04020EAU1<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |    700000 | PA      | $670584.08    | 0.21%             | 2031-04-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                              | Ares LXXVI CLO Ltd                                                              | CUSIP: 04021HAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    563000 | PA      | $563165.52    | 0.17%             | 2038-05-27      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                     | Athene Global Funding                                                           | CUSIP: 04685A4C2<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $983831.43    | 0.30%             | 2029-10-08      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                     | Athene Global Funding                                                           | CUSIP: 04685A4X6<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    320000 | PA      | $320047.81    | 0.10%             | 2027-04-19      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                  | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     40000 | PA      | $41172.20     | 0.01%             | 2028-05-04      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                  | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAU5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $1022621.00   | 0.31%             | 2029-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                  | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAX9<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     27000 | PA      | $27097.52     | 0.01%             | 2030-01-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                  | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAZ4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    146000 | PA      | $147591.91    | 0.05%             | 2030-05-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                          | BAT Capital Corp                                                                | CUSIP: 054989AB4<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1084505.33   | 0.33%             | 2033-08-02      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| BCRED BSL Static CLO Ltd                  | BCRED BSL Static CLO 2025-1 Ltd                                                 | CUSIP: 05556KAA0<br>LEI: 2549001IQYV4NQDSNA79 | Long             | ABS-CBDO         | CORP              | KY        |    185220 | PA      | $185258.62    | 0.06%             | 2035-07-24      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| BMP Trust                                 | BMP 2024-MF23                                                                   | CUSIP: 05593JAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    213000 | PA      | $212866.88    | 0.07%             | 2041-06-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                 | BPR Commercial Mortgage Trust 2024-PARK                                         | CUSIP: 05593UAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    774000 | PA      | $782176.38    | 0.24%             | 2039-11-05      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Trust 2025-ROIC                                                              | CUSIP: 05593VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    427495 | PA      | $425357.39    | 0.13%             | 2030-03-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Trust 2025-ROIC                                                              | CUSIP: 05593VAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1464023 | PA      | $1452128.30   | 0.45%             | 2030-03-15      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Commercial Mortgage Trust 2020-VIV2                                          | CUSIP: 05605NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    696000 | PA      | $648545.68    | 0.20%             | 2044-03-09      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                        | BX Trust 2019-OC11                                                              | CUSIP: 05606FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1888265.00   | 0.58%             | 2041-12-09      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Commercial Mortgage Trust 2020-VIV3                                          | CUSIP: 05608EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $941924.70    | 0.29%             | 2044-03-09      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Trust 2021-LBA                                                               | CUSIP: 05609BCD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $274828.13    | 0.08%             | 2036-02-15      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Commercial Mortgage Trust 2021-ACNT                                          | CUSIP: 05609QAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     74705 | PA      | $74658.63     | 0.02%             | 2038-11-15      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Commercial Mortgage Trust 2022-LP2                                           | CUSIP: 05610HAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $699562.50    | 0.21%             | 2039-02-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Commercial Mortgage Trust 2024-XL4                                           | CUSIP: 05611VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    579408 | PA      | $580066.89    | 0.18%             | 2039-02-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Commercial Mortgage Trust 2024-XL5                                           | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1023292 | PA      | $1024464.49   | 0.31%             | 2041-03-15      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Trust 2024-CNYN                                                              | CUSIP: 05612HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    204620 | PA      | $204688.37    | 0.06%             | 2041-04-15      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Trust 2025-DIME                                                              | CUSIP: 05613UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99481.22     | 0.03%             | 2035-02-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| BLP Commercial Mortgage Trust             | BLP Commercial Mortgage Trust 2024-IND2                                         | CUSIP: 05625AAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    106225 | PA      | $106250.24    | 0.03%             | 2041-03-15      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited          | Bain Capital Credit CLO 2023-2 Ltd                                              | CUSIP: 05684GAS5<br>LEI: 254900XLVE4635MESI73 | Long             | ABS-CBDO         | CORP              | JE        |    261000 | PA      | $260859.06    | 0.08%             | 2038-07-18      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited          | Bain Capital Credit CLO 2023-4 Ltd                                              | CUSIP: 05685EAN0<br>LEI: 254900ZFJ59QPVWB0563 | Long             | ABS-CBDO         | CORP              | KY        |    256000 | PA      | $255380.74    | 0.08%             | 2039-01-21      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                                                            | CUSIP: 06051GHM4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1493885.67   | 0.46%             | 2029-07-23      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                                                            | CUSIP: 06051GJF7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2048480.60   | 0.63%             | 2031-07-23      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                                                            | CUSIP: 06051GMT3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    693000 | PA      | $696012.82    | 0.21%             | 2029-05-09      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                              | Barclays PLC                                                                    | CUSIP: 06738ECY9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1500000 | PA      | $1526051.18   | 0.47%             | 2031-02-25      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                              | Barclays PLC                                                                    | CUSIP: 06738EDG7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    266000 | PA      | $261875.18    | 0.08%             | 2030-05-24      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| BAYER US FINANCE LLC                      | Bayer US Finance LLC                                                            | CUSIP: 07274EAK9<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1051604.65   | 0.32%             | 2030-11-21      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd           | Benefit Street Partners Clo XXXIII Ltd                                          | CUSIP: 08179DAL3<br>LEI: 254900IWSSBPCATK8N78 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $249666.75    | 0.08%             | 2039-01-25      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd           | Benefit Street Partners CLO 43 Ltd                                              | CUSIP: 08179QAA8<br>LEI: 254900TPMKEES6UQHQ33 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249887.75    | 0.08%             | 2038-10-20      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd           | Benefit Street Partners CLO 44 Ltd                                              | CUSIP: 08187NAA5<br>LEI: 254900Z6HW34YGOYWK97 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249401.00    | 0.08%             | 2039-01-15      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                               | BNP Paribas SA                                                                  | CUSIP: 09659W3A0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $1033022.15   | 0.32%             | 2033-01-13      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                 | Boeing Co/The                                                                   | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1016740.00   | 0.31%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BRIXMOR OPERATING PART                    | Brixmor Operating Partnership LP                                                | CUSIP: 11120VAH6<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              |  | US        |    900000 | PA      | $887783.51    | 0.27%             | 2029-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                              | Broadcom Inc                                                                    | CUSIP: 11135FCU3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    112000 | PA      | $102415.45    | 0.03%             | 2033-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                              | Broadcom Inc                                                                    | CUSIP: 11135FCV1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    888000 | PA      | $708454.96    | 0.22%             | 2041-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Commercial Mortgage Trust 2024-GPA3                                          | CUSIP: 123910AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    315218 | PA      | $315218.28    | 0.10%             | 2039-12-15      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Trust 2025-TAIL                                                              | CUSIP: 123912AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99999.96     | 0.03%             | 2035-06-15      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Commercial Mortgage Trust 2025-SPOT                                          | CUSIP: 12433FAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    521319 | PA      | $521400.28    | 0.16%             | 2040-04-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Commercial Mortgage Trust 2026-XL6                                           | CUSIP: 12433NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    338000 | PA      | $337156.25    | 0.10%             | 2043-03-15      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Commercial Mortgage Trust 2026-XL6                                           | CUSIP: 12433NAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99249.07     | 0.03%             | 2043-03-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| BX Trust                                  | BX Commercial Mortgage Trust 2026-ALOHA                                         | CUSIP: 12434HAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    274000 | PA      | $274000.00    | 0.08%             | 2043-04-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Centragas                                 | CENT 2025-CITY                                                                  | CUSIP: 12517TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    198000 | PA      | $199419.94    | 0.06%             | 2040-07-10      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                           | Cigna Group/The                                                                 | CUSIP: 125523CS7<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    400000 | PA      | $411222.12    | 0.13%             | 2033-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                          | CIFC Funding 2019-V Ltd                                                         | CUSIP: 12554XAY8<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2245963.50   | 0.69%             | 2038-10-15      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                           | CVS Health Corp                                                                 | CUSIP: 126650DJ6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $966280.98    | 0.30%             | 2030-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| COPT DEFENSE PROP LP                      | COPT Defense Properties LP                                                      | CUSIP: 12713UAA4<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              |  | US        |     33000 | PA      | $32573.62     | 0.01%             | 2030-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                  | Capital One Financial Corp                                                      | CUSIP: 14040HDE2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1538874.08   | 0.47%             | 2030-02-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies          | Carlyle US CLO 2025-6 LTD                                                       | CUSIP: 14320LAA5<br>LEI: 549300VC6J79YJCFU884 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249362.25    | 0.08%             | 2039-01-20      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                         | Cedar Funding XII CLO Ltd                                                       | CUSIP: 15033TBA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $99925.30     | 0.03%             | 2038-01-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                              | Centene Corp                                                                    | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $949282.40    | 0.29%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CENOVUS ENERGY INC                        | Cenovus Energy Inc                                                              | CUSIP: 15135UAW9<br>LEI: 254900LJGL2N2XEMD470 | Long             | DBT              | CORP              | CA        |    800000 | PA      | $711288.88    | 0.22%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| CENOVUS ENERGY INC                        | Cenovus Energy Inc                                                              | CUSIP: 15135UBA6<br>LEI: 254900LJGL2N2XEMD470 | Long             | DBT              | CORP              | CA        |     67000 | PA      | $66536.51     | 0.02%             | 2031-03-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| CENOVUS ENERGY INC                        | Cenovus Energy Inc                                                              | CUSIP: 15135UBB4<br>LEI: 254900LJGL2N2XEMD470 | Long             | DBT              | CORP              | CA        |     52000 | PA      | $51731.64     | 0.02%             | 2036-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                  | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $921965.03    | 0.28%             | 2045-10-23      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                  | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $156839.39    | 0.05%             | 2053-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                  | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1035851.21   | 0.32%             | 2029-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                  | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $477684.27    | 0.15%             | 2055-12-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                          | CIFC Funding 2025-VI Ltd                                                        | CUSIP: 171933AA2<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |    152000 | PA      | $151545.37    | 0.05%             | 2038-10-23      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                             | Citigroup Inc                                                                   | CUSIP: 172967MP3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $988569.23    | 0.30%             | 2031-03-31      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                             | Citigroup Inc                                                                   | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2986418.28   | 0.92%             | 2033-05-24      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                  | Citizens Financial Group Inc                                                    | CUSIP: 174610BH7<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1027907.08   | 0.32%             | 2032-07-23      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                   | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1014145.54   | 0.31%             | 2035-02-15      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                  | Corebridge Financial Inc                                                        | CUSIP: 21871XAH2<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $937795.79    | 0.29%             | 2032-04-05      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association  | Ginnie Mae                                                                      | CUSIP: 21H050649<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    850000 | PA      | $841756.99    | 0.26%             | 2056-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association  | Ginnie Mae                                                                      | CUSIP: 21H052645<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    175000 | PA      | $176114.53    | 0.05%             | 2056-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association  | Ginnie Mae                                                                      | CUSIP: 21H052652<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    150000 | PA      | $150650.62    | 0.05%             | 2056-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association  | Ginnie Mae                                                                      | CUSIP: 21H060648<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    800000 | PA      | $813444.96    | 0.25%             | 2056-04-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association  | Ginnie Mae                                                                      | CUSIP: 21H060655<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1600000 | PA      | $1624952.42   | 0.50%             | 2056-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                     | DB Master Finance LLC                                                           | CUSIP: 233046AN1<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |    105325 | PA      | $103681.71    | 0.03%             | 2051-11-20      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                     | DB Master Finance LLC                                                           | CUSIP: 233046AQ4<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |    928775 | PA      | $874442.03    | 0.27%             | 2051-11-20      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                     | DB Master Finance LLC                                                           | CUSIP: 233046AU5<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |    184538 | PA      | $182779.36    | 0.06%             | 2055-08-20      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                     | DB Master Finance LLC                                                           | CUSIP: 233046AW1<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |    149625 | PA      | $147341.42    | 0.05%             | 2055-08-20      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                   | Dell International LLC / EMC Corp                                               | CUSIP: 24703DBR1<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    162000 | PA      | $160652.54    | 0.05%             | 2029-02-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                   | Dell International LLC / EMC Corp                                               | CUSIP: 24703DBS9<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    300000 | PA      | $296453.93    | 0.09%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                   | Dell International LLC / EMC Corp                                               | CUSIP: 24703DBT7<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    216000 | PA      | $212930.78    | 0.07%             | 2032-10-06      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                   | Dell International LLC / EMC Corp                                               | CUSIP: 24703DBU4<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    340000 | PA      | $332453.37    | 0.10%             | 2036-02-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                   | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAG1<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1020536.74   | 0.31%             | 2029-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                          | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    800000 | PA      | $789091.73    | 0.24%             | 2027-11-16      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Dominos Pizza Master Issuer LLC           | Domino's Pizza Master Issuer LLC                                                | CUSIP: 25755TAH3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1085700 | PA      | $1078237.33   | 0.33%             | 2047-07-25      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Dominos Pizza Master Issuer LLC           | Domino's Pizza Master Issuer LLC                                                | CUSIP: 25755TAK6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    506912 | PA      | $503253.61    | 0.15%             | 2048-07-25      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                          | Duke Energy Corp                                                                | CUSIP: 26441CCE3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1022140.52   | 0.31%             | 2034-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ELP Commercial Mortgage Trust             | ELP Commercial Mortgage Trust 2025-ELP                                          | CUSIP: 290154AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    149000 | PA      | $147226.77    | 0.05%             | 2042-11-13      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                        | Energy Transfer LP                                                              | CUSIP: 29273VBE9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    800000 | PA      | $821624.60    | 0.25%             | 2035-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                        | Energy Transfer LP                                                              | CUSIP: 29273VBF6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    400000 | PA      | $388342.42    | 0.12%             | 2055-04-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                    | Extra Space Storage LP                                                          | CUSIP: 30225VAV9<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |    472000 | PA      | $465793.27    | 0.14%             | 2033-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust               | Extended Stay America Trust 2025-ESH                                            | CUSIP: 30227TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    460000 | PA      | $460000.00    | 0.14%             | 2042-10-15      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust               | Extended Stay America Trust 2025-ESH                                            | CUSIP: 30227TAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80000 | PA      | $80100.00     | 0.02%             | 2042-10-15      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust               | Extended Stay America Trust 2025-ESH                                            | CUSIP: 30227TAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     40000 | PA      | $40062.50     | 0.01%             | 2042-10-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust               | Extended Stay America Trust 2026-ESH2                                           | CUSIP: 30227WAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    388346 | PA      | $388346.22    | 0.12%             | 2043-02-15      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust               | Extended Stay America Trust 2026-ESH2                                           | CUSIP: 30227WAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     39627 | PA      | $39664.32     | 0.01%             | 2043-02-15      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust               | Extended Stay America Trust 2026-ESH2                                           | CUSIP: 30227WAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     26748 | PA      | $26790.13     | 0.01%             | 2043-02-15      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                               | Freddie Mac Pool                                                                | CUSIP: 3132CXL91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3201688 | PA      | $2953687.41   | 0.91%             | 2035-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                               | Freddie Mac Pool                                                                | CUSIP: 3132D57J5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    183590 | PA      | $165659.64    | 0.05%             | 2036-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                               | Freddie Mac Pool                                                                | CUSIP: 3132D6CV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    280212 | PA      | $274084.01    | 0.08%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                               | Freddie Mac Pool                                                                | CUSIP: 3132DPJR0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    480659 | PA      | $394483.15    | 0.12%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                               | Freddie Mac Pool                                                                | CUSIP: 3132DQ2W5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    879550 | PA      | $718307.19    | 0.22%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                               | Freddie Mac Pool                                                                | CUSIP: 3132DTTS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     53286 | PA      | $53071.48     | 0.02%             | 2054-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                               | Freddie Mac Pool                                                                | CUSIP: 3132DUWW3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    446977 | PA      | $447811.30    | 0.14%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                               | Freddie Mac Pool                                                                | CUSIP: 3132DV5C5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    342347 | PA      | $291900.98    | 0.09%             | 2050-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                               | Freddie Mac Pool                                                                | CUSIP: 3132DV7B5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     14333 | PA      | $11676.38     | 0.00%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                               | Freddie Mac Pool                                                                | CUSIP: 3132DVLV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    617843 | PA      | $530183.95    | 0.16%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                               | Freddie Mac Pool                                                                | CUSIP: 3132DWD34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1514617 | PA      | $1432645.47   | 0.44%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                               | Freddie Mac Pool                                                                | CUSIP: 3132DWJM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2631555 | PA      | $2694960.38   | 0.83%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                               | Freddie Mac Pool                                                                | CUSIP: 3132E0JW3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3327175 | PA      | $3367089.03   | 1.03%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                               | Freddie Mac Pool                                                                | CUSIP: 3133AEML5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     17247 | PA      | $14113.88     | 0.00%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                               | Freddie Mac Pool                                                                | CUSIP: 3133APFE4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18372 | PA      | $14913.01     | 0.00%             | 2051-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                               | Freddie Mac Pool                                                                | CUSIP: 3133APLG2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     49460 | PA      | $40134.57     | 0.01%             | 2051-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                               | Freddie Mac Pool                                                                | CUSIP: 3133KJR20<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18846 | PA      | $15481.48     | 0.00%             | 2050-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140KNKS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     44516 | PA      | $36041.54     | 0.01%             | 2050-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140KQVE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28575 | PA      | $23243.23     | 0.01%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140KQWY3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29119 | PA      | $23672.89     | 0.01%             | 2050-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140KUKN1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16284 | PA      | $13326.14     | 0.00%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140KVXM7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     61651 | PA      | $50108.05     | 0.02%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140KVXR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29875 | PA      | $24297.57     | 0.01%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140L24V2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     47890 | PA      | $38886.49     | 0.01%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140L6US1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     32783 | PA      | $26619.82     | 0.01%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140LNRM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     80319 | PA      | $65062.62     | 0.02%             | 2051-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140QKR42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1269866 | PA      | $1093391.01   | 0.34%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140QNN81<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    114482 | PA      | $102172.24    | 0.03%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140QNS52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     97345 | PA      | $86703.63     | 0.03%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140QPZU4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    459438 | PA      | $459283.58    | 0.14%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140W0B95<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1078153 | PA      | $925080.47    | 0.28%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140X8YM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22579 | PA      | $18477.86     | 0.01%             | 2050-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140X9UJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16465 | PA      | $13525.61     | 0.00%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140XCCN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17578 | PA      | $14472.25     | 0.00%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140XDRW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     49995 | PA      | $40974.80     | 0.01%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140XKAH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1129232 | PA      | $1067570.95   | 0.33%             | 2037-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140XL6X1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    390788 | PA      | $335433.01    | 0.10%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140XLPG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    235390 | PA      | $210969.63    | 0.06%             | 2051-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140XMQC3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    214101 | PA      | $219583.00    | 0.07%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140XNHC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    290226 | PA      | $306484.87    | 0.09%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140XQSY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     50359 | PA      | $50178.81     | 0.02%             | 2054-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140Y66E5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    329416 | PA      | $341728.44    | 0.11%             | 2055-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140Y66Z8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    250241 | PA      | $264638.57    | 0.08%             | 2055-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140Y67A2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    346564 | PA      | $365983.01    | 0.11%             | 2055-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140Y6NW6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    184101 | PA      | $191320.63    | 0.06%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 3140Y6Y46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    288080 | PA      | $294216.57    | 0.09%             | 2055-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31418DJQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    758564 | PA      | $645741.15    | 0.20%             | 2049-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31418DRW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24271 | PA      | $19742.07     | 0.01%             | 2050-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31418DSH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25455 | PA      | $20705.72     | 0.01%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31418DTQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15303 | PA      | $12463.15     | 0.00%             | 2050-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31418DUG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28340 | PA      | $23081.46     | 0.01%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31418DX80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    145692 | PA      | $131464.03    | 0.04%             | 2036-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31418DZZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    440128 | PA      | $396183.93    | 0.12%             | 2036-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31418EJ43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2792624 | PA      | $2562940.33   | 0.79%             | 2052-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                | Fannie Mae Pool                                                                 | CUSIP: 31418EZL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    860341 | PA      | $866301.89    | 0.27%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                               | Freddie Mac Pool                                                                | CUSIP: 3142GVEQ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    764545 | PA      | $794988.49    | 0.24%             | 2055-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                          | Flatiron RR CLO 30 Ltd                                                          | CUSIP: 33882MAA3<br>LEI: 254900A8OFW5DYN8HT77 | Long             | ABS-CBDO         | CORP              | KY        |    262000 | PA      | $261173.65    | 0.08%             | 2038-04-15      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                          | Flatiron CLO 32 Ltd                                                             | CUSIP: 33882RAA2<br>LEI: 254900C27X485MIHBY47 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249545.50    | 0.08%             | 2038-10-22      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                          | Flatiron CLO 31 Ltd                                                             | CUSIP: 33883WAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249397.50    | 0.08%             | 2039-01-18      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| GGAM Master Trust US LLC                  | GGAM Master Trust International Ltd                                             | CUSIP: 36173XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    471761 | PA      | $470061.87    | 0.14%             | 2060-09-30      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association  | Ginnie Mae II Pool                                                              | CUSIP: 36179TEZ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    513870 | PA      | $484327.93    | 0.15%             | 2047-08-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association  | Ginnie Mae II Pool                                                              | CUSIP: 36179VKK5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1599434 | PA      | $1378986.18   | 0.42%             | 2050-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association  | Ginnie Mae II Pool                                                              | CUSIP: 36179VVX5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3841601 | PA      | $3177172.02   | 0.98%             | 2050-10-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association  | Ginnie Mae II Pool                                                              | CUSIP: 36179W5C8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1670190 | PA      | $1492145.70   | 0.46%             | 2052-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association  | Ginnie Mae II Pool                                                              | CUSIP: 36179W7J1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    140631 | PA      | $121068.37    | 0.04%             | 2052-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association  | Ginnie Mae II Pool                                                              | CUSIP: 36179WTY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    237708 | PA      | $204640.70    | 0.06%             | 2051-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association  | Ginnie Mae II Pool                                                              | CUSIP: 36179XBS4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    508117 | PA      | $469867.98    | 0.14%             | 2052-07-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association  | Ginnie Mae II Pool                                                              | CUSIP: 36179XDC7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    323919 | PA      | $299297.29    | 0.09%             | 2052-08-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association  | Ginnie Mae II Pool                                                              | CUSIP: 36179XHW9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     91303 | PA      | $84415.37     | 0.03%             | 2052-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association  | Ginnie Mae II Pool                                                              | CUSIP: 3618N5A25<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1074800 | PA      | $1040354.88   | 0.32%             | 2054-11-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association  | Ginnie Mae II Pool                                                              | CUSIP: 3618N5GP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    652503 | PA      | $657535.17    | 0.20%             | 2055-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association  | Ginnie Mae II Pool                                                              | CUSIP: 3618N5JD2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    441051 | PA      | $444414.52    | 0.14%             | 2055-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association  | Ginnie Mae II Pool                                                              | CUSIP: 3618N5XM6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    395679 | PA      | $370921.13    | 0.11%             | 2055-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                    | General Motors Financial Co Inc                                                 | CUSIP: 37045XEU6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1227662.36   | 0.38%             | 2029-07-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| GILDAN ACTIVEWEAR INC                     | Gildan Activewear Inc                                                           | CUSIP: 375916AF0<br>LEI: 549300SB3IBI34M00Z45 | Long             | DBT              | CORP              | CA        |     28000 | PA      | $27704.87     | 0.01%             | 2030-10-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO1, LTD   | Goldentree Loan Management US Clo 28 Ltd                                        | CUSIP: 38140CAC8<br>LEI: 254900QMNDOCGSL27870 | Long             | ABS-CBDO         | CORP              | KY        |    131000 | PA      | $131000.00    | 0.04%             | 2039-10-20      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                   | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GXH2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1943582.40   | 0.60%             | 2030-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| GRAND RVR FND TRST I                      | Grand River Funding Trust I                                                     | CUSIP: 38644BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    253000 | PA      | $255235.44    | 0.08%             | 2036-02-15      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| Green Lakes Park CLO LLC                  | Green Lakes Park CLO LLC                                                        | CUSIP: 39310AAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $1991046.00   | 0.61%             | 2038-01-25      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| HAVN Trust                                | HAVN Trust 2025-MOB                                                             | CUSIP: 40408XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50000 | PA      | $49687.50     | 0.02%             | 2035-10-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| HPS CORPORATE LENDING FU                  | HPS Corporate Lending Fund                                                      | CUSIP: 40440VAS4<br>LEI: 549300ZS7IHUA6FKFV61 | Long             | DBT              | CORP              | US        |    670000 | PA      | $640677.99    | 0.20%             | 2030-11-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HEALTHPEAK OP LLC                         | Healthpeak OP LLC                                                               | CUSIP: 42250GAA1<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              |  | US        |   1000000 | PA      | $1003083.24   | 0.31%             | 2035-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                          | Hilton USA Trust 2016-HHV                                                       | CUSIP: 43300LAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1875000 | PA      | $1865224.88   | 0.57%             | 2038-11-05      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                          | Hilton USA Trust 2016-HHV                                                       | CUSIP: 43300LAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $249261.78    | 0.08%             | 2038-11-05      | Variable      | 4.19%                 | No            |                  2 | On Loan: No      |
| Horizon Aircraft Finance I Limited        | Horizon Aircraft Finance II Ltd                                                 | CUSIP: 44040HAA0<br>LEI: 549300KSCDSEIWTVMM32 | Long             | ABS-O            | CORP              | KY        |    803739 | PA      | $797680.08    | 0.25%             | 2039-07-15      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| INT Commercial Mortgage Trust 2025-PLAZA  | INT Commercial Mortgage Trust 2025-PLAZA                                        | CUSIP: 44989YAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    134000 | PA      | $133550.78    | 0.04%             | 2037-11-05      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PBJ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2585959.84   | 0.79%             | 2031-03-24      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PEJ1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1724134.71   | 0.53%             | 2030-07-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PEW2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1023538.65   | 0.31%             | 2036-01-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PEX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    320000 | PA      | $329754.84    | 0.10%             | 2036-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PEY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    270000 | PA      | $274902.40    | 0.08%             | 2031-04-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Jersey Mikes Funding LLC                  | Jersey Mike's Funding LLC                                                       | CUSIP: 476681AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    346500 | PA      | $350421.41    | 0.11%             | 2055-02-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Jersey Mikes Funding LLC                  | Jersey Mike's Funding                                                           | CUSIP: 476681AE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    144275 | PA      | $146427.31    | 0.04%             | 2055-08-16      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Lakeside Park CLO                         | Lakeside Park CLO Ltd                                                           | CUSIP: 51218YAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249212.25    | 0.08%             | 2038-04-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                   | MPLX LP                                                                         | CUSIP: 55336VBU3<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995466.82    | 0.31%             | 2032-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                   | MPLX LP                                                                         | CUSIP: 55336VBX7<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101029.13    | 0.03%             | 2034-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                  | MSCI Inc                                                                        | CUSIP: 55354GAR1<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    267000 | PA      | $261541.53    | 0.08%             | 2035-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                  | MSCI Inc                                                                        | CUSIP: 55354GAS9<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67800.72     | 0.02%             | 2036-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                         | Magnetite XXVI Ltd                                                              | CUSIP: 55954YAW5<br>LEI: 549300F7COUCG1RROP29 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1495410.00   | 0.46%             | 2038-01-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                         | Magnetite Xlv Ltd                                                               | CUSIP: 55956CAA9<br>LEI: 529900IK6R4NURGLMB37 | Long             | ABS-CBDO         | CORP              | KY        |    184000 | PA      | $183248.73    | 0.06%             | 2038-04-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                         | Magnetite XXXVI Ltd                                                             | CUSIP: 559922AL3<br>LEI: 549300M0875JBMUL0W79 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249958.75    | 0.08%             | 2038-07-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| MARS INC                                  | Mars Inc                                                                        | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    262000 | PA      | $264757.30    | 0.08%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MARS INC                                  | Mars Inc                                                                        | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    197000 | PA      | $199339.19    | 0.06%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARS INC                                  | Mars Inc                                                                        | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    164000 | PA      | $165561.40    | 0.05%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                               | MetLife Inc                                                                     | CUSIP: 59156RCE6<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    600000 | PA      | $618968.66    | 0.19%             | 2033-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Merit                                     | MHP Commercial Mortgage Trust 2025-MHIL2                                        | CUSIP: 59317DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    212000 | PA      | $211061.52    | 0.06%             | 2040-09-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                            | Morgan Stanley                                                                  | CUSIP: 61747YFA8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2122966.36   | 0.65%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                            | Morgan Stanley                                                                  | CUSIP: 61747YFU4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    700000 | PA      | $699711.32    | 0.22%             | 2030-10-18      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                            | Morgan Stanley                                                                  | CUSIP: 61747YFZ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    494000 | PA      | $501357.17    | 0.15%             | 2031-04-17      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                            | Morgan Stanley                                                                  | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    194000 | PA      | $198706.90    | 0.06%             | 2036-04-17      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                            | Morgan Stanley                                                                  | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    700000 | PA      | $713667.36    | 0.22%             | 2036-01-18      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY PVT BANK                   | Morgan Stanley Private Bank NA                                                  | CUSIP: 61776NVG5<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |    400000 | PA      | $398761.03    | 0.12%             | 2031-07-18      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Eaton Vance CLO Ltd        | Morgan Stanley Eaton Vance CLO 2025-21 Ltd                                      | CUSIP: 617921AA9<br>LEI: 254900LVH0JZLB93FN88 | Long             | ABS-CBDO         | CORP              | KY        |    316000 | PA      | $315010.92    | 0.10%             | 2038-04-15      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                    | NXP BV / NXP Funding LLC / NXP USA Inc                                          | CUSIP: 62954HBG2<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | XX        |    103000 | PA      | $101601.21    | 0.03%             | 2032-08-19      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                    | NXP BV / NXP Funding LLC / NXP USA Inc                                          | CUSIP: 62954HBH0<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | XX        |    297000 | PA      | $296100.18    | 0.09%             | 2035-08-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                          | NTT Finance Corp                                                                | CUSIP: 62954WAP0<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $200455.29    | 0.06%             | 2027-07-16      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                          | NTT Finance Corp                                                                | CUSIP: 62954WAQ8<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $200760.33    | 0.06%             | 2028-07-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                          | NTT Finance Corp                                                                | CUSIP: 62954WAS4<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $201264.35    | 0.06%             | 2030-07-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Navigator Aviation Ltd                    | Navigator 2025-1 Aviation Ltd                                                   | CUSIP: 63943GAA0<br>LEI: 984500AWDV89795F0342 | Long             | ABS-O            | CORP              | KY        |    340227 | PA      | $333349.83    | 0.10%             | 2050-10-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                              | NiSource Inc                                                                    | CUSIP: 65473PAJ4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $963645.21    | 0.30%             | 2030-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                               | OCP CLO 2020-8R Ltd                                                             | CUSIP: 670898AW5<br>LEI: 254900K70GBA8CMARX66 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249422.75    | 0.08%             | 2038-10-17      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                               | OCP CLO 2025-46 Ltd                                                             | CUSIP: 671023AA7<br>LEI: 213800J27YESIODUZS34 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249515.25    | 0.08%             | 2038-10-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                  | OHA Credit Partners VII Ltd                                                     | CUSIP: 67102QBK3<br>LEI: 549300LXLBAFTIMXZT54 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1991066.00   | 0.61%             | 2038-02-20      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| O'REILLY AUTOMOTIVE INC                   | O'Reilly Automotive Inc                                                         | CUSIP: 67103HAN7<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |    700000 | PA      | $692252.60    | 0.21%             | 2034-08-19      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                               | OCP CLO 2018-15 Ltd                                                             | CUSIP: 67112KAG4<br>LEI: 254900WK4JKXAXOKTL68 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249814.75    | 0.08%             | 2038-01-20      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| OCP Aegis CLO Ltd                         | OCP Aegis CLO 2025-47 Ltd                                                       | CUSIP: 67122UAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249309.75    | 0.08%             | 2038-01-21      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                  | Occidental Petroleum Corp                                                       | CUSIP: 674599DD4<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1113018.00   | 0.34%             | 2031-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| OCP Aegis CLO Ltd                         | OCP Aegis CLO 2024-39 Ltd                                                       | CUSIP: 67570HAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    166000 | PA      | $165749.01    | 0.05%             | 2038-04-16      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                               | OCP CLO 2025-44 Ltd                                                             | CUSIP: 67570UAA0<br>LEI: 25490028U8Y2XMZWXO46 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250185.00    | 0.08%             | 2038-10-24      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                  | OHA Credit Funding 14-R Ltd                                                     | CUSIP: 67706QAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249339.50    | 0.08%             | 2038-04-20      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| OMEGA HLTHCARE INVESTORS                  | Omega Healthcare Investors Inc                                                  | CUSIP: 681936BN9<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              |  | US        |    937000 | PA      | $824745.98    | 0.25%             | 2033-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                 | ONEOK Inc                                                                       | CUSIP: 682680CE1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    600000 | PA      | $583617.38    | 0.18%             | 2034-11-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust          | OneMain Financial Issuance Trust 2021-1                                         | CUSIP: 68269MAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $684063.45    | 0.21%             | 2036-06-16      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                               | Oracle Corp                                                                     | CUSIP: 68389XDH5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    123000 | PA      | $118532.81    | 0.04%             | 2030-09-26      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                               | Oracle Corp                                                                     | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    205000 | PA      | $195231.32    | 0.06%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                               | Oracle Corp                                                                     | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    187000 | PA      | $175405.06    | 0.05%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                               | Oracle Corp                                                                     | CUSIP: 68389XDP7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    115000 | PA      | $99215.20     | 0.03%             | 2045-09-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                               | Oracle Corp                                                                     | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    144000 | PA      | $121142.98    | 0.04%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                               | Oracle Corp                                                                     | CUSIP: 68389XDT9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    149000 | PA      | $123548.05    | 0.04%             | 2065-09-26      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| PLYM Commercial Mortgage Trust            | PLYM Commercial Mortgage Trust 2026-IND                                         | CUSIP: 69292BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    339000 | PA      | $337305.00    | 0.10%             | 2043-03-15      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| PLYM Commercial Mortgage Trust            | PLYM Commercial Mortgage Trust 2026-IND                                         | CUSIP: 69292BAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99250.00     | 0.03%             | 2043-03-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| PLYM Commercial Mortgage Trust            | PLYM Commercial Mortgage Trust 2026-IND                                         | CUSIP: 69292BAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99125.00     | 0.03%             | 2043-03-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                    | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CA1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $996673.90    | 0.31%             | 2032-10-21      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                     | Palmer Square CLO 2025-5 Ltd                                                    | CUSIP: 696914AA8<br>LEI: 549300EYS8N79JYSXL17 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249512.25    | 0.08%             | 2038-10-20      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd            | Palmer Square Loan Funding 2025-2 Ltd                                           | CUSIP: 69704AAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    222923 | PA      | $222724.27    | 0.07%             | 2033-07-15      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                     | Palmer Square Clo 2026-1 Ltd                                                    | CUSIP: 69704JAA0<br>LEI: 254900Y6UZ4R7YTZ7E82 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249190.50    | 0.08%             | 2039-04-20      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                               | Paychex Inc                                                                     | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32286.84     | 0.01%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                               | Paychex Inc                                                                     | CUSIP: 704326AB3<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |     46000 | PA      | $46231.97     | 0.01%             | 2032-04-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                               | Paychex Inc                                                                     | CUSIP: 704326AC1<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |     36000 | PA      | $36155.53     | 0.01%             | 2035-04-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                       | Petroleos Mexicanos                                                             | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1500000 | PA      | $1298981.55   | 0.40%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                       | Petroleos Mexicanos                                                             | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1500000 | PA      | $1434109.53   | 0.44%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PHANTOM AVIATION                          | Phantom Aviation                                                                | CUSIP: 71711GAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    249032 | PA      | $244142.16    | 0.08%             | 2051-01-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| PHILLIPS EDISON GROCERY                   | Phillips Edison Grocery Center Operating Partnership I LP                       | CUSIP: 71845JAA6<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              |  | US        |    740000 | PA      | $655334.76    | 0.20%             | 2031-11-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| PHILLIPS EDISON GROCERY                   | Phillips Edison Grocery Center Operating Partnership I LP                       | CUSIP: 71845JAE8<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              |  | US        |     91000 | PA      | $88796.53     | 0.03%             | 2033-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer LLC          | Planet Fitness Master Issuer LLC                                                | CUSIP: 72703PAC7<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |   1720312 | PA      | $1638247.23   | 0.50%             | 2049-12-05      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer LLC          | Planet Fitness Master Issuer LLC                                                | CUSIP: 72703PAE3<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |    960000 | PA      | $895731.55    | 0.28%             | 2051-12-05      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| RR 36 LTD                                 | RR 36 Ltd                                                                       | CUSIP: 74989AAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1900000 | PA      | $1897744.70   | 0.58%             | 2040-01-15      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                    | RR 25 Ltd                                                                       | CUSIP: 75000KAY3<br>LEI: 254900FV8ZM4T7O1K491 | Long             | ABS-CBDO         | CORP              | BM        |    250000 | PA      | $249259.75    | 0.08%             | 2041-04-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER                   | Reinsurance Group of America Inc                                                | CUSIP: 759351AS8<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1015819.33   | 0.31%             | 2034-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KITE REALTY GROUP TRUST                   | Kite Realty Group Trust                                                         | CUSIP: 76131VAB9<br>LEI: N/A                  | Long             | DBT              |  | US        |   1000000 | PA      | $999823.28    | 0.31%             | 2030-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                    | RR 44 Ltd                                                                       | CUSIP: 78109WAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    236000 | PA      | $235108.63    | 0.07%             | 2041-04-15      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| SLAM LLC                                  | SLAM 2025-1 Ltd                                                                 | CUSIP: 78450TAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    237549 | PA      | $240155.85    | 0.07%             | 2050-05-15      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO XVI, LTD.                | Sixth Street CLO XVIII Ltd                                                      | CUSIP: 83012HAL8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249427.50    | 0.08%             | 2038-10-17      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO XVI, LTD.                | Sixth Street CLO XIX Ltd                                                        | CUSIP: 83012KAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249564.75    | 0.08%             | 2038-07-17      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO XVI, LTD.                | Sixth Street CLO XX Ltd                                                         | CUSIP: 83012QAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249870.25    | 0.08%             | 2038-07-17      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                               | Southern Co/The                                                                 | CUSIP: 842587DT1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1036231.82   | 0.32%             | 2034-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ELEC POWER                   | Southwestern Electric Power Co                                                  | CUSIP: 845437BU5<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |    127000 | PA      | $128781.11    | 0.04%             | 2033-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ELEC POWER                   | Southwestern Electric Power Co                                                  | CUSIP: 845437BV3<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103251.76    | 0.03%             | 2036-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fixed Income Clearing Corp.               | FIXED INC CLEARING CORP.REPO                                                    | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   4362503 | PA      | $4362502.97   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| STELLANTIS FINANCIAL SER                  | Stellantis Financial Services US Corp                                           | CUSIP: 85855FAA1<br>LEI: 5493000KNKFDOC1BOW59 | Long             | DBT              | CORP              | US        |    482000 | PA      | $479348.56    | 0.15%             | 2028-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                        | Subway Funding LLC                                                              | CUSIP: 864300AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     49375 | PA      | $49693.64     | 0.02%             | 2054-07-30      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                        | Subway Funding LLC                                                              | CUSIP: 864300AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    138250 | PA      | $136474.88    | 0.04%             | 2054-07-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Taubman Centers Commercial Mortgage Trust | TCO Commercial Mortgage Trust 2024-DPM                                          | CUSIP: 87231EAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $599062.50    | 0.18%             | 2039-12-15      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                          | T-Mobile USA Inc                                                                | CUSIP: 87264ACQ6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    300000 | PA      | $266866.38    | 0.08%             | 2032-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                    | Taco Bell Funding LLC                                                           | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330000 | PA      | $324930.01    | 0.10%             | 2055-08-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| TAKEOFF MERGER SUB INC                    | Takeoff Merger Sub Inc                                                          | CUSIP: 873923AA4<br>LEI: 984500DF5ACB4A114F45 | Long             | DBT              | CORP              | US        |    123000 | PA      | $122340.34    | 0.04%             | 2028-03-24      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| TAKEOFF MERGER SUB INC                    | Takeoff Merger Sub Inc                                                          | CUSIP: 873923AC0<br>LEI: 984500DF5ACB4A114F45 | Long             | DBT              | CORP              | US        |    122000 | PA      | $121214.84    | 0.04%             | 2029-03-24      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TAKEOFF MERGER SUB INC                    | Takeoff Merger Sub Inc                                                          | CUSIP: 873923AE6<br>LEI: 984500DF5ACB4A114F45 | Long             | DBT              | CORP              | US        |    152000 | PA      | $150099.20    | 0.05%             | 2031-03-24      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                      | Targa Resources Corp                                                            | CUSIP: 87612GAP6<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    126000 | PA      | $127064.56    | 0.04%             | 2030-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                      | Targa Resources Corp                                                            | CUSIP: 87612GAQ4<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    303000 | PA      | $307452.31    | 0.09%             | 2036-02-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                      | Targa Resources Corp                                                            | CUSIP: 87612GAR2<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     85000 | PA      | $84643.98     | 0.03%             | 2029-01-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                      | Targa Resources Corp                                                            | CUSIP: 87612GAT8<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     97000 | PA      | $94958.96     | 0.03%             | 2031-04-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                              | UBS Group AG                                                                    | CUSIP: 902613BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1500000 | PA      | $1532370.60   | 0.47%             | 2030-02-08      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                     | Uber Technologies Inc                                                           | CUSIP: 90353TAT7<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    163000 | PA      | $159380.42    | 0.05%             | 2031-01-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                     | Uber Technologies Inc                                                           | CUSIP: 90353TAU4<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    129000 | PA      | $125175.69    | 0.04%             | 2035-09-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Bonds                                                             | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3825000 | PA      | $3573386.72   | 1.10%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Bonds                                                             | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30000000 | PA      | $29028515.70  | 8.92%             | 2044-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Bonds                                                             | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5800000 | PA      | $5531976.55   | 1.70%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Bonds                                                             | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7500000 | PA      | $7369335.90   | 2.26%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Bonds                                                             | CUSIP: 912810UM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3380000 | PA      | $3293915.63   | 1.01%             | 2055-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Bonds                                                             | CUSIP: 912810UP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1300000 | PA      | $1242109.38   | 0.38%             | 2055-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Notes                                                             | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12751400 | PA      | $12799715.82  | 3.93%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Notes                                                             | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15890200 | PA      | $16303593.40  | 5.01%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Notes                                                             | CUSIP: 91282CMR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  47400000 | PA      | $47575898.56  | 14.62%            | 2032-02-29      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Notes                                                             | CUSIP: 91282CNF4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $150392.58    | 0.05%             | 2032-05-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Notes                                                             | CUSIP: 91282CNJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5200000 | PA      | $5176234.39   | 1.59%             | 2032-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Notes                                                             | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3450000 | PA      | $3444205.07   | 1.06%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Notes                                                             | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2574000 | PA      | $2561029.46   | 0.79%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Notes                                                             | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4500000 | PA      | $4483125.00   | 1.38%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Notes                                                             | CUSIP: 91282CPF2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2760000 | PA      | $2702535.94   | 0.83%             | 2032-10-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Notes                                                             | CUSIP: 91282CPY1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5700000 | PA      | $5656359.38   | 1.74%             | 2033-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNUM GROUP                                | Unum Group                                                                      | CUSIP: 91529YAJ5<br>LEI: 549300E32YFDO6TZ8R31 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $972666.82    | 0.30%             | 2042-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                    | Verizon Communications Inc                                                      | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $907867.93    | 0.28%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| VERISK ANALYTICS INC                      | Verisk Analytics Inc                                                            | CUSIP: 92345YAP1<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |     44000 | PA      | $43268.20     | 0.01%             | 2031-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                        | VICI Properties LP                                                              | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |   1000000 | PA      | $985459.18    | 0.30%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                        | VICI Properties LP                                                              | CUSIP: 925650AJ2<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |     61000 | PA      | $61062.12     | 0.02%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                     | Wells Fargo & Co                                                                | CUSIP: 95000U2G7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2075653.65   | 0.64%             | 2030-10-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                     | Wells Fargo & Co                                                                | CUSIP: 95000U3V3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    322000 | PA      | $329511.49    | 0.10%             | 2036-04-23      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                     | Wells Fargo & Co                                                                | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    365000 | PA      | $371236.36    | 0.11%             | 2031-04-23      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                  | Western Midstream Operating LP                                                  | CUSIP: 958667AG2<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297066.19    | 0.09%             | 2034-11-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC            | Wheels Fleet Lease Funding 1 LLC                                                | CUSIP: 96328GBZ9<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |    551083 | PA      | $554627.60    | 0.17%             | 2039-09-19      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                    | Williams Cos Inc/The                                                            | CUSIP: 969457BZ2<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $988067.17    | 0.30%             | 2032-08-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Willis Engine Securitization Trust        | Willis Engine Structured Trust VIII                                             | CUSIP: 97063RAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    243315 | PA      | $246250.01    | 0.08%             | 2050-06-15      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Guardian Variable Products Trust

**Signature:** Larry Weiss

**Name of Signer:** Larry Weiss

**Title:** Treasurer