# EDGAR Filing Document

**Accession Number:** 0001668512
**File Stem:** 0001410368-25-029373
**Filing Date:** 2025-11
**Character Count:** 633806
**Document Hash:** 6fb571ba3bedce6806e82367e16d89a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-029373.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001410368-25-029373

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**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:** 251511286

**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 Global Utilities VIP Fund (Series ID: S000061840)

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

## Nport-Ex

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 99.3%** | **Common Stocks — 99.3%** | **Common Stocks — 99.3%** |
|  **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
|  Airbus SE (Netherlands) | 2175 | $508440 |
|  Northrop Grumman Corp. | 904 | 550825 |
|  RTX Corp. | 3902 | 652922 |
|  |  | **1712187** |
|  **Air Freight & Logistics — 0.8%** | **Air Freight & Logistics — 0.8%** | **Air Freight & Logistics — 0.8%** |
|  FedEx Corp. | 3614 | 852217 |
|  |  | **852217** |
|  **Automobiles — 2.9%** | **Automobiles — 2.9%** | **Automobiles — 2.9%** |
|  General Motors Co. | 3953 | 241014 |
|  Tesla, Inc.<sup>(1)</sup> | 6264 | 2785726 |
|  |  | **3026740** |
|  **Banks — 2.5%** | **Banks — 2.5%** | **Banks — 2.5%** |
|  Citigroup, Inc. | 13045 | 1324068 |
|  JPMorgan Chase & Co. | 3524 | 1111575 |
|  PNC Financial Services Group, Inc. | 1004 | 201734 |
|  |  | **2637377** |
|  **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
|  Coca-Cola Co. | 15716 | 1042285 |
|  Keurig Dr Pepper, Inc. | 7177 | 183085 |
|  PepsiCo, Inc. | 1020 | 143249 |
|  |  | **1368619** |
|  **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
|  AbbVie, Inc. | 3946 | 913657 |
|  Gilead Sciences, Inc. | 2800 | 310800 |
|  Regeneron Pharmaceuticals, Inc. | 945 | 531345 |
|  Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 364 | 142557 |
|  |  | **1898359** |
|  **Broadline Retail — 4.5%** | **Broadline Retail — 4.5%** | **Broadline Retail — 4.5%** |
|  Amazon.com, Inc.<sup>(1)</sup> | 21719 | 4768841 |
|  |  | **4768841** |
|  **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
|  Trane Technologies PLC | 1044 | 440526 |
|  |  | **440526** |
|  **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** |
|  Blackrock, Inc. | 556 | 648224 |
|  Charles Schwab Corp. | 5943 | 567378 |
|  CME Group, Inc. | 1096 | 296128 |
|  Nasdaq, Inc. | 2039 | 180350 |
|  TPG, Inc. | 8810 | 506134 |
|  |  | **2198214** |
|  **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
|  Corteva, Inc. | 5346 | 361550 |
|  DuPont de Nemours, Inc. | 5708 | 444653 |
|  Linde PLC | 176 | 83600 |
|  PPG Industries, Inc. | 2527 | 265613 |
|  |  | **1155416** |
|  **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
|  Cintas Corp. | 940 | 192944 |
|  Copart, Inc.<sup>(1)</sup> | 4482 | 201556 |
|  Waste Connections, Inc. | 1433 | 251921 |
|  |  | **646421** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Communications Equipment — 1.9%** | **Communications Equipment — 1.9%** | **Communications Equipment — 1.9%** |
|  Cisco Systems, Inc. | 29832 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041105 |
|  |  | **2041105** |
|  **Construction Materials — 0.8%** | **Construction Materials — 0.8%** | **Construction Materials — 0.8%** |
|  CRH PLC | 6824 | 818198 |
|  |  | **818198** |
|  **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
|  Capital One Financial Corp. | 4974 | 1057373 |
|  |  | **1057373** |
|  **Consumer Staples Distribution & Retail — 2.1%** | **Consumer Staples Distribution & Retail — 2.1%** | **Consumer Staples Distribution & Retail — 2.1%** |
|  BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 1652 | 154049 |
|  Costco Wholesale Corp. | 506 | 468369 |
|  Target Corp. | 2227 | 199762 |
|  U.S. Foods Holding Corp.<sup>(1)</sup> | 1145 | 87730 |
|  Walmart, Inc. | 12402 | 1278150 |
|  |  | **2188060** |
|  **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
|  AT&T, Inc. | 22886 | 646301 |
|  |  | **646301** |
|  **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
|  Constellation Energy Corp. | 383 | 126034 |
|  NextEra Energy, Inc. | 6730 | 508048 |
|  NRG Energy, Inc. | 3172 | 513705 |
|  PPL Corp. | 8497 | 315748 |
|  Southern Co. | 2882 | 273127 |
|  Xcel Energy, Inc. | 1595 | 128637 |
|  |  | **1865299** |
|  **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** |
|  GE Vernova, Inc. | 755 | 464250 |
|  |  | **464250** |
|  **Entertainment — 3.0%** | **Entertainment — 3.0%** | **Entertainment — 3.0%** |
|  Live Nation Entertainment, Inc.<sup>(1)</sup> | 4355 | 711607 |
|  Netflix, Inc.<sup>(1)</sup> | 543 | 651013 |
|  ROBLOX Corp., Class A<sup>(1)</sup> | 3796 | 525822 |
|  Spotify Technology SA<sup>(1)</sup> | 459 | 320382 |
|  Walt Disney Co. | 8578 | 982181 |
|  |  | **3191005** |
|  **Financial Services — 4.3%** | **Financial Services — 4.3%** | **Financial Services — 4.3%** |
|  Apollo Global Management, Inc. | 3877 | 516688 |
|  Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 2437 | 1225177 |
|  Corebridge Financial, Inc. | 4944 | 158455 |
|  Mastercard, Inc., Class A | 2957 | 1681971 |
|  Toast, Inc., Class A<sup>(1)</sup> | 4677 | 170757 |
|  Visa, Inc., Class A | 2141 | 730895 |
|  |  | **4483943** |
|  **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
|  Mondelez International, Inc., Class A | 3417 | 213460 |
|  |  | **213460** |
|  **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** |
|  Union Pacific Corp. | 2287 | 540578 |
|  |  | **540578** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** |
|  Abbott Laboratories | 2404 | $321992 |
|  Becton Dickinson & Co. | 2719 | 508915 |
|  Boston Scientific Corp.<sup>(1)</sup> | 4589 | 448024 |
|  Dexcom, Inc.<sup>(1)</sup> | 2012 | 135388 |
|  Intuitive Surgical, Inc.<sup>(1)</sup> | 787 | 351970 |
|  Medtronic PLC | 2135 | 203337 |
|  |  | **1969626** |
|  **Health Care Providers & Services — 2.3%** | **Health Care Providers & Services — 2.3%** | **Health Care Providers & Services — 2.3%** |
|  Cencora, Inc. | 467 | 145952 |
|  Cigna Group | 614 | 176985 |
|  CVS Health Corp. | 2868 | 216219 |
|  HCA Healthcare, Inc. | 306 | 130417 |
|  Humana, Inc. | 203 | 52815 |
|  McKesson Corp. | 980 | 757089 |
|  UnitedHealth Group, Inc. | 2597 | 896744 |
|  |  | **2376221** |
|  **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |
|  Welltower, Inc. | 3025 | 538874 |
|  |  | **538874** |
|  **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** |
|  Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 5600 | 219464 |
|  McDonald's Corp. | 1212 | 368314 |
|  Starbucks Corp. | 1948 | 164801 |
|  |  | **752579** |
|  **Household Products — 0.7%** | **Household Products — 0.7%** | **Household Products — 0.7%** |
|  Procter & Gamble Co. | 4786 | 735369 |
|  |  | **735369** |
|  **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
|  Vistra Corp. | 323 | 63282 |
|  |  | **63282** |
|  **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
|  Honeywell International, Inc. | 3999 | 841790 |
|  |  | **841790** |
|  **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** |
|  Prologis, Inc. | 3970 | 454644 |
|  |  | **454644** |
|  **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** |
|  Allstate Corp. | 4616 | 990824 |
|  American International Group, Inc. | 7638 | 599889 |
|  Aon PLC, Class A | 833 | 297031 |
|  Arch Capital Group Ltd. | 3570 | 323906 |
|  Assured Guaranty Ltd. | 1155 | 97771 |
|  Progressive Corp. | 1358 | 335358 |
|  Prudential PLC (United Kingdom) | 24590 | 346142 |
|  Unum Group | 1489 | 115814 |
|  |  | **3106735** |
|  **Interactive Media & Services — 7.3%** | **Interactive Media & Services — 7.3%** | **Interactive Media & Services — 7.3%** |
|  Alphabet, Inc., Class A | 17810 | 4329611 |
|  Meta Platforms, Inc., Class A | 4588 | 3369335 |
|  |  | **7698946** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **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> | 1764 | $494608 |
|  Danaher Corp. | 896 | 177641 |
|  Thermo Fisher Scientific, Inc. | 2365 | 1147072 |
|  |  | **1819321** |
|  **Machinery — 1.3%** | **Machinery — 1.3%** | **Machinery — 1.3%** |
|  Fortive Corp. | 9143 | 447916 |
|  Ingersoll Rand, Inc. | 3424 | 282891 |
|  Otis Worldwide Corp. | 6785 | 620352 |
|  |  | **1351159** |
|  **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
|  Charter Communications, Inc., Class A<sup>(1)</sup> | 642 | 176617 |
|  |  | **176617** |
|  **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** |
|  Barrick Mining Corp. | 3811 | 124887 |
|  Glencore PLC (United Kingdom) | 88614 | 409507 |
|  |  | **534394** |
|  **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
|  Ameren Corp. | 4998 | 521691 |
|  CenterPoint Energy, Inc. | 3011 | 116827 |
|  |  | **638518** |
|  **Oil, Gas & Consumable Fuels — 3.4%** | **Oil, Gas & Consumable Fuels — 3.4%** | **Oil, Gas & Consumable Fuels — 3.4%** |
|  Antero Resources Corp.<sup>(1)</sup> | 3923 | 131656 |
|  BP PLC (United Kingdom) | 37772 | 216677 |
|  Cenovus Energy, Inc. (Canada) | 32503 | 551876 |
|  ConocoPhillips | 6071 | 574256 |
|  Exxon Mobil Corp. | 14169 | 1597555 |
|  Shell PLC (United Kingdom) | 14375 | 511801 |
|  |  | **3583821** |
|  **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
|  Southwest Airlines Co. | 7518 | 239899 |
|  |  | **239899** |
|  **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** |
|  Eli Lilly & Co. | 1858 | 1417654 |
|  Johnson & Johnson | 4080 | 756514 |
|  Merck & Co., Inc. | 3912 | 328334 |
|  |  | **2502502** |
|  **Semiconductors & Semiconductor Equipment — 14.7%** | **Semiconductors & Semiconductor Equipment — 14.7%** | **Semiconductors & Semiconductor Equipment — 14.7%** |
|  Analog Devices, Inc. | 6625 | 1627762 |
|  Broadcom, Inc. | 11761 | 3880072 |
|  Intel Corp.<sup>(1)</sup> | 27071 | 908232 |
|  Marvell Technology, Inc. | 15950 | 1340917 |
|  NVIDIA Corp. | 40403 | 7538392 |
|  QUALCOMM, Inc. | 809 | 134585 |
|  |  | **15429960** |
|  **Software — 10.1%** | **Software — 10.1%** | **Software — 10.1%** |
|  AppLovin Corp., Class A<sup>(1)</sup> | 468 | 336277 |
|  Microsoft Corp. | 16015 | 8294969 |
|  Oracle Corp. | 2185 | 614509 |
|  Palantir Technologies, Inc., Class A<sup>(1)</sup> | 7571 | 1381102 |
|  |  | **10626857** |
|  **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |
|  American Tower Corp. | 5166 | 993525 |
|  |  | **993525** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** |
|  Home Depot, Inc. | 1821 | $737851 |
|  TJX Cos., Inc. | 3401 | 491581 |
|  |  | **1229432** |
|  **Technology Hardware, Storage & Peripherals — 6.7%** |  |  |
|  Apple, Inc. | 21786 | 5547369 |
|  Pure Storage, Inc., Class A<sup>(1)</sup> | 9841 | 824775 |
|  Seagate Technology Holdings PLC | 2635 | 622018 |
|  |  | **6994162** |
|  **Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
|  Levi Strauss & Co., Class A | 6163 | 143598 |
|  NIKE, Inc., Class B | 470 | 32773 |
|  On Holding AG, Class A<sup>(1)</sup> | 4431 | 187653 |
|  |  | **364024** |
|  **Tobacco — 0.6%** |  |  |
|  Philip Morris International, Inc. | 4157 | 674265 |
|  |  | **674265** |
|  **Trading Companies & Distributors — 0.6%** |  |  |
|  United Rentals, Inc. | 672 | 641532 |
|  |  | **641532** |
|  **Total Common Stocks**<br> (Cost $67,545,800) |  | **104552543** |
|  | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 0.9%** |  |  |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of<br>$925,997, due 10/1/2025<sup>(2)</sup> | $925965 | 925965 |
|  **Total Repurchase Agreements**<br> (Cost $925,965) |  | **925965** |
|  **Total Investments — 100.2%**<br> (Cost $68,471,765) |  | **105478508** |
|  **Liabilities in excess of other assets — (0.2)%** |  | **(241799)** |
|  **Total Net Assets — 100.0%** |  | $**105236709** |

---

(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 Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944542 |

---

**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 September 30, 2025 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 | $102559976 | $1992567 <sup>\*</sup> | $— | $104552543 |
|  Repurchase Agreements |  | 925965 |  | 925965 |
|  **Total** | $**102559976** | $**2918532** | $**—** | $**105478508** |

---

<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 GROWTH & INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 99.3%** | **Common Stocks — 99.3%** | **Common Stocks — 99.3%** |
|  **Aerospace & Defense — 4.1%** | **Aerospace & Defense — 4.1%** | **Aerospace & Defense — 4.1%** |
|  Curtiss-Wright Corp. | 1162 | $630896 |
|  RTX Corp. | 20324 | 3400815 |
|  |  | **4031711** |
|  **Automobile Components — 0.8%** | **Automobile Components — 0.8%** | **Automobile Components — 0.8%** |
|  BorgWarner, Inc. | 18482 | 812469 |
|  |  | **812469** |
|  **Banks — 10.1%** | **Banks — 10.1%** | **Banks — 10.1%** |
|  Citigroup, Inc. | 26392 | 2678788 |
|  JPMorgan Chase & Co. | 15712 | 4956036 |
|  Wells Fargo & Co. | 28652 | 2401611 |
|  |  | **10036435** |
|  **Biotechnology — 4.6%** | **Biotechnology — 4.6%** | **Biotechnology — 4.6%** |
|  Gilead Sciences, Inc. | 14607 | 1621377 |
|  Regeneron Pharmaceuticals, Inc. | 4334 | 2436878 |
|  United Therapeutics Corp.<sup>(1)</sup> | 1181 | 495087 |
|  |  | **4553342** |
|  **Building Products — 1.1%** | **Building Products — 1.1%** | **Building Products — 1.1%** |
|  Allegion PLC | 6293 | 1116064 |
|  |  | **1116064** |
|  **Capital Markets — 2.9%** | **Capital Markets — 2.9%** | **Capital Markets — 2.9%** |
|  Raymond James Financial, Inc. | 4814 | 830896 |
|  S&P Global, Inc. | 4240 | 2063651 |
|  |  | **2894547** |
|  **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
|  CF Industries Holdings, Inc. | 10053 | 901754 |
|  PPG Industries, Inc. | 3644 | 383021 |
|  |  | **1284775** |
|  **Commercial Services & Supplies — 2.4%** | **Commercial Services & Supplies — 2.4%** | **Commercial Services & Supplies — 2.4%** |
|  MSA Safety, Inc. | 3584 | 616699 |
|  Veralto Corp. | 16654 | 1775483 |
|  |  | **2392182** |
|  **Communications Equipment — 1.7%** | **Communications Equipment — 1.7%** | **Communications Equipment — 1.7%** |
|  Cisco Systems, Inc. | 24553 | 1679916 |
|  |  | **1679916** |
|  **Consumer Staples Distribution & Retail — 3.9%** | **Consumer Staples Distribution & Retail — 3.9%** | **Consumer Staples Distribution & Retail — 3.9%** |
|  Casey's General Stores, Inc. | 1882 | 1063932 |
|  Walmart, Inc. | 27553 | 2839612 |
|  |  | **3903544** |
|  **Distributors — 1.3%** | **Distributors — 1.3%** | **Distributors — 1.3%** |
|  Genuine Parts Co. | 4971 | 688981 |
|  Pool Corp. | 2022 | 626961 |
|  |  | **1315942** |
|  **Diversified Telecommunication Services — 2.1%** | **Diversified Telecommunication Services — 2.1%** | **Diversified Telecommunication Services — 2.1%** |
|  AT&T, Inc. | 73244 | 2068411 |
|  |  | **2068411** |
|  **Electrical Equipment — 1.6%** | **Electrical Equipment — 1.6%** | **Electrical Equipment — 1.6%** |
|  Generac Holdings, Inc.<sup>(1)</sup> | 6508 | 1089439 |
|  nVent Electric PLC | 4769 | 470414 |
|  |  | **1559853** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN GROWTH & INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** |
|  Zebra Technologies Corp., , Class A<sup>(1)</sup> | 3596 | $1068587 |
|  |  | **1068587** |
|  **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** |
|  Cactus, Inc., Class A | 11848 | 467641 |
|  |  | **467641** |
|  **Entertainment — 3.2%** | **Entertainment — 3.2%** | **Entertainment — 3.2%** |
|  Electronic Arts, Inc. | 5093 | 1027258 |
|  Walt Disney Co. | 18976 | 2172752 |
|  |  | **3200010** |
|  **Financial Services — 6.6%** | **Financial Services — 6.6%** | **Financial Services — 6.6%** |
|  Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 7793 | 3917853 |
|  Fiserv, Inc.<sup>(1)</sup> | 4308 | 555430 |
|  Mastercard, Inc., Class A | 3013 | 1713825 |
|  MGIC Investment Corp. | 12546 | 355930 |
|  |  | **6543038** |
|  **Ground Transportation — 2.9%** | **Ground Transportation — 2.9%** | **Ground Transportation — 2.9%** |
|  CSX Corp. | 26276 | 933060 |
|  JB Hunt Transport Services, Inc. | 4328 | 580688 |
|  Landstar System, Inc. | 4746 | 581670 |
|  Uber Technologies, Inc.<sup>(1)</sup> | 8433 | 826181 |
|  |  | **2921599** |
|  **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |
|  Align Technology, Inc.<sup>(1)</sup> | 4336 | 542954 |
|  GE HealthCare Technologies, Inc. | 8268 | 620927 |
|  ResMed, Inc. | 3735 | 1022381 |
|  |  | **2186262** |
|  **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** |
|  Cencora, Inc. | 4827 | 1508582 |
|  HCA Healthcare, Inc. | 1814 | 773127 |
|  Quest Diagnostics, Inc. | 8139 | 1551131 |
|  UnitedHealth Group, Inc. | 4596 | 1586999 |
|  |  | **5419839** |
|  **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** |
|  Yum! Brands, Inc. | 7144 | 1085888 |
|  |  | **1085888** |
|  **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** |
|  Axis Capital Holdings Ltd. | 14068 | 1347714 |
|  MetLife, Inc. | 11034 | 908871 |
|  |  | **2256585** |
|  **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** |
|  Alphabet, Inc., Class C | 3042 | 740879 |
|  |  | **740879** |
|  **Life Sciences Tools & Services — 2.1%** | **Life Sciences Tools & Services — 2.1%** | **Life Sciences Tools & Services — 2.1%** |
|  Agilent Technologies, Inc. | 12025 | 1543409 |
|  Charles River Laboratories International, Inc.<sup>(1)</sup> | 3695 | 578120 |
|  |  | **2121529** |
|  **Machinery — 4.0%** | **Machinery — 4.0%** | **Machinery — 4.0%** |
|  Allison Transmission Holdings, Inc. | 4768 | 404708 |
|  ITT, Inc. | 5389 | 963338 |
|  Otis Worldwide Corp. | 10684 | 976838 |
|  PACCAR, Inc. | 7265 | 714295 |
|  Westinghouse Air Brake Technologies Corp. | 4660 | 934190 |
|  |  | **3993369** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN GROWTH & INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** |
|  Steel Dynamics, Inc. | 6912 | $963740 |
|  |  | **963740** |
|  **Oil, Gas & Consumable Fuels — 6.9%** | **Oil, Gas & Consumable Fuels — 6.9%** | **Oil, Gas & Consumable Fuels — 6.9%** |
|  APA Corp. | 19991 | 485381 |
|  Chevron Corp. | 12695 | 1971407 |
|  ConocoPhillips | 14482 | 1369852 |
|  EOG Resources, Inc. | 20507 | 2299245 |
|  Phillips 66 | 5450 | 741309 |
|  |  | **6867194** |
|  **Pharmaceuticals — 4.9%** | **Pharmaceuticals — 4.9%** | **Pharmaceuticals — 4.9%** |
|  Johnson & Johnson | 26152 | 4849104 |
|  |  | **4849104** |
|  **Professional Services — 0.7%** | **Professional Services — 0.7%** | **Professional Services — 0.7%** |
|  Paycom Software, Inc. | 3230 | 672292 |
|  |  | **672292** |
|  **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** |
|  Jones Lang LaSalle, Inc.<sup>(1)</sup> | 3399 | 1013854 |
|  |  | **1013854** |
|  **Semiconductors & Semiconductor Equipment — 5.2%** | **Semiconductors & Semiconductor Equipment — 5.2%** | **Semiconductors & Semiconductor Equipment — 5.2%** |
|  Lam Research Corp. | 5271 | 705787 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5264 | 1470182 |
|  Texas Instruments, Inc. | 16393 | 3011886 |
|  |  | **5187855** |
|  **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
|  Public Storage | 1905 | 550259 |
|  |  | **550259** |
|  **Specialty Retail — 5.2%** | **Specialty Retail — 5.2%** | **Specialty Retail — 5.2%** |
|  Dick's Sporting Goods, Inc. | 6028 | 1339542 |
|  Lowe's Cos., Inc. | 6798 | 1708405 |
|  Ross Stores, Inc. | 7819 | 1191538 |
|  Ulta Beauty, Inc.<sup>(1)</sup> | 1683 | 920180 |
|  |  | **5159665** |
|  **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
|  NIKE, Inc., Class B | 8126 | 566626 |
|  |  | **566626** |
|  **Tobacco — 2.3%** | **Tobacco — 2.3%** | **Tobacco — 2.3%** |
|  Philip Morris International, Inc. | 14319 | 2322542 |
|  |  | **2322542** |
|  **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** |
|  MSC Industrial Direct Co., Inc., Class A | 7652 | 705055 |
|  |  | **705055** |
|  **Total Common Stocks**<br> (Cost $76,337,067) | **Total Common Stocks**<br> (Cost $76,337,067) | **98512603** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN GROWTH & INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Repurchase Agreements — 0.8%** | **Repurchase Agreements — 0.8%** | **Repurchase Agreements — 0.8%** |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $765,913, due 10/1/2025<sup>(2)</sup> | $765886 | $765886 |
|  **Total Repurchase Agreements**<br> (Cost $765,886) | **Total Repurchase Agreements**<br> (Cost $765,886) | **765886** |
|  **Total Investments — 100.1%**<br> (Cost $77,102,953) | **Total Investments — 100.1%**<br> (Cost $77,102,953) | **99278489** |
|  **Liabilities in excess of other assets — (0.1)%** | **Liabilities in excess of other assets — (0.1)%** | **(97775)** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**99180714** |

---

(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 Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781210 |

---

**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 September 30, 2025 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 | $98512603 | $— | $— | $98512603 |
|  Repurchase Agreements |  | 765886 |  | 765886 |
|  **Total** | $**98512603** | $**765886** | $**—** | $**99278489** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTEGRATED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
|  **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** |
|  Boeing Co.<sup>(1)</sup> | 11511 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484419 |
|  General Electric Co. | 11206 | 3370989 |
|  RTX Corp. | 16136 | 2700037 |
|  |  | **8555445** |
|  **Automobiles — 0.7%** | **Automobiles — 0.7%** | **Automobiles — 0.7%** |
|  Tesla, Inc.<sup>(1)</sup> | 4257 | 1893173 |
|  |  | **1893173** |
|  **Banks — 4.0%** | **Banks — 4.0%** | **Banks — 4.0%** |
|  JPMorgan Chase & Co. | 20522 | 6473255 |
|  Wells Fargo & Co. | 46976 | 3937528 |
|  |  | **10410783** |
|  **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
|  Monster Beverage Corp.<sup>(1)</sup> | 24072 | 1620286 |
|  |  | **1620286** |
|  **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
|  Gilead Sciences, Inc. | 21344 | 2369184 |
|  Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 6013 | 2354931 |
|  |  | **4724115** |
|  **Broadline Retail — 4.8%** | **Broadline Retail — 4.8%** | **Broadline Retail — 4.8%** |
|  Amazon.com, Inc.<sup>(1)</sup> | 56310 | 12363987 |
|  |  | **12363987** |
|  **Building Products — 0.5%** | **Building Products — 0.5%** | **Building Products — 0.5%** |
|  Builders FirstSource, Inc.<sup>(1)</sup> | 10867 | 1317624 |
|  |  | **1317624** |
|  **Capital Markets — 4.2%** | **Capital Markets — 4.2%** | **Capital Markets — 4.2%** |
|  Goldman Sachs Group, Inc. | 3962 | 3155139 |
|  Intercontinental Exchange, Inc. | 15902 | 2679169 |
|  KKR & Co., Inc. | 18855 | 2450207 |
|  Nasdaq, Inc. | 29257 | 2587781 |
|  |  | **10872296** |
|  **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
|  Linde PLC | 5168 | 2454800 |
|  Sherwin-Williams Co. | 7426 | 2571327 |
|  |  | **5026127** |
|  **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
|  Republic Services, Inc. | 5688 | 1305282 |
|  |  | **1305282** |
|  **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** |
|  American Express Co. | 10062 | 3342194 |
|  |  | **3342194** |
|  **Consumer Staples Distribution & Retail — 2.9%** | **Consumer Staples Distribution & Retail — 2.9%** | **Consumer Staples Distribution & Retail — 2.9%** |
|  BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 26415 | 2463199 |
|  Walmart, Inc. | 48664 | 5015312 |
|  |  | **7478511** |
|  **Distributors — 0.9%** | **Distributors — 0.9%** | **Distributors — 0.9%** |
|  Pool Corp. | 7323 | 2270643 |
|  |  | **2270643** |
|  **Electrical Equipment — 2.2%** | **Electrical Equipment — 2.2%** | **Electrical Equipment — 2.2%** |
|  AMETEK, Inc. | 6660 | 1252080 |
|  Emerson Electric Co. | 14993 | 1966782 |
|  GE Vernova, Inc. | 3806 | 2340309 |
|  |  | **5559171** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTEGRATED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** |  |
|  **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
|  Trimble, Inc.<sup>(1)</sup> | 16500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347225 |
|  |  | **1347225** |
|  **Entertainment — 2.4%** | **Entertainment — 2.4%** | **Entertainment — 2.4%** |
|  Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 17698 | 1848556 |
|  Netflix, Inc.<sup>(1)</sup> | 3537 | 4240580 |
|  |  | **6089136** |
|  **Financial Services — 2.4%** | **Financial Services — 2.4%** | **Financial Services — 2.4%** |
|  Klarna Group PLC<sup>(1)</sup> | 29906 | 1096055 |
|  Mastercard, Inc., Class A | 9177 | 5219969 |
|  |  | **6316024** |
|  **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
|  McCormick & Co., Inc. | 25174 | 1684392 |
|  |  | **1684392** |
|  **Gas Utilities — 0.9%** | **Gas Utilities — 0.9%** | **Gas Utilities — 0.9%** |
|  Atmos Energy Corp. | 13633 | 2327835 |
|  |  | **2327835** |
|  **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** |
|  Abbott Laboratories | 24007 | 3215497 |
|  Boston Scientific Corp.<sup>(1)</sup> | 14633 | 1428620 |
|  Edwards Lifesciences Corp.<sup>(1)</sup> | 26132 | 2032286 |
|  |  | **6676403** |
|  **Health Care REITs — 1.3%** | **Health Care REITs — 1.3%** | **Health Care REITs — 1.3%** |
|  Welltower, Inc. | 19013 | 3386976 |
|  |  | **3386976** |
|  **Health Care Technology — 0.8%** | **Health Care Technology — 0.8%** | **Health Care Technology — 0.8%** |
|  Veeva Systems, Inc., Class A<sup>(1)</sup> | 6525 | 1943863 |
|  |  | **1943863** |
|  **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** |
|  Marriott International, Inc., Class A | 10008 | 2606483 |
|  Starbucks Corp. | 28556 | 2415838 |
|  |  | **5022321** |
|  **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
|  Lennar Corp., Class A | 12488 | 1573987 |
|  |  | **1573987** |
|  **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
|  Arthur J Gallagher & Co. | 6696 | 2074019 |
|  Chubb Ltd. | 7905 | 2231186 |
|  |  | **4305205** |
|  **Interactive Media & Services — 8.5%** | **Interactive Media & Services — 8.5%** | **Interactive Media & Services — 8.5%** |
|  Alphabet, Inc., Class A | 57773 | 14044616 |
|  Meta Platforms, Inc., Class A | 10812 | 7940117 |
|  |  | **21984733** |
|  **Machinery — 3.3%** | **Machinery — 3.3%** | **Machinery — 3.3%** |
|  Caterpillar, Inc. | 5715 | 2726912 |
|  Ingersoll Rand, Inc. | 23682 | 1956607 |
|  ITT, Inc. | 9239 | 1651564 |
|  Parker-Hannifin Corp. | 2994 | 2269901 |
|  |  | **8604984** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTEGRATED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** |
|  WEC Energy Group, Inc. | 23864 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734576 |
|  |  | **2734576** |
|  **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** |
|  Diamondback Energy, Inc. | 7772 | 1112173 |
|  Expand Energy Corp. | 11809 | 1254588 |
|  Exxon Mobil Corp. | 31465 | 3547679 |
|  Williams Cos., Inc. | 25935 | 1642982 |
|  |  | **7557422** |
|  **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** |
|  Eli Lilly & Co. | 6485 | 4948055 |
|  |  | **4948055** |
|  **Semiconductors & Semiconductor Equipment — 13.4%** | **Semiconductors & Semiconductor Equipment — 13.4%** | **Semiconductors & Semiconductor Equipment — 13.4%** |
|  Broadcom, Inc. | 26666 | 8797380 |
|  KLA Corp. | 2724 | 2938106 |
|  NVIDIA Corp. | 123175 | 22981992 |
|  |  | **34717478** |
|  **Software — 12.2%** | **Software — 12.2%** | **Software — 12.2%** |
|  AppLovin Corp., Class A<sup>(1)</sup> | 1234 | 886678 |
|  Intuit, Inc. | 4037 | 2756908 |
|  Microsoft Corp. | 39350 | 20381332 |
|  Oracle Corp. | 13022 | 3662307 |
|  PTC, Inc.<sup>(1)</sup> | 10125 | 2055578 |
|  Tyler Technologies, Inc.<sup>(1)</sup> | 3279 | 1715442 |
|  |  | **31458245** |
|  **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** |
|  AutoZone, Inc.<sup>(1)</sup> | 593 | 2544112 |
|  Lowe's Cos., Inc. | 10107 | 2539990 |
|  |  | **5084102** |
|  **Technology Hardware, Storage & Peripherals — 7.3%** | **Technology Hardware, Storage & Peripherals — 7.3%** | **Technology Hardware, Storage & Peripherals — 7.3%** |
|  Apple, Inc. | 74627 | 19002273 |
|  |  | **19002273** |
|  **Trading Companies & Distributors — 0.8%** | **Trading Companies & Distributors — 0.8%** | **Trading Companies & Distributors — 0.8%** |
|  FTAI Aviation Ltd. | 11908 | 1986969 |
|  |  | **1986969** |
|  **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** |
|  T-Mobile U.S., Inc. | 10081 | 2413190 |
|  |  | **2413190** |
|  **Total Common Stocks**<br> (Cost $167,944,959) | **Total Common Stocks**<br> (Cost $167,944,959) | **257905031** |
|  | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 0.6%** | **Repurchase Agreements — 0.6%** | **Repurchase Agreements — 0.6%** |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $1,448,717, due 10/1/2025<sup>(2)</sup> | $1448667 | 1448667 |
|  **Total Repurchase Agreements**<br> (Cost $1,448,667) | **Total Repurchase Agreements**<br> (Cost $1,448,667) | **1448667** |
|  **Total Investments — 100.3%**<br> (Cost $169,393,626) |  | **259353698** |
|  **Liabilities in excess of other assets — (0.3)%** |  | **(677968)** |
|  **Total Net Assets — 100.0%** |  | $**258675730** |

---

(1) Non–income–producing security.

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTEGRATED RESEARCH VIP FUND** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  U.S. Treasury Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477674 |

---

**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 September 30, 2025 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 | $257905031 | $— | $— | $257905031 |
|  Repurchase Agreements |  | 1448667 |  | 1448667 |
|  **Total** | $**257905031** | $**1448667** | $**—** | $**259353698** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 98.5%** |  |  |
|  **Australia — 1.9%** |  |  |
|  QBE Insurance Group Ltd. | 46100 | $628856 |
|  Telstra Group Ltd. | 233297 | 744590 |
|  |  | **1373446** |
|  **Cayman Islands — 1.2%** |  |  |
|  Sea Ltd., ADR<sup>(1)</sup> | 4744 | 847895 |
|  |  | **847895** |
|  **Denmark — 4.6%** |  |  |
|  DSV A/S | 5053 | 1008786 |
|  Novo Nordisk AS, Class B | 23364 | 1289593 |
|  Novonesis (Novozymes) B | 17501 | 1072736 |
|  |  | **3371115** |
|  **France — 14.3%** |  |  |
|  Air Liquide SA | 11341 | 2360192 |
|  EssilorLuxottica SA | 3392 | 1106389 |
|  Legrand SA | 7860 | 1311137 |
|  Safran SA | 9400 | 3328923 |
|  Schneider Electric SE | 6974 | 1968799 |
|  SPIE SA | 8109 | 438506 |
|  |  | **10513946** |
|  **Germany — 7.2%** |  |  |
|  Bilfinger SE | 4108 | 452693 |
|  Deutsche Boerse AG | 3641 | 975758 |
|  Muenchener Rueckversicherungs-Gesellschaft AG | 1493 | 953961 |
|  Rheinmetall AG | 169 | 393408 |
|  SAP SE | 5901 | 1582009 |
|  Scout24 SE<sup>(2)</sup> | 3747 | 469144 |
|  Siemens AG, Reg S | 1557 | 420107 |
|  |  | **5247080** |
|  **Hong Kong — 2.3%** |  |  |
|  Hong Kong Exchanges & Clearing Ltd. | 29200 | 1659656 |
|  |  | **1659656** |
|  **Ireland — 1.6%** |  |  |
|  Ryanair Holdings PLC, ADR | 20149 | 1213373 |
|  |  | **1213373** |
|  **Italy — 1.4%** |  |  |
|  Prysmian SpA | 10458 | 1044588 |
|  |  | **1044588** |
|  **Japan — 23.1%** |  |  |
|  Advantest Corp. | 10500 | 1049794 |
|  Ajinomoto Co., Inc. | 29700 | 852030 |
|  Azbil Corp. | 79800 | 758901 |
|  Cosmos Pharmaceutical Corp. | 10400 | 607498 |
|  Hitachi Ltd. | 68900 | 1809314 |
|  IHI Corp. | 65800 | 1223862 |
|  Kao Corp. | 24800 | 1080872 |
|  Nintendo Co. Ltd. | 16800 | 1439195 |
|  Obic Co. Ltd. | 18100 | 631849 |
|  Rakuten Bank Ltd.<sup>(1)</sup> | 22800 | 1270969 |
|  Recruit Holdings Co. Ltd. | 22300 | 1196486 |
|  Sanrio Co. Ltd. | 7800 | 365291 |
|  Sony Financial Group, Inc.<sup>(1)</sup> | 104400 | 115777 |
|  Sony Group Corp. | 104400 | 2995780 |
|  Suzuki Motor Corp. | 44900 | 654495 |
|  Terumo Corp. | 53600 | 884603 |
|  |  | **16936716** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Netherlands — 7.5%** |  |  |
|  Argenx SE<sup>(1)</sup> | 1024 | $752212 |
|  ASML Holding NV | 2276 | 2219014 |
|  Ferrovial SE | 17342 | 998187 |
|  Heineken NV | 8742 | 682758 |
|  Prosus NV | 11896 | 843649 |
|  |  | **5495820** |
|  **Singapore — 2.1%** |  |  |
|  DBS Group Holdings Ltd. | 38540 | 1526373 |
|  |  | **1526373** |
|  **Spain — 2.6%** |  |  |
|  Indra Sistemas SA | 24823 | 1111634 |
|  Industria de Diseno Textil SA | 13790 | 761845 |
|  |  | **1873479** |
|  **Sweden — 2.4%** |  |  |
|  Atlas Copco AB, Class A | 55549 | 945898 |
|  Volvo AB, Class B | 29315 | 845404 |
|  |  | **1791302** |
|  **Switzerland — 3.8%** |  |  |
|  Cie Financiere Richemont SA, Reg S, Class A | 9426 | 1808650 |
|  Lonza Group AG, Reg S | 1453 | 975162 |
|  |  | **2783812** |
|  **Taiwan — 1.6%** |  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4247 | 1186145 |
|  |  | **1186145** |
|  **United Kingdom — 20.9%** |  |  |
|  3i Group PLC | 25349 | 1397656 |
|  AstraZeneca PLC | 13860 | 2117161 |
|  Compass Group PLC | 40238 | 1370890 |
|  Diageo PLC | 24663 | 587123 |
|  Haleon PLC | 172248 | 778034 |
|  InterContinental Hotels Group PLC | 9741 | 1180605 |
|  London Stock Exchange Group PLC | 8856 | 1016953 |
|  NatWest Group PLC | 82030 | 575775 |
|  Next PLC | 3076 | 512388 |
|  RELX PLC | 34251 | 1640954 |
|  Rolls-Royce Holdings PLC | 136207 | 2180646 |
|  Sage Group PLC | 62079 | 921721 |
|  SSE PLC | 45109 | 1057124 |
|  |  | **15337030** |
|  **Total Common Stocks**<br> (Cost $51,325,506) |  | **72201776** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Repurchase Agreements — 1.0%** |  |  |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $717,125, due 10/1/2025<sup>(3)</sup> | $717100 | $717100 |
|  **Total Repurchase Agreements**<br> (Cost $717,100) |  | **717100** |
|  **Total Investments — 99.5%**<br> (Cost $52,042,606) |  | **72918876** |
|  **Assets in excess of other liabilities — 0.5%** |  | **377749** |
|  **Total Net Assets — 100.0%** |  | $**73296625** |

---

(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 September 30, 2025, the aggregate market value of this security amounted to $469,144, representing 0.6% of net assets. This security has been deemed liquid by the investment adviser
pursuant to the Fund's liquidity procedures approved by the Board of Trustees.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  U.S. Treasury Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731656 |

---

**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 September 30, 2025 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 | $— | $1373446 <sup>\*</sup> | $— | $1373446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands | 847895 |  |  | 847895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 3371115 <sup>\*</sup> |  | 3371115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 10513946 <sup>\*</sup> |  | 10513946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 5247080 <sup>\*</sup> |  | 5247080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 1659656 <sup>\*</sup> |  | 1659656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 1213373 |  |  | 1213373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 1044588 <sup>\*</sup> |  | 1044588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 115777 | 16820939 <sup>\*</sup> |  | 16936716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 5495820 <sup>\*</sup> |  | 5495820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 1526373 <sup>\*</sup> |  | 1526373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 1873479 <sup>\*</sup> |  | 1873479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 1791302 <sup>\*</sup> |  | 1791302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 2783812 <sup>\*</sup> |  | 2783812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 1186145 |  |  | 1186145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 15337030 <sup>\*</sup> |  | 15337030 |
|  Repurchase Agreements |  | 717100 |  | 717100 |
|  **Total** | $**3363190** | $**69555686** | $**—** | $**72918876** |

---

<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** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 99.2%** |  |  |
|  **Australia — 0.7%** |  |  |
|  Rio Tinto Ltd. | 19176 | $1550369 |
|  |  | **1550369** |
|  **Austria — 1.3%** |  |  |
|  Erste Group Bank AG | 29467 | 2880563 |
|  |  | **2880563** |
|  **Belgium — 1.1%** |  |  |
|  UCB SA | 8487 | 2348091 |
|  |  | **2348091** |
|  **Canada — 1.4%** |  |  |
|  Nutrien Ltd. | 20246 | 1188981 |
|  Toronto-Dominion Bank | 24239 | 1938145 |
|  |  | **3127126** |
|  **Cayman Islands — 1.5%** |  |  |
|  NU Holdings Ltd., Class A<sup>(1)</sup> | 45625 | 730456 |
|  Sea Ltd., ADR<sup>(1)</sup> | 7979 | 1426087 |
|  Tencent Music Entertainment Group, ADR | 50845 | 1186722 |
|  |  | **3343265** |
|  **China — 0.5%** |  |  |
|  Contemporary Amperex Technology Co. Ltd., Class A | 18400 | 1040563 |
|  |  | **1040563** |
|  **Denmark — 2.2%** |  |  |
|  Novo Nordisk AS, Class B | 35327 | 1949899 |
|  Pandora AS | 8188 | 1070482 |
|  Vestas Wind Systems AS | 87747 | 1702972 |
|  |  | **4723353** |
|  **France — 6.8%** |  |  |
|  Cie de Saint-Gobain SA | 7276 | 792652 |
|  EssilorLuxottica SA | 6809 | 2220932 |
|  Legrand SA | 20714 | 3455331 |
|  LVMH Moet Hennessy Louis Vuitton SE | 3636 | 2224811 |
|  Sanofi SA | 25078 | 2370480 |
|  Schneider Electric SE | 13128 | 3706107 |
|  |  | **14770313** |
|  **Germany — 9.9%** |  |  |
|  Allianz SE, Reg S | 9932 | 4174842 |
|  Bayerische Motoren Werke AG | 25897 | 2598603 |
|  Beiersdorf AG | 20397 | 2133987 |
|  Infineon Technologies AG | 68923 | 2690184 |
|  SAP SE | 21670 | 5809546 |
|  Siemens AG, Reg S | 10555 | 2847930 |
|  Siemens Healthineers AG<sup>(2)</sup> | 21242 | 1149181 |
|  |  | **21404273** |
|  **Hong Kong — 1.0%** |  |  |
|  BOC Hong Kong Holdings Ltd. | 287000 | 1349191 |
|  Techtronic Industries Co. Ltd. | 68500 | 878807 |
|  |  | **2227998** |
|  **India — 0.4%** |  |  |
|  HDFC Bank Ltd., ADR | 23967 | 818713 |
|  |  | **818713** |
|  **Indonesia — 0.4%** |  |  |
|  Bank Central Asia Tbk. PT | 1881500 | 861579 |
|  |  | **861579** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Ireland — 0.9%** |  |  |
|  Kingspan Group PLC | 23020 | $1938138 |
|  |  | **1938138** |
|  **Israel — 1.3%** |  |  |
|  Check Point Software Technologies Ltd.<sup>(1)</sup> | 6118 | 1265875 |
|  Teva Pharmaceutical Industries Ltd., ADR<sup>(1)</sup> | 72503 | 1464561 |
|  |  | **2730436** |
|  **Italy — 2.2%** |  |  |
|  FinecoBank Banca Fineco SpA | 114195 | 2473753 |
|  Intesa Sanpaolo SpA | 336447 | 2224962 |
|  |  | **4698715** |
|  **Japan — 21.5%** |  |  |
|  Bridgestone Corp. | 31700 | 1465783 |
|  Daiichi Sankyo Co. Ltd. | 49700 | 1112403 |
|  Daikin Industries Ltd. | 11500 | 1323098 |
|  Fast Retailing Co. Ltd. | 6300 | 1913106 |
|  FUJIFILM Holdings Corp. | 97100 | 2419590 |
|  Hitachi Ltd. | 111200 | 2920113 |
|  Hoya Corp. | 12100 | 1671499 |
|  ITOCHU Corp. | 39400 | 2265728 |
|  Japan Exchange Group, Inc. | 154300 | 1743428 |
|  KDDI Corp. | 128100 | 2052614 |
|  Keyence Corp. | 4400 | 1638259 |
|  Lasertec Corp. | 9000 | 1243510 |
|  Mitsubishi Estate Co. Ltd. | 66500 | 1531403 |
|  Mitsubishi UFJ Financial Group, Inc. | 374300 | 5929426 |
|  MS&AD Insurance Group Holdings, Inc. | 126300 | 2865328 |
|  Nintendo Co. Ltd. | 29900 | 2561424 |
|  Recruit Holdings Co. Ltd. | 29500 | 1582796 |
|  Shimano, Inc. | 7600 | 863527 |
|  SMC Corp. | 2800 | 856824 |
|  SoftBank Group Corp. | 21800 | 2768820 |
|  Sony Financial Group, Inc.<sup>(1)</sup> | 155400 | 172334 |
|  Sony Group Corp. | 155400 | 4459235 |
|  Terumo Corp. | 77800 | 1283994 |
|  |  | **46644242** |
|  **Luxembourg — 1.2%** |  |  |
|  Spotify Technology SA<sup>(1)</sup> | 3602 | 2514196 |
|  |  | **2514196** |
|  **Netherlands — 5.3%** |  |  |
|  Airbus SE | 13125 | 3068170 |
|  ASM International NV | 1532 | 920903 |
|  ASML Holding NV | 5133 | 5004482 |
|  Heineken NV | 32585 | 2544916 |
|  |  | **11538471** |
|  **Norway — 1.6%** |  |  |
|  DNB Bank ASA | 96067 | 2623472 |
|  Norsk Hydro ASA | 131930 | 894046 |
|  |  | **3517518** |
|  **Portugal — 0.8%** |  |  |
|  Jeronimo Martins SGPS SA | 71580 | 1743757 |
|  |  | **1743757** |
|  **Republic of Korea — 0.6%** |  |  |
|  Kia Corp. | 18996 | 1365487 |
|  |  | **1365487** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Singapore — 1.5%** |  |  |
|  DBS Group Holdings Ltd. | 54700 | $2166389 |
|  Singapore Telecommunications Ltd. | 340900 | 1090603 |
|  |  | **3256992** |
|  **Spain — 5.4%** |  |  |
|  Banco Bilbao Vizcaya Argentaria SA | 235644 | 4533439 |
|  Bankinter SA | 123761 | 1952194 |
|  Iberdrola SA | 151469 | 2870075 |
|  Industria de Diseno Textil SA | 41599 | 2298186 |
|  |  | **11653894** |
|  **Sweden — 0.7%** |  |  |
|  Svenska Handelsbanken AB, Class A | 113841 | 1487903 |
|  |  | **1487903** |
|  **Switzerland — 6.3%** |  |  |
|  Alcon AG | 25657 | 1921845 |
|  Chocoladefabriken Lindt & Spruengli AG | 106 | 1624801 |
|  Cie Financiere Richemont SA, Reg S, Class A | 18221 | 3496225 |
|  Lonza Group AG, Reg S | 3313 | 2223477 |
|  Roche Holding AG | 13457 | 4429119 |
|  |  | **13695467** |
|  **Taiwan — 0.7%** |  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 35000 | 1522652 |
|  |  | **1522652** |
|  **United Kingdom — 20.0%** |  |  |
|  Antofagasta PLC | 56022 | 2086842 |
|  ARM Holdings PLC, ADR<sup>(1)</sup> | 4508 | 637837 |
|  AstraZeneca PLC | 28726 | 4387991 |
|  BAE Systems PLC | 114560 | 3174439 |
|  Bunzl PLC | 42673 | 1347163 |
|  Diageo PLC | 59104 | 1407019 |
|  GSK PLC | 73321 | 1576426 |
|  Haleon PLC | 562790 | 2542090 |
|  Kingfisher PLC | 407564 | 1702041 |
|  Lloyds Banking Group PLC | 3105447 | 3498127 |
|  London Stock Exchange Group PLC | 13839 | 1589161 |
|  National Grid PLC | 128739 | 1855978 |
|  Reckitt Benckiser Group PLC | 29056 | 2244016 |
|  RELX PLC | 59040 | 2819880 |
|  Sage Group PLC | 94162 | 1398075 |
|  Shell PLC | 135229 | 4857755 |
|  Tesco PLC | 215920 | 1294279 |
|  Unilever PLC | 58492 | 3457587 |
|  Whitbread PLC | 33322 | 1450657 |
|  |  | **43327363** |
|  **United States — 2.0%** |  |  |
|  Booking Holdings, Inc. | 347 | 1873547 |
|  Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 16109 | 1682585 |
|  MercadoLibre, Inc.<sup>(1)</sup> | 286 | 668365 |
|  |  | **4224497** |
|  **Total Common Stocks**<br> (Cost $163,694,004) |  | **214955934** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 0.5%** |  |  |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $1,104,014, due 10/1/2025<sup>(3)</sup> | $1103975 | $1103975 |
|  **Total Repurchase Agreements**<br> (Cost $1,103,975) |  | **1103975** |
|  **Total Investments — 99.7%**<br> (Cost $164,797,979) |  | **216059909** |
|  **Assets in excess of other liabilities — 0.3%** |  | **683124** |
|  **Total Net Assets — 100.0%** |  | $**216743033** |

---

(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 September 30, 2025, the aggregate market value of this security amounted to $1,149,181, representing 0.5% of net assets. This security has been deemed liquid by the investment adviser
pursuant to the Fund's liquidity procedures approved by the Board of Trustees.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  U.S. Treasury Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126150 |

---

**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 September 30, 2025 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 | $— | $1550369 <sup>\*</sup> | $— | $1550369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 2880563 <sup>\*</sup> |  | 2880563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 2348091 <sup>\*</sup> |  | 2348091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 3127126 |  |  | 3127126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands | 3343265 |  |  | 3343265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 1040563 <sup>\*</sup> |  | 1040563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 4723353 <sup>\*</sup> |  | 4723353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 14770313 <sup>\*</sup> |  | 14770313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 21404273 <sup>\*</sup> |  | 21404273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 2227998 <sup>\*</sup> |  | 2227998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 818713 |  |  | 818713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 861579 <sup>\*</sup> |  | 861579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland |  | 1938138 <sup>\*</sup> |  | 1938138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 2730436 |  |  | 2730436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 4698715 <sup>\*</sup> |  | 4698715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 172334 | 46471908 <sup>\*</sup> |  | 46644242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 2514196 |  |  | 2514196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 11538471 <sup>\*</sup> |  | 11538471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 3517518 <sup>\*</sup> |  | 3517518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 1743757 <sup>\*</sup> |  | 1743757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea |  | 1365487 <sup>\*</sup> |  | 1365487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 3256992 <sup>\*</sup> |  | 3256992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 11653894 <sup>\*</sup> |  | 11653894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 1487903 <sup>\*</sup> |  | 1487903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 13695467 <sup>\*</sup> |  | 13695467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 1522652 <sup>\*</sup> |  | 1522652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 637837 | 42689526 <sup>\*</sup> |  | 43327363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 4224497 |  |  | 4224497 |
|  Repurchase Agreements |  | 1103975 |  | 1103975 |
|  **Total** | $**17568404** | $**198491505** | $**—** | $**216059909** |

---

<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** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 100.1%** |  |  |
|  **Aerospace & Defense — 1.6%** |  |  |
|  General Electric Co. | 19269 | $5796501 |
|  |  | **5796501** |
|  **Automobiles — 1.8%** |  |  |
|  Tesla, Inc.<sup>(1)</sup> | 14431 | 6417754 |
|  |  | **6417754** |
|  **Banks — 0.6%** |  |  |
|  Wells Fargo & Co. | 25472 | 2135063 |
|  |  | **2135063** |
|  **Biotechnology — 0.8%** |  |  |
|  Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 7674 | 3005445 |
|  |  | **3005445** |
|  **Broadline Retail — 4.9%** |  |  |
|  Amazon.com, Inc.<sup>(1)</sup> | 81111 | 17809542 |
|  |  | **17809542** |
|  **Building Products — 0.4%** |  |  |
|  Builders FirstSource, Inc.<sup>(1)</sup> | 11922 | 1445543 |
|  |  | **1445543** |
|  **Capital Markets — 1.8%** |  |  |
|  Ares Management Corp., Class A | 13124 | 2098396 |
|  Interactive Brokers Group, Inc., Class A | 27981 | 1925373 |
|  KKR & Co., Inc. | 19384 | 2518951 |
|  |  | **6542720** |
|  **Chemicals — 0.9%** |  |  |
|  Sherwin-Williams Co. | 9546 | 3305398 |
|  |  | **3305398** |
|  **Commercial Services & Supplies — 0.4%** |  |  |
|  Republic Services, Inc. | 6971 | 1599705 |
|  |  | **1599705** |
|  **Communications Equipment — 1.0%** |  |  |
|  Arista Networks, Inc.<sup>(1)</sup> | 26092 | 3801865 |
|  |  | **3801865** |
|  **Consumer Finance — 0.7%** |  |  |
|  American Express Co. | 7499 | 2490868 |
|  |  | **2490868** |
|  **Consumer Staples Distribution & Retail — 1.7%** |  |  |
|  BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 30079 | 2804867 |
|  Walmart, Inc. | 30829 | 3177237 |
|  |  | **5982104** |
|  **Distributors — 0.5%** |  |  |
|  Pool Corp. | 5863 | 1817940 |
|  |  | **1817940** |
|  **Electrical Equipment — 1.1%** |  |  |
|  GE Vernova, Inc. | 6362 | 3911994 |
|  |  | **3911994** |
|  **Entertainment — 4.3%** |  |  |
|  Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 21256 | 2220189 |
|  Live Nation Entertainment, Inc.<sup>(1)</sup> | 12287 | 2007696 |
|  Netflix, Inc.<sup>(1)</sup> | 6749 | 8091511 |
|  Spotify Technology SA<sup>(1)</sup> | 4786 | 3340628 |
|  |  | **15660024** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Financial Services — 3.7%** |  |  |
|  Klarna Group PLC<sup>(1)</sup> | 39511 | $1448078 |
|  Mastercard, Inc., Class A | 16492 | 9380815 |
|  Visa, Inc., Class A | 7718 | 2634771 |
|  |  | **13463664** |
|  **Health Care Technology — 0.9%** |  |  |
|  Veeva Systems, Inc., Class A<sup>(1)</sup> | 10355 | 3084858 |
|  |  | **3084858** |
|  **Hotels, Restaurants & Leisure — 2.5%** |  |  |
|  Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 67474 | 2644306 |
|  DoorDash, Inc., Class A<sup>(1)</sup> | 10910 | 2967411 |
|  Hilton Worldwide Holdings, Inc. | 13764 | 3570932 |
|  |  | **9182649** |
|  **Interactive Media & Services — 10.5%** |  |  |
|  Alphabet, Inc., Class A | 90277 | 21946339 |
|  Meta Platforms, Inc., Class A | 21757 | 15977905 |
|  |  | **37924244** |
|  **IT Services — 0.7%** |  |  |
|  Shopify, Inc., Class A<sup>(1)</sup> | 16748 | 2488920 |
|  |  | **2488920** |
|  **Machinery — 1.3%** |  |  |
|  Caterpillar, Inc. | 6053 | 2888189 |
|  Ingersoll Rand, Inc. | 24031 | 1985441 |
|  |  | **4873630** |
|  **Pharmaceuticals — 2.5%** |  |  |
|  Eli Lilly & Co. | 11988 | 9146844 |
|  |  | **9146844** |
|  **Semiconductors & Semiconductor Equipment — 21.0%** |  |  |
|  Broadcom, Inc. | 60071 | 19818024 |
|  KLA Corp. | 4239 | 4572185 |
|  NVIDIA Corp. | 276444 | 51578922 |
|  |  | **75969131** |
|  **Software — 19.9%** |  |  |
|  AppLovin Corp., Class A<sup>(1)</sup> | 4409 | 3168043 |
|  Cadence Design Systems, Inc.<sup>(1)</sup> | 9874 | 3468341 |
|  HubSpot, Inc.<sup>(1)</sup> | 2799 | 1309372 |
|  Intuit, Inc. | 5968 | 4075607 |
|  Microsoft Corp. | 78641 | 40732106 |
|  Oracle Corp. | 25161 | 7076279 |
|  Palantir Technologies, Inc., Class A<sup>(1)</sup> | 13635 | 2487297 |
|  Palo Alto Networks, Inc.<sup>(1)</sup> | 14923 | 3038621 |
|  PTC, Inc.<sup>(1)</sup> | 11250 | 2283975 |
|  ServiceNow, Inc.<sup>(1)</sup> | 4699 | 4324396 |
|  |  | **71964037** |
|  **Specialized REITs — 0.7%** |  |  |
|  American Tower Corp. | 12317 | 2368805 |
|  |  | **2368805** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Specialty Retail — 1.6%** |  |  |
|  Lowe's Cos., Inc. | 10915 | $2743049 |
|  O'Reilly Automotive, Inc.<sup>(1)</sup> | 26868 | 2896639 |
|  |  | **5639688** |
|  **Technology Hardware, Storage & Peripherals — 11.5%** |  |  |
|  Apple, Inc. | 164262 | 41826033 |
|  |  | **41826033** |
|  **Trading Companies & Distributors — 0.8%** |  |  |
|  FTAI Aviation Ltd. | 17003 | 2837121 |
|  |  | **2837121** |
|  **Total Common Stocks**<br> (Cost $194,353,459) |  | **362492090** |
|  | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 0.2%** |  |  |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $746,907, due 10/1/2025<sup>(2)</sup> | $746881 | 746881 |
|  **Total Repurchase Agreements**<br> (Cost $746,881) |  | **746881** |
|  **Total Investments — 100.3%**<br> (Cost $195,100,340) |  | **363238971** |
|  **Liabilities in excess of other assets — (0.3)%** |  | **(932505)** |
|  **Total Net Assets — 100.0%** |  | $**362306466** |

---

(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 Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761998 |

---

**Legend:** 

REITs – Real Estate Investment Trusts

*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 September 30, 2025 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 | $362492090 | $— | $— | $362492090 |
|  Repurchase Agreements |  | 746881 |  | 746881 |
|  **Total** | $**362492090** | $**746881** | $**—** | $**363238971** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 97.7%** |  |  |
|  **Aerospace & Defense — 2.1%** |  |  |
|  General Dynamics Corp. | 3068 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046188 |
|  L3Harris Technologies, Inc. | 2306 | 704275 |
|  |  | **1750463** |
|  **Air Freight & Logistics — 1.9%** |  |  |
|  CH Robinson Worldwide, Inc. | 5821 | 770700 |
|  FedEx Corp. | 3307 | 779824 |
|  |  | **1550524** |
|  **Automobile Components — 0.7%** |  |  |
|  Aptiv PLC<sup>(1)</sup> | 6524 | 562499 |
|  |  | **562499** |
|  **Banks — 7.3%** |  |  |
|  Huntington Bancshares, Inc. | 63790 | 1101654 |
|  JPMorgan Chase & Co. | 11575 | 3651102 |
|  Wells Fargo & Co. | 14271 | 1196195 |
|  |  | **5948951** |
|  **Beverages — 2.1%** |  |  |
|  Coca-Cola Co. | 17806 | 1180894 |
|  Coca-Cola Europacific Partners PLC | 5652 | 510997 |
|  |  | **1691891** |
|  **Biotechnology — 1.4%** |  |  |
|  AbbVie, Inc. | 4826 | 1117412 |
|  |  | **1117412** |
|  **Broadline Retail — 2.5%** |  |  |
|  Amazon.com, Inc.<sup>(1)</sup> | 9286 | 2038927 |
|  |  | **2038927** |
|  **Building Products — 0.6%** |  |  |
|  Allegion PLC | 2690 | 477072 |
|  |  | **477072** |
|  **Capital Markets — 5.8%** |  |  |
|  Blue Owl Capital, Inc. | 23412 | 396365 |
|  Charles Schwab Corp. | 8423 | 804144 |
|  Goldman Sachs Group, Inc. | 992 | 789979 |
|  Intercontinental Exchange, Inc. | 2441 | 411260 |
|  LPL Financial Holdings, Inc. | 3519 | 1170736 |
|  Morgan Stanley | 7547 | 1199671 |
|  |  | **4772155** |
|  **Construction Materials — 2.2%** |  |  |
|  CRH PLC | 14670 | 1758933 |
|  |  | **1758933** |
|  **Consumer Finance — 2.7%** |  |  |
|  American Express Co. | 4147 | 1377467 |
|  Capital One Financial Corp. | 4034 | 857548 |
|  |  | **2235015** |
|  **Consumer Staples Distribution & Retail — 3.3%** |  |  |
|  Sysco Corp. | 14531 | 1196482 |
|  U.S. Foods Holding Corp.<sup>(1)</sup> | 19208 | 1471717 |
|  |  | **2668199** |
|  **Electric Utilities — 3.7%** |  |  |
|  Entergy Corp. | 8262 | 769936 |
|  FirstEnergy Corp. | 27009 | 1237552 |
|  PPL Corp. | 28012 | 1040926 |
|  |  | **3048414** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Electrical Equipment — 1.6%** |  |  |
|  Emerson Electric Co. | 5493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720572 |
|  Hubbell, Inc. | 1447 | 622658 |
|  |  | **1343230** |
|  **Electronic Equipment, Instruments & Components — 3.1%** |  |  |
|  Flex Ltd.<sup>(1)</sup> | 20721 | 1201196 |
|  Keysight Technologies, Inc.<sup>(1)</sup> | 5237 | 916056 |
|  Trimble, Inc.<sup>(1)</sup> | 5530 | 451525 |
|  |  | **2568777** |
|  **Energy Equipment & Services — 0.4%** |  |  |
|  Schlumberger NV | 9937 | 341535 |
|  |  | **341535** |
|  **Entertainment — 1.6%** |  |  |
|  Walt Disney Co. | 11305 | 1294422 |
|  |  | **1294422** |
|  **Financial Services — 2.3%** |  |  |
|  Apollo Global Management, Inc. | 3021 | 402609 |
|  Corpay, Inc.<sup>(1)</sup> | 2967 | 854674 |
|  Fidelity National Information Services, Inc. | 9310 | 613901 |
|  |  | **1871184** |
|  **Ground Transportation — 1.9%** |  |  |
|  Uber Technologies, Inc.<sup>(1)</sup> | 16230 | 1590053 |
|  |  | **1590053** |
|  **Health Care Equipment & Supplies — 1.1%** |  |  |
|  Medtronic PLC | 9421 | 897256 |
|  |  | **897256** |
|  **Health Care Providers & Services — 6.5%** |  |  |
|  Cencora, Inc. | 4697 | 1467953 |
|  McKesson Corp. | 1704 | 1316408 |
|  Quest Diagnostics, Inc. | 5382 | 1025702 |
|  Tenet Healthcare Corp.<sup>(1)</sup> | 1663 | 337656 |
|  UnitedHealth Group, Inc. | 3318 | 1145705 |
|  |  | **5293424** |
|  **Hotels, Restaurants & Leisure — 0.8%** |  |  |
|  Booking Holdings, Inc. | 127 | 685707 |
|  |  | **685707** |
|  **Industrial Conglomerates — 1.9%** |  |  |
|  Honeywell International, Inc. | 7244 | 1524862 |
|  |  | **1524862** |
|  **Insurance — 3.1%** |  |  |
|  Allstate Corp. | 4306 | 924283 |
|  Aon PLC, Class A | 2846 | 1014826 |
|  Arthur J Gallagher & Co. | 1978 | 612666 |
|  |  | **2551775** |
|  **Interactive Media & Services — 1.7%** |  |  |
|  Alphabet, Inc., Class A | 5559 | 1351393 |
|  |  | **1351393** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Life Sciences Tools & Services — 0.9%** |  |  |
|  IQVIA Holdings, Inc.<sup>(1)</sup> | 3724 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707337 |
|  |  | **707337** |
|  **Machinery — 1.8%** |  |  |
|  Cummins, Inc. | 1803 | 761533 |
|  Westinghouse Air Brake Technologies Corp. | 3612 | 724098 |
|  |  | **1485631** |
|  **Media — 0.5%** |  |  |
|  Omnicom Group, Inc. | 5188 | 422978 |
|  |  | **422978** |
|  **Metals & Mining — 4.9%** |  |  |
|  Kinross Gold Corp. | 82685 | 2054722 |
|  Newmont Corp. | 13374 | 1127562 |
|  Reliance, Inc. | 2094 | 588058 |
|  Steel Dynamics, Inc. | 1397 | 194784 |
|  |  | **3965126** |
|  **Multi-Utilities — 1.0%** |  |  |
|  CenterPoint Energy, Inc. | 20542 | 797030 |
|  |  | **797030** |
|  **Oil, Gas & Consumable Fuels — 5.4%** |  |  |
|  Canadian Natural Resources Ltd. | 11071 | 353829 |
|  Cenovus Energy, Inc. | 33565 | 570269 |
|  ConocoPhillips | 10610 | 1003600 |
|  Diamondback Energy, Inc. | 7361 | 1053359 |
|  Marathon Petroleum Corp. | 7331 | 1412977 |
|  ONEOK, Inc. | 743 | 54217 |
|  |  | **4448251** |
|  **Passenger Airlines — 0.6%** |  |  |
|  United Airlines Holdings, Inc.<sup>(1)</sup> | 4651 | 448822 |
|  |  | **448822** |
|  **Pharmaceuticals — 1.5%** |  |  |
|  AstraZeneca PLC, ADR | 10128 | 777020 |
|  Novo Nordisk AS, ADR | 8444 | 468558 |
|  |  | **1245578** |
|  **Professional Services — 1.7%** |  |  |
|  Jacobs Solutions, Inc. | 5696 | 853602 |
|  Leidos Holdings, Inc. | 3036 | 573683 |
|  |  | **1427285** |
|  **Semiconductors & Semiconductor Equipment — 5.7%** |  |  |
|  Applied Materials, Inc. | 4924 | 1008140 |
|  Microchip Technology, Inc. | 17403 | 1117621 |
|  Micron Technology, Inc. | 8730 | 1460703 |
|  NXP Semiconductors NV | 4717 | 1074202 |
|  |  | **4660666** |
|  **Software — 1.5%** |  |  |
|  Oracle Corp. | 4250 | 1195270 |
|  |  | **1195270** |
|  **Specialty Retail — 3.2%** |  |  |
|  AutoNation, Inc.<sup>(1)</sup> | 2715 | 593960 |
|  AutoZone, Inc.<sup>(1)</sup> | 279 | 1196977 |
|  Home Depot, Inc. | 1962 | 794983 |
|  |  | **2585920** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Technology Hardware, Storage & Peripherals — 1.3%** |  |  |
|  Dell Technologies, Inc., Class C | 7704 | $1092196 |
|  |  | **1092196** |
|  **Tobacco — 2.7%** |  |  |
|  Philip Morris International, Inc. | 13663 | 2216139 |
|  |  | **2216139** |
|  **Trading Companies & Distributors — 1.5%** |  |  |
|  United Rentals, Inc. | 1248 | 1191416 |
|  |  | **1191416** |
|  **Wireless Telecommunication Services — 1.2%** |  |  |
|  T-Mobile U.S., Inc. | 4039 | 966856 |
|  |  | **966856** |
|  **Total Common Stocks**<br> (Cost $54,196,313) |  | **79790574** |
|  | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 0.5%** |  |  |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $385,669, due 10/1/2025<sup>(2)</sup> | $385656 | 385656 |
|  **Total Repurchase Agreements**<br> (Cost $385,656) |  | **385656** |
|  **Total Investments — 98.2%**<br> (Cost $54,581,969) |  | **80176230** |
|  **Assets in excess of other liabilities — 1.8%** |  | **1465082** |
|  **Total Net Assets — 100.0%** |  | $**81641312** |

---

(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 Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393481 |

---

**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 September 30, 2025 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 | $79790574 | $— | $— | $79790574 |
|  Repurchase Agreements |  | 385656 |  | 385656 |
|  **Total** | $**79790574** | $**385656** | $**—** | $**80176230** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 99.8%** |  |  |
|  **Aerospace & Defense — 2.2%** |  |  |
|  Carpenter Technology Corp. | 4150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018991 |
|  DroneShield Ltd., Reg S (Australia)<sup>(1)</sup> | 45409 | 139197 |
|  Firefly Aerospace, Inc.<sup>(1)</sup> | 600 | 17592 |
|  General Electric Co. | 9152 | 2753105 |
|  Loar Holdings, Inc.<sup>(1)</sup> | 200 | 16000 |
|  |  | **3944885** |
|  **Automobile Components — 0.5%** |  |  |
|  Hesai Group, ADR<sup>(1)</sup> | 31400 | 882340 |
|  |  | **882340** |
|  **Automobiles — 2.4%** |  |  |
|  BYD Co. Ltd., Class H (China) | 91609 | 1299181 |
|  Tesla, Inc.<sup>(1)</sup> | 6545 | 2910692 |
|  |  | **4209873** |
|  **Biotechnology — 4.5%** |  |  |
|  Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 5714 | 2605584 |
|  Arcellx, Inc.<sup>(1)</sup> | 1052 | 86369 |
|  Beam Therapeutics, Inc.<sup>(1)</sup> | 13796 | 334829 |
|  Biogen, Inc.<sup>(1)</sup> | 9000 | 1260720 |
|  BioNTech SE, ADR<sup>(1)</sup> | 6399 | 631069 |
|  Blueprint Medicines Corp.<sup>(1)(2)(3)</sup> | 653 | 0 |
|  Cytokinetics, Inc.<sup>(1)</sup> | 6531 | 358944 |
|  Galapagos NV, ADR<sup>(1)</sup> | 5673 | 196513 |
|  Gamida Cell Ltd.<sup>(1)(2)(3)</sup> | 59800 | 1 |
|  Gilead Sciences, Inc. | 14777 | 1640247 |
|  Hookipa Pharma, Inc.<sup>(1)</sup> | 2270 | 2100 |
|  Immuneering Corp., Class A<sup>(1)</sup> | 9722 | 68054 |
|  Immunocore Holdings PLC, ADR<sup>(1)</sup> | 3314 | 120398 |
|  Janux Therapeutics, Inc.<sup>(1)</sup> | 2300 | 56212 |
|  Krystal Biotech, Inc.<sup>(1)</sup> | 839 | 148109 |
|  Legend Biotech Corp., ADR<sup>(1)</sup> | 5400 | 176094 |
|  Newamsterdam Pharma Co. NV<sup>(1)</sup> | 6900 | 196236 |
|  Vor BioPharma, Inc.<sup>(1)</sup> | 316 | 15395 |
|  XOMA Royalty Corp.<sup>(1)</sup> | 3997 | 154044 |
|  |  | **8050918** |
|  **Broadline Retail — 10.2%** |  |  |
|  Amazon.com, Inc.<sup>(1)</sup> | 72086 | 15827923 |
|  eBay, Inc. | 900 | 81855 |
|  Etsy, Inc.<sup>(1)</sup> | 2700 | 179253 |
|  MercadoLibre, Inc.<sup>(1)</sup> | 776 | 1813465 |
|  Savers Value Village, Inc.<sup>(1)</sup> | 22970 | 304353 |
|  |  | **18206849** |
|  **Building Products — 0.0%** |  |  |
|  Simpson Manufacturing Co., Inc. | 378 | 63300 |
|  |  | **63300** |
|  **Capital Markets — 3.7%** |  |  |
|  Blackstone, Inc. | 5200 | 888420 |
|  Bullish<sup>(1)</sup> | 4800 | 305328 |
|  Coinbase Global, Inc., Class A<sup>(1)</sup> | 900 | 303741 |
|  Evercore, Inc., Class A | 6432 | 2169642 |
|  Goldman Sachs Group, Inc. | 1177 | 937304 |
|  Interactive Brokers Group, Inc., Class A | 4300 | 295883 |
|  Morgan Stanley | 8983 | 1427938 |
|  Robinhood Markets, Inc., Class A<sup>(1)</sup> | 2274 | 325591 |
|  |  | **6653847** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Construction Materials — 0.5%** |  |  |
|  Eagle Materials, Inc. | 332 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77369 |
|  Martin Marietta Materials, Inc. | 1323 | 833861 |
|  |  | **911230** |
|  **Consumer Finance — 0.9%** |  |  |
|  Capital One Financial Corp. | 7470 | 1587973 |
|  Figure Technology Solutions, Inc., Class A<sup>(1)</sup> | 300 | 10911 |
|  |  | **1598884** |
|  **Diversified Consumer Services — 0.2%** |  |  |
|  Duolingo, Inc.<sup>(1)</sup> | 831 | 267449 |
|  |  | **267449** |
|  **Electrical Equipment — 1.1%** |  |  |
|  GE Vernova, Inc. | 3272 | 2011953 |
|  |  | **2011953** |
|  **Entertainment — 2.3%** |  |  |
|  Live Nation Entertainment, Inc.<sup>(1)</sup> | 8304 | 1356873 |
|  ROBLOX Corp., Class A<sup>(1)</sup> | 19644 | 2721087 |
|  |  | **4077960** |
|  **Financial Services — 2.1%** |  |  |
|  Mastercard, Inc., Class A | 3141 | 1786632 |
|  Rocket Cos., Inc., Class A | 35543 | 688823 |
|  Toast, Inc., Class A<sup>(1)</sup> | 33403 | 1219544 |
|  |  | **3694999** |
|  **Ground Transportation — 0.7%** |  |  |
|  Uber Technologies, Inc.<sup>(1)</sup> | 11728 | 1148992 |
|  |  | **1148992** |
|  **Health Care Equipment & Supplies — 2.1%** |  |  |
|  Align Technology, Inc.<sup>(1)</sup> | 4489 | 562113 |
|  Boston Scientific Corp.<sup>(1)</sup> | 27861 | 2720070 |
|  Ceribell, Inc.<sup>(1)</sup> | 1339 | 15385 |
|  Penumbra, Inc.<sup>(1)</sup> | 2010 | 509173 |
|  Pulmonx Corp.<sup>(1)</sup> | 3191 | 5169 |
|  RxSight, Inc.<sup>(1)</sup> | 716 | 6437 |
|  |  | **3818347** |
|  **Health Care Providers & Services — 0.7%** |  |  |
|  HealthEquity, Inc.<sup>(1)</sup> | 12329 | 1168419 |
|  |  | **1168419** |
|  **Health Care Technology — 0.4%** |  |  |
|  Veeva Systems, Inc., Class A<sup>(1)</sup> | 2085 | 621142 |
|  |  | **621142** |
|  **Hotels, Restaurants & Leisure — 1.3%** |  |  |
|  Booking Holdings, Inc. | 307 | 1657576 |
|  Carnival Corp.<sup>(1)</sup> | 14213 | 410898 |
|  Kura Sushi USA, Inc., Class A<sup>(1)</sup> | 2944 | 174903 |
|  |  | **2243377** |
|  **Household Durables — 0.7%** |  |  |
|  D.R. Horton, Inc. | 3600 | 610092 |
|  TopBuild Corp.<sup>(1)</sup> | 1813 | 708629 |
|  |  | **1318721** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Insurance — 0.8%** |  |  |
|  Arthur J Gallagher & Co. | 4689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452371 |
|  |  | **1452371** |
|  **Interactive Media & Services — 12.3%** |  |  |
|  Alphabet, Inc., Class A | 44098 | 10720224 |
|  Baidu, Inc., ADR<sup>(1)</sup> | 1263 | 166425 |
|  Meta Platforms, Inc., Class A | 11273 | 8278666 |
|  Tencent Holdings Ltd. (Cayman Islands) | 33365 | 2842558 |
|  |  | **22007873** |
|  **IT Services — 1.6%** |  |  |
|  Shopify, Inc., Class A<sup>(1)</sup> | 19330 | 2872631 |
|  |  | **2872631** |
|  **Leisure Products — 0.2%** |  |  |
|  Games Workshop Group PLC (United Kingdom) | 1912 | 373970 |
|  |  | **373970** |
|  **Life Sciences Tools & Services — 0.3%** |  |  |
|  10X Genomics, Inc., Class A<sup>(1)</sup> | 6874 | 80357 |
|  Bio-Techne Corp. | 1203 | 66923 |
|  Chemometec AS (Denmark) | 2149 | 212731 |
|  Codexis, Inc.<sup>(1)</sup> | 22776 | 55574 |
|  MaxCyte, Inc.<sup>(1)</sup> | 7867 | 12430 |
|  |  | **428015** |
|  **Machinery — 2.0%** |  |  |
|  Deere & Co. | 4131 | 1888941 |
|  Ingersoll Rand, Inc. | 9592 | 792491 |
|  Westinghouse Air Brake Technologies Corp. | 4504 | 902917 |
|  |  | **3584349** |
|  **Metals & Mining — 0.3%** |  |  |
|  Vale SA, ADR | 53554 | 581596 |
|  |  | **581596** |
|  **Oil, Gas & Consumable Fuels — 0.5%** |  |  |
|  Range Resources Corp. | 22908 | 862257 |
|  |  | **862257** |
|  **Personal Care Products — 1.0%** |  |  |
|  Estee Lauder Cos., Inc., Class A | 20881 | 1840034 |
|  |  | **1840034** |
|  **Pharmaceuticals — 6.6%** |  |  |
|  Aclaris Therapeutics, Inc.<sup>(1)</sup> | 4400 | 8360 |
|  Corcept Therapeutics, Inc.<sup>(1)</sup> | 6042 | 502151 |
|  Eli Lilly & Co. | 5872 | 4480336 |
|  Royalty Pharma PLC, Class A | 98743 | 3483653 |
|  Teva Pharmaceutical Industries Ltd., ADR<sup>(1)</sup> | 55650 | 1124130 |
|  UCB SA (Belgium) | 7244 | 2004191 |
|  Zevra Therapeutics, Inc.<sup>(1)</sup> | 10371 | 98628 |
|  |  | **11701449** |
|  **Professional Services — 1.5%** |  |  |
|  Equifax, Inc. | 5624 | 1442725 |
|  RELX PLC, ADR | 9848 | 470340 |
|  UL Solutions, Inc., Class A | 10423 | 738574 |
|  |  | **2651639** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Real Estate Management & Development — 0.8%** |  |  |
|  Zillow Group, Inc., Class A<sup>(1)</sup> | 3601 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268058 |
|  Zillow Group, Inc., Class C<sup>(1)</sup> | 15970 | 1230489 |
|  |  | **1498547** |
|  **Semiconductors & Semiconductor Equipment — 17.0%** |  |  |
|  Astera Labs, Inc.<sup>(1)</sup> | 260 | 50908 |
|  BE Semiconductor Industries NV (Netherlands) | 11420 | 1712771 |
|  NVIDIA Corp. | 121020 | 22579912 |
|  SiTime Corp.<sup>(1)</sup> | 2669 | 804196 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 18805 | 5252048 |
|  |  | **30399835** |
|  **Software — 9.2%** |  |  |
|  Appfolio, Inc., Class A<sup>(1)</sup> | 309 | 85179 |
|  BitMine Immersion Technologies, Inc.<sup>(1)</sup> | 3351 | 174017 |
|  CyberArk Software Ltd.<sup>(1)</sup> | 800 | 386520 |
|  Figma, Inc., Class A<sup>(1)</sup> | 500 | 25935 |
|  HubSpot, Inc.<sup>(1)</sup> | 2139 | 1000624 |
|  Microsoft Corp. | 19636 | 10170466 |
|  Monday.com Ltd.<sup>(1)</sup> | 2300 | 445487 |
|  Nutanix, Inc., Class A<sup>(1)</sup> | 19544 | 1453878 |
|  Palo Alto Networks, Inc.<sup>(1)</sup> | 4301 | 875770 |
|  SailPoint, Inc.<sup>(1)</sup> | 1000 | 22080 |
|  Samsara, Inc., Class A<sup>(1)</sup> | 2600 | 96850 |
|  ServiceTitan, Inc., Class A<sup>(1)</sup> | 9100 | 917553 |
|  Unity Software, Inc.<sup>(1)</sup> | 5300 | 212212 |
|  Zeta Global Holdings Corp., Class A<sup>(1)</sup> | 15679 | 311542 |
|  Zscaler, Inc.<sup>(1)</sup> | 700 | 209762 |
|  |  | **16387875** |
|  **Specialty Retail — 2.0%** |  |  |
|  Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 3742 | 275786 |
|  Lowe's Cos., Inc. | 13298 | 3341920 |
|  |  | **3617706** |
|  **Technology Hardware, Storage & Peripherals — 5.0%** |  |  |
|  Apple, Inc. | 35317 | 8992768 |
|  |  | **8992768** |
|  **Textiles, Apparel & Luxury Goods — 0.1%** |  |  |
|  Kering SA (France) | 500 | 166623 |
|  |  | **166623** |
|  **Tobacco — 1.5%** |  |  |
|  British American Tobacco PLC, ADR | 16800 | 891744 |
|  Philip Morris International, Inc. | 10800 | 1751760 |
|  |  | **2643504** |
|  **Trading Companies & Distributors — 0.6%** |  |  |
|  Ferguson Enterprises, Inc. (United Kingdom) | 4711 | 1061468 |
|  |  | **1061468** |
|  **Total Common Stocks**<br> (Cost $127,205,023) |  | **178017995** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Repurchase Agreements — 0.1%** | **Repurchase Agreements — 0.1%** | **Repurchase Agreements — 0.1%** |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $194,101, due 10/1/2025<sup>(4)</sup> | $194095 | $194095 |
|  **Total Repurchase Agreements**<br> (Cost $194,095) |  | **194095** |
|  **Total Investments — 99.9%**<br> (Cost $127,399,118) |  | **178212090** |
|  **Assets in excess of other liabilities — 0.1%** |  | **248567** |
|  **Total Net Assets — 100.0%** |  | $**178460657** |

---

(1) Non–income–producing security.

(2) Fair valued security.

(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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 7/21/2025 | 0.00% |
|  Gamida Cell Ltd. | 59800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198157 |

---

**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 September 30, 2025 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 | $168205304 | $9812690 <sup>\*</sup> | $1 | $178017995 |
|  Repurchase Agreements |  | 194095 |  | 194095 |
|  **Total** | $**168205304** | $**10006785** | $**1** | $**178212090** |

---

<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** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 99.0%** | **Common Stocks — 99.0%** | **Common Stocks — 99.0%** |
|  **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |
|  StandardAero, Inc.<sup>(1)</sup> | 9462 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258218 |
|  |  | **258218** |
|  **Biotechnology — 3.1%** | **Biotechnology — 3.1%** | **Biotechnology — 3.1%** |
|  Argenx SE, ADR<sup>(1)</sup> | 622 | 458762 |
|  Ascendis Pharma AS, ADR<sup>(1)</sup> | 1798 | 357460 |
|  Avidity Biosciences, Inc.<sup>(1)</sup> | 3026 | 131843 |
|  Revolution Medicines, Inc.<sup>(1)</sup> | 3747 | 174985 |
|  Vaxcyte, Inc.<sup>(1)</sup> | 5391 | 194184 |
|  |  | **1317234** |
|  **Capital Markets — 3.6%** | **Capital Markets — 3.6%** | **Capital Markets — 3.6%** |
|  Cboe Global Markets, Inc. | 1129 | 276887 |
|  Charles Schwab Corp. | 4003 | 382166 |
|  LPL Financial Holdings, Inc. | 2643 | 879300 |
|  |  | **1538353** |
|  **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
|  Corteva, Inc. | 8899 | 601839 |
|  |  | **601839** |
|  **Commercial Services & Supplies — 5.2%** | **Commercial Services & Supplies — 5.2%** | **Commercial Services & Supplies — 5.2%** |
|  Cimpress PLC<sup>(1)</sup> | 5213 | 328627 |
|  Clean Harbors, Inc.<sup>(1)</sup> | 2246 | 521566 |
|  RB Global, Inc. | 5477 | 593488 |
|  Rentokil Initial PLC (United Kingdom) | 27777 | 140364 |
|  Rentokil Initial PLC, ADR | 11731 | 296208 |
|  Veralto Corp. | 3191 | 340192 |
|  |  | **2220445** |
|  **Construction & Engineering — 1.8%** | **Construction & Engineering — 1.8%** | **Construction & Engineering — 1.8%** |
|  API Group Corp.<sup>(1)</sup> | 22578 | 776006 |
|  |  | **776006** |
|  **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** |
|  Dollar Tree, Inc.<sup>(1)</sup> | 2628 | 248004 |
|  |  | **248004** |
|  **Electric Utilities — 2.2%** | **Electric Utilities — 2.2%** | **Electric Utilities — 2.2%** |
|  Alliant Energy Corp. | 13514 | 910979 |
|  |  | **910979** |
|  **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** |
|  Sensata Technologies Holding PLC | 19091 | 583230 |
|  |  | **583230** |
|  **Electronic Equipment, Instruments & Components — 8.2%** | **Electronic Equipment, Instruments & Components — 8.2%** | **Electronic Equipment, Instruments & Components — 8.2%** |
|  CDW Corp. | 2446 | 389599 |
|  Flex Ltd.<sup>(1)</sup> | 29135 | 1688956 |
|  TE Connectivity PLC | 1448 | 317879 |
|  Teledyne Technologies, Inc.<sup>(1)</sup> | 1842 | 1079486 |
|  |  | **3475920** |
|  **Entertainment — 2.4%** | **Entertainment — 2.4%** | **Entertainment — 2.4%** |
|  Liberty Media Corp.-Liberty Formula One, Class A<sup>(1)</sup> | 1277 | 121596 |
|  Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 8675 | 906104 |
|  |  | **1027700** |
|  **Financial Services — 2.6%** | **Financial Services — 2.6%** | **Financial Services — 2.6%** |
|  Global Payments, Inc. | 2695 | 223900 |
|  WEX, Inc.<sup>(1)</sup> | 5441 | 857121 |
|  |  | **1081021** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Ground Transportation — 2.4%** | **Ground Transportation — 2.4%** | **Ground Transportation — 2.4%** |
|  JB Hunt Transport Services, Inc. | 5283 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708820 |
|  TFI International, Inc. | 3406 | 299932 |
|  |  | **1008752** |
|  **Health Care Equipment & Supplies — 5.8%** | **Health Care Equipment & Supplies — 5.8%** | **Health Care Equipment & Supplies — 5.8%** |
|  Boston Scientific Corp.<sup>(1)</sup> | 9870 | 963608 |
|  Cooper Cos., Inc.<sup>(1)</sup> | 3147 | 215758 |
|  Globus Medical, Inc., Class A<sup>(1)</sup> | 3996 | 228851 |
|  ICU Medical, Inc.<sup>(1)</sup> | 2409 | 288984 |
|  Lantheus Holdings, Inc.<sup>(1)</sup> | 2057 | 105503 |
|  Teleflex, Inc. | 5455 | 667474 |
|  |  | **2470178** |
|  **Hotels, Restaurants & Leisure — 3.7%** | **Hotels, Restaurants & Leisure — 3.7%** | **Hotels, Restaurants & Leisure — 3.7%** |
|  Aramark | 18015 | 691776 |
|  DoorDash, Inc., Class A<sup>(1)</sup> | 2311 | 628569 |
|  Entain PLC (United Kingdom) | 21173 | 248205 |
|  |  | **1568550** |
|  **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** |
|  Lineage, Inc. | 4776 | 184545 |
|  |  | **184545** |
|  **Insurance — 5.4%** | **Insurance — 5.4%** | **Insurance — 5.4%** |
|  Intact Financial Corp. (Canada) | 6170 | 1200439 |
|  W.R. Berkley Corp. | 9268 | 710114 |
|  Willis Towers Watson PLC | 1103 | 381032 |
|  |  | **2291585** |
|  **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
|  Ziff Davis, Inc.<sup>(1)</sup> | 2909 | 110833 |
|  |  | **110833** |
|  **IT Services — 1.2%** | **IT Services — 1.2%** | **IT Services — 1.2%** |
|  Amdocs Ltd. | 3419 | 280529 |
|  GoDaddy, Inc., Class A<sup>(1)</sup> | 1523 | 208392 |
|  |  | **488921** |
|  **Life Sciences Tools & Services — 4.0%** | **Life Sciences Tools & Services — 4.0%** | **Life Sciences Tools & Services — 4.0%** |
|  Illumina, Inc.<sup>(1)</sup> | 2285 | 217007 |
|  Revvity, Inc. | 10291 | 902006 |
|  Waters Corp.<sup>(1)</sup> | 1857 | 556747 |
|  |  | **1675760** |
|  **Machinery — 1.6%** | **Machinery — 1.6%** | **Machinery — 1.6%** |
|  Ingersoll Rand, Inc. | 8103 | 669470 |
|  |  | **669470** |
|  **Multi-Utilities — 2.9%** | **Multi-Utilities — 2.9%** | **Multi-Utilities — 2.9%** |
|  Ameren Corp. | 6427 | 670850 |
|  DTE Energy Co. | 4019 | 568407 |
|  |  | **1239257** |
|  **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** |
|  ONEOK, Inc. | 2124 | 154988 |
|  |  | **154988** |
|  **Passenger Airlines — 1.5%** | **Passenger Airlines — 1.5%** | **Passenger Airlines — 1.5%** |
|  Ryanair Holdings PLC, ADR | 10790 | 649774 |
|  |  | **649774** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Professional Services — 8.7%** | **Professional Services — 8.7%** | **Professional Services — 8.7%** |
|  Broadridge Financial Solutions, Inc. | 3288 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783103 |
|  Dayforce, Inc.<sup>(1)</sup> | 11764 | 810422 |
|  SS&C Technologies Holdings, Inc. | 18140 | 1610107 |
|  TransUnion | 3803 | 318615 |
|  UL Solutions, Inc., Class A | 2629 | 186291 |
|  |  | **3708538** |
|  **Real Estate Management & Development — 1.8%** | **Real Estate Management & Development — 1.8%** | **Real Estate Management & Development — 1.8%** |
|  CoStar Group, Inc.<sup>(1)</sup> | 7226 | 609658 |
|  FirstService Corp. | 894 | 170298 |
|  |  | **779956** |
|  **Semiconductors & Semiconductor Equipment — 4.7%** | **Semiconductors & Semiconductor Equipment — 4.7%** | **Semiconductors & Semiconductor Equipment — 4.7%** |
|  KLA Corp. | 460 | 496156 |
|  NXP Semiconductors NV | 3530 | 803887 |
|  ON Semiconductor Corp.<sup>(1)</sup> | 13956 | 688170 |
|  |  | **1988213** |
|  **Software — 13.0%** | **Software — 13.0%** | **Software — 13.0%** |
|  AppLovin Corp., Class A<sup>(1)</sup> | 2894 | 2079455 |
|  Constellation Software, Inc. (Canada) | 547 | 1484914 |
|  Descartes Systems Group, Inc.<sup>(1)</sup> | 2146 | 202218 |
|  Dynatrace, Inc.<sup>(1)</sup> | 4732 | 229266 |
|  PTC, Inc.<sup>(1)</sup> | 4568 | 927395 |
|  Topicus.com, Inc. (Canada)<sup>(1)</sup> | 1899 | 203654 |
|  Workday, Inc., Class A<sup>(1)</sup> | 1599 | 384927 |
|  |  | **5511829** |
|  **Specialized REITs — 1.1%** | **Specialized REITs — 1.1%** | **Specialized REITs — 1.1%** |
|  Lamar Advertising Co., Class A | 3868 | 473521 |
|  |  | **473521** |
|  **Specialty Retail — 2.2%** | **Specialty Retail — 2.2%** | **Specialty Retail — 2.2%** |
|  Burlington Stores, Inc.<sup>(1)</sup> | 1082 | 275369 |
|  CarMax, Inc.<sup>(1)</sup> | 6750 | 302873 |
|  Wayfair, Inc., Class A<sup>(1)</sup> | 3813 | 340615 |
|  |  | **918857** |
|  **Textiles, Apparel & Luxury Goods — 2.0%** | **Textiles, Apparel & Luxury Goods — 2.0%** | **Textiles, Apparel & Luxury Goods — 2.0%** |
|  Gildan Activewear, Inc. | 14850 | 858330 |
|  |  | **858330** |
|  **Trading Companies & Distributors — 2.8%** | **Trading Companies & Distributors — 2.8%** | **Trading Companies & Distributors — 2.8%** |
|  Ferguson Enterprises, Inc. | 5330 | 1197012 |
|  |  | **1197012** |
|  **Total Common Stocks**<br> (Cost $27,810,336) | **Total Common Stocks**<br> (Cost $27,810,336) | **41987818** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 1.2%** | **Repurchase Agreements — 1.2%** | **Repurchase Agreements — 1.2%** |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $521,882,<br>due 10/1/2025<sup>(2)</sup> | $521863 | $521863 |
|  **Total Repurchase Agreements**<br> (Cost $521,863) | **Total Repurchase Agreements**<br> (Cost $521,863) | **521863** |
|  **Total Investments — 100.2%**<br>(Cost $28,332,199) |  | **42509681** |
|  **Liabilities in excess of other assets — (0.2)%** |  | **(88009)** |
|  **Total Net Assets — 100.0%** |  | $**42421672** |

---

(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 Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532407 |

---

**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 September 30, 2025 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 | $41599249 | $388569 <sup>\*</sup> | $— | $41987818 |
|  Repurchase Agreements |  | 521863 |  | 521863 |
|  **Total** | $**41599249** | $**910432** | $**—** | $**42509681** |

---

<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** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 99.1%** |  |  |
|  **Aerospace & Defense — 2.9%** |  |  |
|  L3Harris Technologies, Inc. | 4553 | $1390532 |
|  StandardAero, Inc.<sup>(1)</sup> | 55749 | 1521390 |
|  |  | **2911922** |
|  **Automobile Components — 1.4%** |  |  |
|  Aptiv PLC<sup>(1)</sup> | 16460 | 1419181 |
|  |  | **1419181** |
|  **Banks — 4.1%** |  |  |
|  Fifth Third Bancorp | 50429 | 2246612 |
|  First Citizens BancShares, Inc., Class A | 229 | 409717 |
|  Regions Financial Corp. | 51883 | 1368155 |
|  |  | **4024484** |
|  **Beverages — 2.7%** |  |  |
|  Keurig Dr Pepper, Inc. | 85434 | 2179421 |
|  Primo Brands Corp. | 22244 | 491593 |
|  |  | **2671014** |
|  **Building Products — 1.2%** |  |  |
|  Carlisle Cos., Inc. | 3506 | 1153334 |
|  |  | **1153334** |
|  **Capital Markets — 2.9%** |  |  |
|  Jefferies Financial Group, Inc. | 43908 | 2872461 |
|  |  | **2872461** |
|  **Chemicals — 1.5%** |  |  |
|  Eastman Chemical Co. | 5642 | 355728 |
|  RPM International, Inc. | 9950 | 1172906 |
|  |  | **1528634** |
|  **Commercial Services & Supplies — 1.4%** |  |  |
|  Republic Services, Inc. | 6242 | 1432414 |
|  |  | **1432414** |
|  **Construction & Engineering — 0.9%** |  |  |
|  API Group Corp.<sup>(1)</sup> | 25878 | 889427 |
|  |  | **889427** |
|  **Construction Materials — 3.6%** |  |  |
|  Amrize Ltd.<sup>(1)</sup> | 18846 | 914596 |
|  Vulcan Materials Co. | 8546 | 2628921 |
|  |  | **3543517** |
|  **Containers & Packaging — 2.7%** |  |  |
|  AptarGroup, Inc. | 3360 | 449097 |
|  Graphic Packaging Holding Co. | 111438 | 2180842 |
|  |  | **2629939** |
|  **Electric Utilities — 5.5%** |  |  |
|  American Electric Power Co., Inc. | 26130 | 2939625 |
|  FirstEnergy Corp. | 53165 | 2436020 |
|  |  | **5375645** |
|  **Electronic Equipment, Instruments & Components — 2.9%** |  |  |
|  CDW Corp. | 9442 | 1503922 |
|  Keysight Technologies, Inc.<sup>(1)</sup> | 7919 | 1385191 |
|  |  | **2889113** |
|  **Energy Equipment & Services — 2.2%** |  |  |
|  Baker Hughes Co. | 44682 | 2176907 |
|  |  | **2176907** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Financial Services — 1.1%** |  |  |
|  Euronet Worldwide, Inc.<sup>(1)</sup> | 12870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130115 |
|  Pershing Square Tontine Holdings Ltd.<sup>(1)(2)(3)</sup> | 125172 | 0 |
|  |  | **1130115** |
|  **Ground Transportation — 2.9%** |  |  |
|  Canadian Pacific Kansas City Ltd. | 24684 | 1838711 |
|  Knight-Swift Transportation Holdings, Inc. | 25984 | 1026628 |
|  |  | **2865339** |
|  **Health Care Equipment & Supplies — 2.1%** |  |  |
|  Alcon AG | 16491 | 1228745 |
|  Hologic, Inc.<sup>(1)</sup> | 12174 | 821623 |
|  |  | **2050368** |
|  **Health Care Providers & Services — 4.4%** |  |  |
|  Humana, Inc. | 5606 | 1458513 |
|  Labcorp Holdings, Inc. | 9903 | 2842755 |
|  |  | **4301268** |
|  **Household Durables — 2.8%** |  |  |
|  D.R. Horton, Inc. | 8440 | 1430327 |
|  Somnigroup International, Inc. | 10502 | 885633 |
|  TopBuild Corp.<sup>(1)</sup> | 1081 | 422520 |
|  |  | **2738480** |
|  **Household Products — 1.6%** |  |  |
|  Church & Dwight Co., Inc. | 17981 | 1575675 |
|  |  | **1575675** |
|  **Insurance — 5.3%** |  |  |
|  Arch Capital Group Ltd. | 21538 | 1954143 |
|  Brown & Brown, Inc. | 16307 | 1529433 |
|  Loews Corp. | 17192 | 1725905 |
|  |  | **5209481** |
|  **IT Services — 1.8%** |  |  |
|  Amdocs Ltd. | 18550 | 1522027 |
|  Okta, Inc.<sup>(1)</sup> | 3024 | 277301 |
|  |  | **1799328** |
|  **Life Sciences Tools & Services — 4.4%** |  |  |
|  Charles River Laboratories International, Inc.<sup>(1)</sup> | 13018 | 2036796 |
|  ICON PLC<sup>(1)</sup> | 6387 | 1117725 |
|  Qiagen NV | 17690 | 790389 |
|  Revvity, Inc. | 4615 | 404505 |
|  |  | **4349415** |
|  **Machinery — 5.1%** |  |  |
|  Donaldson Co., Inc. | 5919 | 484470 |
|  Gates Industrial Corp. PLC<sup>(1)</sup> | 69059 | 1714044 |
|  Ingersoll Rand, Inc. | 9711 | 802323 |
|  Mueller Industries, Inc. | 4342 | 439020 |
|  Toro Co. | 20392 | 1553870 |
|  |  | **4993727** |
|  **Media — 0.3%** |  |  |
|  NIQ Global Intelligence PLC<sup>(1)</sup> | 16491 | 258909 |
|  |  | **258909** |
|  **Metals & Mining — 1.6%** |  |  |
|  Freeport-McMoRan, Inc. | 28656 | 1123888 |
|  Nucor Corp. | 3065 | 415093 |
|  |  | **1538981** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Mortgage REITs — 2.1%** |  |  |
|  Annaly Capital Management, Inc. | 102451 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070535 |
|  |  | **2070535** |
|  **Office REITs — 1.3%** |  |  |
|  BXP, Inc. | 17102 | 1271363 |
|  |  | **1271363** |
|  **Oil, Gas & Consumable Fuels — 4.8%** |  |  |
|  EOG Resources, Inc. | 12477 | 1398921 |
|  EQT Corp. | 32138 | 1749271 |
|  Valero Energy Corp. | 9334 | 1589207 |
|  |  | **4737399** |
|  **Professional Services — 3.8%** |  |  |
|  Booz Allen Hamilton Holding Corp. | 14110 | 1410295 |
|  Jacobs Solutions, Inc. | 15413 | 2309792 |
|  |  | **3720087** |
|  **Real Estate Management & Development — 1.5%** |  |  |
|  CBRE Group, Inc., Class A<sup>(1)</sup> | 9185 | 1447189 |
|  |  | **1447189** |
|  **Semiconductors & Semiconductor Equipment — 4.5%** |  |  |
|  ON Semiconductor Corp.<sup>(1)</sup> | 30493 | 1503610 |
|  Teradyne, Inc. | 21119 | 2906819 |
|  |  | **4410429** |
|  **Specialized REITs — 3.9%** |  |  |
|  CubeSmart | 28096 | 1142383 |
|  Gaming & Leisure Properties, Inc. | 23683 | 1103865 |
|  Weyerhaeuser Co. | 63701 | 1579148 |
|  |  | **3825396** |
|  **Specialty Retail — 1.3%** |  |  |
|  AutoZone, Inc.<sup>(1)</sup> | 299 | 1282782 |
|  |  | **1282782** |
|  **Textiles, Apparel & Luxury Goods — 1.1%** |  |  |
|  PVH Corp. | 12421 | 1040507 |
|  |  | **1040507** |
|  **Trading Companies & Distributors — 3.8%** |  |  |
|  AerCap Holdings NV | 17706 | 2142426 |
|  WESCO International, Inc. | 7745 | 1638068 |
|  |  | **3780494** |
|  **Water Utilities — 1.7%** |  |  |
|  American Water Works Co., Inc. | 12200 | 1698118 |
|  |  | **1698118** |
|  **Total Common Stocks**<br> (Cost $74,496,465) |  | **97613377** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Warrants — 0.0%** |  |  |
|  Pershing Square Tontine Holdings Ltd.<sup>(1)(2)</sup> | 14344 | $0 |
|  **Total Warrants**<br> (Cost $0) |  | **0** |
|  **Rights — 0.0%** |  |  |
|  Pershing Square Tontine Holdings Ltd.<sup>(1)(2)</sup> | 38465 | 0 |
|  **Total Rights**<br> (Cost $0) |  | **0** |
|  | **Principal**<br>**Amount** | **Value** |
|  **Repurchase Agreements — 0.9%** |  |  |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $882,197, due 10/1/2025<sup>(4)</sup> | $882166 | 882166 |
|  **Total Repurchase Agreements**<br> (Cost $882,166) |  | **882166** |
|  **Total Investments — 100.0%**<br> (Cost $75,378,631) |  | **98495543** |
|  **Assets in excess of other liabilities — 0.0%** |  | **10718** |
|  **Total Net Assets — 100.0%** |  | $**98506261** |

---

(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 Tontine Holdings Ltd. | 14344 | 0 | 0 | 7/26/2022 | 0.00 |
|  Pershing Square Tontine 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 Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899833 |

---

**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 September 30, 2025 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 | $97613377 | $0 | $— | $97613377 |
|  Warrants |  | 0 |  | 0 |
|  Rights |  | 0 |  | 0 |
|  Repurchase Agreements |  | 882166 |  | 882166 |
|  **Total** | $**97613377** | $**882166** | $**—** | $**98495543** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Agency Mortgage-Backed Securities — 29.0%** | **Agency Mortgage-Backed Securities — 29.0%** | **Agency Mortgage-Backed Securities — 29.0%** |
|  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 | $370000 | $366524 |
|  Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 9/1/2051 | 467143 | 431304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/1/2052 | 447731 | 450885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2052 | 684447 | 687601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 4/1/2054 | 155729 | 155701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/1/2054 | 158108 | 161943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 11/1/2054 | 1005392 | 1031487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 8/1/2039 | 690374 | 717496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 9/1/2039 | 178431 | 185043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 2/1/2055 | 136433 | 142253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 11/1/2053 | 595829 | 620218 |
|  Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 8/1/2050 | 1804370 | 1560700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 1/1/2051 | 974128 | 836669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 12/1/2048 | 1641967 | 1480173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 4/1/2051 | 303732 | 269176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 9/1/2051 | 190789 | 177781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 4/1/2052 | 822311 | 759989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 6/1/2052 | 41450 | 38154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/1/2052 | 595075 | 600128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2052 | 924378 | 927363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/1/2053 | 91313 | 91149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/1/2054 | 822705 | 838690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 10/1/2054 | 515108 | 527822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 2/1/2039 | 92695 | 96261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 10/1/2054 | 117153 | 122150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 1/1/2055 | 259792 | 270388 |
|  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-146, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.92% due 6/25/2032 | 460000 | 424640 |
| &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 | 426947 |
| &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 | 238685 |
| &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 | 253842 |
| &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 | 1068731 |
| &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 | 541116 |
|  Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 10/20/2055<sup>(3)</sup> | 572000 | 472695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 10/20/2055<sup>(3)</sup> | 395000 | 340007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 11/20/2055<sup>(3)</sup> | 1095000 | 942679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 10/20/2055<sup>(3)</sup> | 1157000 | 1032711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 11/20/2055<sup>(3)</sup> | 2594000 | 2315444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 10/20/2055<sup>(3)</sup> | 558000 | 541038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/20/2055<sup>(3)</sup> | 670000 | 649371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 10/20/2054<sup>(3)</sup> | 344000 | 342149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 11/20/2054<sup>(3)</sup> | 1463000 | 1453299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 10/20/2054<sup>(3)</sup> | 601000 | 605473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 11/20/2054<sup>(3)</sup> | 3298000 | 3320226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 10/20/2054<sup>(3)</sup> | 46000 | 46783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 11/20/2054<sup>(3)</sup> | 1630000 | 1657605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 10/20/2054<sup>(3)</sup> | 540000 | 554591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 11/20/2054<sup>(3)</sup> | 983000 | 1009485 |
|  Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 11/1/2055<sup>(3)</sup> | 1025000 | 826109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 11/1/2055<sup>(3)</sup> | 1394000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 11/1/2055<sup>(3)</sup> | 45000 | 39524 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **September 30, 2025 (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; 4.00% due 10/1/2055<sup>(3)</sup> | $| 802000 | $| 755775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/1/2039<sup>(3)</sup> |  | 670000 |  | 668933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 10/1/2055<sup>(3)</sup> |  | 177000 |  | 171665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 11/1/2039<sup>(3)</sup> |  | 789000 |  | 796942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 10/1/2055<sup>(3)</sup> |  | 1135000 |  | 1125531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 11/1/2055<sup>(3)</sup> |  | 1154000 |  | 1143741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 11/1/2039<sup>(3)</sup> |  | 1225000 |  | 1251653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 10/1/2054<sup>(3)</sup> |  | 430000 |  | 433542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 11/1/2054<sup>(3)</sup> |  | 1215000 |  | 1224202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 11/1/2054<sup>(3)</sup> |  | 646000 |  | 659819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 11/1/2054<sup>(3)</sup> |  | 296000 |  | 309925 |
|  **Total Agency Mortgage-Backed Securities**<br> (Cost $42,623,529) | **Total Agency Mortgage-Backed Securities**<br> (Cost $42,623,529) | **Total Agency Mortgage-Backed Securities**<br> (Cost $42,623,529) |  | **42366474** |
|  **Asset-Backed Securities — 15.5%** | **Asset-Backed Securities — 15.5%** | **Asset-Backed Securities — 15.5%** | **Asset-Backed Securities — 15.5%** | **Asset-Backed Securities — 15.5%** |
|  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; 5.876% (3 mo. USD Term SOFR + 1.55%) due 4/20/2038<sup>(1)(4)</sup> |  | 500000 |  | 499732 |
|  Affirm Asset Securitization Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61% due 2/15/2029<sup>(4)</sup> |  | 455000 |  | 457076 |
|  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 |  | 219677 |
|  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 |  | 185000 |  | 186303 |
|  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 |  | 298714 |
|  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> |  | 540789 |  | 539869 |
|  Cajun Global LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.931% due 11/20/2051<sup>(4)</sup> |  | 154000 |  | 151928 |
|  CarMax Auto Owner Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69% due 2/15/2028 |  | 430000 |  | 431563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89% due 7/16/2029 |  | 335000 |  | 338920 |
|  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 |  | 384570 |
| &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 |  | 334809 |
|  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 |  | 228654 |
|  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> |  | 554960 |  | 558795 |
| &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 |  | 555063 |
|  Clover CLO LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2RR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.056% (3 mo. USD Term SOFR + 1.73%) due 4/20/2037<sup>(1)(4)</sup> |  | 330000 |  | 330458 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Asset-Backed Securities — (continued)** |  |  |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515748 |
|  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 | 249988 |
|  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> | 120000 | 119674 |
|  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 | 165000 | 166525 |
| &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 | 182232 |
|  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 | 822160 |
|  Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37% due 10/17/2033<sup>(4)</sup> | 800000 | 788029 |
|  Galaxy 31 CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-31A, Class BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.111% (3 mo. USD Term SOFR + 1.80%) due 7/15/2038<sup>(1)(4)</sup> | 250000 | 251397 |
|  GLS Auto Select Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46% due 10/15/2030<sup>(4)</sup> | 390000 | 392573 |
|  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 | 480000 | 480860 |
|  GM Financial Consumer Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.43% due 12/17/2029 | 95000 | 96942 |
|  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> | 375000 | 379147 |
|  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 | 177331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.36% due 7/17/2028<sup>(4)</sup> | 290000 | 291911 |
|  KKR CLO 35 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 35A, Class BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.926% (3 mo. USD Term SOFR + 1.60%) due 1/20/2038<sup>(1)(4)</sup> | 340000 | 339604 |
|  LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60% due 12/17/2029<sup>(4)</sup> | 235000 | 236910 |
|  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> | 630000 | 619083 |
|  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 | 726007 |
|  LoanCore Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE8, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.528% (1 mo. USD Term SOFR + 1.39%) due 8/17/2042<sup>(1)(4)</sup> | 280000 | 280039 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Asset-Backed Securities — (continued)** |  |  |
|  M&T Equipment Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78% due 9/17/2029<sup>(4)</sup> | $360000 | $365385 |
|  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> | 290000 | 283964 |
|  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 | 362820 |
|  Neuberger Berman Loan Advisers CLO 34 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.629% (3 mo. USD Term SOFR + 1.30%) due 7/20/2039<sup>(1)(4)</sup> | 340000 | 341184 |
|  Neuberger Berman Loan Advisers CLO 46 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-46A, Class CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.076% (3 mo. USD Term SOFR + 1.75%) due 1/20/2037<sup>(1)(4)</sup> | 450000 | 450976 |
|  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 | 173720 | 175198 |
|  OCP CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-22A, Class CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.276% (3 mo. USD Term SOFR + 1.95%) due 10/20/2037<sup>(1)(4)</sup> | 270000 | 270004 |
|  Octagon 69 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.979% (3 mo. USD Term SOFR + 1.66%) due 7/24/2037<sup>(1)(4)</sup> | 250000 | 250070 |
|  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 | 348994 |
| &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> | 237082 | 237565 |
|  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 | 211330 |
|  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; 5.638% (3 mo. USD Term SOFR + 1.32%) due 1/15/2038<sup>(1)(4)</sup> | 330000 | 331073 |
|  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; 6.069% (3 mo. USD Term SOFR + 1.75%) due 4/25/2037<sup>(1)(4)</sup> | 250000 | 250346 |
|  Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.69% due 3/17/2031 | 1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081107 |
| &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 | 199495 |
| &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 | 262456 |
|  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> | 417003 | 418705 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Asset-Backed Securities — (continued)** |  |  |
|  SEB Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.969% due 1/30/2052<sup>(4)</sup> | $371070 | $367002 |
|  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; 6.148% (3 mo. USD Term SOFR + 1.83%) due 4/15/2037<sup>(1)(4)</sup> | 250000 | 251160 |
|  Trinitas CLO XXVII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-27A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.529% (3 mo. USD Term SOFR + 2.20%) due 4/18/2037<sup>(1)(4)</sup> | 250000 | 251152 |
|  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> | 250000 | 249690 |
|  Verizon Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83% due 12/22/2031<sup>(4)</sup> | 310000 | 317200 |
|  Volkswagen Auto Loan Enhanced Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01% due 1/22/2030 | 215000 | 217768 |
|  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> | 1015000 | 1021288 |
| &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 | 406756 |
|  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 | 440000 | 444772 |
|  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 | 425000 | 428741 |
|  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 | 185000 | 185009 |
|  **Total Asset-Backed Securities**<br> (Cost $22,526,591) |  | **22613501** |
|  **Corporate Bonds & Notes — 40.4%** |  |  |
|  **Aerospace & Defense — 0.8%** |  |  |
|  ATI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 8/15/2030 | 197000 | 206788 |
|  Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.528% due 5/1/2034 | 146000 | 161398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.858% due 5/1/2054 | 163000 | 185935 |
|  Hexcel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 2/26/2035 | 114000 | 119201 |
|  Northrop Grumman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 1/15/2028 | 249000 | 244878 |
|  TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 1/15/2029 | 152000 | 148956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 1/31/2034<sup>(4)</sup> | 158000 | 163365 |
|  |  | **1230521** |
|  **Agriculture — 0.9%** |  |  |
|  Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 2/4/2028 | 197000 | 200191 |
|  Imperial Brands Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 7/1/2034<sup>(4)</sup> | 1017000 | 1064373 |
|  |  | **1264564** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Airlines — 0.4%** |  |  |
|  AS Mileage Plan IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.308% due 10/20/2031<sup>(4)</sup> | $441000 | $438961 |
|  JetBlue Airways Corp./JetBlue Loyalty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.875% due 9/20/2031<sup>(4)</sup> | 162000 | 164312 |
|  |  | **603273** |
|  **Auto Manufacturers — 1.5%** |  |  |
|  Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.625% due 4/22/2030 | 288000 | 335562 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/13/2025 | 275000 | 274494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% due 5/17/2027 | 200000 | 202473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20% due 6/10/2030 | 272000 | 290790 |
|  Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80% due 10/15/2025<sup>(4)</sup> | 402000 | 401579 |
|  JB Poindexter & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% due 12/15/2031<sup>(4)</sup> | 177000 | 185381 |
|  Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05% due 9/15/2028<sup>(4)</sup> | 303000 | 315480 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% due 9/20/2027 | 122000 | 123407 |
|  |  | **2129166** |
|  **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 | 145147 |
|  ZF North America Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 4/23/2030<sup>(4)</sup> | 170000 | 165899 |
|  |  | **311046** |
|  **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 | 444519 |
|  |  | **444519** |
|  **Biotechnology — 0.4%** |  |  |
|  Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 3/2/2028 | 206000 | 210809 |
|  Regeneron Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80% due 9/15/2050 | 214000 | 133077 |
|  Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35% due 9/2/2051 | 84000 | 56286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 9/2/2034 | 249000 | 254284 |
|  |  | **654456** |
|  **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 | 211885 |
|  Smyrna Ready Mix Concrete LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 11/1/2028<sup>(4)</sup> | 159000 | 159051 |
|  |  | **370936** |
|  **Chemicals — 0.3%** |  |  |
|  Rain Carbon, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25% due 9/1/2029<sup>(4)</sup> | 249000 | 266646 |
|  Solstice Advanced Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 9/30/2033<sup>(4)</sup> | 149000 | 149492 |
|  |  | **416138** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Coal — 0.1%** |  |  |
|  SunCoke Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 6/30/2029<sup>(4)</sup> | $209000 | $195338 |
|  |  | **195338** |
|  **Commercial Banks — 4.9%** |  |  |
|  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) due 3/13/2037<sup>(1)(4)</sup> | 200000 | 180502 |
|  BankUnited, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 6/11/2030 | 288000 | 289327 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.98% (3.98% fixed rate until 3/20/2029; 3 mo. USD Term SOFR + 1.60% thereafter) due 3/20/2030<sup>(1)</sup> | 7000 | 6915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.174% (5.174% fixed rate until 9/11/2035; 1 day USD SOFR + 1.49% thereafter) due 9/11/2036<sup>(1)</sup> | 203000 | 205060 |
|  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>(1)</sup> | 350000 | 365448 |
|  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 | 295218 |
|  Freedom Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25% due 10/1/2030<sup>(4)</sup> | 200000 | 223108 |
|  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> | 310000 | 276675 |
|  Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 6/20/2033<sup>(4)</sup> | 240000 | 264173 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.946% (4.946% fixed rate until 10/22/2034; 1 day USD SOFR + 1.34% thereafter) due 10/22/2035<sup>(1)</sup> | 428000 | 431636 |
| &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 | 180383 |
|  KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.401% (6.401% fixed rate until 3/6/2034; 1 day USD SOFR + 2.42% thereafter) due 3/6/2035<sup>(1)</sup> | 211000 | 228977 |
|  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> | 1004000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018584 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Commercial Banks — (continued)** |  |  |
|  PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.401% (5.401% fixed rate until 7/23/2034; 1 day USD SOFR + 1.60% thereafter) due 7/23/2035<sup>(1)</sup> | $187000 | $193571 |
| &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> | 417000 | 439741 |
|  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 | 286478 |
|  U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.678% (5.678% fixed rate until 1/23/2034; 1 day USD SOFR + 1.86% thereafter) due 1/23/2035<sup>(1)</sup> | 349000 | 367459 |
|  UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.364% (1.364% fixed rate until 1/30/2026; 1 yr. CMT rate + 1.08% thereafter) due 1/30/2027<sup>(1)(4)</sup> | 473000 | 468221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.301% (6.301% fixed rate until 9/22/2033; 1 yr. CMT rate + 2.00% thereafter) due 9/22/2034<sup>(1)(4)</sup> | 275000 | 300266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.442% (6.442% fixed rate until 8/11/2027; 1 day USD SOFR + 3.70% thereafter) due 8/11/2028<sup>(1)(4)</sup> | 509000 | 528870 |
|  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 | 354818 |
| &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> | 322000 | 299742 |
|  |  | **7205172** |
|  **Commercial Services — 1.2%** |  |  |
|  Allied Universal Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 2/15/2031<sup>(4)</sup> | 205000 | 214942 |
|  EquipmentShare.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% due 5/15/2028<sup>(4)</sup> | 277000 | 293128 |
|  GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 5/6/2034 | 521000 | 560156 |
|  Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 6/15/2033<sup>(4)</sup> | 209000 | 218175 |
|  Rentokil Terminix Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 4/28/2035<sup>(4)</sup> | 400000 | 412525 |
|  |  | **1698926** |
|  **Computers — 0.4%** |  |  |
|  CACI International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 6/15/2033<sup>(4)</sup> | 133000 | 137196 |
|  Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 7/1/2028<sup>(4)</sup> | 309000 | 306477 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Computers — (continued)** |  |  |
|  International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 1/15/2028 | $83000 | $87423 |
|  |  | **531096** |
|  **Cosmetics & Personal Care — 0.2%** |  |  |
|  Opal Bidco SAS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 3/31/2032<sup>(4)</sup> | 230000 | 235692 |
|  |  | **235692** |
|  **Diversified Financial Services — 3.1%** |  |  |
|  Aircastle Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85% due 1/26/2028<sup>(4)</sup> | 600000 | 578561 |
|  Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 7/15/2030<sup>(4)</sup> | 280000 | 299454 |
|  Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 2/21/2026<sup>(4)</sup> | 289000 | 286024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.528% due 11/18/2027<sup>(4)</sup> | 35000 | 33651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 5/30/2030<sup>(4)</sup> | 245000 | 251317 |
|  Cboe Global Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65% due 1/12/2027 | 210000 | 208786 |
|  Citadel Securities Global Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20% due 6/18/2035<sup>(4)</sup> | 500000 | 525238 |
|  Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 11/1/2032<sup>(4)</sup> | 166000 | 168251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 5/1/2033<sup>(4)</sup> | 202000 | 209804 |
|  LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 3/15/2029<sup>(4)</sup> | 672000 | 657173 |
|  Muthoot Finance Ltd., Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 4/23/2029 | 225000 | 227993 |
|  Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50% due 3/15/2031 | 197000 | 222213 |
|  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 | 365145 |
|  Nuveen LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% due 4/15/2034<sup>(4)</sup> | 198000 | 208338 |
|  Osaic Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 8/1/2032<sup>(4)</sup> | 147000 | 151827 |
|  Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 8/1/2033<sup>(4)</sup> | 187000 | 193005 |
|  |  | **4586780** |
|  **Electric — 4.0%** |  |  |
|  AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% due 7/15/2030<sup>(4)</sup> | 781000 | 754155 |
|  Alliant Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% (5.75% fixed rate until 1/1/2031; 5 yr. CMT rate + 2.08% thereafter) due 4/1/2056<sup>(1)</sup> | 72000 | 72090 |
|  Appalachian Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 4/1/2034 | 334000 | 348736 |
|  Capital Power U.S. Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.189% due 6/1/2035<sup>(4)</sup> | 200000 | 209795 |
|  Chile Electricity Lux MPC II SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58% due 10/20/2035<sup>(4)</sup> | 195501 | 201909 |
|  Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% due 6/15/2042 | 182000 | 184455 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Electric — (continued)** |  |  |
|  Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 3/15/2035 | $238000 | $243861 |
| &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 | 151768 |
|  Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 6/26/2029<sup>(4)</sup> | 287000 | 294008 |
|  Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 3/15/2054 | 327000 | 329982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 3/15/2055 | 197000 | 201700 |
|  Entergy Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 9/15/2054 | 164000 | 161105 |
|  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 | 211503 |
|  Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 3/15/2065 | 107000 | 112079 |
|  Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 1/15/2035 | 95000 | 96280 |
|  Lightning Power LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 8/15/2032<sup>(4)</sup> | 184000 | 194804 |
|  Louisville Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% due 8/15/2055 | 154000 | 158299 |
|  Narragansett Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% due 5/1/2034<sup>(4)</sup> | 333000 | 342714 |
|  NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 3/15/2035 | 18000 | 18617 |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45% due 6/15/2029<sup>(4)</sup> | 280000 | 277645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.407% due 10/15/2035<sup>(4)</sup> | 163000 | 163554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 2/1/2033<sup>(4)</sup> | 146000 | 148273 |
|  Oglethorpe Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 6/1/2054 | 194000 | 194016 |
|  PSEG Power LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 5/15/2035<sup>(4)</sup> | 124000 | 129720 |
|  Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 12/30/2034<sup>(4)</sup> | 441000 | 456357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% due 10/15/2031<sup>(4)</sup> | 138000 | 146031 |
|  |  | **5803456** |
|  **Electronics — 0.2%** |  |  |
|  Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95% due 4/1/2031 | 243000 | 221955 |
|  |  | **221955** |
|  **Engineering & Construction — 0.2%** |  |  |
|  MasTec, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/15/2028<sup>(4)</sup> | 351000 | 350058 |
|  |  | **350058** |
|  **Entertainment — 0.5%** |  |  |
|  Flutter Treasury DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 6/4/2031<sup>(4)</sup> | 443000 | 449654 |
|  Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.279% due 3/15/2032 | 174000 | 159427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series WI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.054% due 3/15/2029 | 132000 | 127380 |
|  |  | **736461** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Food — 1.2%** |  |  |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 3/15/2033<sup>(4)</sup> | $100000 | $102270 |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 1/15/2032 | 366000 | 341172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 4/1/2033 | 207000 | 216176 |
|  JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 4/15/2066<sup>(4)</sup> | 211000 | 216917 |
|  Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 3/1/2032<sup>(4)</sup> | 238000 | 243490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 3/1/2035<sup>(4)</sup> | 637000 | 651101 |
|  |  | **1771126** |
|  **Gas — 0.1%** |  |  |
|  National Fuel Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 3/15/2035 | 144000 | 150172 |
|  |  | **150172** |
|  **Healthcare-Products — 0.1%** |  |  |
|  Medline Borrower LP/Medline Co- Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 4/1/2029<sup>(4)</sup> | 143000 | 146633 |
|  |  | **146633** |
|  **Healthcare-Services — 1.2%** |  |  |
|  Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45% due 7/15/2028 | 322000 | 299213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 12/15/2027 | 229000 | 224882 |
|  Icon Investments Six DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/8/2034 | 200000 | 209940 |
|  UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45% due 1/15/2027 | 167000 | 165998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 4/15/2033 | 209000 | 206793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% due 2/15/2033 | 185000 | 193361 |
|  Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% due 1/15/2032 | 504000 | 438425 |
|  |  | **1738612** |
|  **Insurance — 3.8%** |  |  |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 4/15/2028<sup>(4)</sup> | 160000 | 162836 |
|  Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.033% due 7/17/2030<sup>(4)</sup> | 623000 | 632962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62% due 5/8/2026<sup>(4)</sup> | 410000 | 413480 |
|  Beacon Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.266% due 8/15/2054<sup>(4)</sup> | 273000 | 279369 |
|  Belrose Funding Trust II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.792% due 5/15/2055<sup>(4)</sup> | 140000 | 151611 |
|  Brighthouse Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 6/10/2029<sup>(4)</sup> | 408000 | 418728 |
|  Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 3/15/2031 | 601000 | 534718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 6/23/2032 | 38000 | 38962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 6/23/2035 | 78000 | 80235 |
|  CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 6/4/2027<sup>(4)</sup> | 362000 | 371385 |
|  Corebridge Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 8/21/2032<sup>(4)</sup> | 145000 | 145645 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Insurance — (continued)** |  |  |
|  GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 12/9/2031<sup>(4)</sup> | $352000 | $358131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 4/1/2032<sup>(4)</sup> | 343000 | 352013 |
|  Hanwha Life Insurance Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30% (6.30% fixed rate until 6/24/2030; 5 yr. CMT rate + 2.29% thereafter) due 6/24/2055<sup>(1)(4)</sup> | 200000 | 209390 |
|  Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 2/15/2031<sup>(4)</sup> | 251000 | 258422 |
|  Jackson National Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60% due 10/1/2029<sup>(4)</sup> | 302000 | 304349 |
|  Pricoa Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 8/26/2032<sup>(4)</sup> | 182000 | 183834 |
|  RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/25/2032<sup>(4)</sup> | 449000 | 451479 |
|  Sammons Financial Group Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 12/10/2029<sup>(4)</sup> | 207000 | 212758 |
|  |  | **5560307** |
|  **Internet — 0.7%** |  |  |
|  Prosus NV, Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.027% due 8/3/2050 | 247000 | 172852 |
|  Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/15/2029<sup>(4)</sup> | 438000 | 436757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% due 9/15/2054 | 187000 | 181433 |
|  Weibo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 7/8/2030 | 200000 | 189133 |
|  |  | **980175** |
|  **Leisure Time — 0.4%** |  |  |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 2/15/2033<sup>(4)</sup> | 145000 | 148630 |
|  Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 7/15/2027<sup>(4)</sup> | 227000 | 229009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 1/15/2036 | 266000 | 267552 |
|  |  | **645191** |
|  **Lodging — 0.3%** |  |  |
|  MGM China Holdings Ltd., Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 2/1/2027 | 240000 | 239444 |
|  Wynn Macau Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 2/15/2034<sup>(4)</sup> | 200000 | 202751 |
|  |  | **442195** |
|  **Machinery-Diversified — 0.6%** |  |  |
|  nVent Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% due 4/15/2028 | 403000 | 404466 |
|  Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05% due 2/15/2026 | 541000 | 543619 |
|  |  | **948085** |
|  **Media — 0.4%** |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/1/2032 | 164000 | 149251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 3/1/2030<sup>(4)</sup> | 171000 | 164086 |
|  Directv Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 2/1/2030<sup>(4)</sup> | 156000 | 154084 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Media — (continued)** |  |  |
|  Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 7/31/2031<sup>(4)</sup> | $141000 | $145603 |
|  |  | **613024** |
|  **Mining — 2.1%** |  |  |
|  Anglo American Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 3/16/2029<sup>(4)</sup> | 340000 | 334083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/2/2033<sup>(4)</sup> | 200000 | 207109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 4/5/2034<sup>(4)</sup> | 294000 | 308565 |
|  Antofagasta PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 5/2/2034<sup>(4)</sup> | 200000 | 214391 |
|  Fortescue Treasury Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 4/1/2031<sup>(4)</sup> | 205000 | 195721 |
|  Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.634% due 4/4/2034<sup>(4)</sup> | 483000 | 502684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 10/6/2030<sup>(4)</sup> | 216000 | 233144 |
|  Hecla Mining Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 2/15/2028 | 99000 | 99895 |
|  Ivanhoe Mines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 1/23/2030<sup>(4)</sup> | 245000 | 253040 |
|  Navoi Mining & Metallurgical Combinat |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 5/14/2030<sup>(4)</sup> | 200000 | 210063 |
|  Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 1/30/2030<sup>(4)</sup> | 247000 | 256133 |
|  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 | 208034 |
|  |  | **3022862** |
|  **Miscellaneous Manufacturing — 0.3%** |  |  |
|  Axon Enterprise, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 3/15/2033<sup>(4)</sup> | 171000 | 176009 |
|  LSB Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 10/15/2028<sup>(4)</sup> | 192000 | 189403 |
|  |  | **365412** |
|  **Oil & Gas — 2.3%** |  |  |
|  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 | 155391 |
|  Antero Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 2/1/2029<sup>(4)</sup> | 449000 | 457580 |
|  APA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 1/15/2030 | 268000 | 259522 |
|  Caturus Energy LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 2/15/2030<sup>(4)</sup> | 250000 | 260292 |
|  Continental Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 1/15/2031<sup>(4)</sup> | 451000 | 465087 |
|  Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 1/15/2033<sup>(4)</sup> | 204000 | 198628 |
|  EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 4/1/2029 | 109000 | 113031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 2/1/2030 | 270000 | 293961 |
|  Expand Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 3/15/2030 | 80000 | 81345 |
|  Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70% due 2/16/2032 | 294000 | 291355 |
|  SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 8/1/2029<sup>(4)</sup> | 158000 | 158757 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Oil & Gas — (continued)** |  |  |
|  Tengizchevroil Finance Co. International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 8/15/2030<sup>(4)</sup> | $200000 | $184386 |
|  TGNR Intermediate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 10/15/2029<sup>(4)</sup> | 163000 | 159503 |
|  Transocean International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 10/15/2032<sup>(4)</sup> | 92000 | 92000 |
|  Viper Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 8/1/2035 | 135000 | 137257 |
|  |  | **3308095** |
|  **Oil & Gas Services — 0.2%** |  |  |
|  Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 10/1/2033<sup>(4)</sup> | 147000 | 149672 |
|  WBI Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 10/15/2030<sup>(4)</sup> | 150000 | 150000 |
|  |  | **299672** |
|  **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 | 147724 |
|  |  | **147724** |
|  **Pharmaceuticals — 0.6%** |  |  |
|  Bayer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65% due 2/15/2028<sup>(4)</sup> | 343000 | 358581 |
|  Bayer U.S. Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 11/21/2030<sup>(4)</sup> | 400000 | 427510 |
|  Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15% due 10/1/2026 | 25000 | 24556 |
|  |  | **810647** |
|  **Pipelines — 1.9%** |  |  |
|  Boardwalk Pipelines LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40% due 2/15/2031 | 231000 | 216326 |
|  Colonial Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.627% due 11/15/2035<sup>(4)</sup> | 155000 | 156142 |
|  DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 6/15/2029<sup>(4)</sup> | 286000 | 279040 |
|  Eastern Energy Gas Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 10/15/2054 | 116000 | 114284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 1/15/2035 | 207000 | 217774 |
|  Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% (8.50% fixed rate until |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/2033; 5 yr. CMT rate + 4.43% thereafter) due 1/15/2084<sup>(1)</sup> | 512000 | 585582 |
|  Greensaif Pipelines Bidco SARL, Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.853% due 2/23/2036 | 214000 | 224390 |
|  NGPL PipeCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 7/15/2031<sup>(4)</sup> | 564000 | 510889 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/1/2030 | 310000 | 315326 |
|  Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375% due 6/1/2031<sup>(4)</sup> | 167000 | 175345 |
|  |  | **2795098** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Real Estate — 0.1%** |  |  |
|  Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 3/1/2029 | $201000 | $192049 |
|  |  | **192049** |
|  **Real Estate Investment Trusts — 1.2%** |  |  |
|  Brandywine Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% due 10/1/2029 | 194000 | 185360 |
|  CFE Fibra E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 9/23/2040<sup>(4)</sup> | 200000 | 201820 |
|  Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30% due 7/1/2030 | 308000 | 291785 |
|  EPR Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 6/1/2027 | 180000 | 180096 |
|  Host Hotels & Resorts LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 6/15/2032 | 219000 | 225597 |
|  Iron Mountain Information Management Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/15/2032<sup>(4)</sup> | 161000 | 155130 |
|  Millrose Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 8/1/2030<sup>(4)</sup> | 151000 | 153566 |
|  VICI Properties LP/VICI Note Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/1/2029<sup>(4)</sup> | 314000 | 310907 |
|  |  | **1704261** |
|  **Retail — 0.3%** |  |  |
|  Advance Auto Parts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 8/1/2030<sup>(4)</sup> | 126000 | 129635 |
|  QXO Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 4/30/2032<sup>(4)</sup> | 315000 | 326150 |
|  |  | **455785** |
|  **Semiconductors — 1.2%** |  |  |
|  Broadcom Corp./Broadcom Cayman Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 1/15/2027 | 151000 | 150887 |
|  Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15% due 4/15/2032<sup>(4)</sup> | 427000 | 418744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% due 11/15/2032 | 287000 | 283293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 11/15/2031 | 225000 | 233786 |
|  Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/25/2031<sup>(4)</sup> | 200000 | 207534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90% due 1/25/2033<sup>(4)</sup> | 447000 | 471355 |
|  |  | **1765599** |
|  **Software — 1.0%** |  |  |
|  Atlassian Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/15/2034 | 269000 | 277126 |
|  Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/15/2033<sup>(4)</sup> | 251000 | 254123 |
|  MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 9/1/2035 | 204000 | 205689 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 9/26/2055 | 266000 | 265182 |
|  Paychex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% due 4/15/2032 | 465000 | 482504 |
|  |  | **1484624** |
|  **Telecommunications — 0.2%** |  |  |
|  Sprint Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% due 3/15/2032 | 212000 | 258276 |
|  |  | **258276** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Transportation — 0.2%** |  |  |
|  Rand Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 2/15/2030<sup>(4)</sup> | $276000 | $286782 |
|  Watco Cos. LLC/Watco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 8/1/2032<sup>(4)</sup> | 52000 | 53824 |
|  |  | **340606** |
|  **Total Corporate Bonds & Notes**<br> (Cost $57,549,880) |  | **58935783** |
|  **Non-Agency Mortgage-Backed Securities — 11.0%** |  |  |
|  ALA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-OANA, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.894% due 6/15/2040<sup>(1)(2)(4)</sup> | 250000 | 251250 |
|  Bank5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5YR14, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.646% due 4/15/2058 | 610000 | 638124 |
|  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 | 398142 |
| &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 | 230000 | 242389 |
| &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 | 220117 |
|  Benchmark Mortgage Trust |  |  |
| &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 | 210471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V12, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.739% due 12/15/2057 | 210000 | 220002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V7, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.228% due 5/15/2056<sup>(1)(2)</sup> | 580000 | 613204 |
| &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 | 350000 | 363532 |
|  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 | 228317 |
| &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 | 400000 | 418837 |
| &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> | 210000 | 218849 |
|  BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53% due 8/15/2042<sup>(1)(2)(4)</sup> | 134160 | 134286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-COPT, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90% due 8/15/2042<sup>(1)(2)(4)</sup> | 240000 | 240225 |
|  BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.544% due 3/15/2030<sup>(1)(2)(4)</sup> | 308796 | 308024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TAIL, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 6/15/2035<sup>(1)(2)(4)</sup> | 110000 | 109828 |
|  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> | 403126 | 334837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-J2, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/25/2051<sup>(1)(2)(4)</sup> | 68196 | 56562 |
| &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> | 791038 | 654646 |
|  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> | 75842 | 65769 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Non-Agency Mortgage-Backed Securities — (continued)** |  |  |
|  CONE Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.792% due 8/15/2041<sup>(1)(2)(4)</sup> | $210000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209834 |
|  Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.556% due 1/25/2042<sup>(1)(2)(4)</sup> | 61333 | 61314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.106% due 12/25/2042<sup>(1)(2)(4)</sup> | 180000 | 189000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R03, Class 2M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.256% due 4/25/2043<sup>(1)(2)(4)</sup> | 85000 | 89885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.656% due 5/25/2043<sup>(1)(2)(4)</sup> | 203349 | 207544 |
|  EFMT |  |  |
| &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> | 232000 | 232038 |
|  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> | 537615 | 445591 |
| &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> | 391720 | 324649 |
|  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; 6.856% due 1/25/2042<sup>(1)(2)(4)</sup> | 225000 | 228681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.706% due 4/25/2042<sup>(1)(2)(4)</sup> | 150000 | 156881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.706% due 5/25/2042<sup>(1)(2)(4)</sup> | 70000 | 72647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.606% due 3/25/2042<sup>(1)(2)(4)</sup> | 160000 | 168586 |
|  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> | 304966 | 253146 |
| &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> | 417197 | 345784 |
| &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> | 550296 | 457449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HP1, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 9/25/2052<sup>(1)(2)(4)</sup> | 82039 | 70526 |
|  Hudson Yards Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.649% due 1/13/2040<sup>(1)(2)(4)</sup> | 280000 | 289351 |
|  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> | 427485 | 354846 |
| &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> | 174753 | 151867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV6, Class A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/25/2052<sup>(1)(2)(4)</sup> | 146792 | 122304 |
| &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> | 399109 | 345604 |
| &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> | 194328 | 160938 |
| &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> | 314361 | 271809 |
| &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> | 237739 | 206016 |
| &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> | 229683 | 198323 |
| &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> | 288435 | 291166 |
| &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> | 130000 | 130029 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (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; 6.04% due 8/15/2041<sup>(1)(2)(4)</sup> | $220000 | $220275 |
|  MAD Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11MD, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.754% due 10/15/2042<sup>(1)(2)(4)</sup> | 190000 | 189475 |
|  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 | 240000 | 250886 |
|  New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.553% due 5/25/2065<sup>(1)(2)(4)</sup> | 321133 | 324292 |
|  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> | 100000 | 100048 |
|  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> | 130000 | 129937 |
|  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> | 335700 | 278237 |
|  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> | 350000 | 360611 |
|  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; 5.593% due 2/15/2042<sup>(1)(2)(4)</sup> | 370000 | 368034 |
|  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; 5.743% due 4/15/2042<sup>(1)(2)(4)</sup> | 300000 | 298502 |
|  Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY1, Class M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.272% due 10/25/2048<sup>(1)(2)(4)</sup> | 210000 | 218343 |
|  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 | 252330 |
| &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 | 223240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MGP, Class A12 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.841% due 8/15/2041<sup>(1)(2)(4)</sup> | 350000 | 349701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C3, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.096% due 1/15/2058 | 260000 | 275788 |
|  Wells Fargo Mortgage-Backed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV2, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 9/25/2051<sup>(1)(2)(4)</sup> | 247018 | 204723 |
|  **Total Non-Agency Mortgage-Backed Securities**<br> (Cost $15,891,307) |  | **16007641** |
|  **Senior Secured Loans — 2.1%** |  |  |
|  **Airlines — 0.1%** |  |  |
|  American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.576% (3 mo. USD Term SOFR + 2.25%) due 4/20/2028<sup>(1)</sup> | 115503 | 115263 |
|  |  | **115263** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Senior Secured Loans — (continued)** |  |  |
|  **Commercial Services — 0.3%** |  |  |
|  Avis Budget Car Rental LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.663% (1 mo. USD Term SOFR + 2.05%) due 7/16/2032<sup>(1)</sup> | $75810 | $75115 |
|  Prime Security Services Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.005% (1 mo. USD Term SOFR + 1.75%) due 3/7/2032<sup>(1)</sup> | 222441 | 220181 |
|  Trans Union LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.913% (1 mo. USD Term SOFR + 1.75%) due 6/24/2031<sup>(1)</sup> | 60388 | 60330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.913% (1 mo. USD Term SOFR + 1.75%) due 6/24/2031<sup>(1)</sup> | 141219 | 141074 |
|  |  | **496700** |
|  **Distribution/Wholesale — 0.1%** |  |  |
|  Resideo Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.038% (3 mo. USD Term SOFR + 2.25%) due 8/13/2032<sup>(1)</sup> | 98000 | 97939 |
|  |  | **97939** |
|  **Diversified Financial Services — 0.3%** |  |  |
|  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; 5.885% (1 mo. USD Term SOFR + 1.75%) due 6/24/2030<sup>(1)</sup> | 419828 | 419899 |
|  Hudson River Trading LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.15% (1 mo. USD Term SOFR + 3.00%) due 3/18/2030<sup>(1)</sup> | 79798 | 79914 |
|  |  | **499813** |
|  **Electric — 0.4%** |  |  |
|  Alpha Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.163% (1 mo. USD Term SOFR + 2.00%) due 9/30/2031<sup>(1)</sup> | 337296 | 336622 |
|  Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.913% (1 mo. USD Term SOFR + 1.75%) due 1/31/2031<sup>(1)</sup> | 181000 | 180786 |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.064% (3 mo. USD Term SOFR + 1.75%) due 4/16/2031<sup>(1)</sup> | 77351 | 77327 |
|  |  | **594735** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| **September 30, 2025 (unaudited)** | | **Principal<br>Amount** | **Value** |
|  **Senior Secured Loans — (continued)** |  |  |  |
|  **Entertainment — 0.4%** |  |  |  |
|  Flutter Financing BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.752% (3 mo. USD Term SOFR + 1.75%) due 11/30/2030<sup>(1)</sup> |  | $366197 | $364641 |
|  SeaWorld Parks & Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.163% (1 mo. USD Term SOFR + 2.00%) due 12/4/2031<sup>(1)</sup> |  | 80823 | 80621 |
|  Six Flags Entertainment Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.163% (1 mo. USD Term SOFR + 2.00%) due 5/1/2031<sup>(1)</sup> |  | 117406 | 116554 |
|  |  |  | **561816** |
|  **Environmental Control — 0.1%** |  |  |  |
|  Clean Harbors, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% due 9/24/2032<sup>(1)(5)</sup> |  | 207000 | 207259 |
|  |  |  | **207259** |
|  **Pharmaceuticals — 0.2%** |  |  |  |
|  Elanco Animal Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13% (1 mo. USD Term SOFR + 1.75%) due 8/1/2027<sup>(1)</sup> |  | 211266 | 210985 |
|  |  |  | **210985** |
|  **Pipelines — 0.2%** |  |  |  |
|  Colossus Acquireco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87% (3 mo. USD Term SOFR + 1.75%) due 7/30/2032<sup>(1)</sup> |  | 236000 | 234487 |
|  |  |  | **234487** |
|  **Total Senior Secured Loans**<br> (Cost $3,026,484) |  |  | **3018997** |
|  **Foreign Government — 0.3%** |  |  |  |
|  Baiterek National Managing Holding JSC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 5/8/2028<sup>(4)</sup> | USD | 222000 | 226260 |
|  Romania Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 5/16/2036<sup>(4)</sup> | USD | 266000 | 270010 |
|  **Total Foreign Government**<br> (Cost $490,039) |  |  | **496270** |
|  **U.S. Government Securities — 17.3%** |  |  |  |
|  U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/15/2042 |  | $2326000 | 2150460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/15/2054 |  | 3732900 | 3594228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2044 |  | 4277000 | 4237237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 2/15/2045 |  | 3547000 | 3569169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 5/15/2055 |  | 4959000 | 4974497 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/2027 |  | 1048000 | 1047959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 6/30/2027 |  | 2723000 | 2727893 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **U.S. Government Securities — (continued)** | **U.S. Government Securities — (continued)** | **U.S. Government Securities — (continued)** | **U.S. Government Securities — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 5/31/2030 | $| 2949000 | $2983559 |
|  **Total U.S. Government Securities**<br>(Cost $24,999,000)  |  |  | **25285002** |
|  **Repurchase Agreements — 1.9%** | **Repurchase Agreements — 1.9%** | **Repurchase Agreements — 1.9%** | **Repurchase Agreements — 1.9%** |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $2,755,953, due 10/1/2025<sup>(6)</sup> |  | 2755857 | 2755857 |
|  **Total Repurchase Agreements**<br> (Cost $2,755,857) |  |  | **2755857** |
|  **Total Investments — 117.5%**<br> (Cost $169,862,687) |  |  | **171479525** |
|  **Liabilities in excess of other assets — (17.5)%** | **Liabilities in excess of other assets — (17.5)%** | **Liabilities in excess of other assets — (17.5)%** | **(25527335)** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**145952190** |

---

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

(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 September 30, 2025, the aggregate market value of these securities amounted to $62,678,636, representing 42.9% 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.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  U.S. Treasury Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811187 |

---

**Open futures contracts at September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional**<br>**Amount** | **Notional**<br>**Value** | **Unrealized**<br>**Depreciation** |
|  U.S. 2-Year Treasury Note | December 2025 | 29 | Long | $6045816 | $6043555 | $(2261) |
|  U.S. 5-Year Treasury Note | December 2025 | 37 | Long | 4123161 | 4040227 | (82934) |
|  U.S. Ultra 10-Year Treasury Note | December 2025 | 11 | Long | 1266909 | 1265859 | (1050) |
|  **Total** |  |  |  | $**11435886** | $**11349641** | $**(86245)** |

---

**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 September 30, 2025 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 | $— | $42366474 | $— | $42366474 |
|  Asset-Backed Securities |  | 22613501 |  | 22613501 |
|  Corporate Bonds & Notes |  | 58935783 |  | 58935783 |
|  Non-Agency Mortgage-Backed Securities |  | 16007641 |  | 16007641 |
|  Senior Secured Loans |  | 3018997 |  | 3018997 |
|  Foreign Government |  | 496270 |  | 496270 |
|  U.S. Government Securities |  | 25285002 |  | 25285002 |
|  Repurchase Agreements |  | 2755857 |  | 2755857 |
|  **Total** | $**—** | $**171479525** | $**—** | $**171479525** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts | Futures Contracts | Futures Contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86245) | $— | $— | $(86245) |
|  **Total** | $**(86245)** | $**—** | $**—** | $**(86245)** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 98.4%** | **Common Stocks — 98.4%** | **Common Stocks — 98.4%** |
|  **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
|  Leonardo DRS, Inc. | 17649 | $801265 |
|  |  | **801265** |
|  **Air Freight & Logistics — 1.8%** | **Air Freight & Logistics — 1.8%** | **Air Freight & Logistics — 1.8%** |
|  GXO Logistics, Inc.<sup>(1)</sup> | 58358 | 3086555 |
|  |  | **3086555** |
|  **Automobile Components — 1.1%** | **Automobile Components — 1.1%** | **Automobile Components — 1.1%** |
|  Fox Factory Holding Corp.<sup>(1)</sup> | 31104 | 755516 |
|  Gentherm, Inc.<sup>(1)</sup> | 33231 | 1131848 |
|  |  | **1887364** |
|  **Banks — 10.5%** | **Banks — 10.5%** | **Banks — 10.5%** |
|  Enterprise Financial Services Corp. | 57281 | 3321152 |
|  First BanCorp | 101224 | 2231989 |
|  First Commonwealth Financial Corp. | 74858 | 1276329 |
|  National Bank Holdings Corp., Class A | 65709 | 2538996 |
|  Popular, Inc. | 13753 | 1746769 |
|  Prosperity Bancshares, Inc. | 39963 | 2651545 |
|  Webster Financial Corp. | 50315 | 2990724 |
|  WesBanco, Inc. | 50898 | 1625173 |
|  |  | **18382677** |
|  **Biotechnology — 1.5%** | **Biotechnology — 1.5%** | **Biotechnology — 1.5%** |
|  Halozyme Therapeutics, Inc.<sup>(1)</sup> | 16918 | 1240766 |
|  PTC Therapeutics, Inc.<sup>(1)</sup> | 21608 | 1326083 |
|  |  | **2566849** |
|  **Building Products — 1.0%** | **Building Products — 1.0%** | **Building Products — 1.0%** |
|  Gibraltar Industries, Inc.<sup>(1)</sup> | 14349 | 901117 |
|  UFP Industries, Inc. | 8820 | 824582 |
|  |  | **1725699** |
|  **Capital Markets — 1.9%** | **Capital Markets — 1.9%** | **Capital Markets — 1.9%** |
|  BGC Group, Inc., Class A | 349260 | 3304000 |
|  |  | **3304000** |
|  **Chemicals — 2.2%** | **Chemicals — 2.2%** | **Chemicals — 2.2%** |
|  Ashland, Inc. | 32977 | 1579928 |
|  Huntsman Corp. | 44040 | 395479 |
|  Ingevity Corp.<sup>(1)</sup> | 17860 | 985693 |
|  Mosaic Co. | 24367 | 845048 |
|  |  | **3806148** |
|  **Commercial Services & Supplies — 3.2%** | **Commercial Services & Supplies — 3.2%** | **Commercial Services & Supplies — 3.2%** |
|  ABM Industries, Inc. | 57747 | 2663292 |
|  BrightView Holdings, Inc.<sup>(1)</sup> | 218103 | 2922580 |
|  |  | **5585872** |
|  **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
|  Calix, Inc.<sup>(1)</sup> | 9089 | 557792 |
|  |  | **557792** |
|  **Construction & Engineering — 2.1%** | **Construction & Engineering — 2.1%** | **Construction & Engineering — 2.1%** |
|  Arcosa, Inc. | 17936 | 1680783 |
|  MYR Group, Inc.<sup>(1)</sup> | 9401 | 1955690 |
|  |  | **3636473** |
|  **Consumer Finance — 1.5%** | **Consumer Finance — 1.5%** | **Consumer Finance — 1.5%** |
|  FirstCash Holdings, Inc. | 3252 | 515182 |
|  SLM Corp. | 76866 | 2127651 |
|  |  | **2642833** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |
|  Grocery Outlet Holding Corp.<sup>(1)</sup> | 108624 | $1743415 |
|  |  | **1743415** |
|  **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** |
|  Sonoco Products Co. | 19603 | 844693 |
|  |  | **844693** |
|  **Diversified Consumer Services — 2.0%** | **Diversified Consumer Services — 2.0%** | **Diversified Consumer Services — 2.0%** |
|  ADT, Inc. | 186186 | 1621680 |
|  Driven Brands Holdings, Inc.<sup>(1)</sup> | 117673 | 1895712 |
|  |  | **3517392** |
|  **Diversified REITs — 1.3%** | **Diversified REITs — 1.3%** | **Diversified REITs — 1.3%** |
|  Broadstone Net Lease, Inc. | 124060 | 2216952 |
|  |  | **2216952** |
|  **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** |
|  IDACORP, Inc. | 8446 | 1116139 |
|  Portland General Electric Co. | 42711 | 1879284 |
|  |  | **2995423** |
|  **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** |
|  Generac Holdings, Inc.<sup>(1)</sup> | 5359 | 897096 |
|  Regal Rexnord Corp. | 8997 | 1290530 |
|  |  | **2187626** |
|  **Electronic Equipment, Instruments & Components — 2.4%** | **Electronic Equipment, Instruments & Components — 2.4%** | **Electronic Equipment, Instruments & Components — 2.4%** |
|  Coherent Corp.<sup>(1)</sup> | 12713 | 1369444 |
|  Crane NXT Co. | 42953 | 2880858 |
|  |  | **4250302** |
|  **Energy Equipment & Services — 3.0%** | **Energy Equipment & Services — 3.0%** | **Energy Equipment & Services — 3.0%** |
|  Atlas Energy Solutions, Inc. | 120172 | 1366356 |
|  Expro Group Holdings NV<sup>(1)</sup> | 89180 | 1059458 |
|  Kodiak Gas Services, Inc. | 29514 | 1091133 |
|  Liberty Energy, Inc. | 86611 | 1068780 |
|  Solaris Energy Infrastructure, Inc. | 17515 | 700074 |
|  |  | **5285801** |
|  **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
|  Nomad Foods Ltd. | 92859 | 1221096 |
|  |  | **1221096** |
|  **Gas Utilities — 1.5%** | **Gas Utilities — 1.5%** | **Gas Utilities — 1.5%** |
|  Spire, Inc. | 32442 | 2644672 |
|  |  | **2644672** |
|  **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** |
|  Knight-Swift Transportation Holdings, Inc. | 56367 | 2227060 |
|  |  | **2227060** |
|  **Health Care Equipment & Supplies — 4.5%** | **Health Care Equipment & Supplies — 4.5%** | **Health Care Equipment & Supplies — 4.5%** |
|  Enovis Corp.<sup>(1)</sup> | 100247 | 3041494 |
|  Haemonetics Corp.<sup>(1)</sup> | 15733 | 766826 |
|  Teleflex, Inc. | 33741 | 4128549 |
|  |  | **7936869** |
|  **Health Care Technology — 1.0%** | **Health Care Technology — 1.0%** | **Health Care Technology — 1.0%** |
|  Phreesia, Inc.<sup>(1)</sup> | 73841 | 1736740 |
|  |  | **1736740** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** |
|  Dave & Buster's Entertainment, Inc.<sup>(1)</sup> | 12800 | $232448 |
|  Wyndham Hotels & Resorts, Inc. | 8582 | 685702 |
|  |  | **918150** |
|  **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
|  Century Communities, Inc. | 16924 | 1072474 |
|  |  | **1072474** |
|  **Insurance — 5.5%** | **Insurance — 5.5%** | **Insurance — 5.5%** |
|  Axis Capital Holdings Ltd. | 9199 | 881264 |
|  CNO Financial Group, Inc. | 66392 | 2625804 |
|  Hanover Insurance Group, Inc. | 14749 | 2678861 |
|  Kemper Corp. | 49457 | 2549508 |
|  Primerica, Inc. | 3167 | 879127 |
|  |  | **9614564** |
|  **Interactive Media & Services — 1.1%** | **Interactive Media & Services — 1.1%** | **Interactive Media & Services — 1.1%** |
|  Cargurus, Inc.<sup>(1)</sup> | 51064 | 1901113 |
|  |  | **1901113** |
|  **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
|  ASGN, Inc.<sup>(1)</sup> | 17059 | 807744 |
|  |  | **807744** |
|  **Machinery — 1.7%** | **Machinery — 1.7%** | **Machinery — 1.7%** |
|  Hillman Solutions Corp.<sup>(1)</sup> | 211205 | 1938862 |
|  Timken Co. | 14603 | 1097853 |
|  |  | **3036715** |
|  **Marine Transportation — 0.9%** | **Marine Transportation — 0.9%** | **Marine Transportation — 0.9%** |
|  Star Bulk Carriers Corp. | 88409 | 1643523 |
|  |  | **1643523** |
|  **Metals & Mining — 7.8%** | **Metals & Mining — 7.8%** | **Metals & Mining — 7.8%** |
|  Alcoa Corp. | 46519 | 1530010 |
|  Capstone Copper Corp. (Canada)<sup>(1)</sup> | 251990 | 2140204 |
|  Commercial Metals Co. | 24807 | 1420945 |
|  Constellium SE<sup>(1)</sup> | 140468 | 2090164 |
|  ERO Copper Corp.<sup>(1)</sup> | 46332 | 937296 |
|  thyssenkrupp AG (Germany) | 251463 | 3448744 |
|  Warrior Met Coal, Inc. | 32437 | 2064291 |
|  |  | **13631654** |
|  **Multi-Utilities — 2.4%** | **Multi-Utilities — 2.4%** | **Multi-Utilities — 2.4%** |
|  Black Hills Corp. | 34346 | 2115370 |
|  Northwestern Energy Group, Inc. | 36337 | 2129712 |
|  |  | **4245082** |
|  **Oil, Gas & Consumable Fuels — 6.4%** | **Oil, Gas & Consumable Fuels — 6.4%** | **Oil, Gas & Consumable Fuels — 6.4%** |
|  Antero Resources Corp.<sup>(1)</sup> | 39443 | 1323707 |
|  BKV Corp.<sup>(1)</sup> | 109920 | 2542449 |
|  DHT Holdings, Inc. | 146111 | 1746026 |
|  Excelerate Energy, Inc., Class A | 17567 | 442513 |
|  Scorpio Tankers, Inc. | 44292 | 2482567 |
|  SM Energy Co. | 58156 | 1452155 |
|  Viper Energy, Inc., Class A | 31780 | 1214632 |
|  |  | **11204049** |
|  **Passenger Airlines — 0.6%** | **Passenger Airlines — 0.6%** | **Passenger Airlines — 0.6%** |
|  Allegiant Travel Co.<sup>(1)</sup> | 16642 | 1011334 |
|  |  | **1011334** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** |
|  BellRing Brands, Inc.<sup>(1)</sup> | 20527 | $746156 |
|  |  | **746156** |
|  **Professional Services — 2.2%** | **Professional Services — 2.2%** | **Professional Services — 2.2%** |
|  First Advantage Corp.<sup>(1)</sup> | 40578 | 624495 |
|  Maximus, Inc. | 34335 | 3137189 |
|  |  | **3761684** |
|  **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** |
|  Newmark Group, Inc., Class A | 68487 | 1277283 |
|  |  | **1277283** |
|  **Retail REITs — 3.7%** | **Retail REITs — 3.7%** | **Retail REITs — 3.7%** |
|  Brixmor Property Group, Inc. | 129561 | 3586248 |
|  Getty Realty Corp. | 104672 | 2808350 |
|  |  | **6394598** |
|  **Semiconductors & Semiconductor Equipment — 5.4%** | **Semiconductors & Semiconductor Equipment — 5.4%** | **Semiconductors & Semiconductor Equipment — 5.4%** |
|  Diodes, Inc.<sup>(1)</sup> | 21096 | 1122518 |
|  Semtech Corp.<sup>(1)</sup> | 16590 | 1185356 |
|  Silicon Motion Technology Corp., ADR | 55444 | 5256646 |
|  Tower Semiconductor Ltd.<sup>(1)</sup> | 25271 | 1827093 |
|  |  | **9391613** |
|  **Software — 4.4%** | **Software — 4.4%** | **Software — 4.4%** |
|  BlackBerry Ltd.<sup>(1)</sup> | 88709 | 432900 |
|  NCR Voyix Corp.<sup>(1)</sup> | 277799 | 3486377 |
|  Teradata Corp.<sup>(1)</sup> | 131362 | 2825597 |
|  Verint Systems, Inc. (United States)<sup>(1)</sup> | 44838 | 907969 |
|  |  | **7652843** |
|  **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** |
|  Academy Sports & Outdoors, Inc. | 28573 | 1429222 |
|  Advance Auto Parts, Inc. | 22237 | 1365352 |
|  Bath & Body Works, Inc. | 50707 | 1306212 |
|  |  | **4100786** |
|  **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** |
|  Gildan Activewear, Inc. | 15327 | 885901 |
|  Under Armour, Inc., Class A<sup>(1)</sup> | 180484 | 900615 |
|  Under Armour, Inc., Class C<sup>(1)</sup> | 132277 | 638898 |
|  |  | **2425414** |
|  **Total Common Stocks**<br> (Cost $152,712,635) | **Total Common Stocks**<br> (Cost $152,712,635) | **171628347** |
|  | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 1.8%** | **Repurchase Agreements — 1.8%** | **Repurchase Agreements — 1.8%** |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $3,178,463, due 10/1/2025<sup>(2)</sup> | $3178351 | 3178351 |
|  **Total Repurchase Agreements**<br> (Cost $3,178,351) | **Total Repurchase Agreements**<br> (Cost $3,178,351) | **3178351** |
|  **Total Investments — 100.2%**<br> (Cost $155,890,986) | **Total Investments — 100.2%**<br> (Cost $155,890,986) | **174806698** |
|  **Liabilities in excess of other assets — (0.2)%** | **Liabilities in excess of other assets — (0.2)%** | **(273449)** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**174533249** |

---

(1) Non–income–producing security.

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  U.S. Treasury Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242031 |

---

**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 September 30, 2025 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 | $168179603 | $3448744 <sup>\*</sup> | $— | $171628347 |
|  Repurchase Agreements |  | 3178351 |  | 3178351 |
|  **Total** | $**168179603** | $**6627095** | $**—** | $**174806698** |

---

<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 GLOBAL UTILITIES VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 99.6%** | **Common Stocks — 99.6%** | **Common Stocks — 99.6%** |
|  **Bermuda — 2.4%** | **Bermuda — 2.4%** | **Bermuda — 2.4%** |
|  CK Infrastructure Holdings Ltd. | 167699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102009 |
|  |  | **1102009** |
|  **Brazil — 3.9%** | **Brazil — 3.9%** | **Brazil — 3.9%** |
|  Cia de Saneamento Basico do Estado de Sao Paulo | 71800 | 1783044 |
|  |  | **1783044** |
|  **China — 3.1%** | **China — 3.1%** | **China — 3.1%** |
|  ENN Energy Holdings Ltd. | 166794 | 1380512 |
|  |  | **1380512** |
|  **France — 4.9%** | **France — 4.9%** | **France — 4.9%** |
|  Engie SA | 103203 | 2213764 |
|  |  | **2213764** |
|  **Germany — 6.0%** | **Germany — 6.0%** | **Germany — 6.0%** |
|  E.ON SE | 143946 | 2706503 |
|  |  | **2706503** |
|  **Italy — 4.8%** | **Italy — 4.8%** | **Italy — 4.8%** |
|  Enel SpA | 230240 | 2183697 |
|  |  | **2183697** |
|  **Japan — 4.2%** | **Japan — 4.2%** | **Japan — 4.2%** |
|  Kansai Electric Power Co., Inc. | 79900 | 1144447 |
|  Tokyo Gas Co. Ltd. | 20700 | 736589 |
|  |  | **1881036** |
|  **Spain — 4.2%** | **Spain — 4.2%** | **Spain — 4.2%** |
|  Iberdrola SA | 99078 | 1877356 |
|  |  | **1877356** |
|  **United Kingdom — 6.7%** | **United Kingdom — 6.7%** | **United Kingdom — 6.7%** |
|  National Grid PLC | 140490 | 2025388 |
|  SSE PLC | 43542 | 1020402 |
|  |  | **3045790** |
|  **United States — 59.4%** | **United States — 59.4%** | **United States — 59.4%** |
|  American Electric Power Co., Inc. | 26663 | 2999587 |
|  Atmos Energy Corp. | 12390 | 2115592 |
|  Constellation Energy Corp. | 3284 | 1080666 |
|  Dominion Energy, Inc. | 36556 | 2236131 |
|  Duke Energy Corp. | 15413 | 1907359 |
|  Exelon Corp. | 29179 | 1313347 |
|  IDACORP, Inc. | 12765 | 1686895 |
|  NextEra Energy, Inc. | 39936 | 3014769 |
|  NRG Energy, Inc. | 1672 | 270780 |
|  ONE Gas, Inc. | 10304 | 834006 |
|  PG&E Corp. | 41910 | 632003 |
|  Sempra | 32334 | 2909413 |
|  Southern Co. | 20750 | 1966477 |
|  Vistra Corp. | 9559 | 1872799 |
|  WEC Energy Group, Inc. | 16903 | 1936915 |
|  |  | **26776739** |
|  **Total Common Stocks**<br> (Cost $31,480,115) | **Total Common Stocks**<br> (Cost $31,480,115) | **44950450** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN GLOBAL UTILITIES VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 0.4%** | **Repurchase Agreements — 0.4%** | **Repurchase Agreements — 0.4%** |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $170,819, due 10/1/2025<sup>(1)</sup> | $170813 | $170813 |
|  **Total Repurchase Agreements**<br> (Cost $170,813) | **Total Repurchase Agreements**<br> (Cost $170,813) | **170813** |
|  **Total Investments — 100.0%**<br> (Cost $31,650,928) | **Total Investments — 100.0%**<br> (Cost $31,650,928) | **45121263** |
|  **Liabilities in excess of other assets — (0.0)%** | **Liabilities in excess of other assets — (0.0)%** | **(13176)** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**45108087** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  U.S. Treasury Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174278 |

---

*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 September 30, 2025 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 | Common Stocks | Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bermuda | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102009 <sup>\*</sup> | $— | $1102009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 1783044 |  |  | 1783044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 1380512 <sup>\*</sup> |  | 1380512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 2213764 <sup>\*</sup> |  | 2213764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 2706503 <sup>\*</sup> |  | 2706503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 2183697 <sup>\*</sup> |  | 2183697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 1881036 <sup>\*</sup> |  | 1881036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 1877356 <sup>\*</sup> |  | 1877356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 3045790 <sup>\*</sup> |  | 3045790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 26776739 |  |  | 26776739 |
|  Repurchase Agreements |  | 170813 |  | 170813 |
|  **Total** | $**28559783** | $**16561480** | $**—** | $**45121263** |

---

<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 MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 0.1%** |  |  |
|  **Hotels, Restaurants & Leisure — 0.1%** |  |  |
|  Churchill Downs, Inc. | 1550 | $150366 |
|  |  | **150366** |
|  **Total Common Stocks**<br> (Cost $180,917) |  | **150366** |
|  | **Principal<br>Amount** | **Value** |
|  **Agency Mortgage-Backed Securities — 21.1%** |  |  |
|  Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 10/20/2055<sup>(1)</sup> | $2868000 | 2614515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/20/2055<sup>(1)</sup> | 472000 | 443727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 10/20/2054<sup>(1)</sup> | 229000 | 227768 |
|  Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 10/1/2055<sup>(1)</sup> | 244000 | 205531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 10/1/2055<sup>(1)</sup> | 4985000 | 4377833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 10/1/2055<sup>(1)</sup> | 6443000 | 5885817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/1/2055<sup>(1)</sup> | 1949000 | 1836664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 10/1/2055<sup>(1)</sup> | 3500000 | 3394502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 10/1/2055<sup>(1)</sup> | 3364000 | 3335935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 10/1/2054<sup>(1)</sup> | 8269000 | 8337120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 10/1/2054<sup>(1)</sup> | 3594000 | 3671586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 10/1/2054<sup>(1)</sup> | 262000 | 270746 |
|  **Total Agency Mortgage-Backed Securities**<br> (Cost $34,737,610) |  | **34601744** |
|  **Asset-Backed Securities — 21.6%** |  |  |
|  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>(2)</sup> | 580061 | 584241 |
|  Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16% due 2/15/2029<sup>(2)</sup> | 1793000 | 1800740 |
|  AGL CLO 14 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-14A, Class DR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.176% (3 mo. USD Term SOFR + 2.85%) due 12/2/2034<sup>(2)(3)</sup> | 500000 | 499097 |
|  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; 6.066% due 6/15/2033<sup>(2)</sup> | 255576 | 256443 |
|  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>(2)</sup> | 346000 | 352040 |
|  Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.31% due 6/20/2029<sup>(2)</sup> | 1046000 | 1071003 |
|  Bain Capital Credit CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A, Class D1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.419% (3 mo. USD Term SOFR + 3.10%) due 10/23/2037<sup>(2)(3)</sup> | 1000000 | 1000789 |
|  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; 6.276% (3 mo. USD Term SOFR + 1.95%) due 10/20/2037<sup>(2)(3)</sup> | 1000000 | 1000660 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Asset-Backed Securities — (continued)** |  |  |
|  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; 6.133% (30 day SOFR + 1.80%) due 7/27/2048<sup>(2)(3)</sup> | $250000 | $250098 |
|  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; 6.226% (3 mo. USD Term SOFR + 1.90%) due 10/20/2037<sup>(2)(3)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003955 |
|  Carlyle U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7A, Class D1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.318% (3 mo. USD Term SOFR + 3.00%) due 4/15/2040<sup>(2)(3)</sup> | 500000 | 500782 |
|  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>(2)</sup> | 1147871 | 1115022 |
|  CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.326% (3 mo. USD Term SOFR + 2.00%) due 10/20/2037<sup>(2)(3)</sup> | 1000000 | 1001956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-7A, Class A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.371% (3 mo. USD Term SOFR + 1.28%) due 10/19/2038<sup>(2)(3)</sup> | 1438000 | 1442297 |
|  Coinstar Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.216% due 4/25/2047<sup>(2)</sup> | 917500 | 848687 |
|  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>(2)</sup> | 557000 | 563888 |
|  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; 6.326% (3 mo. USD Term SOFR + 2.00%) due 10/20/2037<sup>(2)(3)</sup> | 1300000 | 1302558 |
|  Empower CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.276% (3 mo. USD Term SOFR + 1.95%) due 10/20/2037<sup>(2)(3)</sup> | 1000000 | 1000669 |
|  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>(2)</sup> | 230000 | 240797 |
|  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; 5.34% due 1/15/2032 | 180000 | 181018 |
|  FHF Issuer Trust |  |  |
| &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>(2)</sup> | 741000 | 737949 |
| &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>(2)</sup> | 467000 | 465137 |
|  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; 6.33% due 8/15/2029<sup>(2)</sup> | 416000 | 419497 |
|  Foundation Finance Trust |  |  |
| &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>(2)</sup> | 687183 | 735561 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Asset-Backed Securities — (continued)** |  |  |
|  Generate CLO 8 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8A, Class CR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.426% (3 mo. USD Term SOFR + 2.10%) due 1/20/2038<sup>(2)(3)</sup> | $1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001999 |
|  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; 5.52% due 5/27/2042<sup>(2)</sup> | 368364 | 371983 |
| &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>(2)</sup> | 465761 | 467443 |
|  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; 6.639% (30 day SOFR + 2.25%) due 3/21/2033<sup>(2)(3)</sup> | 218255 | 217729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.889% (30 day SOFR + 3.50%) due 3/21/2033<sup>(2)(3)</sup> | 404175 | 405773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.639% (30 day SOFR + 3.25%) due 9/20/2033<sup>(2)(3)</sup> | 484602 | 485119 |
|  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; 5.61% due 8/16/2055<sup>(2)</sup> | 420000 | 428858 |
|  LL ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% due 5/15/2030<sup>(2)</sup> | 1469766 | 1475976 |
|  Marlette Funding Trust |  |  |
| &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>(2)</sup> | 420000 | 423557 |
|  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>(2)</sup> | 358210 | 361038 |
|  Neuberger Berman Loan Advisers CLO 49 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-49A, Class DR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.119% (3 mo. USD Term SOFR + 2.80%) due 7/25/2035<sup>(2)(3)</sup> | 1000000 | 1002399 |
|  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; 6.076% (3 mo. USD Term SOFR + 1.75%) due 1/20/2038<sup>(2)(3)</sup> | 1000000 | 1002059 |
|  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; 5.52% due 4/19/2032<sup>(2)</sup> | 500000 | 502528 |
| &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>(2)</sup> | 250000 | 247268 |
| &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>(2)</sup> | 200000 | 199629 |
|  PRET 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>(2)(3)(4)</sup> | 646942 | 651500 |
|  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>(2)</sup> | 310000 | 314069 |
|  Rad CLO 27 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-27A, Class D1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.118% (3 mo. USD Term SOFR + 2.80%) due 1/15/2038<sup>(2)(3)</sup> | 1000000 | 1000883 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Asset-Backed Securities — (continued)** |  |  |
|  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>(2)</sup> | $320000 | $323635 |
|  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; 6.86% due 1/21/2042<sup>(2)</sup> | 644154 | 649739 |
|  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>(2)</sup> | 846000 | 848949 |
|  Sotheby's Artfi Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.91% due 12/22/2031<sup>(2)</sup> | 832000 | 835303 |
|  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>(2)</sup> | 477000 | 477996 |
|  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; 5.72% due 10/15/2029<sup>(2)</sup> | 906000 | 234567 |
| &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>(2)</sup> | 370000 | 46250 |
|  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>(2)</sup> | 700000 | 700643 |
|  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>(2)</sup> | 190000 | 189365 |
|  Vertical Bridge CC LLC |  |  |
| &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>(2)</sup> | 507000 | 506290 |
|  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>(2)</sup> | 247000 | 249742 |
|  Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.08% due 5/15/2031<sup>(2)</sup> | 642000 | 647161 |
| &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>(2)</sup> | 346000 | 352904 |
|  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>(2)</sup> | 432000 | 431161 |
|  **Total Asset-Backed Securities**<br> (Cost $36,352,235) |  | **35428399** |
|  **Corporate Bonds & Notes — 31.0%** |  |  |
|  **Aerospace & Defense — 0.4%** |  |  |
|  Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.45% due 5/1/2034<sup>(2)</sup> | 524000 | 578746 |
|  |  | **578746** |
|  **Airlines — 0.5%** |  |  |
|  American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 5/15/2029<sup>(2)</sup> | 233000 | 243055 |
|  Latam Airlines Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 1/7/2031<sup>(2)</sup> | 483000 | 500115 |
|  |  | **743170** |
|  **Auto Manufacturers — 0.8%** |  |  |
|  Aston Martin Capital Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% due 3/31/2029<sup>(2)</sup> | 342000 | 334837 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 2/7/2035 | 562000 | 577374 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Auto Manufacturers — (continued)** |  |  |
|  General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 9/30/2027<sup>(3)</sup> | $471000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466696 |
|  |  | **1378907** |
|  **Auto Parts & Equipment — 0.1%** |  |  |
|  American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 10/15/2032<sup>(2)</sup> | 198000 | 197666 |
|  |  | **197666** |
|  **Building Materials — 0.7%** |  |  |
|  CP Atlas Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75% due 7/15/2030<sup>(2)</sup> | 111000 | 116250 |
|  JH North America Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 1/31/2031<sup>(2)</sup> | 390000 | 395973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 7/31/2032<sup>(2)</sup> | 105000 | 107549 |
|  Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 3/1/2033<sup>(2)</sup> | 163000 | 169470 |
|  Wilsonart LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00% due 8/15/2032<sup>(2)</sup> | 378000 | 367963 |
|  |  | **1157205** |
|  **Chemicals — 0.2%** |  |  |
|  Olympus Water U.S. Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 2/15/2033<sup>(2)</sup> | 229000 | 229239 |
|  Olympus Water U.S. Holding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 10/1/2029 | 148000 | 164796 |
|  |  | **394035** |
|  **Commercial Banks — 0.9%** |  |  |
|  BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25% (9.25% fixed rate until 11/17/2027; 5 yr. CMT rate + 4.97% thereafter) due 11/17/2027<sup>(2)(3)</sup> | 200000 | 214868 |
|  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>(3)</sup> | 315000 | 322337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series W |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% (4.00% fixed rate until 12/10/2025; 5 yr. CMT rate + 3.60% thereafter) due 12/10/2025<sup>(3)</sup> | 187000 | 186272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% (3.875% fixed rate until 2/18/2026; 5 yr. CMT rate + 3.42% thereafter) due 2/18/2026<sup>(3)</sup> | 187000 | 185272 |
|  JPMorgan Chase & Co. |  |  |
| &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>(3)</sup> | 188000 | 185939 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Commercial Banks — (continued)** |  |  |
|  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>(3)</sup> | $314000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314785 |
|  |  | **1409473** |
|  **Commercial Services — 2.0%** |  |  |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 6/1/2028<sup>(2)</sup> | 338000 | 331430 |
|  AMN Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 1/15/2031<sup>(2)</sup> | 341000 | 342054 |
|  Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 6/1/2029<sup>(2)</sup> | 448000 | 444158 |
|  Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 6/15/2030<sup>(2)</sup> | 227000 | 235791 |
|  House of HR Group BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% due 11/3/2029 | 400000 | 463307 |
|  ION Platform Finance U.S., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 9/30/2032<sup>(2)</sup> | 441000 | 438102 |
|  Raven Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 11/15/2031<sup>(2)</sup> | 443000 | 455257 |
|  Veritiv Operating Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50% due 11/30/2030<sup>(2)</sup> | 584000 | 626765 |
|  |  | **3336864** |
|  **Computers — 0.5%** |  |  |
|  Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 4/15/2035 | 306000 | 319007 |
|  CA Magnum Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 10/31/2026<sup>(2)</sup> | 223000 | 222023 |
|  McAfee Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 2/15/2030<sup>(2)</sup> | 354000 | 328367 |
|  |  | **869397** |
|  **Diversified Financial Services — 2.3%** |  |  |
|  American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55% (3.55% fixed rate until 9/15/2026; 5 yr. CMT rate + 2.85% thereafter) due 9/15/2026<sup>(3)</sup> | 190000 | 186369 |
|  Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% due 8/15/2030<sup>(2)</sup> | 135000 | 147083 |
|  Atlas Warehouse Lending Co. LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 1/15/2030<sup>(2)</sup> | 396000 | 407170 |
|  Burford Capital Global Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 4/15/2030<sup>(2)</sup> | 200000 | 201052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% due 7/15/2033<sup>(2)</sup> | 200000 | 203520 |
|  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>(3)</sup> | 298000 | 309132 |
| &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>(3)</sup> | 82000 | 96951 |
|  GGAM Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 3/15/2030<sup>(2)</sup> | 185000 | 187312 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Diversified Financial Services — (continued)** |  |  |
|  Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 11/1/2032<sup>(2)</sup> | $101000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 5/1/2033<sup>(2)</sup> | 435000 | 451806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 4/30/2031<sup>(2)</sup> | 32000 | 33565 |
|  LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 6/15/2035 | 237000 | 243029 |
|  Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/15/2029 | 100000 | 98031 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 5/15/2030 | 315000 | 318996 |
|  Osaic Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 8/1/2032<sup>(2)</sup> | 84000 | 86758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 8/1/2033<sup>(2)</sup> | 82000 | 84984 |
|  PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 2/15/2034<sup>(2)</sup> | 269000 | 274403 |
|  Stonex Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 7/15/2032<sup>(2)</sup> | 388000 | 399375 |
|  |  | **3831905** |
|  **Electric — 2.0%** |  |  |
|  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>(3)</sup> | 287000 | 280040 |
|  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>(3)</sup> | 391000 | 378270 |
|  CenterPoint Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% (5.95% fixed rate until 1/1/2032 ; 5 yr. CMT rate + 2.22% thereafter) due 4/1/2056<sup>(3)</sup> | 468000 | 468000 |
|  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>(3)</sup> | 492000 | 509392 |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45% (6.45% fixed rate until 6/3/2034; 5 yr. CMT rate + 2.59% thereafter) due 9/1/2054<sup>(3)</sup> | 181000 | 191186 |
|  Lightning Power LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 8/15/2032<sup>(2)</sup> | 358000 | 379020 |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 1/15/2034<sup>(2)</sup> | 388000 | 387604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 1/15/2036<sup>(2)</sup> | 437000 | 437063 |
|  Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 4/15/2034<sup>(2)</sup> | 315000 | 332107 |
|  |  | **3362682** |
|  **Entertainment — 2.2%** |  |  |
|  Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 10/15/2032<sup>(2)</sup> | 601000 | 591961 |
|  Flutter Treasury DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 6/4/2031<sup>(2)</sup> | 210000 | 284633 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Entertainment — (continued)** |  |  |
|  Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25% due 4/15/2030<sup>(2)</sup> | $455000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472763 |
|  Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 7/1/2029<sup>(2)</sup> | 525000 | 492091 |
|  Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 10/15/2030<sup>(2)</sup> | 365000 | 368255 |
|  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>(2)</sup> | 262000 | 266929 |
|  Starz Capital Holdings 1, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 4/15/2030<sup>(2)</sup> | 495000 | 469428 |
|  Voyager Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25% due 7/1/2032<sup>(2)</sup> | 347000 | 366949 |
|  Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.054% due 3/15/2029 | 262000 | 243660 |
|  |  | **3556669** |
|  **Food — 0.2%** |  |  |
|  Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 7/1/2033 | 381000 | 406695 |
|  |  | **406695** |
|  **Gas — 0.3%** |  |  |
|  NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% (6.375% fixed rate until 12/31/2034; 5 yr. CMT rate + 2.53% thereafter) due 3/31/2055<sup>(3)</sup> | 210000 | 217348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95% (6.95% fixed rate until 8/30/2029; 5 yr. CMT rate + 2.45% thereafter) due 11/30/2054<sup>(3)</sup> | 272000 | 283052 |
|  |  | **500400** |
|  **Healthcare-Products — 0.2%** |  |  |
|  Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% due 3/23/2034 | 396000 | 412287 |
|  |  | **412287** |
|  **Healthcare-Services — 0.7%** |  |  |
|  Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 3/1/2033 | 391000 | 411372 |
|  LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% due 6/1/2032<sup>(2)</sup> | 201000 | 211042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00% due 10/15/2030<sup>(2)</sup> | 217000 | 239168 |
|  UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% due 6/15/2035 | 236000 | 243959 |
|  |  | **1105541** |
|  **Home Builders — 1.1%** |  |  |
|  Beazer Homes USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% due 3/15/2031<sup>(2)</sup> | 235000 | 238131 |
|  Century Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 9/15/2033<sup>(2)</sup> | 261000 | 263286 |
|  K Hovnanian Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 4/1/2031<sup>(2)</sup> | 326000 | 334292 |
|  LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/15/2029<sup>(2)</sup> | 202000 | 184319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 11/15/2032<sup>(2)</sup> | 259000 | 252894 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Home Builders — (continued)** |  |  |
|  New Home Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 11/1/2030<sup>(2)</sup> | $331000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25% due 10/1/2029<sup>(2)</sup> | 141000 | 148055 |
|  |  | **1764575** |
|  **Insurance — 0.2%** |  |  |
|  Broadstreet Partners Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 4/15/2029<sup>(2)</sup> | 357000 | 355960 |
|  |  | **355960** |
|  **Internet — 0.1%** |  |  |
|  Getty Images, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25% due 2/21/2030<sup>(2)</sup> | 164000 | 156609 |
|  |  | **156609** |
|  **Investment Companies — 0.2%** |  |  |
|  Terawulf, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% due 9/1/2031<sup>(2)</sup> | 210000 | 249900 |
|  |  | **249900** |
|  **Leisure Time — 1.0%** |  |  |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 8/1/2032<sup>(2)</sup> | 434000 | 441672 |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 1/15/2031<sup>(2)</sup> | 716000 | 715973 |
|  Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 1/15/2036 | 410000 | 412391 |
|  |  | **1570036** |
|  **Lodging — 0.6%** |  |  |
|  Full House Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25% due 2/15/2028<sup>(2)</sup> | 98000 | 90949 |
|  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>(2)</sup> | 517000 | 482486 |
|  Wynn Macau Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 2/15/2034<sup>(2)</sup> | 407000 | 412599 |
|  |  | **986034** |
|  **Media — 1.5%** |  |  |
|  AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50% due 7/15/2032<sup>(2)</sup> | 341000 | 360585 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 4/1/2063 | 75000 | 62850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55% due 6/1/2034 | 244000 | 260035 |
|  Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 8/15/2033<sup>(2)</sup> | 338000 | 334942 |
|  McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 9/1/2031<sup>(2)</sup> | 331000 | 343892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 8/1/2029<sup>(2)</sup> | 115000 | 117118 |
|  Midcontinent Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 8/15/2032<sup>(2)</sup> | 436000 | 449212 |
|  Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 7/31/2031<sup>(2)</sup> | 258000 | 266422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.375% due 8/1/2032<sup>(2)</sup> | 292000 | 311175 |
|  |  | **2506231** |
|  **Mining — 1.0%** |  |  |
|  Compass Minerals International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 7/1/2030<sup>(2)</sup> | 448000 | 468239 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Mining — (continued)** |  |  |
|  First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 2/15/2034<sup>(2)</sup> | $252000 | $260556 |
|  Hudbay Minerals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 4/1/2026<sup>(2)</sup> | 307000 | 306071 |
|  Taseko Mines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25% due 5/1/2030<sup>(2)</sup> | 541000 | 572997 |
|  |  | **1607863** |
|  **Miscellaneous Manufacturing — 0.3%** |  |  |
|  Maxam Prill SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% due 7/15/2030<sup>(2)</sup> | 565000 | 568776 |
|  |  | **568776** |
|  **Oil & Gas — 1.9%** |  |  |
|  Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% due 7/1/2031<sup>(2)</sup> | 363000 | 371898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.625% due 6/15/2033<sup>(2)</sup> | 183000 | 193286 |
|  Long Ridge Energy LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% due 2/15/2032<sup>(2)</sup> | 731000 | 751401 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 10/1/2034 | 318000 | 322649 |
|  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)<br>due 9/18/2030<sup>(2)(3)</sup> | 985000 | 1000474 |
|  Viper Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 8/1/2035 | 402000 | 408721 |
|  |  | **3048429** |
|  **Oil & Gas Services — 0.5%** |  |  |
|  USA Compression Partners LP/USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 10/1/2033<sup>(2)</sup> | 457000 | 458748 |
|  WBI Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 10/15/2030<sup>(2)</sup> | 385000 | 385000 |
|  |  | **843748** |
|  **Packaging & Containers — 0.7%** |  |  |
|  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 | 628000 | 679727 |
|  Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25% due 7/15/2030<sup>(2)</sup> | 206000 | 219749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25% due 1/15/2031<sup>(2)</sup> | 200000 | 216468 |
|  |  | **1115944** |
|  **Pharmaceuticals — 1.1%** |  |  |
|  CVS Health Corp. |  |  |
| &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>(3)</sup> | 236000 | 247739 |
|  HLF Financing SARL LLC/Herbalife International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 6/1/2029<sup>(2)</sup> | 118000 | 103751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25% due 4/15/2029<sup>(2)</sup> | 89000 | 96547 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 5/15/2034<sup>(2)</sup> | 503000 | 465980 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Pharmaceuticals — (continued)** |  |  |
|  Teva Pharmaceutical Finance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% due 2/1/2036 | $791000 | $828240 |
|  |  | **1742257** |
|  **Pipelines — 1.6%** |  |  |
|  DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 6/15/2029<sup>(2)</sup> | 63000 | 61467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 12/15/2034<sup>(2)</sup> | 255000 | 262902 |
|  Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 2/15/2030<sup>(2)</sup> | 505000 | 489465 |
|  Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 1/15/2034<sup>(2)</sup> | 254000 | 258972 |
|  ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 8/1/2029<sup>(2)</sup> | 454000 | 446343 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 3/15/2034<sup>(2)</sup> | 1103000 | 1091930 |
|  |  | **2611079** |
|  **Real Estate Investment Trusts — 0.8%** |  |  |
|  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>(2)</sup> | 218000 | 218000 |
|  Millrose Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 9/15/2032<sup>(2)</sup> | 208000 | 208544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 8/1/2030<sup>(2)</sup> | 355000 | 361031 |
|  Rithm Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 4/1/2029<sup>(2)</sup> | 343000 | 351082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 7/15/2030<sup>(2)</sup> | 165000 | 168919 |
|  |  | **1307576** |
|  **Retail — 1.0%** |  |  |
|  Boots Group Finco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 8/31/2032<sup>(2)</sup> | 180000 | 246614 |
|  Carvana Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% (9.00% Cash or 13.00% PIK)due 6/1/2030<sup>(2)(5)</sup> | 398000 | 416395 |
|  Lithia Motors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 6/1/2029<sup>(2)</sup> | 105000 | 100289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 1/15/2031<sup>(2)</sup> | 199000 | 188974 |
|  QXO Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 4/30/2032<sup>(2)</sup> | 202000 | 209150 |
|  Victra Holdings LLC/Victra Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% due 9/15/2029<sup>(2)</sup> | 518000 | 543057 |
|  |  | **1704479** |
|  **Semiconductors — 0.4%** |  |  |
|  Kioxia Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 7/24/2033<sup>(2)</sup> | 573000 | 589061 |
|  |  | **589061** |
|  **Software — 1.4%** |  |  |
|  Capstone Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 6/15/2030<sup>(2)</sup> | 218000 | 227983 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Software — (continued)** |  |  |
|  Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% due 9/30/2029<sup>(2)</sup> | $436000 | $452222 |
|  CoreWeave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% due 2/1/2031<sup>(2)</sup> | 253000 | 259294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25% due 6/1/2030<sup>(2)</sup> | 501000 | 517430 |
|  Electronic Arts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95% due 2/15/2051 | 451000 | 391122 |
|  Rocket Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 2/15/2029<sup>(2)</sup> | 456000 | 444071 |
|  |  | **2292122** |
|  **Telecommunications — 0.9%** |  |  |
|  Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 7/15/2029<sup>(2)</sup> | 239000 | 203730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 6/30/2033<sup>(2)</sup> | 142779 | 145518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 3/31/2034<sup>(2)</sup> | 402195 | 409157 |
|  Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 4/15/2029<sup>(2)</sup> | 201000 | 197076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% due 10/15/2032<sup>(2)</sup> | 184000 | 186145 |
|  Vmed O2 U.K. Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 7/15/2031<sup>(2)</sup> | 379000 | 356732 |
|  |  | **1498358** |
|  **Transportation — 0.7%** |  |  |
|  Beacon Mobility Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 8/1/2030<sup>(2)</sup> | 171000 | 177781 |
|  Rand Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% due 2/15/2030<sup>(2)</sup> | 596000 | 619283 |
|  Watco Cos. LLC/Watco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 8/1/2032<sup>(2)</sup> | 397000 | 410923 |
|  |  | **1207987** |
|  **Total Corporate Bonds & Notes**<br> (Cost $49,917,045) |  | **50968666** |
|  **Non-Agency Mortgage-Backed Securities — 31.3%** |  |  |
|  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>(2)</sup> | 1100000 | 1058750 |
|  ALA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-OANA, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.242% due 6/15/2040<sup>(2)(3)(4)</sup> | 221000 | 223202 |
|  BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.665% due 9/15/2036<sup>(2)(3)(4)</sup> | 1453242 | 1450517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIR2, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.942% due 10/15/2041<sup>(2)(3)(4)</sup> | 502610 | 503864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.841% due 8/15/2039<sup>(2)(3)(4)</sup> | 243411 | 243867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BIO2, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.97% due 8/13/2041<sup>(2)(3)(4)</sup> | 780000 | 776130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GPA3, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.042% due 12/15/2039<sup>(2)(3)(4)</sup> | 1432681 | 1437158 |
|  BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ARIA, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.509% due 10/15/2036<sup>(2)(3)(4)</sup> | 1500000 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FOX2, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.899% due 4/15/2039<sup>(2)(3)(4)</sup> | 187452 | 187159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.84% due 4/15/2041<sup>(2)(3)(4)</sup> | 1307168 | 1310956 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Non-Agency Mortgage-Backed Securities — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.04% due 6/15/2041<sup>(2)(3)(4)</sup> | $138000 | $138172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VLT7, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.90% due 7/15/2044<sup>(2)(3)(4)</sup> | 955000 | 959167 |
|  BXHPP Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FILM, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.915% due 8/15/2036<sup>(2)(3)(4)</sup> | 290000 | 281300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FILM, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.165% due 8/15/2036<sup>(2)(3)(4)</sup> | 480000 | 449039 |
|  BXP Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GM, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.539% due 6/13/2039<sup>(2)(3)(4)</sup> | 580000 | 558399 |
|  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>(3)(4)</sup> | 1000000 | 971798 |
|  Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.456% due 10/25/2041<sup>(2)(3)(4)</sup> | 1500000 | 1528301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.356% due 12/25/2041<sup>(2)(3)(4)</sup> | 1295000 | 1352427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R04, Class 1B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.556% due 5/25/2044<sup>(2)(3)(4)</sup> | 690000 | 695389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.356% due 7/25/2044<sup>(2)(3)(4)</sup> | 1800000 | 1799992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01, Class 1B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.056% due 1/25/2045<sup>(2)(3)(4)</sup> | 1827000 | 1819014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.306% due 2/25/2045<sup>(2)(3)(4)</sup> | 1920000 | 1922399 |
|  Extended Stay America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.115% due 7/15/2038<sup>(2)(3)(4)</sup> | 1264914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH, Class F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.965% due 7/15/2038<sup>(2)(3)(4)</sup> | 1264914 | 1264914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ESH, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 10/15/2042<sup>(2)(3)(4)</sup> | 163000 | 163000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ESH, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% due 10/15/2042<sup>(2)(3)(4)</sup> | 253000 | 253000 |
|  Fashion Show Mall LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SHOW, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.826% due 10/10/2041<sup>(2)(3)(4)</sup> | 1100000 | 1122206 |
|  Freddie Mac STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.856% due 10/25/2041<sup>(2)(3)(4)</sup> | 845000 | 886890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.156% due 11/25/2041<sup>(2)(3)(4)</sup> | 1100000 | 1165586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.356% due 12/25/2041<sup>(2)(3)(4)</sup> | 1423000 | 1497562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.856% due 2/25/2042<sup>(2)(3)(4)</sup> | 500000 | 540955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.006% due 2/25/2045<sup>(2)(3)(4)</sup> | 1818000 | 1817999 |
|  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; 9.383% due 11/10/2039<sup>(2)(3)(4)</sup> | 1727000 | 1775261 |
|  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; 6.786% due 11/25/2041<sup>(2)(3)(4)</sup> | 760000 | 761077 |
|  GWT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WLF2, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.09% due 5/15/2041<sup>(2)(3)(4)</sup> | 1120000 | 1125600 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Non-Agency Mortgage-Backed Securities — (continued)** |  |  |
|  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>(2)(3)(4)</sup> | $1850000 | $1859376 |
|  Jackson Park Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-LIC, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.766% due 10/14/2039<sup>(2)</sup> | 1000000 | 915979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-LIC, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.914% due 10/14/2039<sup>(2)</sup> | 640000 | 583122 |
|  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; 6.522% due 10/25/2057<sup>(2)(3)(4)</sup> | 1219520 | 1258048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-CL1, Class M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.772% due 10/25/2057<sup>(2)(3)(4)</sup> | 925492 | 961937 |
|  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; 6.865% due 4/15/2038<sup>(2)(3)(4)</sup> | 240000 | 240150 |
|  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; 9.445% due 3/15/2039<sup>(2)(3)(4)</sup> | 807000 | 806333 |
|  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>(2)(3)(4)</sup> | 1474406 | 1486665 |
|  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; 3.312% due 4/10/2043<sup>(2)(3)(4)</sup> | 385000 | 310361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1155, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.833% due 6/10/2042<sup>(2)</sup> | 1651000 | 1659526 |
|  PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.469% due 5/25/2030<sup>(2)(3)(4)</sup> | 826516 | 829517 |
|  Saluda Grade Alternative Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RTL3, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 4/25/2029<sup>(2)(3)(4)</sup> | 1183082 | 1178403 |
|  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; 6.90% due 8/15/2042<sup>(2)(3)(4)</sup> | 200000 | 200125 |
|  SCG Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SNIP, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.65% due 9/15/2030<sup>(2)(3)(4)</sup> | 335000 | 336273 |
|  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; 8.389% due 2/15/2042<sup>(2)(3)(4)</sup> | 640000 | 636800 |
|  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; 6.091% due 7/20/2035<sup>(2)(3)(4)</sup> | 140000 | 188460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK3A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.899% due 7/20/2035<sup>(2)(3)(4)</sup> | 200000 | 268076 |
|  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>(2)(3)(4)</sup> | 897000 | 912847 |
|  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; 5.576% due 9/15/2040<sup>(2)(3)(4)</sup> | 663000 | 666857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VTT, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.382% due 3/15/2038<sup>(2)(3)(4)</sup> | 735000 | 734807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VTT, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.138% due 3/15/2038<sup>(2)(3)(4)</sup> | 459000 | 455276 |
|  Worldwide Plaza Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-WWP, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.526% due 11/10/2036<sup>(2)</sup> | 220000 | 147400 |
|  **Total Non-Agency Mortgage-Backed Securities**<br> (Cost $51,573,684) |  | **51442302** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Senior Secured Loans — 12.6%** |  |  |
|  **Airlines — 0.1%** |  |  |
|  American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.576% (3 mo. USD Term SOFR + 3.25%) due 5/28/2032<sup>(3)</sup> | $91770 | $92114 |
|  |  | **92114** |
|  **Auto Parts & Equipment — 0.3%** |  |  |
|  Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.913% (1 mo. USD Term SOFR + 2.75%) due 1/28/2032<sup>(3)</sup> | 430000 | 429867 |
|  |  | **429867** |
|  **Building Materials — 0.6%** |  |  |
|  CP Atlas Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.413% (1 mo. USD Term SOFR + 5.25%) due 7/8/2030<sup>(3)</sup> | 396000 | 387090 |
|  EMRLD Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.449% (3 mo. USD Term SOFR + 2.25%) due 5/31/2030<sup>(3)</sup> | 278944 | 277998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.122% (6 mo. USD Term SOFR + 2.25%) due 8/4/2031<sup>(3)</sup> | 384130 | 382282 |
|  |  | **1047370** |
|  **Chemicals — 0.5%** |  |  |
|  Lonza Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.027% (3 mo. USD Term SOFR + 3.93%) due 7/3/2028<sup>(3)</sup> | 664988 | 598575 |
|  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; 0.00% due 7/23/2032<sup>(3)(6)</sup> | 205000 | 203317 |
|  |  | **801892** |
|  **Commercial Services — 1.0%** |  |  |
|  Atlas Luxco 4 SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.663% (3 mo. EURIBOR + 3.75%) due 8/20/2032<sup>(3)</sup> | 500000 | 588282 |
|  Inspired Finco Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Term Loan B6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.163% (1 mo. EURIBOR + 3.25%) due 2/28/2031<sup>(3)</sup> | 500000 | 588863 |
|  Lernen Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Term Loan B3B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.84% (3 mo. USD Term SOFR + 3.50%) due 10/27/2031<sup>(3)</sup> | 401993 | 402997 |
|  |  | **1580142** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Senior Secured Loans — (continued)** |  |  |
|  **Computers — 0.5%** |  |  |
|  X Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Fixed Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50% due 10/26/2029<sup>(3)</sup> | $340000 | $340803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.958% (3 mo. USD Term SOFR + 6.50%) due 10/26/2029<sup>(3)</sup> | 511797 | 501632 |
|  |  | **842435** |
|  **Cosmetics & Personal Care — 0.2%** |  |  |
|  Journey Personal Care Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.913% (1 mo. USD Term SOFR + 3.75%) due 3/1/2028<sup>(3)</sup> | 367218 | 363546 |
|  |  | **363546** |
|  **Distribution/Wholesale — 0.4%** |  |  |
|  Gloves Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.163% (1 mo. USD Term SOFR + 4.00%) due 5/21/2032<sup>(3)</sup> | 650000 | 629850 |
|  |  | **629850** |
|  **Diversified Financial Services — 0.4%** |  |  |
|  Advisor Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% due 7/30/2032<sup>(3)(6)</sup> | 147000 | 146891 |
|  Mermaid Bidco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 USD Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.571% (3 mo. USD Term SOFR + 3.25%) due 7/3/2031<sup>(3)</sup> | 503944 | 502790 |
|  |  | **649681** |
|  **Electric — 0.1%** |  |  |
|  Long Ridge Energy LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.502% (3 mo. USD Term SOFR + 4.50%) due 2/19/2032<sup>(3)</sup> | 85570 | 83564 |
|  |  | **83564** |
|  **Entertainment — 0.5%** |  |  |
|  CE Intermediate I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.376% (3 mo. USD Term SOFR + 3.00%) due 3/25/2032<sup>(3)</sup> | 296004 | 296129 |
|  Flutter Financing BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.002% (3 mo. USD Term SOFR + 2.00%) due 6/4/2032<sup>(3)</sup> | 201196 | 200805 |
|  River Rock Entertainment Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% due 6/25/2031<sup>(3)(6)</sup> | 260000 | 253500 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Senior Secured Loans — (continued)** |  |  |
|  **Entertainment — (continued)** |  |  |
|  Six Flags Entertainment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.163% (1 mo. USD Term SOFR + 2.00%) due 5/1/2031<sup>(3)</sup> | $147586 | $146516 |
|  |  | **896950** |
|  **Food — 0.4%** |  |  |
|  Froneri Lux FinCo SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% due 8/2/2032<sup>(3)(6)</sup> | 500000 | 587518 |
|  |  | **587518** |
|  **Food Service — 0.4%** |  |  |
|  Areas Worldwide SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Add on Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% due 12/31/2029<sup>(3)(6)</sup> | 500000 | 588863 |
|  Gategroup Finance Luxembourg SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.454% (3 mo. USD Term SOFR + 4.25%) due 6/10/2032<sup>(3)</sup> | 137655 | 138687 |
|  |  | **727550** |
|  **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; 0.00% due 5/23/2030<sup>(3)(6)</sup> | 362061 | 361609 |
|  |  | **361609** |
|  **Healthcare-Services — 1.0%** |  |  |
|  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; 8.558% (3 mo. USD Term SOFR + 4.25%) due 3/30/2029<sup>(3)</sup> | 377077 | 354588 |
|  Heartland Dental LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.913% (1 mo. USD Term SOFR + 3.75%) due 8/25/2032<sup>(3)</sup> | 658478 | 657003 |
|  Star Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.002% (3 mo. USD Term SOFR + 4.00%) due 9/27/2030<sup>(3)</sup> | 645088 | 644817 |
|  |  | **1656408** |
|  **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; 0.00% due 9/27/2032<sup>(3)(6)</sup> | 287490 | 287490 |
|  |  | **287490** |
|  **Insurance — 0.8%** |  |  |
|  Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B13 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.413% (1 mo. USD Term SOFR + 4.25%) due 9/19/2030<sup>(3)</sup> | 442641 | 439507 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Senior Secured Loans — (continued)** |  |  |
|  **Insurance — (continued)** |  |  |
|  Siaci Saint Honore |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Delayed Draw Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% due 7/16/2032<sup>(3)(6)</sup> | $113462 | $133619 |
|  2025 EUR Unitranche Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% (3 mo. EURIBOR + 3.50%) due 7/26/2032<sup>(3)</sup> | 476538 | 561198 |
|  USI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.252% (3 mo. USD Term SOFR + 2.25%) due 9/29/2030<sup>(3)</sup> | 246120 | 245726 |
|  |  | **1380050** |
|  **Internet — 0.8%** |  |  |
|  Hunter Holdco 3 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.352% (3 mo. USD Term SOFR + 4.25%) due 8/19/2028<sup>(3)</sup> | 660000 | 655050 |
|  Proofpoint, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.163% (1 mo. USD Term SOFR + 3.00%) due 8/31/2028<sup>(3)</sup> | 570655 | 572144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Fungible Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% due 8/31/2028<sup>(3)(6)</sup> | 22000 | 22058 |
|  |  | **1249252** |
|  **Investment Companies — 0.2%** |  |  |
|  Deep Blue Operating I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% due 9/17/2032<sup>(3)(6)</sup> | 374479 | 374479 |
|  |  | **374479** |
|  **Lodging — 0.4%** |  |  |
|  Motel One GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.194% (3 mo. EURIBOR + 4.25%) due 6/4/2032<sup>(3)</sup> | 500000 | 591152 |
|  |  | **591152** |
|  **Media — 0.4%** |  |  |
|  DirecTV Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.82% (3 mo. USD Term SOFR + 5.25%) due 8/2/2029<sup>(3)</sup> | 601786 | 602225 |
|  |  | **602225** |
|  **Packaging & Containers — 0.2%** |  |  |
|  Proampac PG Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.195% (3 mo. USD Term SOFR + 4.00%) due 9/15/2028<sup>(3)</sup> | 342844 | 343615 |
|  |  | **343615** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Senior Secured Loans — (continued)** |  |  |
|  **Retail — 1.5%** |  |  |
|  Boots Group Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.705% (3 mo. USD Term SOFR + 3.50%) due 8/30/2032<sup>(3)</sup> | $322000 | $322670 |
|  Foundation Building Materials Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.308% (3 mo. USD Term SOFR + 4.00%) due 1/29/2031<sup>(3)</sup> | 664937 | 665768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.252% (3 mo. USD Term SOFR + 5.25%) due 1/29/2031<sup>(3)</sup> | 63840 | 64091 |
|  LSF9 Atlantis Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Repriced Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.752% (3 mo. USD Term SOFR + 3.75%) due 3/31/2029<sup>(3)</sup> | 135781 | 135867 |
|  Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% due 9/24/2032<sup>(3)(6)</sup> | 127000 | 126968 |
|  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; 0.00% due 9/27/2032<sup>(3)(6)</sup> | 500000 | 587759 |
|  White Cap Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.409% (1 mo. USD Term SOFR + 3.25%) due 10/19/2029<sup>(3)</sup> | 646742 | 646606 |
|  |  | **2549729** |
|  **Software — 1.0%** |  |  |
|  Darktrace PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.57% (3 mo. USD Term SOFR + 3.25%) due 10/9/2031<sup>(3)</sup> | 358200 | 357924 |
|  Modena Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.808% (3 mo. USD Term SOFR + 4.50%) due 7/1/2031<sup>(3)</sup> | 646742 | 637966 |
|  Zuora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.663% (1 mo. USD Term SOFR + 3.50%) due 2/14/2032<sup>(3)</sup> | 640000 | 635520 |
|  |  | **1631410** |
|  **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; 0.00% due 9/24/2032<sup>(3)(6)</sup> | 506000 | 500940 |
|  |  | **500940** |
|  **Transportation — 0.2%** |  |  |
|  Van Pool Transportation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.252% (3 mo. USD Term SOFR + 3.25%) due 8/6/2030<sup>(3)</sup> | 352607 | 353488 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **,September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Senior Secured Loans — (continued)** |  |  |
|  **Transportation — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Delayed Draw Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.252% (3 mo. USD Term SOFR + 3.25%) due 8/6/2030<sup>(3)(7)</sup> | $48302 | $48423 |
|  |  | **401911** |
|  **Total Senior Secured Loans**<br> (Cost $20,511,154) |  | **20662749** |
|  | **Shares** | **Value** |
|  **Exchange-Traded Funds — 4.1%** |  |  |
|  Janus Henderson Emerging Markets Debt Hard Currency ETF | 126710 | 6741390 |
|  **Total Exchange-Traded Funds**<br> (Cost $6,453,244) |  | **6741390** |
|  | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 0.6%** |  |  |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $1,071,364, due 10/1/2025<sup>(8)</sup> | $1071326 | 1071326 |
|  **Total Repurchase Agreements**<br> (Cost $1,071,326) |  | **1071326** |
|  **Total Investments — 122.4%**<br> (Cost $200,797,215) |  | **201066942** |
|  **Liabilities in excess of other assets — (22.4)%** |  | **(36829125)** |
|  **Total Net Assets — 100.0%** |  | $**164237817** |

---

(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 September 30, 2025, the aggregate market value of these securities amounted to $124,589,523, representing 75.9% 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.

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

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

(5) 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.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  U.S. Treasury Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092866 |

---

**Open forward foreign currency contracts at September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Amount and<br>Description of<br>Currency to be<br>Purchased** | **Amount and<br>Description of<br>Currency to be<br>Purchased** | **Amount and<br>Description of<br>Currency to be**<br>**Sold** | **Amount and<br>Description of<br>Currency to be**<br>**Sold** | **Unrealized<br>Appreciation**<br>**(Depreciation)** |
|  BNP Paribas Securities Services | 12/11/2025 | 18000 | EUR | 21434 | USD | $(216) |
|  BNP Paribas Securities Services | 12/11/2025 | 564000 | USD | 475347 | EUR | 3659 |
|  BNP Paribas Securities Services | 12/11/2025 | 590456 | USD | 500000 | EUR | 1054 |
|  BNP Paribas Securities Services | 12/11/2025 | 993767 | USD | 732513 | GBP | 8488 |
|  BNP Paribas Securities Services | 12/11/2025 | 4317932 | USD | 3659556 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4036 |
|  **Total** |  |  |  |  |  | $**17021** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

**Open futures contracts at September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  U.S. 2-Year Treasury Note | December 2025 | 101 | Long | $21052154 | $21048242 | $(3912) |
|  U.S. 5-Year Treasury Note | December 2025 | 309 | Long | 33768014 | 33741352 | (26662) |
|  U.S. 10-Year Treasury Note | December 2025 | 15 | Long | 1683755 | 1687500 | 3745 |
|  **Total** | **Total** | **Total** | **Total** | $**56503923** | $**56477094** | $**(26829)** |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Depreciation** |
|  U.S. Long Bond | December 2025 | 2 | Short | $(228226) | $(233188) | $(4962) |
|  U.S. Ultra 10-Year Treasury Note | December 2025 | 72 | Short | (7944686) | (8285625) | (340939) |
|  U.S. Ultra Bond | December 2025 | 26 | Short | (3033036) | (3121625) | (88589) |
|  **Total** | **Total** | **Total** | **Total** | $**(11205948)** | $**(11640438)** | $**(434490)** |

---

**Legend:** 

CLO – Collateralized Loan Obligation

CMT – Constant Maturity Treasury

EUR – Euro

EURIBOR – Euro Interbank Offered Rate

GBP – Great British Pound

PIK – Payment–In–Kind

REMIC – Real Estate Mortgage Investment Conduit

SOFR – Secured Overnight Financing Rate

STACR – Structured Agency Credit Risk

USD – United States Dollar

*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 September 30, 2025 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 | $150366 | $— | $— | $150366 |
|  Agency Mortgage-Backed Securities |  | 34601744 |  | 34601744 |
|  Asset-Backed Securities |  | 35428399 |  | 35428399 |
|  Corporate Bonds & Notes |  | 50968666 |  | 50968666 |
|  Non-Agency Mortgage-Backed Securities |  | 51442302 |  | 51442302 |
|  Senior Secured Loans |  | 20662749 |  | 20662749 |
|  Exchange-Traded Funds | 6741390 |  |  | 6741390 |
|  Repurchase Agreements |  | 1071326 |  | 1071326 |
|  **Total** | $**6891756** | $**194175186** | $**—** | $**201066942** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Forward Contracts | Forward Contracts | Forward Contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets | $— | $17237 | $— | $17237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  | (216) |  | (216) |
|  Futures Contracts | Futures Contracts | Futures Contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets | 3745 |  |  | 3745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (465064) |  |  | (465064) |
|  **Total** | $**(461319)** | $**17021** | $**—** | $**(444298)** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Asset-Backed Securities — 22.0%** |  |  |
|  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; 6.364% (3 mo. USD Term SOFR + 2.05%) due 4/28/2037<sup>(1)(2)</sup> | $462000 | $462532 |
|  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; 6.226% (3 mo. USD Term SOFR + 1.90%) due 10/20/2037<sup>(1)(2)</sup> | 1000000 | 1003955 |
|  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; 6.519% (3 mo. USD Term SOFR + 2.20%) due 11/22/2034<sup>(1)(2)</sup> | 600000 | 601957 |
|  BlueMountain CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A, Class BR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.337% (3 mo. USD Term SOFR + 2.01%) due 10/20/2030<sup>(1)(2)</sup> | 800000 | 802706 |
|  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; 6.326% (3 mo. USD Term SOFR + 2.00%) due 10/21/2037<sup>(1)(2)</sup> | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005715 |
|  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> | 1051694 | 1057693 |
|  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 | 1627578 |
|  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 | 884925 |
|  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> | 1010625 | 952473 |
|  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; 6.326% (3 mo. USD Term SOFR + 2.00%) due 10/20/2037<sup>(1)(2)</sup> | 1000000 | 1001968 |
|  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 | 1021895 |
|  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 | 607138 |
|  Generate CLO 10 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-10A, Class BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.932% (3 mo. USD Term SOFR + 1.60%) due 1/22/2038<sup>(1)(2)</sup> | 1200000 | 1199352 |
|  Generate CLO 8 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8A, Class CR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.426% (3 mo. USD Term SOFR + 2.10%) due 1/20/2038<sup>(1)(2)</sup> | 1000000 | 1001999 |
|  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 | 954616 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Asset-Backed Securities — (continued)** |  |  |
|  HPEFS Equipment Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91% due 4/20/2028<sup>(1)</sup> | $1000000 | $1001574 |
|  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 | 816973 |
|  ICG U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.866% (3 mo. USD Term SOFR + 1.54%) due 7/20/2035<sup>(1)(2)</sup> | 1500000 | 1499625 |
|  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 | 456527 |
| &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 | 461519 |
|  Madison Park Funding XXIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-23A, Class BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% (3 mo. USD Term SOFR + 1.81%) due 7/27/2031<sup>(1)(2)</sup> | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300213 |
|  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; 6.369% (3 mo. USD Term SOFR + 2.05%) due 7/25/2034<sup>(1)(2)</sup> | 1283333 | 1287518 |
|  MF1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL20, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.286% due 2/18/2043<sup>(1)(2)(3)</sup> | 758766 | 759032 |
|  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; 6.032% (3 mo. USD Term SOFR + 1.70%) due 7/22/2038<sup>(1)(2)</sup> | 1100000 | 1100059 |
|  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; 5.976% (3 mo. USD Term SOFR + 1.65%) due 1/19/2033<sup>(1)(2)</sup> | 1250000 | 1254076 |
|  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 | 1522349 |
|  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 | 1065051 |
|  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; 7.729% (3 mo. USD Term SOFR + 3.41%) due 1/15/2035<sup>(1)(2)</sup> | 1100000 | 1084257 |
|  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; 6.076% (3 mo. USD Term SOFR + 1.75%) due 1/20/2038<sup>(1)(2)</sup> | 2000000 | 2004118 |
|  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> | 676408 | 680493 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Asset-Backed Securities — (continued)** |  |  |
|  Parallel Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.126% (3 mo. USD Term SOFR + 1.80%) due 7/20/2036<sup>(1)(2)</sup> | $949520 | $951542 |
|  PFP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-12, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.178% (1 mo. USD Term SOFR + 2.04%) due 12/18/2042<sup>(1)(2)(3)</sup> | 325000 | 324371 |
|  RR 36 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-36RA, Class A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.608% (3 mo. USD Term SOFR + 1.29%) due 1/15/2040<sup>(1)(2)</sup> | 1150000 | 1150258 |
|  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 | 735000 | 743701 |
|  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> | 411817 | 413614 |
|  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 | 629948 |
|  TCW CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.686% (3 mo. USD Term SOFR + 1.36%) due 1/20/2038<sup>(1)(2)</sup> | 1650000 | 1651195 |
|  TIAA CLO IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.076% (3 mo. USD Term SOFR + 1.75%) due 1/20/2032<sup>(1)(2)</sup> | 1720000 | 1722245 |
|  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 | 801722 |
|  Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.24% due 7/15/2027<sup>(1)</sup> | 1363945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368546 |
|  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> | 502846 | 507801 |
| &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 | 381684 |
|  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 | 809639 |
|  **Total Asset-Backed Securities**<br> (Cost $43,794,436) |  | **43936152** |
|  **Corporate Bonds & Notes — 43.0%** |  |  |
|  **Aerospace & Defense — 2.1%** |  |  |
|  Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.528% due 5/1/2034 | 508000 | 561577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.858% due 5/1/2054 | 495000 | 564648 |
|  Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% due 2/1/2029<sup>(1)</sup> | 1063000 | 1107629 |
|  RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10% due 3/15/2034 | 700000 | 766495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40% due 3/15/2054 | 100000 | 111881 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Aerospace & Defense — (continued)** |  |  |
|  TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 1/15/2029 | $1159000 | $1135789 |
|  |  | **4248019** |
|  **Apparel — 0.3%** |  |  |
|  Beach Acquisition Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% Toggle (10.00% Cash or 10.75% PIK) due 7/15/2033<sup>(1)(4)</sup> | 470000 | 506971 |
|  |  | **506971** |
|  **Auto Manufacturers — 1.9%** |  |  |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05% due 3/5/2031 | 1079000 | 1103957 |
|  General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% due 1/7/2030 | 400000 | 409727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 7/15/2029 | 700000 | 722830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% due 6/18/2031 | 200000 | 206978 |
|  Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 4/8/2030<sup>(1)</sup> | 818000 | 873777 |
|  Wabash National Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 10/15/2028<sup>(1)</sup> | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463909 |
|  |  | **3781178** |
|  **Beverages — 0.7%** |  |  |
|  Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 1/15/2042 | 400000 | 384468 |
|  Bacardi Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 5/15/2038<sup>(1)</sup> | 819000 | 773631 |
|  Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 5/1/2030 | 188000 | 190668 |
|  |  | **1348767** |
|  **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 | 511719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 7/31/2032<sup>(1)</sup> | 504000 | 516234 |
|  Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 3/1/2032<sup>(1)</sup> | 681000 | 705410 |
|  Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 1/15/2031<sup>(1)</sup> | 143000 | 129496 |
|  |  | **1862859** |
|  **Chemicals — 0.5%** |  |  |
|  Chemours Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 11/15/2028<sup>(1)</sup> | 573000 | 558890 |
|  OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 5/2/2034<sup>(1)</sup> | 416000 | 452225 |
|  |  | **1011115** |
|  **Commercial Banks — 6.5%** |  |  |
|  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 | 336725 |
|  Banco Nacional de Comercio Exterior SNC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 5/7/2030<sup>(1)</sup> | 205000 | 212321 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Commercial Banks — (continued)** |  |  |
|  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 | $893211 |
| &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>(2)</sup> | 900000 | 903114 |
|  BBVA Mexico SA Institucion De |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)<br>due 6/29/2038<sup>(1)(2)</sup> | 303000 | 336248 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series GG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% (5.592% fixed rate until 8/15/2030 ; 5 yr. CMT rate + 2.89% thereafter) due 8/15/2030<sup>(2)</sup> | 991000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021282 |
|  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> | 1765000 | 1799779 |
|  Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.102% (3.102% fixed rate until 2/24/2032; 1 day USD SOFR + 1.41% thereafter) due 2/24/2033<sup>(2)</sup> | 300000 | 275214 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04% (5.04% fixed rate until 1/23/2027; 1 day USD SOFR + 1.19% thereafter) due 1/23/2028<sup>(2)</sup> | 400000 | 404537 |
|  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 | 1062632 |
|  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 | 1135033 |
| &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 | 1138085 |
|  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 | 1148799 |
| &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)<br>due 2/8/2035<sup>(1)(2)</sup> | 1075000 | 1132523 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Commercial Banks — (continued)** |  |  |
|  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 | $1132875 |
|  |  | **12932378** |
|  **Commercial Services — 0.6%** |  |  |
|  Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 4/15/2034<sup>(1)</sup> | 1066000 | 1116928 |
|  |  | **1116928** |
|  **Computers — 0.5%** |  |  |
|  Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 4/15/2035 | 1028000 | 1071697 |
|  |  | **1071697** |
|  **Cosmetics & Personal Care — 0.2%** |  |  |
|  Haleon U.S. Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 3/24/2032 | 500000 | 473820 |
|  |  | **473820** |
|  **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 | 1465955 |
|  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 | 544645 |
| &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 | 714636 |
|  Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 5/1/2033<sup>(1)</sup> | 560000 | 581635 |
|  Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 7/21/2028 | 400000 | 416464 |
|  LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 5/15/2031<sup>(1)</sup> | 1505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456914 |
|  Muthoot Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 2/14/2028<sup>(1)</sup> | 508000 | 523587 |
|  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 | 597305 |
| &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 | 465793 |
|  Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 8/1/2030<sup>(1)</sup> | 337000 | 345870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 8/1/2033<sup>(1)</sup> | 337000 | 347822 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/15/2033<sup>(1)</sup> | 188000 | 171697 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Diversified Financial Services — (continued)** |  |  |
|  Shriram Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% due 4/3/2028<sup>(1)</sup> | $514000 | $522465 |
|  |  | **8154788** |
|  **Electric — 1.8%** |  |  |
|  DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% due 6/1/2034 | 700000 | 743751 |
|  Engie Energia Chile SA, Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40% due 1/28/2030 | 294000 | 277085 |
|  NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 3/15/2035 | 500000 | 517147 |
|  Saavi Energia SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 2/10/2035<sup>(1)</sup> | 554000 | 596215 |
|  Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/15/2034 | 900000 | 928721 |
|  XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% due 1/15/2029<sup>(1)</sup> | 552000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566752 |
|  |  | **3629671** |
|  **Environmental Control — 0.1%** |  |  |
|  Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 7/3/2027 | 200000 | 203483 |
|  |  | **203483** |
|  **Food — 1.2%** |  |  |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 4/1/2033 | 200000 | 208866 |
|  Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 9/15/2054 | 300000 | 292398 |
|  Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 9/15/2032<sup>(1)</sup> | 537000 | 550055 |
|  Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 4/15/2030<sup>(1)</sup> | 578000 | 557199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 10/15/2034<sup>(1)</sup> | 762000 | 768342 |
|  |  | **2376860** |
|  **Gas — 0.3%** |  |  |
|  APA Infrastructure Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 9/16/2034<sup>(1)</sup> | 663000 | 671942 |
|  |  | **671942** |
|  **Healthcare-Services — 0.5%** |  |  |
|  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 | 72926 |
|  UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 1/15/2030 | 400000 | 408606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 7/15/2034 | 600000 | 615814 |
|  |  | **1097346** |
|  **Insurance — 3.9%** |  |  |
|  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 | 778917 |
|  Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 6/11/2034 | 1075000 | 1115137 |
|  Corebridge Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 1/15/2034 | 1064000 | 1119192 |
|  Fairfax Financial Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 5/20/2035<sup>(1)</sup> | 182000 | 188687 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Insurance — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 12/7/2033 | $1268000 | $1347961 |
|  HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 12/1/2029<sup>(1)</sup> | 782000 | 781213 |
|  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 | 515296 |
|  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 | 343479 |
|  Sammons Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 4/15/2034<sup>(1)</sup> | 1422000 | 1565780 |
|  |  | **7755662** |
|  **Internet — 0.3%** |  |  |
|  Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 3/1/2033<sup>(1)</sup> | 598000 | 611215 |
|  |  | **611215** |
|  **Leisure Time — 0.3%** |  |  |
|  VOC Escrow Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 2/15/2028<sup>(1)</sup> | 700000 | 698096 |
|  |  | **698096** |
|  **Lodging — 0.4%** |  |  |
|  Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 6/15/2028 | 350000 | 357823 |
|  Wynn Macau Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 2/15/2034<sup>(1)</sup> | 418000 | 423750 |
|  |  | **781573** |
|  **Machinery-Diversified — 0.8%** |  |  |
|  Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40% due 4/15/2033 | 1463000 | 1570598 |
|  |  | **1570598** |
|  **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 | 798975 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90% due 6/1/2052 | 820000 | 555380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 4/1/2053 | 100000 | 83560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10% due 6/1/2029 | 700000 | 734575 |
|  |  | **2172490** |
|  **Mining — 2.4%** |  |  |
|  Anglo American Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 3/17/2031<sup>(1)</sup> | 249000 | 228239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 3/16/2052<sup>(1)</sup> | 222000 | 193005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/2/2033<sup>(1)</sup> | 727000 | 752842 |
|  Eldorado Gold Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 9/1/2029<sup>(1)</sup> | 125000 | 125456 |
|  IAMGOLD Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 10/15/2028<sup>(1)</sup> | 511000 | 510371 |
|  Northern Star Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 4/11/2033<sup>(1)</sup> | 1045000 | 1105763 |
|  Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 8/15/2031<sup>(1)</sup> | 1264000 | 1152374 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Mining — (continued)** |  |  |
|  Rio Tinto Finance USA PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 3/14/2035 | $660000 | $680117 |
|  |  | **4748167** |
|  **Oil & Gas — 2.7%** |  |  |
|  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 | 781600 |
|  Cenovus Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% due 1/15/2032 | 600000 | 530434 |
|  Eni SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/15/2034<sup>(1)</sup> | 758000 | 779771 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 10/1/2034 | 1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100861 |
|  Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 1/28/2031 | 322000 | 311892 |
|  Raizen Fuels Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 1/17/2035<sup>(1)</sup> | 441000 | 406205 |
|  Santos Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 9/19/2033<sup>(1)</sup> | 997000 | 1096478 |
|  SierraCol Energy Andina LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 6/15/2028<sup>(1)</sup> | 385000 | 376045 |
|  |  | **5383286** |
|  **Pharmaceuticals — 0.3%** |  |  |
|  AstraZeneca PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45% due 9/15/2037 | 400000 | 455981 |
|  Becton Dickinson & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.298% due 8/22/2032 | 200000 | 196893 |
|  |  | **652874** |
|  **Pipelines — 2.8%** |  |  |
|  Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 6/30/2033 | 500000 | 529299 |
|  DCP Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 2/15/2032 | 1649000 | 1502775 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 4/1/2035 | 400000 | 413032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20% due 4/1/2055 | 300000 | 301802 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 6/1/2034 | 100000 | 101909 |
|  ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% due 11/1/2034 | 300000 | 295854 |
|  Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 9/15/2034 | 734000 | 756554 |
|  Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 2/15/2035 | 400000 | 407019 |
|  Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 1/15/2030<sup>(1)</sup> | 985000 | 1019244 |
|  Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 11/15/2034 | 300000 | 300401 |
|  |  | **5627889** |
|  **Real Estate Investment Trusts — 2.4%** |  |  |
|  Boston Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 1/15/2035 | 1105000 | 1129513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 1/15/2034 | 519000 | 559730 |
|  Brixmor Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 5/15/2029 | 600000 | 594813 |
|  SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 2/1/2029 | 800000 | 748250 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Real Estate Investment Trusts — (continued)** |  |  |
|  Store Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70% due 12/1/2031 | $1301000 | $1138944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 3/15/2029 | 554000 | 550235 |
|  |  | **4721485** |
|  **Retail — 1.0%** |  |  |
|  Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 6/25/2034 | 400000 | 409590 |
|  O'Reilly Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/19/2034 | 500000 | 504526 |
|  Patrick Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 5/1/2029<sup>(1)</sup> | 1144000 | 1120618 |
|  |  | **2034734** |
|  **Semiconductors — 0.3%** |  |  |
|  Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.137% due 11/15/2035<sup>(1)</sup> | 658000 | 569279 |
|  |  | **569279** |
|  **Software — 0.3%** |  |  |
|  Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 8/21/2033 | 600000 | 629911 |
|  |  | **629911** |
|  **Telecommunications — 1.1%** |  |  |
|  NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.502% due 7/16/2035<sup>(1)</sup> | 234000 | 242047 |
|  Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80% due 3/15/2032 | 1196000 | 1129786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% due 2/15/2034 | 300000 | 304346 |
|  T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70% due 3/15/2032 | 491000 | 440139 |
|  |  | **2116318** |
|  **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 | 1108895 |
|  |  | **1108895** |
|  **Water — 0.1%** |  |  |
|  Aegea Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% due 1/20/2031<sup>(1)</sup> | 261000 | 276675 |
|  |  | **276675** |
|  **Total Corporate Bonds & Notes**<br> (Cost $83,934,516) |  | **85946969** |
|  **Municipals — 0.3%** |  |  |
|  Oklahoma Development Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 8/15/2028 | 230000 | 226873 |
|  Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.087% due 7/1/2060 | 360000 | 364699 |
|  **Total Municipals**<br> (Cost $582,354) |  | **591572** |
|  **Non-Agency Mortgage-Backed Securities — 9.7%** |  |  |
|  Arbor Realty Commercial Real Estate Notes Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL1, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.672% due 1/15/2037<sup>(1)(2)(3)</sup> | 1000000 | 1000999 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Non-Agency Mortgage-Backed Securities — (continued)** |  |  |
|  BANK |  |  |
| &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 | $1319386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK43, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.325% due 8/15/2055<sup>(2)(3)</sup> | 500000 | 474772 |
|  BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.858% due 9/15/2057<sup>(2)(3)</sup> | 300000 | 306161 |
|  Benchmark Mortgage Trust |  |  |
| &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 | 1047682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V5, Class AM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.417% due 1/10/2057<sup>(2)(3)</sup> | 855000 | 893604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V5, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.059% due 1/10/2057<sup>(2)(3)</sup> | 360000 | 366843 |
|  BMO Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C6, Class AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55% due 9/15/2056<sup>(2)(3)</sup> | 950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023660 |
|  BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05% due 8/15/2042<sup>(1)(2)(3)</sup> | 210823 | 211350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80% due 8/15/2042<sup>(1)(2)(3)</sup> | 159075 | 159423 |
|  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>(2)(3)</sup> | 1125000 | 1093273 |
|  Dwight Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL1, Class AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.422% due 6/18/2042<sup>(1)(2)(3)</sup> | 639000 | 642208 |
|  Freddie Mac STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.656% due 8/25/2042<sup>(1)(2)(3)</sup> | 882491 | 895603 |
|  Greystone CRE Notes LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL4, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.739% due 1/15/2043<sup>(1)(2)(3)</sup> | 114500 | 114660 |
|  MF1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL19, Class AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.128% due 5/18/2042<sup>(1)(2)(3)</sup> | 1053777 | 1056845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL19, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.477% due 5/18/2042<sup>(1)(2)(3)</sup> | 1092085 | 1094245 |
|  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; 2.88% due 2/15/2053 | 750000 | 685751 |
| &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 | 1505250 |
|  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; 5.439% due 7/25/2070<sup>(1)(2)(3)</sup> | 211872 | 213214 |
| &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> | 575124 | 576053 |
|  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; 0.00% due 4/25/2065<sup>(1)(2)(3)</sup> | 360520 | 364185 |
|  OBX Trust |  |  |
| &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> | 200194 | 201540 |
| &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> | 825287 | 830817 |
|  PMT Loan Trust |  |  |
| &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> | 750995 | 754462 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| **September 30, 2025 (unaudited)** | | **Principal<br>Amount** | **Value** |
|  **Non-Agency Mortgage-Backed Securities — (continued)** |  |  |  |
|  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; 5.50% due 6/25/2055<sup>(1)(2)(3)</sup> |  | $891588 | $896619 |
|  Stack Infrastructure Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.877% due 3/26/2046<sup>(1)</sup> |  | 1250000 | 1232476 |
|  Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SAVE, Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.516% due 2/15/2040<sup>(1)(2)(3)</sup> |  | 340217 | 339366 |
|  **Total Non-Agency Mortgage-Backed Securities**<br> (Cost $19,505,218) |  |  | **19300447** |
|  **Foreign Government — 2.6%** |  |  |  |
|  Angola Government International Bonds, Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 11/26/2029 | USD | 457000 | 444745 |
|  Dominican Republic International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 9/23/2032<sup>(1)</sup> | USD | 562000 | 536317 |
|  Eagle Funding Luxco SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 8/17/2030<sup>(1)</sup> | USD | 370000 | 375387 |
|  Egypt Government International Bonds, Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30% due 9/30/2033 | USD | 510000 | 482036 |
|  Ivory Coast Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 1/30/2033<sup>(1)</sup> | USD | 562000 | 584473 |
|  Nigeria Government International Bonds, Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 9/28/2033 | USD | 591000 | 558998 |
|  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 | 448280 |
|  Romania Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 5/16/2036<sup>(1)</sup> | USD | 402000 | 408060 |
|  Serbia International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 6/12/2034<sup>(1)</sup> | USD | 651000 | 678408 |
|  Turkiye Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 5/21/2030 | EUR | 288000 | 358591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 5/15/2034 | USD | 218000 | 231163 |
|  **Total Foreign Government**<br> (Cost $4,862,527) |  |  | **5106458** |
|  **U.S. Government Securities — 21.2%** |  |  |  |
|  U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 2/15/2054 |  | $2000000 | 1846094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/15/2054 |  | 11840000 | 11400162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2044 |  | 25039000 | 24806215 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 1/31/2030 |  | 4274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4364489 |
|  **Total U.S. Government Securities**<br> (Cost $42,468,707) |  |  | **42416960** |
|  **Repurchase Agreements — 0.3%** |  |  |  |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $578,022,due 10/1/2025<sup>(5)</sup> |  | 578002 | 578002 |
|  **Total Repurchase Agreements**<br> (Cost $578,002) |  |  | **578002** |
|  **Total Investments — 99.1%**<br> (Cost $195,725,760) |  |  | **197876560** |
|  **Assets in excess of other liabilities — 0.9%** |  |  | **1807617** |
|  **Total Net Assets — 100.0%** |  |  | $**199684177** |

---

(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 September 30, 2025, the aggregate market value of these securities amounted to $86,893,406, representing 43.5% 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 September 30, 2025.

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN TOTAL RETURN BOND VIP FUND** 

(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 Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589584 |

---

**Open forward foreign currency contracts at September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Amount and**<br>**Description of**<br>**Currency to be**<br>**Purchased** | **Amount and**<br>**Description of**<br>**Currency to be**<br>**Purchased** | **Amount and**<br>**Description of**<br>**Currency to be**<br>**Sold** | **Amount and**<br>**Description of**<br>**Currency to be**<br>**Sold** | **Unrealized**<br>**Depreciation** |
|  Citibank NA | 10/17/2025 | 79560 | USD | 67901 | EUR | $(232) |
|  Deutsche Bank AG | 10/17/2025 | 65681 | USD | 56098 | EUR | (241) |
|  HSBC Bank USA NA | 10/17/2025 | 227294 | USD | 194002 | EUR | (682) |
|  **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | $**(1155)** |

---

**Open futures contracts at September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional**<br>**Amount** | **Notional**<br>**Value** | **Unrealized**<br>**Appreciation<br>(Depreciation)** |
|  U.S. 2-Year Treasury Note | December 2025 | 120 | Long | $25274565 | $25007813 | $(266752) |
|  U.S. 5-Year Treasury Note | December 2025 | 37 | Long | 4036016 | 4040226 | 4210 |
|  U.S. Ultra 10-Year Treasury Note | December 2025 | 16 | Long | 1823556 | 1841250 | 17694 |
|  **Total** | **Total** | **Total** | **Total** | $**31134137** | $**30889289** | $**(244848)** |

---

**Legend:** 

CLO – Collateralized Loan Obligation

CMT – Constant Maturity Treasury

EUR – Euro

PIK – Payment–In–Kind

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 TOTAL RETURN BOND VIP FUND** 

The following is a summary of the inputs used as of September 30, 2025 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** |
|  Asset-Backed Securities | $— | $43936152 | $— | $43936152 |
|  Corporate Bonds & Notes |  | 85946969 |  | 85946969 |
|  Municipals |  | 591572 |  | 591572 |
|  Non-Agency Mortgage-Backed Securities |  | 19300447 |  | 19300447 |
|  Foreign Government |  | 5106458 |  | 5106458 |
|  U.S. Government Securities |  | 42416960 |  | 42416960 |
|  Repurchase Agreements |  | 578002 |  | 578002 |
|  **Total** | $**—** | $**197876560** | $**—** | $**197876560** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Forward Foreign Currency Contracts | Forward Foreign Currency Contracts | Forward Foreign Currency Contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities | $— | $(1155) | $— | $(1155) |
|  Futures Contracts | Futures Contracts | Futures Contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets | 21904 |  |  | 21904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (266752) |  |  | (266752) |
|  **Total** | $**(244848)** | $**(1155)** | $**—** | $**(246003)** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Agency Mortgage-Backed Securities — 4.3%** |  |  |
|  Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.205% due 8/1/2055<sup>(1)(2)</sup> | $163361 | $164627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.437% due 10/1/2055<sup>(1)(2)</sup> | 94963 | 95733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44% due 8/1/2055<sup>(1)(2)</sup> | 66380 | 67182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.524% due 7/1/2055<sup>(1)(2)</sup> | 169933 | 171959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64% due 8/1/2055<sup>(1)(2)</sup> | 97414 | 98706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.887% due 5/1/2055<sup>(1)(2)</sup> | 148779 | 151294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.034% due 8/1/2054<sup>(1)(2)</sup> | 67819 | 69110 |
|  Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.029% due 2/1/2055<sup>(1)(2)</sup> | 93185 | 94064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.473% due 10/1/2055<sup>(1)(2)</sup> | 37000 | 37417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.583% due 10/1/2053<sup>(1)(2)</sup> | 23193 | 23576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.721% due 8/1/2055<sup>(1)(2)</sup> | 150863 | 153246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.917% due 2/1/2054<sup>(1)(2)</sup> | 40989 | 41879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.004% due 9/1/2055<sup>(1)(2)</sup> | 521847 | 533140 |
|  Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/1/2039<sup>(3)</sup> | 345000 | 344451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 11/1/2039<sup>(3)</sup> | 1425000 | 1439343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 11/1/2039<sup>(3)</sup> | 1334000 | 1363024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 11/1/2039<sup>(3)</sup> | 1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192041 |
|  **Total Agency Mortgage-Backed Securities**<br> (Cost $6,053,129) |  | **6040792** |
|  **Asset-Backed Securities — 4.3%** |  |  |
|  Benefit Street Partners CLO X Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-10A, Class A1R3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.626% (3 mo. USD Term SOFR + 1.30%) due 7/20/2038<sup>(1)(4)</sup> | 420000 | 421005 |
|  Benefit Street Partners CLO XX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-20A, Class ARR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58% (3 mo. USD Term SOFR + 1.29%) due 7/15/2037<sup>(1)(4)</sup> | 360000 | 361279 |
|  Birch Grove CLO 8 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-8A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.956% (3 mo. USD Term SOFR + 1.63%) due 4/20/2037<sup>(1)(4)</sup> | 1000000 | 1001795 |
|  BlueMountain CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A, Class BR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.337% (3 mo. USD Term SOFR + 2.01%) due 10/20/2030<sup>(1)(4)</sup> | 600000 | 602030 |
|  Neuberger Berman Loan Advisers CLO 34 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.629% (3 mo. USD Term SOFR + 1.30%) due 7/20/2039<sup>(1)(4)</sup> | 320000 | 321114 |
|  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>(4)</sup> | 507306 | 510369 |
|  Palmer Square CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class A1R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.861% (3 mo. USD Term SOFR + 1.65%) due 11/15/2036<sup>(1)(4)</sup> | 500000 | 500135 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Asset-Backed Securities — (continued)** |  |  |
|  Parallel Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.716% (3 mo. USD Term SOFR + 1.39%) due 7/20/2036<sup>(1)(4)</sup> | $360000 | $361252 |
|  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; 5.30% (3 mo. USD Term SOFR + 1.31%) due 10/15/2038<sup>(1)(4)</sup> | 1000000 | 1001619 |
|  Voya CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A2RR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.918% (3 mo. USD Term SOFR + 1.60%) due 10/15/2037<sup>(1)(4)</sup> | 1000000 | 1000897 |
|  **Total Asset-Backed Securities**<br> (Cost $6,074,705) |  | **6081495** |
|  **Corporate Bonds & Notes — 39.9%** |  |  |
|  **Aerospace & Defense — 0.8%** |  |  |
|  Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.298% due 5/1/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061247 |
|  |  | **1061247** |
|  **Agriculture — 1.2%** |  |  |
|  BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.343% due 8/2/2030 | 342000 | 369196 |
|  Bunge Ltd. Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20% due 4/21/2031 | 384000 | 359631 |
|  Imperial Brands Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 7/1/2034<sup>(4)</sup> | 570000 | 596552 |
|  Japan Tobacco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 6/15/2030<sup>(4)</sup> | 296000 | 306467 |
|  |  | **1631846** |
|  **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 | 149724 | 153898 |
|  |  | **153898** |
|  **Auto Manufacturers — 1.1%** |  |  |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.35% due 11/4/2027 | 876000 | 913658 |
|  Honda Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.688% due 7/8/2030 | 657000 | 662794 |
|  |  | **1576452** |
|  **Beverages — 0.4%** |  |  |
|  Bacardi Ltd./Bacardi-Martini BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 6/15/2033<sup>(4)</sup> | 601000 | 607172 |
|  |  | **607172** |
|  **Biotechnology — 0.1%** |  |  |
|  Regeneron Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75% due 9/15/2030 | 233000 | 205504 |
|  |  | **205504** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Commercial Banks — 8.1%** |  |  |
|  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) due 9/13/2029<sup>(1)(4)</sup> | $431000 | $457523 |
|  Bank of America Corp. |  |  |
| &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>(1)</sup> | 374000 | 375294 |
|  Capital One |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.974% (5 yr. USD Swap rate + 1.73%) due 8/9/2028<sup>(1)</sup> | 518000 | 536377 |
|  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;&nbsp;&nbsp;&nbsp;&nbsp;1214690 |
|  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 | 749181 |
|  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 | 697934 |
| &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 | 361937 |
|  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 | 325442 |
| &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 | 964245 |
| &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 | 275925 |
| &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 | 171053 |
|  Morgan Stanley |  |  |
| &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 | 1116074 |
| &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>(1)</sup> | 400000 | 408619 |
| &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 | 637444 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Commercial Banks — (continued)** |  |  |
|  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>(1)</sup> | $933000 | $945835 |
|  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 | 384612 |
|  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 | 708059 |
|  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 | 444027 |
| &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 | 637983 |
|  |  | **11412254** |
|  **Commercial Services — 0.9%** |  |  |
|  GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 5/6/2029 | 385000 | 404312 |
|  Rentokil Terminix Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 4/28/2035<sup>(4)</sup> | 229000 | 236171 |
|  Rollins, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 2/24/2035 | 583000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593277 |
|  |  | **1233760** |
|  **Computers — 0.5%** |  |  |
|  Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 9/1/2028<sup>(4)</sup> | 381000 | 373566 |
|  Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 7/1/2028<sup>(4)</sup> | 383000 | 379873 |
|  |  | **753439** |
|  **Diversified Financial Services — 1.8%** |  |  |
|  Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% due 12/15/2027 | 445000 | 458354 |
|  Aircastle Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85% due 1/26/2028<sup>(4)</sup> | 671000 | 647024 |
|  Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 2/15/2027<sup>(4)</sup> | 786000 | 772945 |
|  LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2027<sup>(4)</sup> | 377000 | 376309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 3/15/2030 | 201000 | 205254 |
|  |  | **2459886** |
|  **Electric — 5.1%** |  |  |
|  Alliant Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 3/30/2029<sup>(4)</sup> | 353000 | 369369 |
|  American Transmission Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% due 1/15/2032<sup>(4)</sup> | 243000 | 218010 |
|  Capital Power U.S. Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.189% due 6/1/2035<sup>(4)</sup> | 189000 | 198256 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Electric — (continued)** |  |  |
|  DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 3/1/2029 | $551000 | $564582 |
|  Entergy Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 4/15/2035 | 809000 | 829118 |
|  Evergy Missouri West, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 6/1/2034<sup>(4)</sup> | 696000 | 718251 |
|  Fells Point Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.046% due 1/31/2027<sup>(4)</sup> | 313000 | 307929 |
|  FirstEnergy Pennsylvania Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 3/15/2028<sup>(4)</sup> | 629000 | 613828 |
|  Idaho Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 8/15/2034 | 363000 | 374599 |
|  Kentucky Utilities Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KENT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 4/15/2033 | 450000 | 470458 |
|  Liberty Utilities Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.869% due 1/31/2034<sup>(4)</sup> | 356000 | 368749 |
|  Monongahela Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% due 2/15/2034<sup>(4)</sup> | 437000 | 461869 |
|  NorthWestern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.073% due 3/21/2030<sup>(4)</sup> | 449000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459922 |
|  PSEG Power LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 5/15/2035<sup>(4)</sup> | 117000 | 122397 |
|  Public Service Enterprise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 4/1/2029 | 367000 | 378695 |
|  Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.725% due 3/15/2035 | 464000 | 478812 |
|  Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95% due 10/15/2033<sup>(4)</sup> | 150000 | 167301 |
|  |  | **7102145** |
|  **Equity Fund — 0.3%** |  |  |
|  KKR & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 8/7/2035 | 357000 | 357645 |
|  |  | **357645** |
|  **Food — 1.3%** |  |  |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 1/15/2032 | 413000 | 384984 |
|  JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/15/2036<sup>(4)</sup> | 372000 | 379890 |
|  Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 3/1/2032<sup>(4)</sup> | 1073000 | 1097751 |
|  |  | **1862625** |
|  **Gas — 0.3%** |  |  |
|  National Fuel Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 9/1/2028 | 370000 | 372534 |
|  |  | **372534** |
|  **Healthcare-Products — 0.2%** |  |  |
|  Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 3/13/2031 | 300000 | 312841 |
|  |  | **312841** |
|  **Healthcare-Services — 2.3%** |  |  |
|  Beth Israel Lahey Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series O |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.717% due 7/1/2030 | 300000 | 302021 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Healthcare-Services — (continued)** |  |  |
|  Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 2/15/2030 | $390000 | $358678 |
|  CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.318% due 12/1/2034 | 359000 | 364757 |
|  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> | 151000 | 134692 |
|  HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 4/1/2031 | 363000 | 377331 |
|  Providence St. Joseph Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.369% due 10/1/2032 | 566000 | 582894 |
|  Sutter Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.213% due 8/15/2032 | 437000 | 452340 |
|  UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 4/15/2033 | 543000 | 537265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% due 1/15/2031 | 94000 | 95261 |
|  |  | **3205239** |
|  **Insurance — 2.7%** |  |  |
|  Assurant, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 2/15/2036 | 185000 | 187488 |
|  Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.322% due 11/13/2031<sup>(4)</sup> | 552000 | 564848 |
|  Brighthouse Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 6/28/2028<sup>(4)</sup> | 399000 | 371459 |
|  Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 3/15/2031 | 536000 | 476887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 6/23/2032 | 36000 | 36911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 6/23/2035 | 73000 | 75092 |
|  Corebridge Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 8/21/2032<sup>(4)</sup> | 139000 | 139619 |
|  GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 4/1/2032<sup>(4)</sup> | 303000 | 310962 |
|  New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% due 1/28/2033<sup>(4)</sup> | 951000 | 949625 |
|  Pricoa Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 8/26/2032<sup>(4)</sup> | 174000 | 175753 |
|  RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/25/2032<sup>(4)</sup> | 431000 | 433379 |
|  |  | **3722023** |
|  **Internet — 0.9%** |  |  |
|  AppLovin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 12/1/2031 | 269000 | 278274 |
|  Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/15/2029<sup>(4)</sup> | 915000 | 912405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 9/15/2035 | 108000 | 107020 |
|  |  | **1297699** |
|  **Investment Companies — 0.1%** |  |  |
|  HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% due 6/15/2027<sup>(4)</sup> | 118000 | 122848 |
|  |  | **122848** |
|  **Leisure Time — 0.7%** |  |  |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/1/2028<sup>(4)</sup> | 500000 | 492853 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Leisure Time — (continued)** |  |  |
|  Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70% due 3/15/2028 | $525000 | $516593 |
|  |  | **1009446** |
|  **Lodging — 0.2%** |  |  |
|  Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 8/18/2026 | 243000 | 240981 |
|  |  | **240981** |
|  **Machinery-Diversified — 1.0%** |  |  |
|  nVent Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% due 4/15/2028 | 548000 | 549994 |
|  Otis Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.131% due 9/4/2035 | 470000 | 475551 |
|  Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30% due 2/15/2030 | 352000 | 373225 |
|  |  | **1398770** |
|  **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 | 207109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 4/1/2030<sup>(4)</sup> | 269000 | 280766 |
|  Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.186% due 4/1/2030<sup>(4)</sup> | 721000 | 742838 |
|  |  | **1230713** |
|  **Oil & Gas — 1.0%** |  |  |
|  Continental Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 1/15/2028 | 443000 | 440196 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 8/1/2029 | 290000 | 294262 |
|  Ovintiv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 5/15/2028 | 208000 | 214221 |
|  Patterson-UTI Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% due 2/1/2028 | 463000 | 452249 |
|  |  | **1400928** |
|  **Pharmaceuticals — 1.4%** |  |  |
|  Bayer U.S. Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 11/21/2030<sup>(4)</sup> | 914000 | 976861 |
|  EMD Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 10/15/2032<sup>(4)</sup> | 455000 | 454403 |
|  Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/17/2035 | 543000 | 548419 |
|  |  | **1979683** |
|  **Pipelines — 1.7%** |  |  |
|  Columbia Pipelines Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.097% due 10/1/2031<sup>(4)</sup> | 371000 | 376725 |
|  DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 6/15/2029<sup>(4)</sup> | 250000 | 243916 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 2/1/2031<sup>(4)</sup> | 720000 | 752027 |
|  NGPL PipeCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 7/15/2031<sup>(4)</sup> | 612000 | 554369 |
|  ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 6/1/2029 | 359000 | 369740 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 1/15/2029 | 144000 | 146691 |
|  |  | **2443468** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Real Estate Investment Trusts — 1.6%** |  |  |
|  Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30% due 7/1/2030 | $489000 | $463257 |
|  Invitation Homes Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 1/15/2033 | 348000 | 349689 |
|  Public Storage Operating Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 7/1/2030 | 227000 | 228046 |
|  Regency Centers LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/15/2032 | 219000 | 224044 |
|  Tanger Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% due 9/1/2031 | 327000 | 292989 |
|  VICI Properties LP/VICI Note Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/1/2029<sup>(4)</sup> | 646000 | 639637 |
|  |  | **2197662** |
|  **Semiconductors — 1.4%** |  |  |
|  Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15% due 4/15/2032<sup>(4)</sup> | 653000 | 640374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 7/15/2032 | 258000 | 263931 |
|  Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/25/2031<sup>(4)</sup> | 522000 | 541664 |
|  Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 2/15/2029 | 445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464242 |
|  |  | **1910211** |
|  **Software — 1.5%** |  |  |
|  MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 9/1/2030<sup>(4)</sup> | 686000 | 654759 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% due 5/6/2030 | 545000 | 552643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 9/26/2032 | 405000 | 405487 |
|  Paychex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% due 4/15/2032 | 537000 | 557214 |
|  |  | **2170103** |
|  **Telecommunications — 0.3%** |  |  |
|  T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 4/15/2029 | 386000 | 374779 |
|  |  | **374779** |
|  **Total Corporate Bonds & Notes**<br> (Cost $54,734,528) |  | **55807801** |
|  **Municipals — 0.3%** |  |  |
|  State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 6/1/2033 | 370833 | 377243 |
|  **Total Municipals**<br> (Cost $372,343) |  | **377243** |
|  **Non-Agency Mortgage-Backed Securities — 1.0%** |  |  |
|  BBCMS Mortgage Trust |  |  |
| &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 | 200000 | 209635 |
|  BMO Mortgage Trust |  |  |
| &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 | 440000 | 460721 |
|  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 | 240000 | 250886 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

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

---

| | | | |
|:---|:---|:---|:---|
| **September 30, 2025 (unaudited)** | | **Principal<br>Amount** | **Value** |
|  **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 | $413012 |
|  **Total Non-Agency Mortgage-Backed Securities**<br> (Cost $1,315,144) |  |  | **1334254** |
|  **Foreign Government — 0.2%** |  |  |  |
|  Cassa Depositi e Prestiti SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 4/30/2029<sup>(4)</sup> | USD | 329000 | 346900 |
|  **Total Foreign Government**<br> (Cost $346,581) |  |  | **346900** |
|  **U.S. Government Securities — 51.9%** |  |  |  |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50% due 11/30/2028 |  | $2343000 | 2193908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 2/15/2032 |  | 2200000 | 1951812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 5/31/2027 |  | 4127000 | 4058647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/2029 |  | 7020000 | 7002998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 8/15/2034 |  | 2023000 | 1992023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 1/31/2027 |  | 3543000 | 3562099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 2/28/2027 |  | 3644000 | 3665779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/15/2027 |  | 4332000 | 4376166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/2029 |  | 6142000 | 6239648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 8/31/2030 |  | 5165000 | 5251554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 2/28/2029 |  | 4513000 | 4598853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 6/30/2029 |  | 1931000 | 1969394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 1/31/2030 |  | 6496000 | 6633532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 11/15/2034 |  | 2325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 7/15/2027 |  | 4270000 | 4323542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 8/31/2028 |  | 3719000 | 3794687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/31/2029 |  | 4688000 | 4819484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2035 |  | 804300 | 835844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 10/31/2030 |  | 2951000 | 3101893 |
|  **Total U.S. Government Securities**<br> (Cost $72,197,702) |  |  | **72723110** |
|  **Repurchase Agreements — 0.4%** |  |  |  |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $525,207, due 10/1/2025<sup>(5)</sup> |  | 525188 | 525188 |
|  **Total Repurchase Agreements**<br> (Cost $525,188) |  |  | **525188** |
|  **Total Investments — 102.3%**<br> (Cost $141,619,320) |  |  | **143236783** |
|  **Liabilities in excess of other assets — (2.3)%** |  |  | **(3216257)** |
|  **Total Net Assets — 100.0%** |  |  | $**140020526** |

---

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

(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 September 30, 2025, the aggregate market value of these securities amounted to $29,047,469, representing 20.7% 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.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  U.S. Treasury Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535787 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

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

**Open futures contracts at September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional**<br>**Amount** | **Notional**<br>**Value** | **Unrealized**<br>**Depreciation** |
|  U.S. 2-Year Treasury Note | December 2025 | 34 | Long | $7083341 | $7085547 | $2206 |
|  U.S. Ultra 10-Year Treasury Note | December 2025 | 10 | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157874) |
|  **Total** | **Total** | **Total** | **Total** | $**8391996** | $**8236328** | $**(155668)** |

---

**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 September 30, 2025 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 | $— | $6040792 | $— | $6040792 |
|  Asset-Backed Securities |  | 6081495 |  | 6081495 |
|  Corporate Bonds & Notes |  | 55807801 |  | 55807801 |
|  Municipals |  | 377243 |  | 377243 |
|  Non-Agency Mortgage-Backed Securities |  | 1334254 |  | 1334254 |
|  Foreign Government |  | 346900 |  | 346900 |
|  U.S. Government Securities |  | 72723110 |  | 72723110 |
|  Repurchase Agreements |  | 525188 |  | 525188 |
|  **Total** | $**—** | $**143236783** | $**—** | $**143236783** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts | Futures Contracts | Futures Contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets | $2206 | $— | $— | $2206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (157874) |  |  | (157874) |
|  **Total** | $**(155668)** | $**—** | $**—** | $**(155668)** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN ALL CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 99.4%** | **Common Stocks — 99.4%** | **Common Stocks — 99.4%** |
|  **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** |
|  BWX Technologies, Inc. | 1841 | $339425 |
|  Curtiss-Wright Corp. | 1556 | 844815 |
|  General Dynamics Corp. | 2138 | 729058 |
|  General Electric Co. | 5121 | 1540499 |
|  Howmet Aerospace, Inc. | 5093 | 999399 |
|  RTX Corp. | 8533 | 1427827 |
|  |  | **5881023** |
|  **Automobile Components — 0.9%** | **Automobile Components — 0.9%** | **Automobile Components — 0.9%** |
|  Aptiv PLC<sup>(1)</sup> | 20684 | 1783375 |
|  Goodyear Tire & Rubber Co.<sup>(1)</sup> | 48986 | 366415 |
|  |  | **2149790** |
|  **Banks — 4.0%** | **Banks — 4.0%** | **Banks — 4.0%** |
|  Columbia Banking System, Inc. | 12797 | 329395 |
|  Hancock Whitney Corp. | 6113 | 382735 |
|  JPMorgan Chase & Co. | 16107 | 5080631 |
|  PNC Financial Services Group, Inc. | 7600 | 1527068 |
|  Popular, Inc. | 4167 | 529251 |
|  Wells Fargo & Co. | 18344 | 1537594 |
|  |  | **9386674** |
|  **Beverages — 1.1%** | **Beverages — 1.1%** | **Beverages — 1.1%** |
|  Coca-Cola Europacific Partners PLC | 7372 | 666503 |
|  Constellation Brands, Inc., Class A | 1641 | 220993 |
|  PepsiCo, Inc. | 11129 | 1562957 |
|  |  | **2450453** |
|  **Biotechnology — 2.3%** | **Biotechnology — 2.3%** | **Biotechnology — 2.3%** |
|  AbbVie, Inc. | 15109 | 3498338 |
|  Exact Sciences Corp.<sup>(1)</sup> | 9075 | 496493 |
|  Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 3505 | 1372698 |
|  |  | **5367529** |
|  **Broadline Retail — 4.4%** | **Broadline Retail — 4.4%** | **Broadline Retail — 4.4%** |
|  Amazon.com, Inc.<sup>(1)</sup> | 47121 | 10346358 |
|  |  | **10346358** |
|  **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
|  Trane Technologies PLC | 2335 | 985277 |
|  |  | **985277** |
|  **Capital Markets — 3.2%** | **Capital Markets — 3.2%** | **Capital Markets — 3.2%** |
|  Bullish<sup>(1)</sup> | 1617 | 102857 |
|  Charles Schwab Corp. | 10168 | 970739 |
|  CME Group, Inc. | 3584 | 968361 |
|  KKR & Co., Inc. | 10826 | 1406839 |
|  Moody's Corp. | 2278 | 1085421 |
|  Morgan Stanley | 10206 | 1622346 |
|  Northern Trust Corp. | 2377 | 319944 |
|  Raymond James Financial, Inc. | 3211 | 554219 |
|  TPG, Inc. | 8732 | 501653 |
|  |  | **7532379** |
|  **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
|  Air Products & Chemicals, Inc. | 2127 | 580075 |
|  Linde PLC | 1901 | 902975 |
|  Sherwin-Williams Co. | 1838 | 636426 |
|  |  | **2119476** |
|  **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
|  GFL Environmental, Inc. | 21321 | 1010189 |
|  |  | **1010189** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN ALL CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
|  Arista Networks, Inc.<sup>(1)</sup> | 4598 | $669975 |
|  Motorola Solutions, Inc. | 1686 | 770991 |
|  |  | **1440966** |
|  **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** |
|  API Group Corp.<sup>(1)</sup> | 18422 | 633164 |
|  Legence Corp., Class A<sup>(1)</sup> | 15315 | 471855 |
|  |  | **1105019** |
|  **Construction Materials — 0.6%** | **Construction Materials — 0.6%** | **Construction Materials — 0.6%** |
|  CRH PLC | 12387 | 1485201 |
|  |  | **1485201** |
|  **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |
|  BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 18821 | 1755058 |
|  |  | **1755058** |
|  **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
|  Smurfit WestRock PLC | 8872 | 377681 |
|  |  | **377681** |
|  **Distributors — 0.2%** | **Distributors — 0.2%** | **Distributors — 0.2%** |
|  LKQ Corp. | 15497 | 473278 |
|  |  | **473278** |
|  **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** |
|  Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | 2131 | 231362 |
|  Grand Canyon Education, Inc.<sup>(1)</sup> | 1363 | 299206 |
|  |  | **530568** |
|  **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** |
|  Duke Energy Corp. | 6204 | 767745 |
|  Evergy, Inc. | 4389 | 333652 |
|  Exelon Corp. | 7845 | 353104 |
|  NextEra Energy, Inc. | 8829 | 666501 |
|  PG&E Corp. | 72923 | 1099679 |
|  Xcel Energy, Inc. | 5359 | 432203 |
|  |  | **3652884** |
|  **Electrical Equipment — 1.8%** | **Electrical Equipment — 1.8%** | **Electrical Equipment — 1.8%** |
|  AMETEK, Inc. | 5488 | 1031744 |
|  Eaton Corp. PLC | 2738 | 1024696 |
|  Emerson Electric Co. | 11521 | 1511325 |
|  GE Vernova, Inc. | 1140 | 700986 |
|  |  | **4268751** |
|  **Electronic Equipment, Instruments & Components — 1.4%** | **Electronic Equipment, Instruments & Components — 1.4%** | **Electronic Equipment, Instruments & Components — 1.4%** |
|  Advanced Energy Industries, Inc. | 2232 | 379752 |
|  Amphenol Corp., Class A | 11482 | 1420898 |
|  Flex Ltd.<sup>(1)</sup> | 3204 | 185736 |
|  Insight Enterprises, Inc.<sup>(1)</sup> | 10190 | 1155648 |
|  |  | **3142034** |
|  **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |
|  Baker Hughes Co. | 8747 | 426154 |
|  TechnipFMC PLC | 7429 | 293074 |
|  |  | **719228** |
|  **Entertainment — 1.9%** | **Entertainment — 1.9%** | **Entertainment — 1.9%** |
|  Electronic Arts, Inc. | 2818 | 568391 |
|  Spotify Technology SA<sup>(1)</sup> | 2868 | 2001864 |
|  Take-Two Interactive Software, Inc.<sup>(1)</sup> | 2270 | 586477 |
|  Walt Disney Co. | 11574 | 1325223 |
|  |  | **4481955** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN ALL CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Financial Services — 2.6%** | **Financial Services — 2.6%** | **Financial Services — 2.6%** |
|  Fidelity National Information Services, Inc. | 7656 | $504837 |
|  Fiserv, Inc.<sup>(1)</sup> | 4393 | 566389 |
|  Mastercard, Inc., Class A | 6739 | 3833210 |
|  Visa, Inc., Class A | 3486 | 1190051 |
|  |  | **6094487** |
|  **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
|  Mondelez International, Inc., Class A | 15101 | 943360 |
|  |  | **943360** |
|  **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
|  Becton Dickinson & Co. | 7916 | 1481638 |
|  Boston Scientific Corp.<sup>(1)</sup> | 11594 | 1131922 |
|  Masimo Corp.<sup>(1)</sup> | 2594 | 382745 |
|  Medtronic PLC | 20646 | 1966325 |
|  STERIS PLC | 2357 | 583216 |
|  |  | **5545846** |
|  **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** |
|  Cigna Group | 5103 | 1470940 |
|  Humana, Inc. | 2450 | 637416 |
|  McKesson Corp. | 1464 | 1130999 |
|  |  | **3239355** |
|  **Hotels, Restaurants & Leisure — 2.6%** | **Hotels, Restaurants & Leisure — 2.6%** | **Hotels, Restaurants & Leisure — 2.6%** |
|  Aramark | 43922 | 1686605 |
|  Booking Holdings, Inc. | 367 | 1981532 |
|  DraftKings, Inc., Class A<sup>(1)</sup> | 7226 | 270252 |
|  Hilton Worldwide Holdings, Inc. | 3427 | 889101 |
|  Starbucks Corp. | 8150 | 689490 |
|  Viking Holdings Ltd.<sup>(1)</sup> | 7188 | 446806 |
|  |  | **5963786** |
|  **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
|  Mohawk Industries, Inc.<sup>(1)</sup> | 3955 | 509878 |
|  PulteGroup, Inc. | 4905 | 648098 |
|  |  | **1157976** |
|  **Household Products — 0.6%** | **Household Products — 0.6%** | **Household Products — 0.6%** |
|  Colgate-Palmolive Co. | 8104 | 647834 |
|  Procter & Gamble Co. | 4461 | 685432 |
|  |  | **1333266** |
|  **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. | 3997 | 783092 |
|  |  | **783092** |
|  **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
|  Rexford Industrial Realty, Inc. | 15428 | 634245 |
|  |  | **634245** |
|  **Insurance — 3.7%** | **Insurance — 3.7%** | **Insurance — 3.7%** |
|  American International Group, Inc. | 10791 | 847525 |
|  Aon PLC, Class A | 5005 | 1784683 |
|  Arthur J Gallagher & Co. | 4027 | 1247323 |
|  Assurant, Inc. | 1787 | 387064 |
|  Chubb Ltd. | 5131 | 1448225 |
|  Everest Group Ltd. | 1107 | 387705 |
|  Lincoln National Corp. | 14721 | 593698 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN ALL CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Insurance — (continued)** | **Insurance — (continued)** | **Insurance — (continued)** |
|  Principal Financial Group, Inc. | 6319 | 523908 |
|  Selective Insurance Group, Inc. | 4388 | 355735 |
|  Willis Towers Watson PLC | 2687 | 928224 |
|  |  | **8504090** |
|  **Interactive Media & Services — 6.5%** | **Interactive Media & Services — 6.5%** | **Interactive Media & Services — 6.5%** |
|  Alphabet, Inc., Class A | 33847 | 8228205 |
|  Meta Platforms, Inc., Class A | 9465 | 6950907 |
|  |  | **15179112** |
|  **IT Services — 1.2%** | **IT Services — 1.2%** | **IT Services — 1.2%** |
|  Accenture PLC, Class A | 4352 | 1073203 |
|  MongoDB, Inc.<sup>(1)</sup> | 2646 | 821266 |
|  Okta, Inc.<sup>(1)</sup> | 9000 | 825300 |
|  |  | **2719769** |
|  **Leisure Products — 0.2%** | **Leisure Products — 0.2%** | **Leisure Products — 0.2%** |
|  Brunswick Corp. | 2418 | 152914 |
|  Hasbro, Inc. | 3826 | 290202 |
|  |  | **443116** |
|  **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** |
|  Bio-Techne Corp. | 12241 | 680967 |
|  Waters Corp.<sup>(1)</sup> | 6223 | 1865718 |
|  |  | **2546685** |
|  **Machinery — 1.9%** | **Machinery — 1.9%** | **Machinery — 1.9%** |
|  Caterpillar, Inc. | 3991 | 1904306 |
|  Crane Co. | 2441 | 449486 |
|  Cummins, Inc. | 827 | 349300 |
|  Nordson Corp. | 3881 | 880793 |
|  Pentair PLC | 8291 | 918311 |
|  |  | **4502196** |
|  **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
|  Comcast Corp., Class A | 17823 | 559999 |
|  Omnicom Group, Inc. | 3366 | 274430 |
|  |  | **834429** |
|  **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
|  Sempra | 7543 | 678719 |
|  |  | **678719** |
|  **Office REITs — 0.1%** | **Office REITs — 0.1%** | **Office REITs — 0.1%** |
|  Highwoods Properties, Inc. | 10503 | 334206 |
|  |  | **334206** |
|  **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** |
|  Cheniere Energy, Inc. | 4430 | 1040961 |
|  ConocoPhillips | 14304 | 1353015 |
|  EQT Corp. | 7508 | 408661 |
|  Exxon Mobil Corp. | 23425 | 2641169 |
|  Permian Resources Corp. | 22964 | 293939 |
|  Phillips 66 | 2207 | 300196 |
|  Valero Energy Corp. | 1958 | 333369 |
|  |  | **6371310** |
|  **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** |
|  e.l.f. Beauty, Inc.<sup>(1)</sup> | 4047 | 536147 |
|  Kenvue, Inc. | 37276 | 604989 |
|  |  | **1141136** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN ALL CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** |
|  Johnson & Johnson | 21624 | $4009522 |
|  Pfizer, Inc. | 104168 | 2654201 |
|  |  | **6663723** |
|  **Professional Services — 3.4%** | **Professional Services — 3.4%** | **Professional Services — 3.4%** |
|  Jacobs Solutions, Inc. | 6884 | 1031636 |
|  Leidos Holdings, Inc. | 7242 | 1368448 |
|  TransUnion | 33595 | 2814589 |
|  TriNet Group, Inc. | 31156 | 2084025 |
|  Verisk Analytics, Inc. | 2431 | 611421 |
|  |  | **7910119** |
|  **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
|  Equity LifeStyle Properties, Inc. | 5664 | 343805 |
|  |  | **343805** |
|  **Retail REITs — 0.6%** | **Retail REITs — 0.6%** | **Retail REITs — 0.6%** |
|  Federal Realty Investment Trust | 7683 | 778365 |
|  NNN REIT, Inc. | 15266 | 649873 |
|  |  | **1428238** |
|  **Semiconductors & Semiconductor Equipment — 11.9%** | **Semiconductors & Semiconductor Equipment — 11.9%** | **Semiconductors & Semiconductor Equipment — 11.9%** |
|  Analog Devices, Inc. | 5896 | 1448647 |
|  Broadcom, Inc. | 24447 | 8065310 |
|  First Solar, Inc.<sup>(1)</sup> | 1475 | 325282 |
|  KLA Corp. | 1504 | 1622214 |
|  Lam Research Corp. | 20035 | 2682686 |
|  MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 2245 | 279480 |
|  Monolithic Power Systems, Inc. | 894 | 823052 |
|  NVIDIA Corp. | 61844 | 11538854 |
|  NXP Semiconductors NV | 4426 | 1007933 |
|  |  | **27793458** |
|  **Software — 11.4%** | **Software — 11.4%** | **Software — 11.4%** |
|  Atlassian Corp., Class A<sup>(1)</sup> | 1683 | 268775 |
|  Autodesk, Inc.<sup>(1)</sup> | 5073 | 1611540 |
|  Cadence Design Systems, Inc.<sup>(1)</sup> | 7091 | 2490785 |
|  Guidewire Software, Inc.<sup>(1)</sup> | 4398 | 1010924 |
|  Intuit, Inc. | 2273 | 1552255 |
|  Microsoft Corp. | 29334 | 15193545 |
|  Netskope, Inc., Class A<sup>(1)</sup> | 13873 | 315333 |
|  Salesforce, Inc. | 6901 | 1635537 |
|  SentinelOne, Inc., Class A<sup>(1)</sup> | 27574 | 485578 |
|  Tyler Technologies, Inc.<sup>(1)</sup> | 2208 | 1155137 |
|  Vertex, Inc., Class A<sup>(1)</sup> | 35148 | 871319 |
|  |  | **26590728** |
|  **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** |
|  American Tower Corp. | 7537 | 1449516 |
|  Extra Space Storage, Inc. | 2462 | 346994 |
|  |  | **1796510** |
|  **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** |
|  Home Depot, Inc. | 6052 | 2452210 |
|  Ross Stores, Inc. | 6557 | 999221 |
|  TJX Cos., Inc. | 1375 | 198743 |
|  |  | **3650174** |
|  **Technology Hardware, Storage & Peripherals — 4.8%** | **Technology Hardware, Storage & Peripherals — 4.8%** | **Technology Hardware, Storage & Peripherals — 4.8%** |
|  Apple, Inc. | 43488 | 11073349 |
|  |  | **11073349** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN ALL CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (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> | 5416 | $188206 |
|  Tapestry, Inc. | 5680 | 643090 |
|  |  | **831296** |
|  **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
|  Philip Morris International, Inc. | 8311 | 1348044 |
|  |  | **1348044** |
|  **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |
|  Ferguson Enterprises, Inc. | 2047 | 459715 |
|  WW Grainger, Inc. | 715 | 681367 |
|  |  | **1141082** |
|  **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
|  T-Mobile U.S., Inc. | 4796 | 1148067 |
|  |  | **1148067** |
|  **Total Common Stocks**<br> (Cost $176,522,213) | **Total Common Stocks**<br> (Cost $176,522,213) | **231330545** |
|  | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 0.8%** | **Repurchase Agreements — 0.8%** | **Repurchase Agreements — 0.8%** |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $1,797,638, due 10/1/2025<sup>(2)</sup> | $1797575 | 1797575 |
|  **Total Repurchase Agreements**<br> (Cost $1,797,575) | **Total Repurchase Agreements**<br> (Cost $1,797,575) | **1797575** |
|  **Total Investments — 100.2%**<br> (Cost $178,319,788) | **Total Investments — 100.2%**<br> (Cost $178,319,788) | **233128120** |
|  **Liabilities in excess of other assets — (0.2)%** | **Liabilities in excess of other assets — (0.2)%** | **(396159)** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**232731961** |

---

(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 | 4.50% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833545 |

---

**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 September 30, 2025 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 | $231330545 | $— | $— | $231330545 |
|  Repurchase Agreements |  | 1797575 |  | 1797575 |
|  **Total** | $**231330545** | $**1797575** | $**—** | $**233128120** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 63.5%** |  |  |
|  **Aerospace & Defense — 0.7%** |  |  |
|  Northrop Grumman Corp. | 2350 | $1431902 |
|  |  | **1431902** |
|  **Automobiles — 0.6%** |  |  |
|  Tesla, Inc.<sup>(1)</sup> | 2935 | 1305253 |
|  |  | **1305253** |
|  **Banks — 3.0%** |  |  |
|  KeyCorp | 69978 | 1307889 |
|  Wells Fargo & Co. | 60167 | 5043198 |
|  |  | **6351087** |
|  **Biotechnology — 1.4%** |  |  |
|  AbbVie, Inc. | 4268 | 988213 |
|  Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 5109 | 2000889 |
|  |  | **2989102** |
|  **Broadline Retail — 3.3%** |  |  |
|  Amazon.com, Inc.<sup>(1)</sup> | 31763 | 6974202 |
|  |  | **6974202** |
|  **Capital Markets — 4.0%** |  |  |
|  Goldman Sachs Group, Inc. | 3774 | 3005425 |
|  KKR & Co., Inc. | 25979 | 3375971 |
|  Nasdaq, Inc. | 18646 | 1649238 |
|  S&P Global, Inc. | 694 | 337777 |
|  |  | **8368411** |
|  **Chemicals — 0.9%** |  |  |
|  Celanese Corp. | 5295 | 222813 |
|  FMC Corp. | 7755 | 260801 |
|  Linde PLC | 2163 | 1027425 |
|  PPG Industries, Inc. | 2788 | 293047 |
|  |  | **1804086** |
|  **Commercial Services & Supplies — 1.2%** |  |  |
|  Clean Harbors, Inc.<sup>(1)</sup> | 7886 | 1831287 |
|  Waste Connections, Inc. | 3741 | 657668 |
|  |  | **2488955** |
|  **Communications Equipment — 0.4%** |  |  |
|  Arista Networks, Inc.<sup>(1)</sup> | 5799 | 844972 |
|  |  | **844972** |
|  **Construction Materials — 0.6%** |  |  |
|  James Hardie Industries PLC<sup>(1)</sup> | 66570 | 1278810 |
|  |  | **1278810** |
|  **Containers & Packaging — 0.1%** |  |  |
|  Packaging Corp. of America | 1008 | 219673 |
|  |  | **219673** |
|  **Distributors — 0.6%** |  |  |
|  Pool Corp. | 3931 | 1218885 |
|  |  | **1218885** |
|  **Electronic Equipment, Instruments & Components — 1.0%** |  |  |
|  Celestica, Inc.<sup>(1)</sup> | 4438 | 1093435 |
|  Flex Ltd.<sup>(1)</sup> | 18823 | 1091169 |
|  |  | **2184604** |
|  **Entertainment — 1.2%** |  |  |
|  Netflix, Inc.<sup>(1)</sup> | 1306 | 1565790 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Entertainment — (continued)** |  |  |
|  Walt Disney Co. | 8629 | $988020 |
|  |  | **2553810** |
|  **Financial Services — 1.4%** |  |  |
|  Mastercard, Inc., Class A | 4986 | 2836087 |
|  |  | **2836087** |
|  **Health Care Equipment & Supplies — 1.3%** |  |  |
|  Boston Scientific Corp.<sup>(1)</sup> | 13203 | 1289009 |
|  Edwards Lifesciences Corp.<sup>(1)</sup> | 19411 | 1509593 |
|  |  | **2798602** |
|  **Health Care Providers & Services — 0.6%** |  |  |
|  UnitedHealth Group, Inc. | 3373 | 1164697 |
|  |  | **1164697** |
|  **Health Care REITs — 0.9%** |  |  |
|  Welltower, Inc. | 10444 | 1860494 |
|  |  | **1860494** |
|  **Hotels, Restaurants & Leisure — 3.2%** |  |  |
|  Airbnb, Inc., Class A<sup>(1)</sup> | 4563 | 554039 |
|  Carnival Corp.<sup>(1)</sup> | 108067 | 3124217 |
|  DoorDash, Inc., Class A<sup>(1)</sup> | 6288 | 1710273 |
|  Marriott International, Inc., Class A | 4852 | 1263655 |
|  |  | **6652184** |
|  **Interactive Media & Services — 5.1%** |  |  |
|  Alphabet, Inc., Class A | 31526 | 7663971 |
|  Meta Platforms, Inc., Class A | 4129 | 3032255 |
|  |  | **10696226** |
|  **IT Services — 1.1%** |  |  |
|  Shopify, Inc., Class A<sup>(1)</sup> | 8403 | 1248770 |
|  Snowflake, Inc., , Class A<sup>(1)</sup> | 4471 | 1008434 |
|  |  | **2257204** |
|  **Life Sciences Tools & Services — 0.4%** |  |  |
|  ICON PLC<sup>(1)</sup> | 4998 | 874650 |
|  |  | **874650** |
|  **Machinery — 1.1%** |  |  |
|  IDEX Corp. | 6726 | 1094724 |
|  Westinghouse Air Brake Technologies Corp. | 5630 | 1128646 |
|  |  | **2223370** |
|  **Multi-Utilities — 1.9%** |  |  |
|  Sempra | 44913 | 4041272 |
|  |  | **4041272** |
|  **Oil, Gas & Consumable Fuels — 2.0%** |  |  |
|  Exxon Mobil Corp. | 22984 | 2591446 |
|  Shell PLC, ADR | 22447 | 1605634 |
|  |  | **4197080** |
|  **Pharmaceuticals — 2.2%** |  |  |
|  Eli Lilly & Co. | 3747 | 2858961 |
|  Merck & Co., Inc. | 21507 | 1805083 |
|  |  | **4664044** |
|  **Semiconductors & Semiconductor Equipment — 10.6%** |  |  |
|  Broadcom, Inc. | 13815 | 4557706 |
|  KLA Corp. | 1143 | 1232840 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Semiconductors & Semiconductor Equipment — (continued)** |  |  |
|  Micron Technology, Inc. | 8048 | $1346591 |
|  NVIDIA Corp. | 69841 | 13030934 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 6930 | 1935480 |
|  |  | **22103551** |
|  **Software — 7.3%** |  |  |
|  Autodesk, Inc.<sup>(1)</sup> | 3650 | 1159495 |
|  Figma, Inc., Class A<sup>(1)</sup> | 2334 | 121064 |
|  Microsoft Corp. | 20868 | 10808581 |
|  Palantir Technologies, Inc., Class A<sup>(1)</sup> | 3333 | 608006 |
|  SAP SE, ADR | 4056 | 1083804 |
|  ServiceNow, Inc.<sup>(1)</sup> | 1597 | 1469687 |
|  |  | **15250637** |
|  **Specialty Retail — 1.7%** |  |  |
|  Home Depot, Inc. | 4096 | 1659658 |
|  O'Reilly Automotive, Inc.<sup>(1)</sup> | 17695 | 1907698 |
|  |  | **3567356** |
|  **Technology Hardware, Storage & Peripherals — 2.6%** |  |  |
|  Apple, Inc. | 21592 | 5497971 |
|  |  | **5497971** |
|  **Trading Companies & Distributors — 0.4%** |  |  |
|  WESCO International, Inc. | 4342 | 918333 |
|  |  | **918333** |
|  **Wireless Telecommunication Services — 0.7%** |  |  |
|  T-Mobile U.S., Inc. | 6192 | 1482241 |
|  |  | **1482241** |
|  **Total Common Stocks**<br> (Cost $107,125,181) |  | **133099751** |
|  | **Principal<br>Amount** | **Value** |
|  **Agency Mortgage-Backed Securities — 10.1%** |  |  |
|  Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 5/1/2051 | $856646 | 696842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128421 | 923342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/1/2041 | 317316 | 284852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/1/2042 | 465401 | 415764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/1/2051 | 843405 | 722541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 10/1/2051 | 54692 | 46181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 11/1/2051 | 341510 | 290544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 10/1/2049 | 214060 | 190341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/1/2047 | 7800 | 7562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/1/2048 | 101635 | 97808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 5/1/2049 | 13567 | 13066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/1/2049 | 16271 | 15806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/1/2052 | 294709 | 278583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 1/1/2038 | 85791 | 85793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/1/2038 | 18593 | 18593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/1/2048 | 20263 | 19955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/1/2049 | 47471 | 46832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/1/2052 | 49559 | 48352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 10/1/2052 | 79535 | 77779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/1/2053 | 110493 | 110108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 6/1/2040 | 355972 | 365253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 9/1/2052 | 218031 | 221808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 2/1/2053 | 21361 | 21612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/1/2053 | 31733 | 32182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 5/1/2053 | 48488 | 49089 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Agency Mortgage-Backed Securities — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 6/1/2053 | $65126 | $65882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/1/2053 | 400239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 8/1/2053 | 112038 | 113142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 9/1/2053 | 31203 | 31680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 11/1/2053 | 171231 | 175461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 11/1/2053 | 319281 | 331060 |
|  Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075876 | 875750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/1/2041 | 54134 | 48518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/1/2051 | 502632 | 429988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 6/1/2043 | 196901 | 180869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 10/1/2051 | 633146 | 558301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 8/1/2043 | 194757 | 183335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 7/1/2051 | 434241 | 400926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 4/1/2052 | 261920 | 240232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 3/1/2046 | 7994 | 7725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 1/1/2049 | 10082 | 9761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/1/2049 | 6759 | 6532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/1/2051 | 8989 | 8726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/1/2052 | 20953 | 19803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/1/2052 | 112076 | 106092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20% due 10/1/2030 | 330000 | 330386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.22% due 9/1/2030 | 520419 | 520810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.34% due 8/1/2030 | 284000 | 285782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40% due 9/1/2030 | 330000 | 333473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.42% due 8/1/2030 | 327000 | 330202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.47% due 5/1/2030 | 289000 | 291700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 4/1/2038 | 322427 | 322436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 7/1/2048 | 66816 | 66041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/1/2048 | 29720 | 29378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 10/1/2050 | 14934 | 14736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/1/2052 | 14092 | 13729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 9/1/2052 | 105658 | 103552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/1/2052 | 67248 | 66230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83% due 10/1/2030 | 275000 | 282762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2052 | 576539 | 575347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 9/1/2052 | 32968 | 32961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 10/1/2052 | 20933 | 20895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/1/2040 | 301111 | 308967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/1/2053 | 130306 | 132005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 8/1/2053 | 32258 | 32651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 9/1/2053 | 973119 | 996826 |
|  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 | 75296 |
| &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 | 124107 |
| &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 | 102464 |
|  Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 12/20/2050 | 363749 | 300729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 1/20/2051 | 99296 | 82123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 2/20/2051 | 87571 | 72507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 10/20/2055<sup>(4)</sup> | 235000 | 194201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/20/2051 | 449905 | 387518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 8/20/2051 | 450958 | 388560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 10/20/2055<sup>(4)</sup> | 444000 | 382185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 1/20/2051 | 415662 | 372267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/20/2051 | 217595 | 194436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 1/20/2052 | 376746 | 346548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 2/20/2052 | 376171 | 344953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/20/2052 | 71585 | 67887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 5/20/2052 | 205466 | 194937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 8/20/2052 | 304556 | 289245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/20/2048 | 147121 | 145540 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Agency Mortgage-Backed Securities — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 10/20/2054<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | $302233 |
|  Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 10/1/2055<sup>(4)</sup> | 306000 | 257756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 10/1/2055<sup>(4)</sup> | 251000 | 220428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/1/2055<sup>(4)</sup> | 105000 | 98948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 10/1/2055<sup>(4)</sup> | 165000 | 160027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 10/1/2039<sup>(4)</sup> | 943000 | 952713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 10/1/2055<sup>(4)</sup> | 341000 | 338155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 10/1/2054<sup>(4)</sup> | 183000 | 184508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 11/1/2054<sup>(4)</sup> | 175000 | 176325 |
|  **Total Agency Mortgage-Backed Securities**<br> (Cost $21,382,976) |  | **21126389** |
|  **Asset-Backed Securities — 1.2%** |  |  |
|  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> | 97261 | 94011 |
|  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> | 105632 | 106955 |
|  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> | 130467 | 132425 |
| &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 | 304577 |
|  GM Financial Consumer Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.47% due 2/16/2028 | 56851 | 56953 |
|  GM Financial Revolving Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77% due 8/11/2036<sup>(5)</sup> | 174000 | 182450 |
|  Hyundai Auto Lease Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57% due 4/16/2029<sup>(5)</sup> | 425000 | 429344 |
|  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> | 147533 | 148758 |
|  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> | 142017 | 145478 |
|  Toyota Lease Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.96% due 11/20/2028<sup>(5)</sup> | 150000 | 150126 |
|  Volkswagen Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21% due 6/21/2027 | 190000 | 191683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.01% due 1/22/2029 | 195000 | 195268 |
|  Wheels Fleet Lease Funding 1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 4/18/2038<sup>(5)</sup> | 149107 | 150218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.46% due 8/18/2038<sup>(5)</sup> | 82425 | 83584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87% due 6/21/2039<sup>(5)</sup> | 86186 | 87070 |
|  **Total Asset-Backed Securities**<br> (Cost $2,439,913) |  | **2458900** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Corporate Bonds & Notes — 7.8%** | **Corporate Bonds & Notes — 7.8%** | **Corporate Bonds & Notes — 7.8%** |
|  **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
|  Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.705% due 5/1/2040 | $90000 | $91834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.805% due 5/1/2050 | 16000 | 15985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.858% due 5/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196000 | 223578 |
|  |  | **331397** |
|  **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
|  BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 3/22/2033 | 90000 | 89061 |
|  JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 4/20/2035<sup>(5)</sup> | 65000 | 68283 |
|  |  | **157344** |
|  **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 | 34672 | 33496 |
|  |  | **33496** |
|  **Commercial Banks — 1.7%** | **Commercial Banks — 1.7%** | **Commercial Banks — 1.7%** |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.948% (4.948% fixed rate until 7/22/2027; 1 day USD SOFR + 2.04% thereafter) due 7/22/2028<sup>(2)</sup> | 173000 | 175491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.015% (5.015% fixed rate until 7/22/2032; 1 day USD SOFR + 2.16% thereafter) due 7/22/2033<sup>(2)</sup> | 58000 | 59263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.162% (5.162% fixed rate until 1/24/2030; 1 day USD SOFR + 1.00% thereafter) due 1/24/2031<sup>(2)</sup> | 305000 | 314786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.511% (5.511% fixed rate until 1/24/2035; 1 day USD SOFR + 1.31% thereafter) due 1/24/2036<sup>(2)</sup> | 129000 | 134845 |
|  BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.876% (5.876% fixed rate until 1/14/2030; 1 day USD SOFR + 1.68% thereafter) due 1/14/2031<sup>(2)(5)</sup> | 500000 | 522189 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.503% (4.503% fixed rate until 9/11/2030; 1 day USD SOFR + 1.17% thereafter) due 9/11/2031<sup>(2)</sup> | 80000 | 80043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.952% (4.952% fixed rate until 5/7/2030; 1 day USD SOFR + 1.46% thereafter) due 5/7/2031<sup>(2)</sup> | 148000 | 150812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.174% (5.174% fixed rate until 9/11/2035; 1 day USD SOFR + 1.49% thereafter) due 9/11/2036<sup>(2)</sup> | 50000 | 50507 |
|  Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.071% due 9/14/2028<sup>(5)</sup> | 250000 | 258002 |
|  HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.741% (5.741% fixed rate until 9/10/2035; 1 day USD SOFR + 1.96% thereafter) due 9/10/2036<sup>(2)</sup> | 200000 | 204062 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **September 30, 2025 (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; 4.912% (4.912% fixed rate until 7/25/2032; 1 day USD SOFR + 2.08% thereafter) due 7/25/2033<sup>(2)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | $| 168252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04% (5.04% fixed rate until 1/23/2027; 1 day USD SOFR + 1.19% thereafter) due 1/23/2028<sup>(2)</sup> |  | 174000 |  | 175973 |
| &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>(2)</sup> |  | 84000 |  | 86782 |
| &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) due 1/24/2031<sup>(2)</sup> |  | 125000 |  | 129091 |
| &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>(2)</sup> |  | 110000 |  | 115943 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35% due 9/8/2026 |  | 268000 |  | 268564 |
| &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>(2)</sup> |  | 161000 |  | 162760 |
|  Wells Fargo & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.244% (5.244% fixed rate until 1/24/2030; 1 day USD SOFR + 1.11% thereafter) due 1/24/2031<sup>(2)</sup> |  | 185000 |  | 191402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.707% (5.707% fixed rate until 4/22/2027; 1 day USD SOFR + 1.07% thereafter) due 4/22/2028<sup>(2)</sup> |  | 169000 |  | 172927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.303% (6.303% fixed rate until 10/23/2028; 1 day USD SOFR + 1.79% thereafter) due 10/23/2029<sup>(2)</sup> |  | 220000 |  | 233016 |
|  |  |  |  | **3654710** |
|  **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** |
|  American Express Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.918% (4.918% fixed rate until 7/20/2032; 1 day USD SOFR + 1.22% thereafter) due 7/20/2033<sup>(2)</sup> |  | 165000 |  | 167872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.667% (5.667% fixed rate until 4/25/2035; 1 day USD SOFR + 1.79% thereafter) due 4/25/2036<sup>(2)</sup> |  | 110000 |  | 116215 |
|  Broad Street LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20% due 10/1/2030 |  | 200000 |  | 199938 |
|  Synchrony Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.019% (5.019% fixed rate until 7/29/2028; 1 day USD SOFR + 1.40% thereafter) due 7/29/2029<sup>(2)</sup> |  | 440000 |  | 443794 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **September 30, 2025 (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; 6.00% (6.00% fixed rate until 7/29/2035; 1 day USD SOFR + 2.07% thereafter) due 7/29/2036<sup>(2)</sup> | $| 25000 | $| 25571 |
|  |  |  |  | **953390** |
|  **Electric — 0.7%** | **Electric — 0.7%** | **Electric — 0.7%** | **Electric — 0.7%** | **Electric — 0.7%** |
|  Alabama Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 4/2/2035 |  | 20000 |  | 20438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20-A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45% due 9/15/2030 |  | 18000 |  | 15774 |
|  Arizona Public Service Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 5/15/2046 |  | 50000 |  | 38627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90% due 8/15/2055 |  | 65000 |  | 66560 |
|  Duke Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 9/15/2035 |  | 45000 |  | 44705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 9/15/2055 |  | 55000 |  | 54800 |
|  FirstEnergy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% due 7/15/2047 |  | 70000 |  | 61961 |
|  FirstEnergy Pennsylvania Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60% due 6/1/2029<sup>(5)</sup> |  | 34000 |  | 33141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 3/30/2026<sup>(5)</sup> |  | 5000 |  | 5014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 4/1/2028<sup>(5)</sup> |  | 10000 |  | 10226 |
|  Georgia Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 5/17/2033 |  | 166000 |  | 169336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 9/1/2040 |  | 38000 |  | 36179 |
|  Ohio Edison Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 12/15/2029<sup>(5)</sup> |  | 20000 |  | 20437 |
|  Pacific Gas and Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 2/15/2044 |  | 60000 |  | 51331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 7/1/2050 |  | 196867 |  | 168968 |
|  Public Service Co. of Oklahoma |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 1/15/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 |  | 178757 |
|  Southern California Edison Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/1/2047 |  | 128000 |  | 96835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% due 10/1/2043 |  | 122000 |  | 103909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20% due 9/15/2055 |  | 6000 |  | 6049 |
|  Texas Electric Market Stabilization Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.265% due 8/1/2034<sup>(5)</sup> |  | 171008 |  | 170599 |
|  Trans-Allegheny Interstate Line Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/15/2031<sup>(5)</sup> |  | 20000 |  | 20506 |
|  Virginia Electric and Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 9/15/2035 |  | 40000 |  | 39791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% due 9/15/2055 |  | 35000 |  | 34862 |
|  |  |  |  | **1448805** |
|  **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/15/2032 |  | 80000 |  | 71574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 4/1/2033 |  | 60000 |  | 62660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 3/15/2034 |  | 25000 |  | 27638 |
|  JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 3/1/2056<sup>(5)</sup> |  | 175000 |  | 179443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 4/15/2066<sup>(5)</sup> |  | 205000 |  | 210748 |
|  Mars, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 5/1/2045<sup>(5)</sup> |  | 50000 |  | 50721 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value** | **Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |  |  |
|  **Food — (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 5/1/2055<sup>(5)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152000 | $| 153968 |
|  |  |  |  | **756752** |
|  **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
|  Southern Co. Gas Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 9/15/2035 |  | 55000 |  | 55144 |
|  |  |  |  | **55144** |
|  **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 |  | 113066 |
|  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 |  | 22869 |
|  |  |  |  | **135935** |
|  **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** |
|  Athene Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 3/24/2028<sup>(5)</sup> |  | 382000 |  | 365821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.583% due 1/9/2029<sup>(5)</sup> |  | 175000 |  | 180861 |
|  Athene Holding Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 5/19/2055 |  | 50000 |  | 53507 |
|  Brighthouse Financial Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 6/10/2029<sup>(5)</sup> |  | 266000 |  | 272994 |
|  Equitable America Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95% due 9/15/2027<sup>(5)</sup> |  | 50000 |  | 49912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70% due 9/15/2032<sup>(5)</sup> |  | 30000 |  | 29842 |
|  F&G Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% due 9/8/2028<sup>(5)</sup> |  | 35000 |  | 35124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 6/10/2027<sup>(5)</sup> |  | 37000 |  | 37953 |
|  Fortitude Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 10/6/2028<sup>(5)</sup> |  | 125000 |  | 125079 |
|  GA Global Funding Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 12/9/2031<sup>(5)</sup> |  | 230000 |  | 234006 |
|  Liberty Mutual Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.569% due 2/1/2029<sup>(5)</sup> |  | 109000 |  | 109706 |
|  NLG Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35% due 9/15/2030<sup>(5)</sup> |  | 120000 |  | 118742 |
|  Pricoa Global Funding I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% due 5/28/2035<sup>(5)</sup> |  | 150000 |  | 155500 |
|  Protective Life Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.432% due 1/14/2032<sup>(5)</sup> |  | 185000 |  | 192500 |
|  RGA Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35% due 8/25/2028<sup>(5)</sup> |  | 205000 |  | 205210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/25/2032<sup>(5)</sup> |  | 45000 |  | 45248 |
|  Sammons Financial Group Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 6/12/2030<sup>(5)</sup> |  | 260000 |  | 263788 |
|  |  |  |  | **2475793** |
|  **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 3/1/2042 |  | 125000 |  | 90031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90% due 6/1/2052 |  | 347000 |  | 235020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 5/1/2047 |  | 50000 |  | 43217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% due 12/1/2035 |  | 20000 |  | 20191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.484% due 10/23/2045 |  | 30000 |  | 29637 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **September 30, 2025 (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)** |
|  **Media — (continued)** | **Media — (continued)** | **Media — (continued)** | **Media — (continued)** | **Media — (continued)** |
|  Time Warner Cable LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 11/15/2040 | $| 26000 | $| 24853 |
|  |  |  |  | **442949** |
|  **Mining — 0.5%** | **Mining — 0.5%** | **Mining — 0.5%** | **Mining — 0.5%** | **Mining — 0.5%** |
|  Anglo American Capital PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 9/10/2030<sup>(5)</sup> |  | 331000 |  | 303792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 3/15/2028<sup>(5)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |  | 201122 |
|  Glencore Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.371% due 4/4/2029<sup>(5)</sup> |  | 110000 |  | 113344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.893% due 4/4/2054<sup>(5)</sup> |  | 92000 |  | 92895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.141% due 4/1/2055<sup>(5)</sup> |  | 35000 |  | 36589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 10/6/2030<sup>(5)</sup> |  | 309000 |  | 333525 |
|  |  |  |  | **1081267** |
|  **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
|  Saudi Arabian Oil Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 6/2/2035<sup>(5)</sup> |  | 240000 |  | 248218 |
|  |  |  |  | **248218** |
|  **Pipelines — 0.7%** | **Pipelines — 0.7%** | **Pipelines — 0.7%** | **Pipelines — 0.7%** | **Pipelines — 0.7%** |
|  Columbia Pipelines Holding Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.097% due 10/1/2031<sup>(5)</sup> |  | 75000 |  | 76157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.681% due 1/15/2034<sup>(5)</sup> |  | 40000 |  | 41208 |
|  Columbia Pipelines Operating Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.927% due 8/15/2030<sup>(5)</sup> |  | 45000 |  | 47608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.497% due 8/15/2043<sup>(5)</sup> |  | 89000 |  | 94923 |
|  Energy Transfer LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 6/15/2028 |  | 12000 |  | 12207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20% due 4/1/2055 |  | 53000 |  | 53318 |
|  Enterprise Products Operating LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 1/15/2036 |  | 125000 |  | 127049 |
|  Gray Oak Pipeline LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60% due 10/15/2025<sup>(5)</sup> |  | 85000 |  | 84918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45% due 10/15/2027<sup>(5)</sup> |  | 15000 |  | 14786 |
|  Greensaif Pipelines Bidco SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.853% due 2/23/2036<sup>(5)</sup> |  | 200000 |  | 209710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.103% due 8/23/2042<sup>(5)</sup> |  | 205000 |  | 215590 |
|  ONEOK, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 1/15/2028<sup>(5)</sup> |  | 172000 |  | 175735 |
|  Whistler Pipeline LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 9/30/2029<sup>(5)</sup> |  | 193000 |  | 198489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 9/30/2031<sup>(5)</sup> |  | 130000 |  | 135146 |
|  |  |  |  | **1486844** |
|  **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** |
|  American Tower Trust I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49% due 3/15/2028<sup>(5)</sup> |  | 315000 |  | 320699 |
|  Crown Castle, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/11/2028 |  | 173000 |  | 175431 |
|  Extra Space Storage LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 1/15/2033 |  | 35000 |  | 35206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 6/15/2035 |  | 308000 |  | 314644 |
|  GLP Capital LP/GLP Financing II, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 1/15/2032 |  | 275000 |  | 247410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 6/1/2028 |  | 270000 |  | 277487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 12/1/2033 |  | 150000 |  | 162534 |
|  Healthpeak OP LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 1/15/2033 |  | 195000 |  | 193738 |
|  Kilroy Realty LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 10/15/2035 |  | 80000 |  | 81065 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **September 30, 2025 (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)** |
|  Kite Realty Group LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 8/15/2032 | $| 25000 | $| 25476 |
|  WEA Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 1/15/2027<sup>(5)</sup> |  | 20000 |  | 19594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 6/15/2029<sup>(5)</sup> |  | 45000 |  | 43421 |
|  |  |  |  | **1896705** |
|  **Semiconductors — 0.3%** | **Semiconductors — 0.3%** | **Semiconductors — 0.3%** | **Semiconductors — 0.3%** | **Semiconductors — 0.3%** |
|  Foundry JV Holdco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90% due 1/25/2033<sup>(5)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |  | 210897 |
|  Intel Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60% due 3/25/2040 |  | 345000 |  | 313576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% due 2/21/2054 |  | 31000 |  | 29766 |
|  |  |  |  | **554239** |
|  **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
|  Constellation Software, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.461% due 2/16/2034<sup>(5)</sup> |  | 142000 |  | 145062 |
|  Synopsys, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 4/1/2032 |  | 160000 |  | 163504 |
|  |  |  |  | **308566** |
|  **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
|  AT&T, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% due 11/1/2032 |  | 160000 |  | 159290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 11/1/2045 |  | 165000 |  | 163360 |
|  |  |  |  | **322650** |
|  **Total Corporate Bonds & Notes**<br> (Cost $16,006,886) | **Total Corporate Bonds & Notes**<br> (Cost $16,006,886) | **Total Corporate Bonds & Notes**<br> (Cost $16,006,886) |  | **16344204** |
|  **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 |  | 46927 |  | 52431 |
|  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 |  | 83213 |
|  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 |  | 9228 |
|  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 |  | 157812 |
|  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 |  | 82696 |
|  State of Illinois |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 6/1/2033 |  | 414461 |  | 421624 |
|  Texas Natural Gas Securitization Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.102% due 4/1/2035 |  | 105921 |  | 109130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.169% due 4/1/2041 |  | 35000 |  | 35654 |
|  **Total Municipals**<br> (Cost $998,442) | **Total Municipals**<br> (Cost $998,442) | **Total Municipals**<br> (Cost $998,442) |  | **951788** |
|  **Non-Agency Mortgage-Backed Securities — 0.8%** | **Non-Agency Mortgage-Backed Securities — 0.8%** | **Non-Agency Mortgage-Backed Securities — 0.8%** | **Non-Agency Mortgage-Backed Securities — 0.8%** | **Non-Agency Mortgage-Backed Securities — 0.8%** |
|  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 |  | 222553 |  | 205833 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **September 30, 2025 (unaudited)** | | **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)** |
| &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 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330985 | $| 263754 |
|  Freddie Mac REMIC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3967, Class ZP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 9/15/2041 |  | 214129 |  | 207991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5170, Class DP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 7/25/2050 |  | 190579 |  | 167381 |
|  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 |  | 239385 |  | 214622 |
|  PRET Trust |  |  |  |  |
| &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> |  | 241950 |  | 234306 |
|  RFR Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.562% due 3/11/2041<sup>(2)(3)(5)</sup> |  | 437317 |  | 447150 |
|  **Total Non-Agency Mortgage-Backed Securities**<br> (Cost $1,768,019) | **Total Non-Agency Mortgage-Backed Securities**<br> (Cost $1,768,019) | **Total Non-Agency Mortgage-Backed Securities**<br> (Cost $1,768,019) |  | **1741037** |
|  **Foreign Government — 0.3%** | **Foreign Government — 0.3%** | **Foreign Government — 0.3%** | **Foreign Government — 0.3%** | **Foreign Government — 0.3%** |
|  Israel Government International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 3/12/2029 | USD | 220000 |  | 226023 |
|  Mexico Government International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 9/27/2034 | USD | 196000 |  | 213444 |
|  Saudi Government International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 1/13/2031<sup>(5)</sup> | USD | 270000 |  | 283545 |
|  **Total Foreign Government**<br> (Cost $701,478) | **Total Foreign Government**<br> (Cost $701,478) | **Total Foreign Government**<br> (Cost $701,478) |  | **723012** |
|  **U.S. Government Securities — 14.6%** | **U.S. Government Securities — 14.6%** | **U.S. Government Securities — 14.6%** | **U.S. Government Securities — 14.6%** | **U.S. Government Securities — 14.6%** |
|  U.S. Treasury Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% due 2/15/2052 |  | $566900 |  | 351633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 5/15/2051 |  | 358700 |  | 230773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/15/2045 |  | 207700 |  | 148773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 11/15/2044 |  | 70500 |  | 55158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 5/15/2042 |  | 25000 |  | 21002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 8/15/2042 |  | 29600 |  | 25220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 2/15/2053 |  | 385000 |  | 318302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 5/15/2053 |  | 232300 |  | 191865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 2/15/2043 |  | 544700 |  | 494379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 5/15/2043 |  | 536200 |  | 485701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/15/2042 |  | 796900 |  | 736759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/15/2052 |  | 389300 |  | 344515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 8/15/2044 |  | 334800 |  | 310762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 8/15/2053 |  | 268100 |  | 242327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 2/15/2054 |  | 38700 |  | 35722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 8/15/2043 |  | 478600 |  | 461886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 2/15/2044 |  | 392900 |  | 384290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/15/2054 |  | 211400 |  | 203547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 5/15/2044 |  | 478200 |  | 474707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2044 |  | 382000 |  | 378449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 5/15/2054 |  | 312700 |  | 307228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2055 |  | 223100 |  | 219300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 11/15/2043 |  | 435700 |  | 440329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 2/15/2045 |  | 372800 |  | 375130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 11/15/2053 |  | 377800 |  | 378449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 5/15/2055 |  | 718100 |  | 720344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 8/15/2055 |  | 49200 |  | 49369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 8/15/2045 |  | 121400 |  | 124113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 5/15/2045 |  | 453300 |  | 470724 |
|  U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% due 4/30/2027 |  | 373200 |  | 368054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 9/15/2028 |  | 497000 |  | 493622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 9/30/2029 |  | 479300 |  | 475911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/2027 |  | 974600 |  | 974562 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value** | **Value** |
|  **U.S. Government Securities — (continued)** | **U.S. Government Securities — (continued)** | **U.S. Government Securities — (continued)** | **U.S. Government Securities — (continued)** | **U.S. Government Securities — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/2029 | $| 524600 | $| 523330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063700 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 4/30/2027 |  | 698800 |  | 699783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 6/30/2027 |  | 226000 |  | 226406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 8/15/2027 |  | 282900 |  | 283486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 12/31/2028 |  | 799400 |  | 801929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 8/31/2031 |  | 29400 |  | 29267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 3/31/2027 |  | 110400 |  | 110728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 5/31/2027 |  | 179300 |  | 179923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 7/31/2027 |  | 615500 |  | 618025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 10/15/2027 |  | 141500 |  | 142196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 12/31/2027 |  | 219600 |  | 220810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 12/31/2029 |  | 147100 |  | 148042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 4/30/2030 |  | 489200 |  | 492296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 6/30/2030 |  | 498600 |  | 501658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 7/31/2030 |  | 351300 |  | 353413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 8/31/2032 |  | 267100 |  | 266307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 1/15/2027 |  | 197000 |  | 197739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 12/15/2027 |  | 491300 |  | 495330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/31/2029 |  | 310500 |  | 313932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/31/2029 |  | 441900 |  | 446871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 2/28/2030 |  | 306500 |  | 310056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 3/31/2030 |  | 407700 |  | 412366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 5/31/2030 |  | 1043600 |  | 1055830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/31/2032 |  | 228200 |  | 229270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 1/31/2027 |  | 401600 |  | 403765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 2/28/2027 |  | 993300 |  | 999237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 9/30/2027 |  | 373400 |  | 377003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 3/31/2029 |  | 324900 |  | 329850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/2029 |  | 24400 |  | 24788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/30/2029 |  | 429200 |  | 436107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/2031 |  | 41800 |  | 42411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 3/31/2032 |  | 191100 |  | 193638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 5/31/2032 |  | 87300 |  | 88405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 1/15/2028 |  | 279800 |  | 283614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 2/28/2029 |  | 546400 |  | 556794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 6/30/2029 |  | 464000 |  | 473226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 1/31/2030 |  | 13600 |  | 13888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 11/15/2034 |  | 44800 |  | 45306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 5/15/2035 |  | 822500 |  | 830082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 8/15/2035 |  | 659800 |  | 665161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 12/15/2026 |  | 250000 |  | 251953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 7/15/2027 |  | 280500 |  | 284017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 12/31/2029 |  | 340200 |  | 348997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/31/2029 |  | 468600 |  | 481743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 12/31/2031 |  | 235300 |  | 243462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2026 |  | 668000 |  | 674497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 4/30/2029 |  | 554400 |  | 572093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 4/30/2031 |  | 62600 |  | 65163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2035 |  | 579700 |  | 602435 |
|  **Total U.S. Government Securities**<br> (Cost $30,905,761) | **Total U.S. Government Securities**<br> (Cost $30,905,761) | **Total U.S. Government Securities**<br> (Cost $30,905,761) |  | **30697748** |
|  | **Shares** | **Shares** | **Value** | **Value** |
|  **Exchange-Traded Funds — 1.3%** | **Exchange-Traded Funds — 1.3%** | **Exchange-Traded Funds — 1.3%** | **Exchange-Traded Funds — 1.3%** | **Exchange-Traded Funds — 1.3%** |
|  SPDR S&P 500 ETF Trust |  | 4049 |  | 2697363 |
|  **Total Exchange-Traded Funds**<br> (Cost $2,648,824) | **Total Exchange-Traded Funds**<br> (Cost $2,648,824) | **Total Exchange-Traded Funds**<br> (Cost $2,648,824) |  | **2697363** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **U.S. Treasury Bills — 1.2%** | **U.S. Treasury Bills — 1.2%** | **U.S. Treasury Bills — 1.2%** |
|  U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.075% due 11/12/2025<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | $2488330 |
|  **Total U.S. Treasury Bills**<br> (Cost $2,488,350) |  | **2488330** |
|  **Repurchase Agreements — 0.7%** |  |  |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $1,461,927, due 10/1/2025<sup>(7)</sup> | 1461875 | 1461875 |
|  **Total Repurchase Agreements**<br> (Cost $1,461,875) |  | **1461875** |
|  **Total Investments Before TBA Sale Commitments — 102.0%**<br> (Cost $187,927,705) |  | **213790397** |
|  **TBA Sale Commitments** |  |  |
|  **Agency Mortgage-Backed Securities — (2.0)%** |  |  |
|  Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 10/20/2055<sup>(4)</sup> | (128000) | (114250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/20/2055<sup>(4)</sup> | (403000) | (378860) |
|  Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 10/1/2039<sup>(4)</sup> | (359000) | (358526) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 10/1/2054<sup>(4)</sup> | (534000) | (545528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 10/1/2055<sup>(4)</sup> | (878000) | (707461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 10/1/2055<sup>(4)</sup> | (486000) | (443971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/1/2055<sup>(4)</sup> | (213000) | (200723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/1/2055<sup>(4)</sup> | (105000) | (98932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 10/1/2055<sup>(4)</sup> | (331000) | (321023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/1/2055<sup>(4)</sup> | (165000) | (159968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 10/1/2055<sup>(4)</sup> | (341000) | (338155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 11/1/2055<sup>(4)</sup> | (623000) | (617462) |
|  **Total TBA Sale Commitments**<br> (Proceeds $4,296,003) | **Total TBA Sale Commitments**<br> (Proceeds $4,296,003) | **(4284859)** |
|  **Assets in excess of other liabilities — 0.0%** | **Assets in excess of other liabilities — 0.0%** | **14533** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**209520071** |

---

(1) Non–income–producing security.

(2) Variable rate securities, which may include step-up bonds or adjustable
rate mortgages. The rate shown is the rate in effect at September 30, 2025.

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

(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 September 30, 2025, the aggregate market value of these securities amounted to $10,468,988, representing 5.0% of net assets. These securities have been deemed liquid by the investment
adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees.

(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 Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491287 |

---

**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 September 30, 2025 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 | $133099751 | $— | $— | $133099751 |
|  Agency Mortgage-Backed Securities |  | 21126389 |  | 21126389 |
|  Asset-Backed Securities |  | 2458900 |  | 2458900 |
|  Corporate Bonds & Notes |  | 16344204 |  | 16344204 |
|  Municipals |  | 951788 |  | 951788 |
|  Non-Agency Mortgage-Backed Securities |  | 1741037 |  | 1741037 |
|  Foreign Government |  | 723012 |  | 723012 |
|  U.S. Government Securities |  | 30697748 |  | 30697748 |
|  Exchange-Traded Funds | 2697363 |  |  | 2697363 |
|  U.S. Treasury Bills |  | 2488330 |  | 2488330 |
|  Repurchase Agreements |  | 1461875 |  | 1461875 |
|  **Total** | $**135797114** | $**77993283** | $**—** | $**213790397** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  TBA Sale Commitments | TBA Sale Commitments | TBA Sale Commitments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities | $— | $(4284859) | $— | $(4284859) |
|  **Total** | $**—** | $**(4284859)** | $**—** | $**(4284859)** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **<br>September 30, 2025 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **Agency Mortgage-Backed Securities — 16.9%** | **Agency Mortgage-Backed Securities — 16.9%** | **Agency Mortgage-Backed Securities — 16.9%** |
|  Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 11/1/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3453255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 1/1/2052 | 501737 | 410903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 2/1/2052 | 1322570 | 1083119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 3/1/2052 | 906143 | 737432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/1/2050 | 354653 | 302811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/1/2037 | 306574 | 301592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 6/1/2052 | 1573370 | 1487022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 9/1/2052 | 408021 | 397502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 11/1/2053 | 475288 | 478684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 4/1/2054 | 56215 | 56313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 9/1/2053 | 3510468 | 3569994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 10/1/2053 | 3222686 | 3300418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 8/1/2055 | 796667 | 827938 |
|  Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/1/2037 | 1228114 | 1157985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 12/1/2049 | 787427 | 668840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/1/2051 | 1317255 | 1132954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/1/2052 | 1535914 | 1310564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 6/1/2051 | 244663 | 219305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 3/1/2052 | 120180 | 107324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 4/1/2052 | 102901 | 91709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 10/1/2052 | 2880707 | 2636288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 9/1/2052 | 1081923 | 1054400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 12/1/2039 | 1363215 | 1377426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 2/1/2053 | 262268 | 261339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 3/1/2054 | 52261 | 52386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/1/2054 | 952909 | 963179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 9/1/2053 | 232978 | 238830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/1/2055 | 192979 | 200078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 7/1/2055 | 296932 | 304281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 8/1/2055 | 347387 | 360165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 8/1/2055 | 641271 | 675533 |
|  Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 10/20/2050 | 4610856 | 3813455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/20/2050 | 1672363 | 1443098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 12/20/2051 | 247881 | 213505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 6/20/2052 | 147150 | 126868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/20/2052 | 1750398 | 1563204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 7/20/2052 | 531486 | 485456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 8/20/2052 | 339268 | 310526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 10/20/2052 | 95096 | 86998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 10/20/2055<sup>(1)</sup> | 450000 | 410227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/20/2055<sup>(1)</sup> | 400000 | 376040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 10/20/2055<sup>(1)</sup> | 1000000 | 969602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 10/20/2054<sup>(1)</sup> | 650000 | 646502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 11/20/2054<sup>(1)</sup> | 850000 | 844364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 2/20/2055 | 821488 | 828107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 3/20/2055 | 569964 | 574645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 6/20/2055 | 348176 | 351036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 10/20/2054<sup>(1)</sup> | 975000 | 991588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 11/20/2054<sup>(1)</sup> | 425000 | 432198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 5/20/2055 | 1268996 | 1291887 |
|  Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 10/1/2055<sup>(1)</sup> | 4275000 | 3444643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 11/1/2055<sup>(1)</sup> | 4925000 | 3969351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 10/1/2055<sup>(1)</sup> | 2600000 | 2190083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 10/1/2055<sup>(1)</sup> | 2600000 | 2283323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 10/1/2055<sup>(1)</sup> | 475000 | 471037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 10/1/2054<sup>(1)</sup> | 100000 | 100824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 10/1/2054<sup>(1)</sup> | 375000 | 387519 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **<br>Value** | **<br>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; 6.50% due 11/1/2054<sup>(1)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336065 |
|  **Total Agency Mortgage-Backed Securities** <br>(Cost $57,135,140) |  |  |  | **57901396** |
|  **Asset-Backed Securities — 9.3%** | **Asset-Backed Securities — 9.3%** | **Asset-Backed Securities — 9.3%** | **Asset-Backed Securities — 9.3%** | **Asset-Backed Securities — 9.3%** |
|  AASET LLC |  |  |  |  |
| &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> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142519 |  | 1164155 |
|  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; 5.658% (3 mo. USD Term SOFR + 1.34%) due 7/20/2038<sup>(2)(3)</sup> |  | 250000 |  | 250328 |
|  ALTDE Trust |  |  |  |  |
| &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> |  | 721473 |  | 738378 |
|  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; 5.622% (3 mo. USD Term SOFR + 1.31%) due 7/15/2038<sup>(2)(3)</sup> |  | 250000 |  | 250600 |
|  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; 5.558% (3 mo. USD Term SOFR + 1.24%) due 4/15/2038<sup>(2)(3)</sup> |  | 263000 |  | 263473 |
|  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; 5.726% (3 mo. USD Term SOFR + 1.40%) due 5/27/2038<sup>(2)(3)</sup> |  | 563000 |  | 563422 |
|  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; 5.527% (3 mo. USD Term SOFR + 1.29%) due 7/17/2038<sup>(2)(3)</sup> |  | 343000 |  | 344276 |
|  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; 5.554% (3 mo. USD Term SOFR + 1.32%) due 7/18/2038<sup>(2)(3)</sup> |  | 261000 |  | 262177 |
|  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; 5.541% (3 mo. USD Term SOFR + 1.25%) due 7/24/2035<sup>(2)(3)</sup> |  | 250000 |  | 249942 |
|  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; 5.246% (3 mo. USD Term SOFR + 1.27%) due 10/20/2038<sup>(2)(3)</sup> |  | 250000 |  | 250674 |
|  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; 5.519% (3 mo. USD Term SOFR + 1.20%) due 1/25/2038<sup>(2)(3)</sup> |  | 100000 |  | 100123 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | 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; 5.359% (3 mo. USD Term SOFR + 1.27%) due 10/15/2038<sup>(2)(3)</sup> |  | 2250000 |  | 2255465 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **<br>September 30, 2025 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.226% (3 mo. USD Term SOFR + 1.25%) due 10/23/2038<sup>(2)(3)</sup> | $152000 | $152000 |
|  DB Master Finance LLC | DB Master Finance LLC | 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; 2.045% due 11/20/2051<sup>(2)</sup> | 105875 | 103054 |
| &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> | 933625 | 879904 |
|  Domino's Pizza Master Issuer LLC | Domino's Pizza Master Issuer LLC | 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; 4.118% due 7/25/2047<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078483 |
| &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 | 505581 |
|  Flatiron CLO 28 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.333% (3 mo. USD Term SOFR + 1.08%) due 7/15/2036<sup>(2)(3)</sup> | 1000000 | 1001204 |
|  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; 5.606% (3 mo. USD Term SOFR + 1.29%) due 10/22/2038<sup>(2)(3)</sup> | 250000 | 250993 |
|  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; 5.443% (3 mo. USD Term SOFR + 1.16%) due 4/15/2038<sup>(2)(3)</sup> | 262000 | 262199 |
|  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; 5.499% (3 mo. USD Term SOFR + 1.18%) due 1/25/2038<sup>(2)(3)</sup> | 2000000 | 1999500 |
|  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; 3.721% due 7/15/2039<sup>(2)</sup> | 988466 | 968687 |
|  Jersey Mike's Funding LLC | Jersey Mike's Funding LLC | Jersey Mike's Funding LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A2 <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.433% due 2/15/2050<sup>(2)</sup> | 394000 | 393470 |
| &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> | 348250 | 354895 |
| &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> | 145000 | 148058 |
|  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; 5.437% (3 mo. USD Term SOFR + 1.15%) due 4/15/2038<sup>(2)(3)</sup> | 250000 | 249801 |
|  Madison Park Funding XLVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-48A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.737% (3 mo. USD Term SOFR + 1.41%) due 4/19/2033<sup>(2)(3)</sup> | 1800281 | 1802571 |
|  Magnetite XLV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-45A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.435% (3 mo. USD Term SOFR + 1.15%) due 4/15/2038<sup>(2)(3)</sup> | 184000 | 184137 |
|  Magnetite XXVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-26A, Class AR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.469% (3 mo. USD Term SOFR + 1.15%) due 1/25/2038<sup>(2)(3)</sup> | 1500000 | 1495029 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **<br>September 30, 2025 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** |
|  Magnetite XXXVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-36A, Class AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.639% (3 mo. USD Term SOFR + 1.32%) due 7/25/2038<sup>(2)(3)</sup> | $250000 | $249927 |
|  Morgan Stanley Eaton Vance CLO Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-21A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.285% (3 mo. USD Term SOFR + 1.17%) due 4/15/2038<sup>(2)(3)</sup> | 316000 | 316231 |
|  Navigator Aviation Ltd. |  |  |
| &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> | 349000 | 350114 |
|  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; 5.576% (3 mo. USD Term SOFR + 1.25)% due 1/20/2038<sup>(2)(3)</sup> | 250000 | 250183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-8RA, Class AR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.196% (3 mo. USD Term SOFR + 1.22%) due 10/17/2038<sup>(2)(3)</sup> | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-44A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.562% (3 mo. USD Term SOFR + 1.30%) due 10/24/2038<sup>(2)(3)</sup> | 250000 | 250780 |
|  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; 5.556% (3 mo. USD Term SOFR + 1.23%) due 4/20/2038<sup>(2)(3)</sup> | 250000 | 250315 |
|  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; 5.344% (3 mo. USD Term SOFR + 1.14%) due 2/20/2038<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000418 |
|  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; 5.228% (3 mo. USD Term SOFR + 0.94%) due 7/15/2033<sup>(2)(3)</sup> | 250000 | 250674 |
|  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; 3.858% due 12/5/2049<sup>(2)</sup> | 1729488 | 1658323 |
| &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> | 965000 | 899473 |
|  RR 36 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-36RA, Class A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.608% (3 mo. USD Term SOFR + 1.29%) due 1/15/2040<sup>(2)(3)</sup> | 1900000 | 1900426 |
|  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; 5.564% (3 mo. USD Term SOFR + 1.28%) due 7/17/2038<sup>(2)(3)</sup> | 250000 | 250595 |
|  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; 5.46% (3 mo. USD Term SOFR + 1.25)% due 10/17/2038<sup>(2)(3)</sup> | 250000 | 250405 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **<br>Value** | **<br>Value** |
|  **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** | **Asset-Backed Securities — (continued)** |
|  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; 5.583% (3 mo. USD Term SOFR + 1.32%) due 7/17/2038<sup>(2)(3)</sup> | $| 250000 | $| 250193 |
|  Slam Ltd. |  |  |  |  |
| &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> |  | 244982 |  | 251252 |
|  Subway Funding LLC | Subway Funding LLC | Subway Funding LLC | Subway Funding LLC | Subway Funding LLC |
| &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> |  | 49625 |  | 50310 |
| &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> |  | 138950 |  | 138945 |
|  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>(2)</sup> |  | 330000 |  | 330689 |
|  Toyota Auto Loan Extended Note Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.07% due 2/27/2034<sup>(2)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147609 |
|  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>(2)</sup> |  | 676909 |  | 683579 |
|  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; 5.582% due 6/15/2050<sup>(2)</sup> |  | 247849 |  | 250991 |
|  **Total Asset-Backed Securities** <br> (Cost $31,607,804) |  |  |  | **31754011** |
|  **Corporate Bonds & Notes — 24.5%** | **Corporate Bonds & Notes — 24.5%** | **Corporate Bonds & Notes — 24.5%** | **Corporate Bonds & Notes — 24.5%** | **Corporate Bonds & Notes — 24.5%** |
|  **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
|  Boeing Co. <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 5/1/2030 |  | 1000000 |  | 1026156 |
|  |  |  |  | **1026156** |
|  **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
|  BAT Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.421% due 8/2/2033 |  | 1000000 |  | 1097830 |
|  |  |  |  | **1097830** |
|  **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
|  Gildan Activewear, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70% due 10/7/2030<sup>(2)</sup> |  | 28000 |  | 27958 |
|  |  |  |  | **27958** |
|  **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** |
|  General Motors Financial Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 7/15/2029 |  | 1200000 |  | 1239137 |
|  |  |  |  | **1239137** |
|  **Commercial Banks — 9.2%** | **Commercial Banks — 9.2%** | **Commercial Banks — 9.2%** | **Commercial Banks — 9.2%** | **Commercial Banks — 9.2%** |
|  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) <br>due 7/23/2031<sup>(3)</sup> |  | 2300000 |  | 2054385 |
| &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) <br>due 7/23/2029<sup>(3)</sup> |  | 1500000 |  | 1505191 |
| &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) <br>due 5/9/2029<sup>(3)</sup> |  | 693000 |  | 701586 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **<br>September 30, 2025 (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)** |
|  Barclays PLC |  |  |
| &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> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546729 |
|  BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.786% (6.183% fixed rate until 1/30/2032; 1 day USD SOFR + 1.62% thereafter) due 1/13/2033<sup>(2)(3)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049524 |
|  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> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | 998315 |
| &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 | 3036253 |
|  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 | 1044138 |
|  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 | 782498 |
|  Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80% due 3/15/2030 | 2000000 | 1968369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.017% (4.017% fixed rate until 10/31/2037; 3 mo. USD Term SOFR + 1.63% thereafter) due 10/31/2038<sup>(3)</sup> | 1000000 | 896339 |
|  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 | 2624408 |
| &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 | 1743764 |
| &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 | 278942 |
| &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 | 1046209 |
| &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 | 337288 |
|  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 | 707651 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>September 30, 2025 (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; 5.123% (5.123% fixed rate until 2/1/2028; 1 day USD SOFR + 1.73% thereafter) <br>due 2/1/2029<sup>(3)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | $| 2145251 |
| &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) <br>due 4/17/2031<sup>(3)</sup> |  | 244000 |  | 251953 |
| &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) <br>due 1/18/2036<sup>(3)</sup> |  | 700000 |  | 732905 |
| &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) <br>due 4/17/2036<sup>(3)</sup> |  | 194000 |  | 204682 |
|  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) <br>due 7/18/2031<sup>(3)</sup> |  | 650000 |  | 659707 |
|  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) <br>due 10/21/2032<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |  | 1013756 |
|  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) <br>due 2/8/2030<sup>(2)(3)</sup> |  | 1500000 |  | 1549783 |
|  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) <br>due 10/30/2030<sup>(3)</sup> |  | 2200000 |  | 2082963 |
| &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) <br>due 4/23/2031<sup>(3)</sup> |  | 365000 |  | 376425 |
| &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) <br>due 4/23/2036<sup>(3)</sup> |  | 322000 |  | 337923 |
|  |  |  |  | **31676937** |
|  **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
|  Verisk Analytics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/15/2030 |  | 83000 |  | 83249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 2/15/2036 |  | 187000 |  | 188729 |
|  |  |  |  | **271978** |
|  **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 |  | 161612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 2/15/2031 |  | 300000 |  | 299306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 10/6/2032 |  | 216000 |  | 215034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 2/15/2036 |  | 340000 |  | 338104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% due 10/1/2029 |  | 1000000 |  | 1032605 |
|  |  |  |  | **2046661** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **<br>September 30, 2025 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** | **Corporate Bonds & Notes — (continued)** |
|  **Diversified Financial Services — 1.9%** | **Diversified Financial Services — 1.9%** | **Diversified Financial Services — 1.9%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 12/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861628 |
|  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) <br>due 1/30/2031<sup>(3)</sup> | 1000000 | 1030986 |
| &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) <br>due 7/27/2029<sup>(3)</sup> | 300000 | 309412 |
|  Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 1/15/2030<sup>(2)</sup> | 27000 | 27387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 5/30/2030<sup>(2)</sup> | 146000 | 149765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 3/1/2029<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | 1035310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 5/4/2028<sup>(2)</sup> | 40000 | 41725 |
|  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) <br>due 2/1/2030<sup>(3)</sup> | 1500000 | 1557322 |
|  Stellantis Financial Services U.S. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 9/15/2028<sup>(2)</sup> | 482000 | 481873 |
|  |  | **6495408** |
|  **Electric — 0.6%** | **Electric — 0.6%** | **Electric — 0.6%** |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 6/15/2034 | 1000000 | 1040148 |
|  Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 3/15/2034 | 1000000 | 1056154 |
|  |  | **2096302** |
|  **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
|  Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 3/1/2030<sup>(2)</sup> | 262000 | 266920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 3/1/2032<sup>(2)</sup> | 197000 | 201544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 3/1/2035<sup>(2)</sup> | 164000 | 167630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 5/1/2045<sup>(2)</sup> | 159000 | 161294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 5/1/2055<sup>(2)</sup> | 300000 | 303884 |
|  |  | **1101272** |
|  **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 | 968356 |
|  |  | **968356** |
|  **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 | 969376 |
|  Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 3/15/2033 | 400000 | 417309 |
|  |  | **1386685** |
|  **Insurance — 1.6%** | **Insurance — 1.6%** | **Insurance — 1.6%** |
|  Aon North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 3/1/2034 | 800000 | 833363 |
|  Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.721% due 10/8/2029<sup>(2)</sup> | 1000000 | 1008046 |
|  Corebridge Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90% due 4/5/2032 | 1000000 | 954800 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>September 30, 2025 (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)** |
|  **Insurance — (continued)** | **Insurance — (continued)** | **Insurance — (continued)** | **Insurance — (continued)** | **Insurance — (continued)** |
|  MetLife, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 7/15/2033 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632021 |
|  Reinsurance Group of America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 9/15/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |  | 1045477 |
|  Unum Group |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 8/15/2042 |  | 1000000 |  | 999333 |
|  Western-Southern Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 5/1/2030<sup>(2)</sup> |  | 106000 |  | 108301 |
|  |  |  |  | **5581341** |
|  **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
|  Uber Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15% due 1/15/2031 |  | 163000 |  | 161511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 9/15/2035 |  | 129000 |  | 127830 |
|  VeriSign, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 6/1/2032 |  | 314000 |  | 322549 |
|  |  |  |  | **611890** |
|  **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
|  Ares Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% due 1/15/2027 |  | 500000 |  | 514668 |
|  Ares Strategic Income Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 9/9/2028<sup>(2)</sup> |  | 206000 |  | 207607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 9/9/2030<sup>(2)</sup> |  | 167000 |  | 169708 |
|  |  |  |  | **891983** |
|  **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 |  | 167120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10% due 6/1/2029 |  | 1000000 |  | 1049393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.484% due 10/23/2045 |  | 1000000 |  | 987908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70% due 12/1/2055 |  | 500000 |  | 505975 |
|  |  |  |  | **2710396** |
|  **Oil & Gas — 1.3%** | **Oil & Gas — 1.3%** | **Oil & Gas — 1.3%** | **Oil & Gas — 1.3%** | **Oil & Gas — 1.3%** |
|  Cenovus Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% due 1/15/2032 |  | 800000 |  | 707245 |
|  Occidental Petroleum Corp. <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% due 5/1/2031 |  | 1000000 |  | 1123195 |
|  Petroleos Mexicanos |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 1/28/2031 |  | 1500000 |  | 1452915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.69% due 1/23/2050 |  | 1500000 |  | 1363824 |
|  |  |  |  | **4647179** |
|  **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** |
|  Bayer U.S. Finance LLC <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 11/21/2030<sup>(2)</sup> |  | 1000000 |  | 1068775 |
|  CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 4/1/2030 |  | 1000000 |  | 968709 |
|  |  |  |  | **2037484** |
|  **Pipelines — 1.7%** | **Pipelines — 1.7%** | **Pipelines — 1.7%** | **Pipelines — 1.7%** | **Pipelines — 1.7%** |
|  Columbia Pipelines Operating Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.439% due 2/15/2035<sup>(2)</sup> |  | 1000000 |  | 1019607 |
|  Energy Transfer LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 4/1/2035 |  | 800000 |  | 826063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20% due 4/1/2055 |  | 400000 |  | 402403 |
|  MPLX LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 9/1/2032 |  | 1000000 |  | 1003168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 6/1/2034 |  | 100000 |  | 101909 |
|  ONEOK, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% due 11/1/2034 |  | 600000 |  | 591708 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>September 30, 2025 (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)** |
|  **Pipelines — (continued)** | **Pipelines — (continued)** | **Pipelines — (continued)** | **Pipelines — (continued)** | **Pipelines — (continued)** |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% due 9/15/2030 | $| 126000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 2/15/2036 |  | 303000 |  | 310246 |
|  Western Midstream Operating LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% due 11/15/2034 |  | 300000 |  | 300401 |
|  Williams Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% due 8/15/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |  | 998613 |
|  |  |  |  | **5682100** |
|  **Real Estate Investment Trusts — 1.7%** | **Real Estate Investment Trusts — 1.7%** | **Real Estate Investment Trusts — 1.7%** | **Real Estate Investment Trusts — 1.7%** | **Real Estate Investment Trusts — 1.7%** |
|  American Homes 4 Rent LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 6/15/2030 |  | 293000 |  | 298339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 7/15/2034 |  | 200000 |  | 206093 |
|  Brixmor Operating Partnership LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 5/15/2029 |  | 900000 |  | 892220 |
|  COPT Defense Properties LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 10/15/2030 |  | 33000 |  | 32782 |
|  Extra Space Storage LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 1/15/2033 |  | 472000 |  | 474784 |
|  Healthpeak OP LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 2/15/2035 |  | 1000000 |  | 1021715 |
|  Kite Realty Group Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 9/15/2030 |  | 1000000 |  | 1002837 |
|  Omega Healthcare Investors, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 4/15/2033 |  | 937000 |  | 826721 |
|  VICI Properties LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 4/1/2028 |  | 61000 |  | 61636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 5/15/2032 |  | 1000000 |  | 1009842 |
|  |  |  |  | **5826969** |
|  **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
|  O'Reilly Automotive, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/19/2034 |  | 700000 |  | 706336 |
|  |  |  |  | **706336** |
|  **Semiconductors — 0.4%** | **Semiconductors — 0.4%** | **Semiconductors — 0.4%** | **Semiconductors — 0.4%** | **Semiconductors — 0.4%** |
|  Broadcom, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.419% due 4/15/2033<sup>(2)</sup> |  | 112000 |  | 103653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 2/15/2041<sup>(2)</sup> |  | 888000 |  | 730759 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% due 8/19/2032 |  | 103000 |  | 103124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 8/19/2035 |  | 297000 |  | 300032 |
|  |  |  |  | **1237568** |
|  **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
|  MSCI, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 9/1/2035 |  | 207000 |  | 208714 |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45% due 9/26/2030 |  | 123000 |  | 122940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80% due 9/26/2032 |  | 205000 |  | 205246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 9/26/2035 |  | 187000 |  | 188030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 9/26/2045 |  | 115000 |  | 115312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 9/26/2055 |  | 144000 |  | 143557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10% due 9/26/2065 |  | 149000 |  | 148726 |
|  Paychex, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% due 4/15/2030 |  | 32000 |  | 32929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% due 4/15/2032 |  | 46000 |  | 47731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% due 4/15/2035 |  | 36000 |  | 37688 |
|  |  |  |  | **1250873** |
|  **Telecommunications — 1.0%** | **Telecommunications — 1.0%** | **Telecommunications — 1.0%** | **Telecommunications — 1.0%** | **Telecommunications — 1.0%** |
|  AT&T, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% due 12/1/2033 |  | 1000000 |  | 851509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% due 2/15/2034 |  | 700000 |  | 727542 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>September 30, 2025 (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)** |
|  **Telecommunications — (continued)** | **Telecommunications — (continued)** | **Telecommunications — (continued)** | **Telecommunications — (continued)** | **Telecommunications — (continued)** |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.567% due 7/16/2027<sup>(2)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | $| 201442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62% due 7/16/2028<sup>(2)</sup> |  | 200000 |  | 201978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.876% due 7/16/2030<sup>(2)</sup> |  | 200000 |  | 203214 |
|  T-Mobile USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70% due 3/15/2032 |  | 300000 |  | 268924 |
|  Verizon Communications, Inc. <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% due 3/21/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |  | 909210 |
|  |  |  |  | **3363819** |
|  **Total Corporate Bonds & Notes** <br> (Cost $81,654,043) | **Total Corporate Bonds & Notes** <br> (Cost $81,654,043) | **Total Corporate Bonds & Notes** <br> (Cost $81,654,043) |  | **83982618** |
|  **Non-Agency Mortgage-Backed Securities — 4.1%** | **Non-Agency Mortgage-Backed Securities — 4.1%** | **Non-Agency Mortgage-Backed Securities — 4.1%** | **Non-Agency Mortgage-Backed Securities — 4.1%** | **Non-Agency Mortgage-Backed Securities — 4.1%** |
|  BMP Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF23, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.792% due 6/15/2041<sup>(2)(3)(4)</sup> |  | 213000 |  | 213466 |
|  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; 5.392% due 11/5/2039<sup>(2)(3)(4)</sup> |  | 774000 |  | 788766 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | 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; 3.661% due 3/9/2044<sup>(2)(3)(4)</sup> |  | 696000 |  | 646008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV3, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.662% due 3/9/2044<sup>(2)(3)(4)</sup> |  | 1000000 |  | 939424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.515% due 11/15/2038<sup>(2)(3)(4)</sup> |  | 78016 |  | 77981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LP2, Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.712% due 2/15/2039<sup>(2)(3)(4)</sup> |  | 700000 |  | 699125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GPA3, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.443% due 12/15/2039<sup>(2)(3)(4)</sup> |  | 350754 |  | 351631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.592% due 2/15/2039<sup>(2)(3)(4)</sup> |  | 672826 |  | 673456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL5, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.542% due 3/15/2041<sup>(2)(3)(4)</sup> |  | 1179350 |  | 1180087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.594% due 4/15/2040<sup>(2)(3)(4)</sup> |  | 574041 |  | 575116 |
|  BX Trust | BX Trust | BX Trust | BX Trust | 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 |  | 1889976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class AJV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.066% due 2/15/2036<sup>(2)(3)(4)</sup> |  | 275000 |  | 274914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.592% due 4/15/2041<sup>(2)(3)(4)</sup> |  | 220681 |  | 221239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% due 2/15/2035<sup>(2)(3)(4)</sup> |  | 100000 |  | 99781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.544% due 3/15/2030<sup>(2)(3)(4)</sup> |  | 1494173 |  | 1490437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TAIL, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% due 6/15/2035<sup>(2)(3)(4)</sup> |  | 100000 |  | 99844 |
|  CENT Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CITY, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.091% due 7/10/2040<sup>(2)(3)(4)</sup> |  | 198000 |  | 200239 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ESH, Class A <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% 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; 5.75% due 10/15/2042<sup>(2)(3)(4)</sup> |  | 80000 |  | 79933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ESH, Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 10/15/2042<sup>(2)(3)(4)</sup> |  | 40000 |  | 39967 |
|  HAVN Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MOB, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 10/15/2027<sup>(2)(3)(4)</sup> |  | 50000 |  | 50000 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **<br>September 30, 2025 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** | **Non-Agency Mortgage-Backed Securities — (continued)** |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
| &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> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-HHV, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.333% due 11/5/2038<sup>(2)(3)(4)</sup> | 250000 | 248439 |
|  MHP Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MHIL2, Class A <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65% due 9/15/2040<sup>(2)(3)(4)</sup> | 212000 | 211952 |
|  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; 5.393% due 12/15/2039<sup>(2)(3)(4)</sup> | 600000 | 600750 |
|  **Total Non-Agency Mortgage-Backed Securities** <br> (Cost $13,874,364) | **Total Non-Agency Mortgage-Backed Securities** <br> (Cost $13,874,364) | **13968483** |
|  **U.S. Government Securities — 46.6%** | **U.S. Government Securities — 46.6%** | **U.S. Government Securities — 46.6%** |
|  U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 11/15/2054 | 3825000 | 3682907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 | 29721094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2055 | 5800000 | 5701219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 2/15/2045 | 7500000 | 7546875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 8/15/2055 | 2400000 | 2408250 |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 7/31/2030 | 3450000 | 3470754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 2/28/2030 | 28800000 | 29134125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 6/30/2032 | 5200000 | 5226812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 7/31/2032 | 2574000 | 2586066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 2/29/2032 | 47400000 | 48038789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 5/31/2032 | 150000 | 151898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 8/15/2035 | 4500000 | 4536563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/2035 | 16500000 | 17147109 |
|  **Total U.S. Government Securities** <br> (Cost $158,277,750) | **Total U.S. Government Securities** <br> (Cost $158,277,750) | **159352461** |
|  **Repurchase Agreements — 3.8%** | **Repurchase Agreements — 3.8%** | **Repurchase Agreements — 3.8%** |
|  Fixed Income Clearing Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.26%, dated 9/30/2025, proceeds at maturity value of $12,962,665, due 10/1/2025<sup>(5)</sup> | 12962212 | 12962212 |
|  **Total Repurchase Agreements** <br> (Cost $12,962,212) | **Total Repurchase Agreements** <br> (Cost $12,962,212) | **12962212** |
|  **Total Investments Before TBA Sale Commitments — 105.2%** <br> (Cost $355,511,313) | **Total Investments Before TBA Sale Commitments — 105.2%** <br> (Cost $355,511,313) | **359921181** |
|  **TBA Sale Commitments** |  |  |
|  **Agency Mortgage-Backed Securities — (0.7)%** | **Agency Mortgage-Backed Securities — (0.7)%** | **Agency Mortgage-Backed Securities — (0.7)%** |
|  Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 10/20/2055<sup>(1)</sup> | (600000) | (495834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 10/20/2054<sup>(1)</sup> | (650000) | (646502) |
|  Uniform Mortgage-Backed Security <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 10/1/2054<sup>(1)</sup> | (1100000) | (1109062) |
|  **Total TBA Sale Commitments** <br> (Proceeds $2,259,596) | **Total TBA Sale Commitments** <br> (Proceeds $2,259,596) | **(2251398)** |
|  **Liabilities in excess of other assets — (4.5)%** |  | **(15538631)** |
|  **Total Net Assets — 100.0%** |  | $**342131152** |

---

(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 September 30, 2025, the aggregate market value of these securities amounted to $56,210,181, representing 16.4% 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.

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

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

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN CORE FIXED INCOME VIP FUND** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **<br>Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
|  U.S. Treasury Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11715100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13221526 |

---

**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 September 30, 2025 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 | $— | $57901396 | $— | $57901396 |
|  Asset-Backed Securities |  | 31754011 |  | 31754011 |
|  Corporate Bonds & Notes |  | 83982618 |  | 83982618 |
|  Non-Agency Mortgage-Backed Securities |  | 13968483 |  | 13968483 |
|  U.S. Government Securities |  | 159352461 |  | 159352461 |
|  Repurchase Agreements |  | 12962212 |  | 12962212 |
|  **Total** | $**—** | $**359921181** | $**—** | $**359921181** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  TBA Sale Commitments | TBA Sale Commitments | TBA Sale Commitments |  |  |
|  Liabilities | $— | $(2251398) | $— | $(2251398) |
|  **Total** | $**—** | $**(2251398)** | $**—** | $**(2251398)** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN EQUITY INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 97.9%** | **Common Stocks — 97.9%** | **Common Stocks — 97.9%** |
|  **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** |
|  L3Harris Technologies, Inc. | 51532 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15738388 |
|  Northrop Grumman Corp. | 15312 | 9329908 |
|  |  | **25068296** |
|  **Banks — 8.2%** | **Banks — 8.2%** | **Banks — 8.2%** |
|  Bank of America Corp. | 601484 | 31030560 |
|  JPMorgan Chase & Co. | 58107 | 18328691 |
|  M&T Bank Corp. | 69113 | 13658111 |
|  Regions Financial Corp. | 436554 | 11511929 |
|  |  | **74529291** |
|  **Beverages — 3.0%** | **Beverages — 3.0%** | **Beverages — 3.0%** |
|  Constellation Brands, Inc., Class A | 59560 | 8020945 |
|  Keurig Dr Pepper, Inc. | 377316 | 9625331 |
|  Pernod Ricard SA (France) | 100745 | 9905782 |
|  |  | **27552058** |
|  **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
|  Gilead Sciences, Inc. | 130356 | 14469516 |
|  |  | **14469516** |
|  **Building Products — 1.0%** | **Building Products — 1.0%** | **Building Products — 1.0%** |
|  Johnson Controls International PLC | 85660 | 9418317 |
|  |  | **9418317** |
|  **Capital Markets — 6.0%** | **Capital Markets — 6.0%** | **Capital Markets — 6.0%** |
|  Ares Management Corp., Class A | 37481 | 5992837 |
|  Intercontinental Exchange, Inc. | 58947 | 9931391 |
|  Morgan Stanley | 108125 | 17187550 |
|  Nasdaq, Inc. | 112914 | 9987243 |
|  Raymond James Financial, Inc. | 68390 | 11804114 |
|  |  | **54903135** |
|  **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
|  PPG Industries, Inc. | 119859 | 12598379 |
|  |  | **12598379** |
|  **Communications Equipment — 1.7%** | **Communications Equipment — 1.7%** | **Communications Equipment — 1.7%** |
|  Cisco Systems, Inc. | 220845 | 15110215 |
|  |  | **15110215** |
|  **Containers & Packaging — 1.3%** | **Containers & Packaging — 1.3%** | **Containers & Packaging — 1.3%** |
|  Avery Dennison Corp. | 70895 | 11497042 |
|  |  | **11497042** |
|  **Electric Utilities — 3.2%** | **Electric Utilities — 3.2%** | **Electric Utilities — 3.2%** |
|  American Electric Power Co., Inc. | 134023 | 15077588 |
|  PPL Corp. | 386671 | 14368694 |
|  |  | **29446282** |
|  **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** |
|  Emerson Electric Co. | 102525 | 13449230 |
|  |  | **13449230** |
|  **Electronic Equipment, Instruments & Components — 1.4%** | **Electronic Equipment, Instruments & Components — 1.4%** | **Electronic Equipment, Instruments & Components — 1.4%** |
|  TE Connectivity PLC | 56998 | 12512771 |
|  |  | **12512771** |
|  **Food Products — 1.7%** | **Food Products — 1.7%** | **Food Products — 1.7%** |
|  Archer-Daniels-Midland Co. | 256330 | 15313154 |
|  |  | **15313154** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN EQUITY INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Gas Utilities — 1.2%** | **Gas Utilities — 1.2%** | **Gas Utilities — 1.2%** |
|  Atmos Energy Corp. | 65770 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11230228 |
|  |  | **11230228** |
|  **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** |
|  Becton Dickinson & Co. | 49733 | 9308526 |
|  |  | **9308526** |
|  **Health Care Providers & Services — 4.6%** | **Health Care Providers & Services — 4.6%** | **Health Care Providers & Services — 4.6%** |
|  Cardinal Health, Inc. | 16300 | 2558448 |
|  CVS Health Corp. | 62767 | 4732004 |
|  Elevance Health, Inc. | 39377 | 12723497 |
|  UnitedHealth Group, Inc. | 64574 | 22297402 |
|  |  | **42311351** |
|  **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** |
|  Darden Restaurants, Inc. | 52802 | 10051389 |
|  |  | **10051389** |
|  **Industrial Conglomerates — 1.6%** | **Industrial Conglomerates — 1.6%** | **Industrial Conglomerates — 1.6%** |
|  Honeywell International, Inc. | 67437 | 14195488 |
|  |  | **14195488** |
|  **Insurance — 4.6%** | **Insurance — 4.6%** | **Insurance — 4.6%** |
|  American International Group, Inc. | 221990 | 17435095 |
|  Marsh & McLennan Cos., Inc. | 59030 | 11896316 |
|  MetLife, Inc. | 115242 | 9492483 |
|  Progressive Corp. | 11500 | 2839925 |
|  |  | **41663819** |
|  **IT Services — 2.3%** | **IT Services — 2.3%** | **IT Services — 2.3%** |
|  Accenture PLC, Class A | 37901 | 9346387 |
|  Amdocs Ltd. | 143860 | 11803713 |
|  |  | **21150100** |
|  **Machinery — 2.6%** | **Machinery — 2.6%** | **Machinery — 2.6%** |
|  IDEX Corp. | 57535 | 9364397 |
|  PACCAR, Inc. | 150716 | 14818397 |
|  |  | **24182794** |
|  **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** |
|  Anglo American PLC (United Kingdom) | 362109 | 13633374 |
|  Barrick Mining Corp. | 5353 | 175418 |
|  |  | **13808792** |
|  **Multi-Utilities — 4.5%** | **Multi-Utilities — 4.5%** | **Multi-Utilities — 4.5%** |
|  Dominion Energy, Inc. | 262433 | 16053027 |
|  Sempra | 175873 | 15825053 |
|  WEC Energy Group, Inc. | 83050 | 9516699 |
|  |  | **41394779** |
|  **Oil, Gas & Consumable Fuels — 7.7%** | **Oil, Gas & Consumable Fuels — 7.7%** | **Oil, Gas & Consumable Fuels — 7.7%** |
|  ConocoPhillips | 178294 | 16864830 |
|  Coterra Energy, Inc. | 590319 | 13961044 |
|  EQT Corp. | 335347 | 18252937 |
|  Marathon Petroleum Corp. | 50566 | 9746091 |
|  Targa Resources Corp. | 70506 | 11812575 |
|  |  | **70637477** |
|  **Personal Care Products — 2.5%** | **Personal Care Products — 2.5%** | **Personal Care Products — 2.5%** |
|  Kenvue, Inc. | 416111 | 6753481 |
|  Unilever PLC, ADR | 277596 | 16455891 |
|  |  | **23209372** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN EQUITY INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Pharmaceuticals — 9.8%** | **Pharmaceuticals — 9.8%** | **Pharmaceuticals — 9.8%** |
|  AstraZeneca PLC, ADR | 135251 | $10376457 |
|  Eli Lilly & Co. | 13311 | 10156293 |
|  Johnson & Johnson | 129909 | 24087727 |
|  Merck & Co., Inc. | 271726 | 22805963 |
|  Pfizer, Inc. | 514978 | 13121639 |
|  Roche Holding AG (Switzerland) | 27857 | 9168609 |
|  |  | **89716688** |
|  **Professional Services — 0.8%** | **Professional Services — 0.8%** | **Professional Services — 0.8%** |
|  Automatic Data Processing, Inc. | 25324 | 7432594 |
|  |  | **7432594** |
|  **Residential REITs — 1.0%** | **Residential REITs — 1.0%** | **Residential REITs — 1.0%** |
|  Sun Communities, Inc. | 72852 | 9397908 |
|  |  | **9397908** |
|  **Semiconductors & Semiconductor Equipment — 2.4%** | **Semiconductors & Semiconductor Equipment — 2.4%** | **Semiconductors & Semiconductor Equipment — 2.4%** |
|  Broadcom, Inc. | 25343 | 8360909 |
|  NXP Semiconductors NV | 59318 | 13508488 |
|  |  | **21869397** |
|  **Specialized REITs — 5.6%** | **Specialized REITs — 5.6%** | **Specialized REITs — 5.6%** |
|  Crown Castle, Inc. | 149457 | 14421106 |
|  Gaming & Leisure Properties, Inc. | 328077 | 15291669 |
|  Lamar Advertising Co., Class A | 91201 | 11164826 |
|  Weyerhaeuser Co. | 420709 | 10429376 |
|  |  | **51306977** |
|  **Specialty Retail — 3.6%** | **Specialty Retail — 3.6%** | **Specialty Retail — 3.6%** |
|  Dick's Sporting Goods, Inc. | 41647 | 9254796 |
|  Industria de Diseno Textil SA (Spain) | 172205 | 9513670 |
|  Industria de Diseno Textil SA, ADR | 264478 | 3652441 |
|  Tractor Supply Co. | 178913 | 10174782 |
|  |  | **32595689** |
|  **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** |
|  NetApp, Inc. | 79657 | 9436168 |
|  |  | **9436168** |
|  **Tobacco — 1.4%** | **Tobacco — 1.4%** | **Tobacco — 1.4%** |
|  Philip Morris International, Inc. | 76981 | 12486318 |
|  |  | **12486318** |
|  **Trading Companies & Distributors — 1.0%** | **Trading Companies & Distributors — 1.0%** | **Trading Companies & Distributors — 1.0%** |
|  Ferguson Enterprises, Inc. | 42559 | 9557900 |
|  |  | **9557900** |
|  **Wireless Telecommunication Services — 1.4%** | **Wireless Telecommunication Services — 1.4%** | **Wireless Telecommunication Services — 1.4%** |
|  T-Mobile U.S., Inc. | 53930 | 12909763 |
|  |  | **12909763** |
|  **Total Common Stocks**<br> (Cost $837,721,829) | **Total Common Stocks**<br> (Cost $837,721,829) | **895721203** |
|  | **Principal<br>Amount** | **Value** |
|  **Repurchase Agreements — 2.5%** | **Repurchase Agreements — 2.5%** | **Repurchase Agreements — 2.5%** |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $22,524,147, due 10/1/2025<sup>(1)</sup> | $22523359 | 22523359 |
|  **Total Repurchase Agreements**<br> (Cost $22,523,359) | **Total Repurchase Agreements**<br> (Cost $22,523,359) | **22523359** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN EQUITY INCOME VIP FUND** 

---

| | |
|:---|:---|
| **September 30, 2025 (unaudited)** | **Value** |
|  **Total Investments — 100.4%**<br> (Cost $860,245,188) | $**918244562** |
|  **Liabilities in excess of other assets — (0.4)%** | **(3724790)** |
|  **Total Net Assets — 100.0%** | $**914519772** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  U.S. Treasury Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20356400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22974046 |

---

**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 September 30, 2025 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 | $853499768 | $42221435 <sup>\*</sup> | $— | $895721203 |
|  Repurchase Agreements |  | 22523359 |  | 22523359 |
|  **Total** | $**853499768** | $**64744794** | $**—** | $**918244562** |

---

<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** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 98.6%** | **Common Stocks — 98.6%** | **Common Stocks — 98.6%** |
|  **Aerospace & Defense — 4.9%** | **Aerospace & Defense — 4.9%** | **Aerospace & Defense — 4.9%** |
|  Carpenter Technology Corp. | 4079 | $1001558 |
|  Curtiss-Wright Corp. | 770 | 418064 |
|  HEICO Corp., Class A | 10256 | 2605947 |
|  Howmet Aerospace, Inc. | 15640 | 3069037 |
|  StandardAero, Inc.<sup>(1)</sup> | 1010 | 27563 |
|  Woodward, Inc. | 5610 | 1417703 |
|  |  | **8539872** |
|  **Banks — 8.1%** | **Banks — 8.1%** | **Banks — 8.1%** |
|  Associated Banc-Corp | 28209 | 725253 |
|  Bancorp, Inc.<sup>(1)</sup> | 46908 | 3512940 |
|  Comerica, Inc. | 25112 | 1720674 |
|  Eastern Bankshares, Inc. | 68685 | 1246633 |
|  First Horizon Corp. | 58772 | 1328835 |
|  Hokuhoku Financial Group, Inc. (Japan) | 43860 | 1151897 |
|  Pathward Financial, Inc. | 9102 | 673639 |
|  Piraeus Financial Holdings SA (Greece) | 62663 | 531150 |
|  Popular, Inc. | 18594 | 2361624 |
|  Synovus Financial Corp. | 17726 | 869992 |
|  |  | **14122637** |
|  **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
|  Boston Beer Co., Inc., Class A<sup>(1)</sup> | 266 | 56238 |
|  Celsius Holdings, Inc.<sup>(1)</sup> | 8824 | 507292 |
|  Coca-Cola Consolidated, Inc. | 3317 | 388619 |
|  |  | **952149** |
|  **Biotechnology — 1.7%** | **Biotechnology — 1.7%** | **Biotechnology — 1.7%** |
|  Exact Sciences Corp.<sup>(1)</sup> | 12710 | 695364 |
|  Legend Biotech Corp., ADR<sup>(1)</sup> | 16700 | 544587 |
|  Roivant Sciences Ltd.<sup>(1)</sup> | 14000 | 211820 |
|  Soleno Therapeutics, Inc.<sup>(1)</sup> | 6000 | 405600 |
|  United Therapeutics Corp.<sup>(1)</sup> | 750 | 314407 |
|  Veracyte, Inc.<sup>(1)</sup> | 23420 | 804009 |
|  |  | **2975787** |
|  **Building Products — 1.7%** | **Building Products — 1.7%** | **Building Products — 1.7%** |
|  Carlisle Cos., Inc. | 3656 | 1202678 |
|  Owens Corning | 4140 | 585644 |
|  Simpson Manufacturing Co., Inc. | 1820 | 304777 |
|  Trex Co., Inc.<sup>(1)</sup> | 16070 | 830337 |
|  |  | **2923436** |
|  **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
|  AllianceBernstein Holding LP | 6188 | 236505 |
|  Amundi SA (France)<sup>(2)</sup> | 7110 | 566248 |
|  Blue Owl Capital, Inc. | 52146 | 882832 |
|  Marex Group PLC | 26610 | 894628 |
|  Palmer Square Capital BDC, Inc. | 17770 | 218038 |
|  Patria Investments Ltd., Class A | 55913 | 816330 |
|  Virtu Financial, Inc., Class A | 8735 | 310093 |
|  |  | **3924674** |
|  **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
|  Avient Corp. | 19472 | 641602 |
|  RPM International, Inc. | 12077 | 1423637 |
|  Westlake Corp. | 6364 | 490410 |
|  |  | **2555649** |
|  **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** |
|  Brink's Co. | 15766 | 1842415 |
|  |  | **1842415** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
|  Ciena Corp.<sup>(1)</sup> | 11437 | $1666028 |
|  |  | **1666028** |
|  **Construction & Engineering — 1.8%** | **Construction & Engineering — 1.8%** | **Construction & Engineering — 1.8%** |
|  Comfort Systems USA, Inc. | 520 | 429094 |
|  EMCOR Group, Inc. | 2980 | 1935629 |
|  Legence Corp., Class A<sup>(1)</sup> | 1252 | 38574 |
|  WillScot Holdings Corp. | 34235 | 722701 |
|  |  | **3125998** |
|  **Construction Materials — 0.6%** | **Construction Materials — 0.6%** | **Construction Materials — 0.6%** |
|  Eagle Materials, Inc. | 4619 | 1076412 |
|  |  | **1076412** |
|  **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** |
|  FirstCash Holdings, Inc. | 3047 | 482706 |
|  SLM Corp. | 58227 | 1611723 |
|  |  | **2094429** |
|  **Consumer Staples Distribution & Retail — 3.3%** | **Consumer Staples Distribution & Retail — 3.3%** | **Consumer Staples Distribution & Retail — 3.3%** |
|  Albertsons Cos., Inc., Class A | 15667 | 274329 |
|  BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 8993 | 838597 |
|  Casey's General Stores, Inc. | 2335 | 1320022 |
|  Maplebear, Inc.<sup>(1)</sup> | 7777 | 285883 |
|  Performance Food Group Co.<sup>(1)</sup> | 12833 | 1335145 |
|  Sprouts Farmers Market, Inc.<sup>(1)</sup> | 5450 | 592960 |
|  U.S. Foods Holding Corp.<sup>(1)</sup> | 15627 | 1197341 |
|  |  | **5844277** |
|  **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
|  Crown Holdings, Inc. | 10146 | 980002 |
|  |  | **980002** |
|  **Diversified Consumer Services — 1.3%** | **Diversified Consumer Services — 1.3%** | **Diversified Consumer Services — 1.3%** |
|  Duolingo, Inc.<sup>(1)</sup> | 2798 | 900508 |
|  Service Corp. International | 17286 | 1438541 |
|  |  | **2339049** |
|  **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
|  Frontier Communications Parent, Inc.<sup>(1)</sup> | 12762 | 476661 |
|  Iridium Communications, Inc. | 2549 | 44505 |
|  |  | **521166** |
|  **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
|  IDACORP, Inc. | 1641 | 216858 |
|  OGE Energy Corp. | 15568 | 720331 |
|  Pinnacle West Capital Corp. | 3291 | 295071 |
|  TXNM Energy, Inc. | 10121 | 572343 |
|  |  | **1804603** |
|  **Electrical Equipment — 1.6%** | **Electrical Equipment — 1.6%** | **Electrical Equipment — 1.6%** |
|  Acuity, Inc. | 1420 | 489034 |
|  nVent Electric PLC | 13090 | 1291197 |
|  Regal Rexnord Corp. | 6652 | 954163 |
|  |  | **2734394** |
|  **Electronic Equipment, Instruments & Components — 2.7%** | **Electronic Equipment, Instruments & Components — 2.7%** | **Electronic Equipment, Instruments & Components — 2.7%** |
|  Belden, Inc. | 5252 | 631658 |
|  Coherent Corp.<sup>(1)</sup> | 16661 | 1794723 |
|  Jabil, Inc. | 5048 | 1096274 |
|  TD SYNNEX Corp. | 7772 | 1272665 |
|  |  | **4795320** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** |
|  Liberty Energy, Inc. | 23787 | $293532 |
|  Weatherford International PLC | 12398 | 848395 |
|  |  | **1141927** |
|  **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
|  IMAX Corp. (Canada)<sup>(1)</sup> | 1979 | 64812 |
|  Warner Music Group Corp., Class A | 5375 | 183073 |
|  |  | **247885** |
|  **Financial Services — 1.3%** | **Financial Services — 1.3%** | **Financial Services — 1.3%** |
|  Chime Financial, Inc., Class A<sup>(1)</sup> | 6863 | 138427 |
|  Essent Group Ltd. | 9813 | 623714 |
|  UWM Holdings Corp. | 84255 | 513113 |
|  Voya Financial, Inc. | 12603 | 942704 |
|  |  | **2217958** |
|  **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
|  Darling Ingredients, Inc.<sup>(1)</sup> | 10812 | 333767 |
|  Ingredion, Inc. | 3421 | 417738 |
|  |  | **751505** |
|  **Gas Utilities — 1.2%** | **Gas Utilities — 1.2%** | **Gas Utilities — 1.2%** |
|  National Fuel Gas Co. | 8729 | 806298 |
|  Southwest Gas Holdings, Inc. | 6863 | 537647 |
|  UGI Corp. | 21039 | 699757 |
|  |  | **2043702** |
|  **Ground Transportation — 2.0%** | **Ground Transportation — 2.0%** | **Ground Transportation — 2.0%** |
|  Landstar System, Inc. | 8878 | 1088088 |
|  XPO, Inc.<sup>(1)</sup> | 19331 | 2498918 |
|  |  | **3587006** |
|  **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |
|  Insulet Corp.<sup>(1)</sup> | 1800 | 555714 |
|  Masimo Corp.<sup>(1)</sup> | 12000 | 1770600 |
|  Penumbra, Inc.<sup>(1)</sup> | 5750 | 1456590 |
|  |  | **3782904** |
|  **Health Care Providers & Services — 2.6%** | **Health Care Providers & Services — 2.6%** | **Health Care Providers & Services — 2.6%** |
|  BrightSpring Health Services, Inc.<sup>(1)</sup> | 40000 | 1182400 |
|  Chemed Corp. | 1400 | 626836 |
|  Hims & Hers Health, Inc.<sup>(1)</sup> | 4200 | 238224 |
|  Privia Health Group, Inc.<sup>(1)</sup> | 23410 | 582909 |
|  Surgery Partners, Inc.<sup>(1)</sup> | 16720 | 361821 |
|  Tenet Healthcare Corp.<sup>(1)</sup> | 8000 | 1624320 |
|  |  | **4616510** |
|  **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** |
|  Ventas, Inc. | 17333 | 1213137 |
|  |  | **1213137** |
|  **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
|  Doximity, Inc., Class A<sup>(1)</sup> | 2340 | 171171 |
|  |  | **171171** |
|  **Hotels, Restaurants & Leisure — 2.7%** | **Hotels, Restaurants & Leisure — 2.7%** | **Hotels, Restaurants & Leisure — 2.7%** |
|  Aramark | 37694 | 1447450 |
|  Brinker International, Inc.<sup>(1)</sup> | 2021 | 256020 |
|  Cava Group, Inc.<sup>(1)</sup> | 8570 | 517714 |
|  Hilton Grand Vacations, Inc.<sup>(1)</sup> | 14578 | 609506 |
|  Sportradar Group AG, Class A<sup>(1)</sup> | 16995 | 457165 |
|  Wingstop, Inc. | 1940 | 488259 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Hotels, Restaurants & Leisure — (continued)** | **Hotels, Restaurants & Leisure — (continued)** | **Hotels, Restaurants & Leisure — (continued)** |
|  Wyndham Hotels & Resorts, Inc. | 11481 | 917332 |
|  |  | **4693446** |
|  **Household Durables — 2.3%** | **Household Durables — 2.3%** | **Household Durables — 2.3%** |
|  Somnigroup International, Inc. | 23160 | 1953083 |
|  Taylor Morrison Home Corp.<sup>(1)</sup> | 12206 | 805718 |
|  Toll Brothers, Inc. | 8716 | 1204028 |
|  |  | **3962829** |
|  **Independent Power and Renewable Electricity Producers — 1.1%** | **Independent Power and Renewable Electricity Producers — 1.1%** | **Independent Power and Renewable Electricity Producers — 1.1%** |
|  Ormat Technologies, Inc. | 5133 | 494051 |
|  Talen Energy Corp.<sup>(1)</sup> | 3524 | 1499039 |
|  |  | **1993090** |
|  **Industrial REITs — 1.1%** | **Industrial REITs — 1.1%** | **Industrial REITs — 1.1%** |
|  EastGroup Properties, Inc. | 5570 | 942778 |
|  Terreno Realty Corp. | 17500 | 993125 |
|  |  | **1935903** |
|  **Insurance — 4.0%** | **Insurance — 4.0%** | **Insurance — 4.0%** |
|  American Financial Group, Inc. | 14522 | 2116146 |
|  Baldwin Insurance Group, Inc., Class A<sup>(1)</sup> | 47276 | 1333656 |
|  Brighthouse Financial, Inc.<sup>(1)</sup> | 9416 | 499801 |
|  Reinsurance Group of America, Inc. | 8293 | 1593334 |
|  Selective Insurance Group, Inc. | 6486 | 525820 |
|  Unum Group | 12489 | 971395 |
|  |  | **7040152** |
|  **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
|  ZoomInfo Technologies, Inc.<sup>(1)</sup> | 18137 | 197875 |
|  |  | **197875** |
|  **IT Services — 2.2%** | **IT Services — 2.2%** | **IT Services — 2.2%** |
|  Kyndryl Holdings, Inc.<sup>(1)</sup> | 31150 | 935435 |
|  Okta, Inc.<sup>(1)</sup> | 16346 | 1498928 |
|  Twilio, Inc., Class A<sup>(1)</sup> | 14432 | 1444499 |
|  |  | **3878862** |
|  **Life Sciences Tools & Services — 1.2%** | **Life Sciences Tools & Services — 1.2%** | **Life Sciences Tools & Services — 1.2%** |
|  10X Genomics, Inc., Class A<sup>(1)</sup> | 15000 | 175350 |
|  Bruker Corp. | 9500 | 308655 |
|  Repligen Corp.<sup>(1)</sup> | 7620 | 1018565 |
|  Sartorius Stedim Biotech (France) | 2760 | 558775 |
|  |  | **2061345** |
|  **Machinery — 5.7%** | **Machinery — 5.7%** | **Machinery — 5.7%** |
|  Allison Transmission Holdings, Inc. | 8496 | 721140 |
|  Chart Industries, Inc.<sup>(1)</sup> | 4200 | 840630 |
|  Crane Co. | 9670 | 1780634 |
|  Dover Corp. | 4990 | 832482 |
|  Esab Corp. | 16570 | 1851532 |
|  Flowserve Corp. | 31915 | 1695963 |
|  ITT, Inc. | 12791 | 2286519 |
|  |  | **10008900** |
|  **Marine Transportation — 0.7%** | **Marine Transportation — 0.7%** | **Marine Transportation — 0.7%** |
|  Kirby Corp.<sup>(1)</sup> | 14452 | 1206019 |
|  |  | **1206019** |
|  **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
|  EchoStar Corp., Class A<sup>(1)</sup> | 7805 | 595990 |
|  Magnite, Inc.<sup>(1)</sup> | 2663 | 58000 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Media — (continued)** | **Media — (continued)** | **Media — (continued)** |
|  New York Times Co., Class A | 8248 | 473435 |
|  News Corp., Class B | 1931 | 66716 |
|  Nexstar Media Group, Inc. | 1481 | 292853 |
|  |  | **1486994** |
|  **Metals & Mining — 1.7%** | **Metals & Mining — 1.7%** | **Metals & Mining — 1.7%** |
|  Cleveland-Cliffs, Inc.<sup>(1)</sup> | 55986 | 683029 |
|  Lundin Mining Corp. (Canada) | 60111 | 896676 |
|  Reliance, Inc. | 5013 | 1407801 |
|  |  | **2987506** |
|  **Office REITs — 0.8%** | **Office REITs — 0.8%** | **Office REITs — 0.8%** |
|  Douglas Emmett, Inc. | 32210 | 501510 |
|  Postal Realty Trust, Inc., Class A | 55238 | 866684 |
|  |  | **1368194** |
|  **Oil, Gas & Consumable Fuels — 3.2%** | **Oil, Gas & Consumable Fuels — 3.2%** | **Oil, Gas & Consumable Fuels — 3.2%** |
|  Antero Resources Corp.<sup>(1)</sup> | 39337 | 1320150 |
|  Expand Energy Corp. | 7206 | 765566 |
|  HF Sinclair Corp. | 17487 | 915270 |
|  Northern Oil & Gas, Inc. | 16118 | 399726 |
|  Permian Resources Corp. | 84575 | 1082560 |
|  Plains All American Pipeline LP | 29724 | 507091 |
|  Targa Resources Corp. | 4106 | 687919 |
|  |  | **5678282** |
|  **Paper & Forest Products — 0.5%** | **Paper & Forest Products — 0.5%** | **Paper & Forest Products — 0.5%** |
|  Louisiana-Pacific Corp. | 9116 | 809865 |
|  |  | **809865** |
|  **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** |
|  BellRing Brands, Inc.<sup>(1)</sup> | 6775 | 246271 |
|  e.l.f. Beauty, Inc.<sup>(1)</sup> | 3067 | 406316 |
|  |  | **652587** |
|  **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
|  Elanco Animal Health, Inc.<sup>(1)</sup> | 40000 | 805600 |
|  Royalty Pharma PLC, Class A | 16700 | 589176 |
|  |  | **1394776** |
|  **Professional Services — 1.5%** | **Professional Services — 1.5%** | **Professional Services — 1.5%** |
|  CACI International, Inc., Class A<sup>(1)</sup> | 3520 | 1755706 |
|  KBR, Inc. | 18210 | 861151 |
|  |  | **2616857** |
|  **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> | 38910 | 312447 |
|  Jones Lang LaSalle, Inc.<sup>(1)</sup> | 3670 | 1094688 |
|  |  | **1407135** |
|  **Residential REITs — 1.0%** | **Residential REITs — 1.0%** | **Residential REITs — 1.0%** |
|  American Homes 4 Rent, Class A | 18730 | 622773 |
|  Camden Property Trust | 3980 | 424984 |
|  Sun Communities, Inc. | 5030 | 648870 |
|  |  | **1696627** |
|  **Retail REITs — 0.9%** | **Retail REITs — 0.9%** | **Retail REITs — 0.9%** |
|  Macerich Co. | 24850 | 452270 |
|  Tanger, Inc. | 8930 | 302191 |
|  Urban Edge Properties | 40790 | 834972 |
|  |  | **1589433** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** |
|  Allegro MicroSystems, Inc.<sup>(1)</sup> | 31069 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907215 |
|  MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 9344 | 1163234 |
|  MKS, Inc. | 8028 | 993626 |
|  Onto Innovation, Inc.<sup>(1)</sup> | 6404 | 827525 |
|  Rambus, Inc.<sup>(1)</sup> | 11290 | 1176418 |
|  |  | **5068018** |
|  **Software — 3.7%** | **Software — 3.7%** | **Software — 3.7%** |
|  Appfolio, Inc., Class A<sup>(1)</sup> | 2851 | 785907 |
|  BitMine Immersion Technologies, Inc.<sup>(1)</sup> | 270 | 14021 |
|  Cellebrite DI Ltd.<sup>(1)</sup> | 13206 | 244707 |
|  Commvault Systems, Inc.<sup>(1)</sup> | 4603 | 868954 |
|  CyberArk Software Ltd.<sup>(1)</sup> | 832 | 401981 |
|  Dynatrace, Inc.<sup>(1)</sup> | 25989 | 1259167 |
|  Gen Digital, Inc. | 12873 | 365465 |
|  Guidewire Software, Inc.<sup>(1)</sup> | 6556 | 1506962 |
|  Netskope, Inc., Class A<sup>(1)</sup> | 500 | 11365 |
|  Nutanix, Inc., Class A<sup>(1)</sup> | 9711 | 722401 |
|  PTC, Inc.<sup>(1)</sup> | 1623 | 329502 |
|  |  | **6510432** |
|  **Specialized REITs — 1.3%** | **Specialized REITs — 1.3%** | **Specialized REITs — 1.3%** |
|  CubeSmart | 16839 | 684674 |
|  Four Corners Property Trust, Inc. | 33730 | 823012 |
|  Outfront Media, Inc. | 43161 | 790709 |
|  |  | **2298395** |
|  **Specialty Retail — 3.8%** | **Specialty Retail — 3.8%** | **Specialty Retail — 3.8%** |
|  Aritzia, Inc. (Canada)<sup>(1)</sup> | 12451 | 753126 |
|  Bath & Body Works, Inc. | 27417 | 706262 |
|  Burlington Stores, Inc.<sup>(1)</sup> | 4168 | 1060756 |
|  Chewy, Inc., Class A<sup>(1)</sup> | 17335 | 701201 |
|  Dick's Sporting Goods, Inc. | 6929 | 1539762 |
|  Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 10471 | 771713 |
|  Murphy USA, Inc. | 1924 | 747012 |
|  Williams-Sonoma, Inc. | 2199 | 429794 |
|  |  | **6709626** |
|  **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** |
|  Pure Storage, Inc., Class A<sup>(1)</sup> | 570 | 47772 |
|  Western Digital Corp. | 12364 | 1484422 |
|  |  | **1532194** |
|  **Textiles, Apparel & Luxury Goods — 1.9%** | **Textiles, Apparel & Luxury Goods — 1.9%** | **Textiles, Apparel & Luxury Goods — 1.9%** |
|  Amer Sports, Inc.<sup>(1)</sup> | 20723 | 720124 |
|  Birkenstock Holding PLC<sup>(1)</sup> | 16429 | 743412 |
|  Capri Holdings Ltd.<sup>(1)</sup> | 24935 | 496705 |
|  PVH Corp. | 8179 | 685155 |
|  Tapestry, Inc. | 6626 | 750196 |
|  |  | **3395592** |
|  **Trading Companies & Distributors — 2.4%** | **Trading Companies & Distributors — 2.4%** | **Trading Companies & Distributors — 2.4%** |
|  Core & Main, Inc., Class A<sup>(1)</sup> | 16010 | 861818 |
|  Watsco, Inc. | 2820 | 1140126 |
|  WESCO International, Inc. | 10119 | 2140169 |
|  |  | **4142113** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
|  Essential Utilities, Inc. | 3661 | $146074 |
|  |  | **146074** |
|  **Total Common Stocks** <br> (Cost $134,934,248) | **Total Common Stocks** <br> (Cost $134,934,248) | **173061123** |
|  | **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.485% due 10/30/2025<sup>(3)</sup> | $120000 | 119608 |
|  **Total U.S. Treasury Bills** <br> (Cost $119,593) | **Total U.S. Treasury Bills** <br> (Cost $119,593) | **119608** |
|  **Repurchase Agreements — 1.6%** |  |  |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $2,798,789, due 10/1/2025<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798691 | 2798691 |
|  **Total Repurchase Agreements** <br> (Cost $2,798,691) | **Total Repurchase Agreements** <br> (Cost $2,798,691) | **2798691** |
|  **Total Investments — 100.3%** <br> (Cost $137,852,532) | **Total Investments — 100.3%** <br> (Cost $137,852,532) | **175979422** |
|  **Liabilities in excess of other assets — (0.3)%** | **Liabilities in excess of other assets — (0.3)%** | **(591964)** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**175387458** |

---

(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 September 30, 2025, the aggregate market value of this security amounted to $566,248, representing 0.3% of net assets. This security has been deemed liquid by the investment adviser
pursuant to the Fund's liquidity procedures approved by the Board of Trustees.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  U.S. Treasury Note | 4.50% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854855 |

---

**Open futures contracts at September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Depreciation** |
|  S&P MidCap 400 E-mini | December 2025 | 2 | Long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657240 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11964) |

---

**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 September 30, 2025 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;170253053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808070 \* | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173061123 |
|  U.S. Treasury Bills |  | 119608 |  | 119608 |
|  Repurchase Agreements |  | 2798691 |  | 2798691 |
|  **Total** | $**170253053** | $**5726369** | $**—** | $**175979422** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts | Futures Contracts | Futures Contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities | $(11964) | $— | $— | $(11964) |
|  **Total** | $**(11964)** | $**—** | $**—** | $**(11964)** |

---

\* 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** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **Agency Mortgage-Backed Securities — 24.2%** |  |  |
|  Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/1/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6196071 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6064605 |
|  Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 4/1/2033 | 4612491 | 4551597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 9/1/2034 | 6378884 | 6190642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/1/2037 | 6031338 | 5875384 |
|  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 | 2869265 |
| &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 | 6917940 |
|  **Total Agency Mortgage-Backed Securities** <br> (Cost $32,302,489) |  | **32469433** |
|  **Asset-Backed Securities — 24.6%** |  |  |
|  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 | 878469 |
|  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 | 1068202 |
|  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 | 3028093 |
|  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> | 865257 | 870193 |
|  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 | 1000000 | 1008698 |
|  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 | 442462 |
|  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 | 1010884 |
|  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 | 2918422 |
|  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 | 2925472 |
|  HPEFS Equipment Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91% due 4/20/2028<sup>(1)</sup> | 495000 | 495779 |
|  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 | 410874 |
| &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 | 415368 |
|  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 | 1014899 |
| &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 | 3001643 |
|  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; 5.969% (3 mo. USD Term SOFR + 1.65%) due 4/15/2031<sup>(1)(2)</sup> | 1209375 | 1210014 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SHORT DURATION BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **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> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510370 |
|  Stellantis Financial Underwritten Enhanced Lease Trust |  |  |
| &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 | 612111 |
|  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 | 2653497 |
|  Toyota Auto Loan Extended Note Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.07% due 2/27/2034<sup>(1)</sup> | 1735000 | 1713150 |
|  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 | 2915967 |
|  Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.24% due 7/15/2027<sup>(1)</sup> | 826634 | 829422 |
|  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> | 232083 | 234370 |
| &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 | 198475 |
| &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 | 2530518 |
|  **Total Asset-Backed Securities** <br> (Cost $32,668,087) |  | **32897352** |
|  **Corporate Bonds & Notes — 34.8%** |  |  |
|  **Airlines — 1.0%** |  |  |
|  Delta Air Lines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% due 7/10/2028 | 1345000 | 1361323 |
|  |  | **1361323** |
|  **Biotechnology — 0.4%** |  |  |
|  Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% due 3/2/2028 | 500000 | 511672 |
|  |  | **511672** |
|  **Commercial Banks — 13.4%** |  |  |
|  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 | 492372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.559% (3.559% fixed rate until 4/23/2026; 3 mo. USD Term SOFR + 1.32% thereafter) due 4/23/2027<sup>(2)</sup> | 1000000 | 996006 |
| &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 | 957375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.08% (5.08% fixed rate until 1/20/2026; 1 day USD SOFR + 1.29% thereafter) due 1/20/2027<sup>(2)</sup> | 500000 | 500918 |
|  Citibank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.576% due 5/29/2027 | 2570000 | 2592739 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SHORT DURATION BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Commercial Banks — (continued)** |  |  |
|  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> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873284 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.47% (1.47% fixed rate until 9/22/2026; 1 day USD SOFR + 0.77% thereafter) due 9/22/2027<sup>(2)</sup> | 1000000 | 974790 |
| &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 | 1425241 |
| &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 | 515165 |
|  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 | 1944900 |
|  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 | 1014783 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.069% (5.069% fixed rate until 7/23/2026; 1 day USD SOFR + 0.79% thereafter) due 7/23/2027<sup>(2)</sup> | 750000 | 755566 |
|  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 + 2.04% thereafter) due 7/25/2029<sup>(2)</sup> | 2800000 | 2901785 |
|  |  | **17944924** |
|  **Computers — 1.1%** |  |  |
|  Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 4/1/2028 | 1450000 | 1471260 |
|  |  | **1471260** |
|  **Diversified Financial Services — 3.7%** |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45% due 4/3/2026 | 1400000 | 1399838 |
|  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 | 1114762 |
|  Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% due 10/25/2028<sup>(1)</sup> | 1300000 | 1382654 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 9/15/2028 | 1100000 | 1057174 |
|  |  | **4954428** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SHORT DURATION BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| **<br>September 30, 2025 (unaudited)** | **Principal<br>Amount** | **<br>Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |
|  **Electrical Components & Equipment — 1.0%** |  |  |
|  Molex Electronic Technologies LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 4/30/2028<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413714 |
|  |  | **1413714** |
|  **Food — 2.2%** |  |  |
|  Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% due 4/20/2028<sup>(1)</sup> | 2870000 | 2906452 |
|  |  | **2906452** |
|  **Healthcare-Services — 0.8%** |  |  |
|  HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20% due 6/1/2028 | 1000000 | 1024144 |
|  |  | **1024144** |
|  **Insurance — 1.2%** |  |  |
|  Aspen Insurance Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 7/1/2030 | 830000 | 868705 |
|  Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.516% due 3/25/2027<sup>(1)</sup> | 700000 | 712730 |
|  |  | **1581435** |
|  **Leisure Time — 0.4%** |  |  |
|  Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 7/15/2027<sup>(1)</sup> | 500000 | 504426 |
|  |  | **504426** |
|  **Lodging — 0.9%** |  |  |
|  Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90% due 6/1/2027 | 1000000 | 1020213 |
|  Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 6/15/2026 | 200000 | 198536 |
|  |  | **1218749** |
|  **Oil & Gas — 0.5%** |  |  |
|  Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 12/1/2026 | 200000 | 197888 |
|  Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30% due 4/1/2027 | 500000 | 501651 |
|  |  | **699539** |
|  **Pipelines — 1.8%** |  |  |
|  DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 6/15/2029<sup>(1)</sup> | 1370000 | 1336660 |
|  Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% due 8/15/2028 | 1000000 | 1031039 |
|  |  | **2367699** |
|  **Real Estate Investment Trusts — 2.4%** |  |  |
|  American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% due 11/15/2028 | 500000 | 522113 |
|  Extra Space Storage LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 7/1/2026 | 500000 | 497679 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 8/1/2030 | 670000 | 683132 |
|  VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 4/1/2028 | 1450000 | 1465118 |
|  |  | **3168042** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN SHORT DURATION BOND VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| **<br>September 30, 2025 (unaudited)** | **Principal<br>Amount** | **Principal<br>Amount** | **<br>Value** |
|  **Corporate Bonds & Notes — (continued)** |  |  |  |
|  **Software — 0.3%** |  |  |  |
|  Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30% due 3/25/2028 | $| 500000 | $478042 |
|  |  |  | **478042** |
|  **Telecommunications — 3.7%** |  |  |  |
|  NTT Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.567% due 7/16/2027<sup>(1)</sup> |  | 2100000 | 2115144 |
|  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> |  | 2350000 | 2358894 |
|  T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 4/15/2027 |  | 500000 | 497027 |
|  |  |  | **4971065** |
|  **Total Corporate Bonds & Notes** <br> (Cost $45,962,610) |  |  | **46576914** |
|  **Non-Agency Mortgage-Backed Securities — 1.5%** |  |  |  |
|  Brean Asset-Backed Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RM11, Class A1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 5/25/2065<sup>(1)(2)(3)</sup> |  | 2095040 | 2055970 |
|  **Total Non-Agency Mortgage-Backed Securities** <br> (Cost $2,020,636) |  |  | **2055970** |
|  **U.S. Government Securities — 10.1%** |  |  |  |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 7/31/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500000 | 13555371 |
|  **Total U.S. Government Securities** <br> (Cost $13,554,039) |  |  | **13555371** |
|  **Repurchase Agreements — 4.6%** |  |  |  |
|  Fixed Income Clearing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.26%, dated 9/30/2025, proceeds at maturity value of $6,104,007, due 10/1/2025<sup>(4)</sup> |  | 6103794 | 6103794 |
|  **Total Repurchase Agreements** <br> (Cost $6,103,794) |  |  | **6103794** |
|  **Total Investments — 99.8%** <br> (Cost $132,611,655) |  |  | **133658834** |
|  **Assets in excess of other liabilities — 0.2%** | **Assets in excess of other liabilities — 0.2%** | **Assets in excess of other liabilities — 0.2%** | **251519** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**133910353** |

---

(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 September 30, 2025, the aggregate market value of these securities amounted to $43,759,331, representing 32.7% 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.

(2) Variable rate securities, which may include step-up bonds or adjustable
rate mortgages. The rate shown is the rate in effect at September 30, 2025.

(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 Inflation Index Note | 0.125% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5516600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6226039 |

---

**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 September 30, 2025 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 | $— | $32469433 | $— | $32469433 |
|  Asset-Backed Securities |  | 32897352 |  | 32897352 |
|  Corporate Bonds & Notes |  | 46576914 |  | 46576914 |
|  Non-Agency Mortgage-Backed Securities |  | 2055970 |  | 2055970 |
|  U.S. Government Securities |  | 13555371 |  | 13555371 |
|  Repurchase Agreements |  | 6103794 |  | 6103794 |
|  **Total** | $**—** | $**133658834** | $**—** | $**133658834** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 98.1%** | **Common Stocks — 98.1%** | **Common Stocks — 98.1%** |
|  **Aerospace & Defense — 3.7%** | **Aerospace & Defense — 3.7%** | **Aerospace & Defense — 3.7%** |
|  BWX Technologies, Inc. | 21501 | $3964139 |
|  Melrose Industries PLC (United Kingdom) | 499631 | 4116596 |
|  |  | **8080735** |
|  **Automobile Components — 1.1%** | **Automobile Components — 1.1%** | **Automobile Components — 1.1%** |
|  Gentherm, Inc.<sup>(1)</sup> | 70015 | 2384711 |
|  |  | **2384711** |
|  **Banks — 5.7%** | **Banks — 5.7%** | **Banks — 5.7%** |
|  Ameris Bancorp | 48218 | 3534862 |
|  Axos Financial, Inc.<sup>(1)</sup> | 28428 | 2406430 |
|  Webster Financial Corp. | 55232 | 3282990 |
|  Wintrust Financial Corp. | 23527 | 3115916 |
|  |  | **12340198** |
|  **Building Products — 4.9%** | **Building Products — 4.9%** | **Building Products — 4.9%** |
|  AAON, Inc. | 36766 | 3435415 |
|  AZZ, Inc. | 26745 | 2918682 |
|  Carlisle Cos., Inc. | 12906 | 4245558 |
|  |  | **10599655** |
|  **Capital Markets — 2.8%** | **Capital Markets — 2.8%** | **Capital Markets — 2.8%** |
|  Cboe Global Markets, Inc. | 11743 | 2879971 |
|  Raymond James Financial, Inc. | 18944 | 3269734 |
|  |  | **6149705** |
|  **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** |
|  Ashland, Inc. | 38482 | 1843673 |
|  Westlake Corp. | 41727 | 3215482 |
|  |  | **5059155** |
|  **Commercial Services & Supplies — 1.5%** | **Commercial Services & Supplies — 1.5%** | **Commercial Services & Supplies — 1.5%** |
|  Republic Services, Inc. | 14469 | 3320346 |
|  |  | **3320346** |
|  **Construction & Engineering — 1.6%** | **Construction & Engineering — 1.6%** | **Construction & Engineering — 1.6%** |
|  API Group Corp.<sup>(1)</sup> | 103182 | 3546365 |
|  |  | **3546365** |
|  **Containers & Packaging — 2.7%** | **Containers & Packaging — 2.7%** | **Containers & Packaging — 2.7%** |
|  Crown Holdings, Inc. | 32045 | 3095226 |
|  International Paper Co. | 58599 | 2718994 |
|  |  | **5814220** |
|  **Diversified Consumer Services — 0.5%** | **Diversified Consumer Services — 0.5%** | **Diversified Consumer Services — 0.5%** |
|  Service Corp. International | 13433 | 1117894 |
|  |  | **1117894** |
|  **Electrical Equipment — 3.4%** | **Electrical Equipment — 3.4%** | **Electrical Equipment — 3.4%** |
|  Allient, Inc. | 83151 | 3721007 |
|  Regal Rexnord Corp. | 24830 | 3561615 |
|  |  | **7282622** |
|  **Electronic Equipment, Instruments & Components — 4.9%** | **Electronic Equipment, Instruments & Components — 4.9%** | **Electronic Equipment, Instruments & Components — 4.9%** |
|  Littelfuse, Inc. | 12541 | 3248244 |
|  Ralliant Corp. | 65097 | 2846692 |
|  Teledyne Technologies, Inc.<sup>(1)</sup> | 7617 | 4463867 |
|  |  | **10558803** |
|  **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
|  Roku, Inc.<sup>(1)</sup> | 31055 | 3109537 |
|  |  | **3109537** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Financial Services — 1.5%** |  |  |
|  Essent Group Ltd. | 52258 | 3321519 |
|  |  | **3321519** |
|  **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** |
|  Haemonetics Corp.<sup>(1)</sup> | 36018 | 1755517 |
|  LivaNova PLC<sup>(1)</sup> | 51297 | 2686937 |
|  |  | **4442454** |
|  **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** |
|  HealthEquity, Inc.<sup>(1)</sup> | 39559 | 3749006 |
|  Humana, Inc. | 8685 | 2259577 |
|  |  | **6008583** |
|  **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** |
|  Schrodinger, Inc.<sup>(1)</sup> | 49647 | 995919 |
|  |  | **995919** |
|  **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** |
|  DraftKings, Inc., Class A<sup>(1)</sup> | 62021 | 2319586 |
|  Planet Fitness, Inc., Class A<sup>(1)</sup> | 36184 | 3755899 |
|  |  | **6075485** |
|  **Household Durables — 1.4%** | **Household Durables — 1.4%** | **Household Durables — 1.4%** |
|  Toll Brothers, Inc. | 21203 | 2928982 |
|  |  | **2928982** |
|  **Household Products — 0.6%** | **Household Products — 0.6%** | **Household Products — 0.6%** |
|  Church & Dwight Co., Inc. | 13964 | 1223665 |
|  |  | **1223665** |
|  **Industrial REITs — 1.3%** | **Industrial REITs — 1.3%** | **Industrial REITs — 1.3%** |
|  Terreno Realty Corp. | 49440 | 2805720 |
|  |  | **2805720** |
|  **Insurance — 8.3%** | **Insurance — 8.3%** | **Insurance — 8.3%** |
|  Arch Capital Group Ltd. | 32200 | 2921506 |
|  Axis Capital Holdings Ltd. | 28818 | 2760764 |
|  First American Financial Corp. | 45369 | 2914505 |
|  HCI Group, Inc. | 12958 | 2487029 |
|  Reinsurance Group of America, Inc. | 17478 | 3358048 |
|  Unum Group | 44836 | 3487344 |
|  |  | **17929196** |
|  **IT Services — 1.6%** | **IT Services — 1.6%** | **IT Services — 1.6%** |
|  Okta, Inc.<sup>(1)</sup> | 38738 | 3552275 |
|  |  | **3552275** |
|  **Life Sciences Tools & Services — 3.6%** | **Life Sciences Tools & Services — 3.6%** | **Life Sciences Tools & Services — 3.6%** |
|  Azenta, Inc.<sup>(1)</sup> | 86091 | 2472534 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 14003 | 3926301 |
|  Bruker Corp. | 45727 | 1485670 |
|  |  | **7884505** |
|  **Marine Transportation — 1.4%** | **Marine Transportation — 1.4%** | **Marine Transportation — 1.4%** |
|  Kirby Corp.<sup>(1)</sup> | 35097 | 2928845 |
|  |  | **2928845** |
|  **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** |
|  Commercial Metals Co. | 53633 | 3072098 |
|  |  | **3072098** |
|  **Oil, Gas & Consumable Fuels — 2.3%** | **Oil, Gas & Consumable Fuels — 2.3%** | **Oil, Gas & Consumable Fuels — 2.3%** |
|  Antero Resources Corp.<sup>(1)</sup> | 95659 | 3210316 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (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)** |
|  Coterra Energy, Inc. | 72410 | 1712497 |
|  |  | **4922813** |
|  **Paper & Forest Products — 1.6%** | **Paper & Forest Products — 1.6%** | **Paper & Forest Products — 1.6%** |
|  Louisiana-Pacific Corp. | 40085 | 3561151 |
|  |  | **3561151** |
|  **Passenger Airlines — 1.1%** | **Passenger Airlines — 1.1%** | **Passenger Airlines — 1.1%** |
|  Alaska Air Group, Inc.<sup>(1)</sup> | 48097 | 2394269 |
|  |  | **2394269** |
|  **Professional Services — 1.3%** | **Professional Services — 1.3%** | **Professional Services — 1.3%** |
|  TransUnion | 32807 | 2748571 |
|  |  | **2748571** |
|  **Residential REITs — 1.4%** | **Residential REITs — 1.4%** | **Residential REITs — 1.4%** |
|  Sun Communities, Inc. | 24247 | 3127863 |
|  |  | **3127863** |
|  **Semiconductors & Semiconductor Equipment — 5.6%** | **Semiconductors & Semiconductor Equipment — 5.6%** | **Semiconductors & Semiconductor Equipment — 5.6%** |
|  Allegro MicroSystems, Inc.<sup>(1)</sup> | 88360 | 2580112 |
|  Marvell Technology, Inc. | 78142 | 6569398 |
|  ON Semiconductor Corp.<sup>(1)</sup> | 60427 | 2979655 |
|  |  | **12129165** |
|  **Software — 5.0%** | **Software — 5.0%** | **Software — 5.0%** |
|  CCC Intelligent Solutions Holdings, Inc.<sup>(1)</sup> | 334955 | 3051440 |
|  Dynatrace, Inc.<sup>(1)</sup> | 73802 | 3575707 |
|  Q2 Holdings, Inc.<sup>(1)</sup> | 24836 | 1797878 |
|  SPS Commerce, Inc.<sup>(1)</sup> | 22150 | 2306701 |
|  |  | **10731726** |
|  **Specialized REITs — 2.9%** | **Specialized REITs — 2.9%** | **Specialized REITs — 2.9%** |
|  CubeSmart | 73232 | 2977613 |
|  SBA Communications Corp. | 16486 | 3187568 |
|  |  | **6165181** |
|  **Specialty Retail — 7.6%** | **Specialty Retail — 7.6%** | **Specialty Retail — 7.6%** |
|  AutoNation, Inc.<sup>(1)</sup> | 13723 | 3002181 |
|  Burlington Stores, Inc.<sup>(1)</sup> | 12329 | 3137731 |
|  Chewy, Inc., Class A<sup>(1)</sup> | 86476 | 3497954 |
|  National Vision Holdings, Inc.<sup>(1)</sup> | 141976 | 4144279 |
|  Revolve Group, Inc.<sup>(1)</sup> | 130848 | 2787062 |
|  |  | **16569207** |
|  **Trading Companies & Distributors — 3.5%** | **Trading Companies & Distributors — 3.5%** | **Trading Companies & Distributors — 3.5%** |
|  Herc Holdings, Inc. | 19758 | 2304968 |
|  QXO, Inc.<sup>(1)</sup> | 194740 | 3711744 |
|  WESCO International, Inc. | 7675 | 1623263 |
|  |  | **7639975** |
|  **Total Common Stocks**<br> (Cost $191,353,442) | **Total Common Stocks**<br> (Cost $191,353,442) | **212523113** |
|  **Exchange-Traded Funds — 1.6%** | **Exchange-Traded Funds — 1.6%** | **Exchange-Traded Funds — 1.6%** |
|  SPDR S&P Biotech ETF | 34383 | 3445177 |
|  **Total Exchange-Traded Funds**<br> (Cost $2,690,854) | **Total Exchange-Traded Funds**<br> (Cost $2,690,854) | **3445177** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Repurchase Agreements — 0.5%** | **Repurchase Agreements — 0.5%** | **Repurchase Agreements — 0.5%** |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $1,137,189,<br>due 10/1/2025<sup>(2)</sup> | $1137149 | $1137149 |
|  **Total Repurchase Agreements**<br> (Cost $1,137,149) | **Total Repurchase Agreements**<br> (Cost $1,137,149) | **1137149** |
|  **Total Investments — 100.2%**<br> (Cost $195,181,445) | **Total Investments — 100.2%**<br> (Cost $195,181,445) | **217105439** |
|  **Liabilities in excess of other assets — (0.2)%** | **Liabilities in excess of other assets — (0.2)%** | **(327006)** |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**216778433** |

---

(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 | 4.50% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159936 |

---

**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 September 30, 2025 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 | $208406517 | $4116596 <sup>\*</sup> | $— | $212523113 |
|  Exchange-Traded Funds | 3445177 |  |  | 3445177 |
|  Repurchase Agreements |  | 1137149 |  | 1137149 |
|  **Total** | $**211851694** | $**5253745** | $**—** | $**217105439** |

---

<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** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — 98.0%** |  |  |
|  **Aerospace & Defense — 2.9%** |  |  |
|  BAE Systems PLC, ADR | 20350 | $2273502 |
|  L3Harris Technologies, Inc. | 11313 | 3455103 |
|  |  | **5728605** |
|  **Banks — 3.6%** |  |  |
|  Bank of America Corp. | 57990 | 2991704 |
|  JPMorgan Chase & Co. | 10175 | 3209500 |
|  M&T Bank Corp. | 5243 | 1036122 |
|  |  | **7237326** |
|  **Beverages — 1.4%** |  |  |
|  Coca-Cola Co. | 28687 | 1902522 |
|  Monster Beverage Corp.<sup>(1)</sup> | 14320 | 963879 |
|  |  | **2866401** |
|  **Biotechnology — 3.3%** |  |  |
|  AbbVie, Inc. | 13794 | 3193863 |
|  Gilead Sciences, Inc. | 30092 | 3340212 |
|  |  | **6534075** |
|  **Broadline Retail — 3.4%** |  |  |
|  Amazon.com, Inc.<sup>(1)</sup> | 30645 | 6728723 |
|  |  | **6728723** |
|  **Capital Markets — 2.9%** |  |  |
|  Cboe Global Markets, Inc. | 8271 | 2028463 |
|  CME Group, Inc. | 2475 | 668720 |
|  MSCI, Inc. | 2313 | 1312419 |
|  S&P Global, Inc. | 3657 | 1779899 |
|  |  | **5789501** |
|  **Commercial Services & Supplies — 0.5%** |  |  |
|  Veralto Corp. | 8900 | 948829 |
|  |  | **948829** |
|  **Communications Equipment — 1.8%** |  |  |
|  Cisco Systems, Inc. | 30985 | 2119993 |
|  Motorola Solutions, Inc. | 3482 | 1592284 |
|  |  | **3712277** |
|  **Construction & Engineering — 0.6%** |  |  |
|  Stantec, Inc. | 10796 | 1163809 |
|  |  | **1163809** |
|  **Diversified Consumer Services — 0.3%** |  |  |
|  ADT, Inc. | 82290 | 716746 |
|  |  | **716746** |
|  **Electric Utilities — 1.5%** |  |  |
|  American Electric Power Co., Inc. | 26708 | 3004650 |
|  |  | **3004650** |
|  **Electrical Equipment — 0.4%** |  |  |
|  Eaton Corp. PLC | 2178 | 815116 |
|  |  | **815116** |
|  **Entertainment — 1.1%** |  |  |
|  Netflix, Inc.<sup>(1)</sup> | 1822 | 2184432 |
|  |  | **2184432** |
|  **Financial Services — 4.6%** |  |  |
|  Corpay, Inc.<sup>(1)</sup> | 3501 | 1008498 |
|  Fiserv, Inc.<sup>(1)</sup> | 13221 | 1704584 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Financial Services — (continued)** |  |  |
|  Mastercard, Inc., Class A | 4390 | $2497076 |
|  Visa, Inc., Class A | 11919 | 4068908 |
|  |  | **9279066** |
|  **Health Care Equipment & Supplies — 1.0%** |  |  |
|  Medtronic PLC | 20691 | 1970611 |
|  |  | **1970611** |
|  **Health Care Providers & Services — 2.8%** |  |  |
|  McKesson Corp. | 4824 | 3726733 |
|  UnitedHealth Group, Inc. | 5326 | 1839068 |
|  |  | **5565801** |
|  **Hotels, Restaurants & Leisure — 3.3%** |  |  |
|  Booking Holdings, Inc. | 465 | 2510661 |
|  Compass Group PLC, ADR | 73417 | 2522608 |
|  Yum! Brands, Inc. | 11028 | 1676256 |
|  |  | **6709525** |
|  **Household Products — 1.2%** |  |  |
|  Colgate-Palmolive Co. | 19175 | 1532850 |
|  Procter & Gamble Co. | 5514 | 847226 |
|  |  | **2380076** |
|  **Insurance — 4.1%** |  |  |
|  American Financial Group, Inc. | 6094 | 888018 |
|  Everest Group Ltd. | 1676 | 586986 |
|  Hanover Insurance Group, Inc. | 5170 | 939027 |
|  Marsh & McLennan Cos., Inc. | 8277 | 1668064 |
|  Reinsurance Group of America, Inc. | 3077 | 591184 |
|  Travelers Cos., Inc. | 7419 | 2071533 |
|  Willis Towers Watson PLC | 4321 | 1492689 |
|  |  | **8237501** |
|  **Interactive Media & Services — 6.6%** |  |  |
|  Alphabet, Inc., Class C | 35455 | 8635065 |
|  Meta Platforms, Inc., Class A | 6200 | 4553156 |
|  |  | **13188221** |
|  **IT Services — 0.5%** |  |  |
|  Amdocs Ltd. | 13458 | 1104229 |
|  |  | **1104229** |
|  **Life Sciences Tools & Services — 0.6%** |  |  |
|  Thermo Fisher Scientific, Inc. | 2595 | 1258627 |
|  |  | **1258627** |
|  **Media — 0.7%** |  |  |
|  New York Times Co., Class A | 24248 | 1391835 |
|  |  | **1391835** |
|  **Multi-Utilities — 1.4%** |  |  |
|  Ameren Corp. | 26150 | 2729537 |
|  |  | **2729537** |
|  **Office REITs — 0.4%** |  |  |
|  COPT Defense Properties | 27650 | 803509 |
|  |  | **803509** |
|  **Oil, Gas & Consumable Fuels — 1.7%** |  |  |
|  Exxon Mobil Corp. | 10047 | 1132799 |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Shares** | **Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Oil, Gas & Consumable Fuels — (continued)** |  |  |
|  Shell PLC, ADR | 33149 | $2371148 |
|  |  | **3503947** |
|  **Pharmaceuticals — 3.4%** |  |  |
|  Eli Lilly & Co. | 3198 | 2440074 |
|  Merck & Co., Inc. | 36339 | 3049932 |
|  Zoetis, Inc. | 8610 | 1259815 |
|  |  | **6749821** |
|  **Professional Services — 7.1%** |  |  |
|  Automatic Data Processing, Inc. | 7184 | 2108504 |
|  Experian PLC, ADR | 34115 | 1712914 |
|  Genpact Ltd. | 25860 | 1083275 |
|  Jacobs Solutions, Inc. | 6568 | 984280 |
|  Leidos Holdings, Inc. | 15727 | 2971774 |
|  RELX PLC, ADR | 46637 | 2227383 |
|  SS&C Technologies Holdings, Inc. | 19097 | 1695050 |
|  Wolters Kluwer NV, ADR | 10097 | 1384905 |
|  |  | **14168085** |
|  **Semiconductors & Semiconductor Equipment — 10.0%** |  |  |
|  Analog Devices, Inc. | 9222 | 2265845 |
|  Broadcom, Inc. | 18796 | 6200988 |
|  NVIDIA Corp. | 43396 | 8096826 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 12168 | 3398401 |
|  |  | **19962060** |
|  **Software — 16.0%** |  |  |
|  Intuit, Inc. | 4873 | 3327820 |
|  Microsoft Corp. | 33004 | 17094422 |
|  Nice Ltd., ADR<sup>(1)</sup> | 11228 | 1625590 |
|  Oracle Corp. | 9677 | 2721559 |
|  Roper Technologies, Inc. | 3600 | 1795284 |
|  Salesforce, Inc. | 8830 | 2092710 |
|  ServiceNow, Inc.<sup>(1)</sup> | 3591 | 3304726 |
|  |  | **31962111** |
|  **Specialized REITs — 0.4%** |  |  |
|  Extra Space Storage, Inc. | 5550 | 782217 |
|  |  | **782217** |
|  **Specialty Retail — 2.2%** |  |  |
|  AutoZone, Inc.<sup>(1)</sup> | 806 | 3457934 |
|  O'Reilly Automotive, Inc.<sup>(1)</sup> | 9725 | 1048452 |
|  |  | **4506386** |
|  **Technology Hardware, Storage & Peripherals — 5.1%** |  |  |
|  Apple, Inc. | 39903 | 10160501 |
|  |  | **10160501** |
|  **Tobacco — 1.2%** |  |  |
|  Philip Morris International, Inc. | 14953 | 2425376 |
|  |  | **2425376** |
|  **Total Common Stocks**<br> (Cost $142,728,723) |  | **196269532** |

---

*See accompanying Notes to Schedule of Investments.* 

------

**SCHEDULE OF INVESTMENTS** 

**GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Principal**<br>**Amount** | **Value** |
|  **Repurchase Agreements — 2.2%** |  |  |
|  Fixed Income Clearing Corp., 1.26%, dated 9/30/2025, proceeds at maturity value of $4,358,785,<br>due 10/1/2025<sup>(2)</sup> | $4358633 | $4358633 |
|  **Total Repurchase Agreements**<br> (Cost $4,358,633) |  | **4358633** |
|  **Total Investments — 100.2%**<br> (Cost $147,087,356) |  | **200628165** |
|  **Liabilities in excess of other assets — (0.2)%** |  | **(379275)** |
|  **Total Net Assets — 100.0%** |  | $**200248890** |

---

(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 | 4.50% | 4/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4305100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4445836 |

---

**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 September 30, 2025 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 | $196269532 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196269532 |
|  Repurchase Agreements |  | 4358633 |  | 4358633 |
|  **Total** | $**196269532** | $**4358633** | $**—** | $**200628165** |

---

*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 September 30, 2025, Guardian Large Cap Fundamental Growth VIP Fund held two 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 September 30, 2025, there were no transfers into or out of Level 3 of the fair value hierarchy.

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 September 30, 2025 is included in the Schedule of Investments.

***Investments*** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the 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 September 30, 2025, Guardian Large Cap Fundamental Growth VIP held 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 swasps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the period ended September 30, 2025, Guardian Core Plus Fixed Income VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund entered into U.S. Treasury futures contracts to manage portfolio duration. During the period ended September 30, 2025, Guardian Select Mid Cap Core VIP Fund entered into equity futures contracts to equitize cash and keep the Fund fully invested.

## 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 Global Utilities VIP Fund

- **b. EDGAR series identifier (if any):** S000061840

- **c. LEI of Series:** 549300I3EVDC8AFM5A81

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $45427845.94

**Total Liabilities:** $255584.46

**Net Assets:** $45172261.48

**Cash Not Reported:** $94.94

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200218 | 1.47%                | 0.81%                | 3.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $166493.09               | $406286.81                                 |
| Month 2  | $293417.75               | $-26340.60                                 |
| Month 3  | $283611.35               | $1281055.69                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American Electric Power Co Inc                         | American Electric Power Co Inc                         | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     26663 | NS      | $2999587.50   | 6.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                                            | Vistra Corp                                            | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      9559 | NS      | $1872799.28   | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                                    | Dominion Energy Inc                                    | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     36556 | NS      | $2236130.52   | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                                     | NextEra Energy Inc                                     | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     39936 | NS      | $3014768.64   | 6.67%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                                   | WEC Energy Group Inc                                   | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     16903 | NS      | $1936914.77   | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                                           | Iberdrola SA                                           | CUSIP: 000000000<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |    111000 | NS      | $2103257.46   | 4.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Atmos Energy Corp                                      | Atmos Energy Corp                                      | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |     12390 | NS      | $2115592.50   | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                            | Exelon Corp                                            | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     29179 | NS      | $1313346.79   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                                        | Southern Co/The                                        | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     20750 | NS      | $1966477.50   | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                                         | NRG Energy Inc                                         | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      1672 | NS      | $270780.40    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Gas Co Ltd                                       | Tokyo Gas Co Ltd                                       | CUSIP: 000000000<br>LEI: 353800678EIJLOQSWZ83 | Long             | EC               | CORP              | JP        |     20700 | NS      | $736589.08    | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| ENN Energy Holdings Ltd                                | ENN Energy Holdings Ltd                                | CUSIP: 000000000<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | KY        |    166794 | NS      | $1380512.48   | 3.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Enel SpA                                               | Enel SpA                                               | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |    230240 | NS      | $2183696.99   | 4.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Energy Corp                              | Constellation Energy Corp                              | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      3284 | NS      | $1080665.88   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                                 | Sempra                                                 | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     32334 | NS      | $2909413.32   | 6.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp                             | FIXED INC CLEARING CORP.REPO                           | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |    170813 | PA      | $170812.70    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Engie SA                                               | Engie SA                                               | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |    103203 | NS      | $2213763.80   | 4.90%             |  |  |  | No            |                  2 | On Loan: No      |
| SSE PLC                                                | SSE PLC                                                | CUSIP: 000000000<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |     33827 | NS      | $792732.04    | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | CUSIP: 000000000<br>LEI: 254900UOXRZRS2TNWP19 | Long             | EC               | CORP              | BR        |     71800 | NS      | $1783044.01   | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                                              | PG&E Corp                                              | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     41910 | NS      | $632002.80    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                       | Duke Energy Corp                                       | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     15413 | NS      | $1907358.75   | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                                                | E.ON SE                                                | CUSIP: 000000000<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |    143946 | NS      | $2706503.43   | 5.99%             |  |  |  | No            |                  2 | On Loan: No      |
| ONE Gas Inc                                            | ONE Gas Inc                                            | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |     10304 | NS      | $834005.76    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CK Infrastructure Holdings Ltd                         | CK Infrastructure Holdings Ltd                         | CUSIP: 000000000<br>LEI: 5299005U11RQ1C27MR12 | Long             | EC               | CORP              | BM        |    167699 | NS      | $1102008.80   | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| IDACORP Inc                                            | IDACORP Inc                                            | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |     12765 | NS      | $1686894.75   | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC                                      | National Grid PLC                                      | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |    140490 | NS      | $2025387.77   | 4.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Kansai Electric Power Co Inc/The                       | Kansai Electric Power Co Inc/The                       | CUSIP: 000000000<br>LEI: 353800PFUKP5ONPJNZ86 | Long             | EC               | CORP              | JP        |     79900 | NS      | $1144446.59   | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-27

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

**Signature:** Larry Weiss

**Name of Signer:** Larry Weiss

**Title:** Treasurer