# EDGAR Filing Document

**Accession Number:** 0001668512
**File Stem:** 0001193125-23-061607
**Filing Date:** 2023-3
**Character Count:** 2174351
**Document Hash:** 00a7c04d8c0373b5305625de1499931f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-061607.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001193125-23-061607

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 106

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**EFFECTIVENESS DATE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Guardian Variable Products Trust
- **CENTRAL INDEX KEY:** 0001668512
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23148
- **FILM NUMBER:** 23710038

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

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

## Series and Classes Contracts Data

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

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

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

| Class ID   | Class Name                                                                               | Ticker Symbol   |
|:---|:---|:---|
| C000169891 | Guardian International Equity VIP Fund (formerly, Guardian International Value VIP Fund) |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Guardian Small Cap Core VIP Fund (Series ID: S000061838)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000200216 | Guardian Small Cap Core VIP Fund |  |

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

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

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

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

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

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

### Guardian U.S. Government Securities VIP Fund (Series ID: S000061843)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000200221 | Guardian U.S. Government Securities VIP Fund |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

------

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**FORM N-CSR** 

------

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

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

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## Guardian Variable Products Trust
**(Exact name of registrant as specified in charter)** 

------

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

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

------

**Dominique Baede** 

**President** 

**Guardian Variable Products Trust** 

**10 Hudson Yards** 

**New York, N.Y. 10001** 

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

------

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

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

**Date of reporting period: December 31, 2022** 

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**Item 1. Reports to Stockholders.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 is filed herewith.

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Core Fixed Income VIP Fund**![LOGO](g558447g40s74.jpg)

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

------

**TABLE OF CONTENTS** 

**Guardian Core Fixed Income VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc558447_1)** | 1 |
|  **[Fund Characteristics](#toc558447_2)** | 2 |
|  **[Fund Performance](#toc558447_3)** | 4 |
|  **[Understanding Your Fund's Expenses](#toc558447_4)** | 5 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc558447_5) | 6 |
| [Statement of Assets and Liabilities](#toc558447_6) | 12 |
| [Statement of Operations](#toc558447_7) | 12 |
| [Statement of Changes in Net Assets](#toc558447_8) | 13 |
| [Financial Highlights](#toc558447_9) | 14 |
| [Notes to Financial Statements](#toc558447_10) | 16 |
| [Report of Independent Registered Public Accounting Firm](#toc558447_11) | 23 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc558447_15) | 24 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc558447_16) | 27 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of Park Avenue Institutional Advisers LLC as of the date of this report and are subject to change without notice. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

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**GUARDIAN CORE FIXED INCOME VIP FUND** 

**FUND COMMENTARY OF PARK AVENUE INSTITUTIONAL ADVISERS LLC, MANAGER (UNAUDITED)** 

**Highlights** 

• Guardian Core Fixed Income VIP Fund (the "Fund") returned -3.90% for the period from the Fund's inception<sup>1</sup> to
December 31, 2022, underperforming its benchmark, the Bloomberg US Aggregate Bond Index<sup>2</sup>(the "Index").

• The Index returned -3.30% for the same period.

• The Fund's underperformance relative to the Index was primarily due to its allocation to Treasury Inflation-Protected Securities ("TIPS") and exchange-traded fund ("ETF") investments. The
Fund's allocation to investment grade fixed income investments also detracted from its relative performance, while the Fund's average duration and yield curve positioning were contributors to the Fund's relative performance.<sup>3</sup>

**Market Overview** 

Throughout 2022 the U.S. Federal Reserve (the "Fed") significantly increased interest rates in response to a rapidly increasing inflation environment. The Standard & Poor's 500<sup>®</sup> Index<sup>4</sup> (the "S&P 500 Index"), returned -18.11% for the year. Nearly every segment of the fixed-income market experienced declines. For example, the Bloomberg US Corporate High Yield Bond Index<sup>5</sup> (the "High Yield Index") returned -11.19% for the year. Leveraged loans outperformed most major fixed-income indexes but were still negative, returning -0.60%. The 10-year Treasury returned -16.5% for the year.

With inflation above 7% all year, the Fed's main goal has been to decrease inflation while not sparking a recession. The Fed increased the Fed funds rate seven times in 2022, from 0.25-0.50% in March to 4.25-4.50% in December, the most rapid pace of interest rate hikes in recent history.

**Portfolio Review** 

The Fund's allocation to TIPS and ETFs was the chief contributor to the Fund's underperformance relative to

the Index. Asset allocation within investment grade fixed-income investments also detracted from performance. The Fund's average duration and yield curve positioning added to the Fund's relative performance.

With respect to the Fund's investment grade allocation, 2022 began with a cautious view on spreads given the expectation for the Fed to begin to withdraw accommodation and tighten financial conditions. As spreads widened through the year to more historically attractive levels, and in anticipation of some moderation to inflation, we moderately increased the Fund's risk exposure within the investment grade allocation to take advantage of expected tightening of spreads. The overweight to the banking sector relative to the Index contributed to the Fund's relative performance.

In addition, given uncertainty about rising interest rates, the potential for rate volatility and the Fed no longer reinvesting mortgage-backed securities proceeds, we found mortgage-backed securities less appealing.

In the second half of the year, we also utilized yield curve flatteners to take advantage of differences in yield spread between the 2-year and 10-year Treasuries. In addition, to help manage inflation risk, we made an allocation to TIPS at inception and maintained that allocation throughout the year.

**Outlook** 

As we enter 2023, we remain in a relatively high inflation, low growth environment. Although we have a more optimistic outlook on the market than the Fed, we also believe that an economic recession in 2023 is likely. Historically, spreads widen into a recession, therefore we are proceeding with caution in anticipation of heightened credit risk in 2023. However, we believe ample cash is waiting to be deployed, which can mitigate spread widening. Finally, we believe the yield curve may get flatter before it steepens positively. Overall, we continue to remain defensive in our investment approach.

<sup>**1**</sup> Fund inception date: May 2, 2022. 

<sup>**2**</sup> The Index is an index of U.S. dollar-denominated, investment-grade U.S. government and corporate securities, and mortgage pass-through securities, and asset-backed securities. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses. 

<sup>**3**</sup> Duration is a measure of a bond price's sensitivity to changes in interest rates. Yield curve positioning represents the relationship between the interest rates of bonds having the same credit quality but different maturity dates. 

<sup>**4**</sup> The S&P 500 Index is an unmanaged market-capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses. 

<sup>**5**</sup> The High Yield Index is generally considered to be representative of the investable universe of the U.S. dollar–denominated high-yield debt market. You may not invest in the High Yield Index and, unlike the Fund, the High Yield Index does not incur fees or expenses. 

 <sub>1</sub>

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**GUARDIAN CORE FIXED INCOME VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $449,804,885

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Bond Sector Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g558447g03k05.jpg) |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Bond Quality Allocation<sup>2</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g558447g04h05.jpg) |

---

---

| | |
|:---|:---|
| **2** | |

---

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**GUARDIAN CORE FIXED INCOME VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>1</sup>**<br> As of December 31, 2022 | | | |
| &nbsp;&nbsp;&nbsp;**Holding** | **Coupon Rate** | **Maturity Date** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 1.625% | 8/15/2029 | 21.61% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 2/15/2042 | 9.75% |
| &nbsp;&nbsp;&nbsp;Vanguard Short-Term Inflation-Protected Securities ETF |  |  | 4.61% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.250% | 2/15/2052 | 4.53% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 2.625% | 7/31/2029 | 3.90% |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association | 3.000% | 5/1/2052 | 1.93% |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. | 3.500% | 6/1/2052 | 1.37% |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 3.300% | 2/6/2027 | 1.22% |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.203% | 7/23/2029 | 1.20% |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association | 4.000% | 6/1/2052 | 1.05% |
| &nbsp;&nbsp;&nbsp;**Total** |  |  | **51.17%** |

---

<sup>**1**</sup> Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Cash includes short-term investments and net other assets and liabilities. 

<sup>**2**</sup> The Bond Quality Allocation chart displays the percentage of fund assets allocated to each rating. Rating agencies' independent ratings of individual securities are aggregated by Bloomberg, and market weights are reported using Standard & Poor's letter rating conventions. Rating methodology uses the middle rating of Moody's Investors Service, Inc., Standard & Poor's Ratings Services, and Fitch Ratings. When a rating from only two of the rating agencies is available, the lower rating is used. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standards of credit quality. Rating agencies may fail to make timely changes in credit ratings, and an issuer's current financial condition may be better or worse than a rating indicates. In formulating investment decisions for the Fund, Park Avenue Institutional Advisers LLC develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings. 

 <sub>3</sub>

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**GUARDIAN CORE FIXED INCOME VIP FUND** 

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception\*** |
| &nbsp;&nbsp;&nbsp;Guardian Core Fixed Income VIP Fund | 5/2/2022 |  |  |  | -3.90% |
| &nbsp;&nbsp;&nbsp;Bloomberg US Aggregate Bond Index |  |  |  |  | -3.30% |

---

\* Since inception returns are not annualized and represent cumulative total returns. 

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

---

| | |
|:---|:---|
| **4** | |

---

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**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees, if any, and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $970.70 | $2.48 | 0.50% |
| &nbsp;&nbsp;&nbsp; Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1022.69 | $2.55 | 0.50% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 <sub>5</sub>

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities – 6.8%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities – 6.8%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities – 6.8%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp.<br>3.00% due 3/1/2052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845833 | $2501360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 6/1/2052 | 6757014 | 6140448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/1/2037 | 474657 | 462752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 6/1/2052 | 3229368 | 3029436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 9/1/2052 | 490629 | 472757 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association<br>3.00% due 5/1/2052 | 9867532 | 8671168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 6/1/2052 | 5041820 | 4581738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 6/1/2052 | 5023940 | 4712817 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage–Backed Securities** <br> (Cost $32,719,437) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage–Backed Securities** <br> (Cost $32,719,437) | **30572476** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 16.3%** | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 16.3%** | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 16.3%** |
| &nbsp;&nbsp;&nbsp; Aligned Data Centers Issuer LLC <br>2021-1A A2 <br>1.937% due 8/15/2046<sup>(1)</sup> | 2016000 | 1715951 |
| &nbsp;&nbsp;&nbsp; Ally Auto Receivables Trust <br>2022-1 A3 <br>3.31% due 11/15/2026 | 3850000 | 3748604 |
| &nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust <br>2020-3 C <br>1.06% due 8/18/2026 | 2625000 | 2465444 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 21 Ltd. <br>2021-21A B <br>5.993% (LIBOR 3 Month + 1.75%)<br> due 10/20/2034<sup>(1)(2)(3)</sup> | 1750000 | 1665825 |
| &nbsp;&nbsp;&nbsp; Ares XXVII CLO Ltd. <br>2013-2A BR2 <br>6.024% (LIBOR 3 Month + 1.65%)<br> due 10/28/2034<sup>(1)(2)(3)</sup> | 2000000 | 1929820 |
| &nbsp;&nbsp;&nbsp; Ares XXVIIIR CLO Ltd. <br>2018-28RA A2 <br>5.479% (LIBOR 3 Month + 1.40%)<br> due 10/17/2030<sup>(1)(2)(3)</sup> | 2400000 | 2278560 |
| &nbsp;&nbsp;&nbsp; BA Credit Card Trust <br>2020-A1 A1 <br>0.34% due 5/15/2026 | 3850000 | 3675843 |
| &nbsp;&nbsp;&nbsp; Battery Park CLO II Ltd. <br>2022-1A A1 <br>6.39% (SOFR + 2.21%) <br> due 10/20/2035<sup>(1)(2)</sup> | 3550000 | 3539350 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XVI Ltd. <br>2018-16A BR <br>5.629% (LIBOR 3 Month + 1.55%)<br> due 1/17/2032<sup>(1)(2)(3)</sup> | 2800000 | 2673720 |
| &nbsp;&nbsp;&nbsp; Canyon Capital CLO Ltd. <br>2022-1A B <br>5.779% (SOFR + 1.85%) <br> due 4/15/2035<sup>(1)(2)</sup> | 2000000 | 1914174 |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust <br>2020-4 B <br>0.85% due 6/15/2026 | $2200000 | $2027510 |
| &nbsp;&nbsp;&nbsp; Dryden 80 CLO Ltd. <br>2019-80A AR <br>5.114% (SOFR + 1.25%) <br> due 1/17/2033<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248160 |
| &nbsp;&nbsp;&nbsp; Dryden Senior Loan Fund <br>2017-47A CR <br>6.129% (LIBOR 3 Month + 2.05%) <br> due 4/15/2028<sup>(1)(2)(3)</sup> | 2100000 | 2031540 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust<br>2022-2A A3 <br>2.80% due 11/17/2025 | 2450000 | 2427024 |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust <br>2020-1 A <br>2.04% due 8/15/2031<sup>(1)</sup> | 2400000 | 2240260 |
| &nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust <br>2022-2 A3 <br>3.42% due 6/20/2025 | 2760000 | 2698659 |
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust <br>2020-4 A4 <br>0.50% due 2/17/2026 | 3579000 | 3342156 |
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing III LLC <br>2022-3A A <br>3.37% due 3/25/2025<sup>(1)</sup> | 2140000 | 2085618 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust <br>2022-B A3 <br>3.35% due 6/16/2025<sup>(1)</sup> | 2800000 | 2743911 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust <br>2022-A A3 <br>2.22% due 10/15/2026 | 2650000 | 2531086 |
| &nbsp;&nbsp;&nbsp; Jamestown CLO XI Ltd. <br>2018-11A A2 <br>5.711% (LIBOR 3 Month + 1.70%) <br> due 7/14/2031<sup>(1)(2)(3)</sup> | 2800000 | 2688840 |
| &nbsp;&nbsp;&nbsp; Master Credit Card Trust <br>2021-1A A <br>0.53% due 11/21/2025<sup>(1)</sup> | 3120000 | 2931053 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 26 Ltd. <br>2017-26A BR <br>5.594% (LIBOR 3 Month + 1.40%) <br> due 10/18/2030<sup>(1)(2)(3)</sup> | 1050000 | 1017497 |
| &nbsp;&nbsp;&nbsp; OHA Credit Partners XIV Ltd. <br>2017-14A B <br>5.778% (LIBOR 3 Month + 1.50%) <br> due 1/21/2030<sup>(1)(2)(3)</sup> | 2000000 | 1915200 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust <br>2022-3 A3 <br>3.40% due 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | 2746991 |

---

---

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

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust <br>2021-1A A <br>1.07% due 2/27/2034<sup>(1)</sup> | $| 2175000 | $| 1926584 |
| &nbsp;&nbsp;&nbsp; Verizon Owner Trust <br>2020-C A <br>0.41% due 4/21/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2091419 |  | 2053121 |
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Lease Trust<br>2020-A A4 <br>0.45% due 7/21/2025 |  | 2400000 |  | 2358977 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd. <br>2015-3A A3R <br>5.943% (LIBOR 3 Month + 1.70%)<br> due 10/20/2031<sup>(1)(2)(3)</sup> |  | 2000000 |  | 1920448 |
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust<br>2021-B A4 <br>0.69% due 6/15/2027 |  | 2800000 |  | 2557314 |
| &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $75,006,284) | &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $75,006,284) | &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $75,006,284) |  | **73099240** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 23.3%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 23.3%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 23.3%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 23.3%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 23.3%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. <br>5.15% due 5/1/2030 |  | 900000 |  | 880344 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. <br>5.25% due 5/1/2050 |  | 600000 |  | 595764 |
|  |  |  |  | **1476108** |
| &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. <br>5.75% due 11/17/2032 |  | 1000000 |  | 1025990 |
|  |  |  |  | **1025990** |
| &nbsp;&nbsp;&nbsp;**Beverages – 0.5%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.5%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.5%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.5%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.5%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. <br>4.50% due 6/1/2050 |  | 1000000 |  | 882520 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. <br>1.95% due 10/21/2031 |  | 1600000 |  | 1296016 |
|  |  |  |  | **2178536** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 3.9%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 3.9%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 3.9%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 3.9%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 3.9%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. <br>4.271% (4.271% fixed rate until 7/23/2028; LIBOR 3 Month + 1.31% thereafter) <br> due 7/23/2029<sup>(2)(3)</sup> |  | 3900000 |  | 3651102 |
| &nbsp;&nbsp;&nbsp; Barclays PLC <br>7.385% (7.385% fixed rate until 11/2/2027; H15T1Y + 3.30% thereafter) <br> due 11/2/2028<sup>(2)</sup> |  | 2100000 |  | 2188221 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. <br>4.223% (4.223% fixed rate until 5/1/2028; LIBOR 3 Month + 1.30% thereafter) <br> due 5/1/2029<sup>(2)(3)</sup> |  | 2200000 |  | 2053326 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. <br>4.203% (4.203% fixed rate until 7/23/2028; LIBOR 3 Month + 1.26% thereafter) <br> due 7/23/2029<sup>(2)(3)</sup> |  | 5800000 |  | 5414764 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc.<br>5.354% (5.354% fixed rate until 9/13/2027; H15T1Y + 1.90% thereafter) <br> due 9/13/2028<sup>(2)</sup> | $| 500000 | $| 495905 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley<br>3.772% (3.772% fixed rate until 1/24/2028; LIBOR 3 Month + 1.14% thereafter) <br> due 1/24/2029<sup>(2)(3)</sup> |  | 3200000 |  | 2935264 |
| &nbsp;&nbsp;&nbsp; 6.342% (6.342% fixed rate until 10/18/2032; SOFR + 2.56% thereafter) <br> due 10/18/2033<sup>(2)</sup> |  | 600000 |  | 629676 |
|  |  |  |  | **17368258** |
| &nbsp;&nbsp;&nbsp;**Commercial Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.3%** |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. <br>2.90% due 3/1/2032<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 |  | 1541538 |
|  |  |  |  | **1541538** |
| &nbsp;&nbsp;&nbsp;**Computers – 0.1%** | &nbsp;&nbsp;&nbsp;**Computers – 0.1%** | &nbsp;&nbsp;&nbsp;**Computers – 0.1%** | &nbsp;&nbsp;&nbsp;**Computers – 0.1%** | &nbsp;&nbsp;&nbsp;**Computers – 0.1%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. <br>2.65% due 2/8/2051 |  | 800000 |  | 535896 |
|  |  |  |  | **535896** |
| &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.8%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.8%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.8%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.8%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.8%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. <br>2.60% due 4/15/2030 |  | 1000000 |  | 862680 |
| &nbsp;&nbsp;&nbsp; GSK Consumer Healthcare Capital U.S. LLC <br>3.625% due 3/24/2032 |  | 3000000 |  | 2644920 |
|  |  |  |  | **3507600** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 1.0%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>2.45% due 10/29/2026 |  | 2300000 |  | 2011281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 10/29/2028 |  | 550000 |  | 462303 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. <br>4.927% (4.927% fixed rate until 5/10/2027; SOFR + 2.06% thereafter) <br> due 5/10/2028<sup>(2)</sup> |  | 2100000 |  | 2034669 |
|  |  |  |  | **4508253** |
| &nbsp;&nbsp;&nbsp;**Electric – 1.4%** | &nbsp;&nbsp;&nbsp;**Electric – 1.4%** | &nbsp;&nbsp;&nbsp;**Electric – 1.4%** | &nbsp;&nbsp;&nbsp;**Electric – 1.4%** | &nbsp;&nbsp;&nbsp;**Electric – 1.4%** |
| &nbsp;&nbsp;&nbsp; Alabama Power Co. <br>3.94% due 9/1/2032 |  | 1000000 |  | 920440 |
| &nbsp;&nbsp;&nbsp; Consumers Energy Co.<br>3.60% due 8/15/2032 |  | 700000 |  | 638848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% due 9/1/2052 |  | 600000 |  | 516084 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. <br>3.50% due 6/15/2051 |  | 500000 |  | 352280 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. <br>5.00% due 7/15/2032 |  | 700000 |  | 691516 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.<br>3.50% due 8/1/2050 |  | 900000 |  | 568962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 7/1/2028 |  | 1100000 |  | 980375 |
| &nbsp;&nbsp;&nbsp; PacifiCorp <br>5.35% due 12/1/2053 |  | 900000 |  | 903510 |

---

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

------

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) |  |
| &nbsp;&nbsp;&nbsp; Wisconsin Public Service Corp. <br>2.85% due 12/1/2051 | 800000 | 516840 |
|  |  | **6088855** |
| &nbsp;&nbsp;&nbsp;**Electronics – 0.5%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.5%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.5%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc.<br>1.75% due 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | 1747680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 2/15/2033 | 500000 | 510700 |
|  |  | **2258380** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.2%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.2%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.2%** |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. <br>4.279% due 3/15/2032<sup>(1)</sup> | 1200000 | 992868 |
|  |  | **992868** |
| &nbsp;&nbsp;&nbsp;**Environmental Control – 0.4%** | &nbsp;&nbsp;&nbsp;**Environmental Control – 0.4%** | &nbsp;&nbsp;&nbsp;**Environmental Control – 0.4%** |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc. <br>4.15% due 4/15/2032 | 2100000 | 2000166 |
|  |  | **2000166** |
| &nbsp;&nbsp;&nbsp;**Food – 0.7%** | &nbsp;&nbsp;&nbsp;**Food – 0.7%** | &nbsp;&nbsp;&nbsp;**Food – 0.7%** |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co. <br>3.75% due 4/1/2030 | 1700000 | 1552933 |
| &nbsp;&nbsp;&nbsp; Kroger Co. <br>1.70% due 1/15/2031 | 1800000 | 1393254 |
|  |  | **2946187** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.6%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.6%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.6%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories <br>4.75% due 11/30/2036 | 2500000 | 2484425 |
|  |  | **2484425** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.3%** |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. <br>2.30% due 5/15/2031 | 1700000 | 1418735 |
|  |  | **1418735** |
| &nbsp;&nbsp;&nbsp;**Insurance – 0.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.6%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.6%** |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd. <br>3.50% due 1/15/2031 | 900000 | 744615 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. <br>2.80% due 8/19/2029 | 1900000 | 1628300 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. <br>4.55% due 3/23/2030 | 400000 | 394804 |
|  |  | **2767719** |
| &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.9%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.9%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.9%** |
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp.<br>4.35% due 9/15/2032 | 4200000 | 4098780 |
|  |  | **4098780** |
| &nbsp;&nbsp;&nbsp;**Media – 0.3%** | &nbsp;&nbsp;&nbsp;**Media – 0.3%** | &nbsp;&nbsp;&nbsp;**Media – 0.3%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications Operating Capital <br>2.25% due 1/15/2029 | 400000 | 321704 |
| &nbsp;&nbsp;&nbsp; Comcast Corp.<br>1.95% due 1/15/2031 | 1200000 | 971256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.887% due 11/1/2051 | 400000 | 258948 |
|  |  | **1551908** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.4%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.4%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.4%** |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp.<br>4.25% due 9/15/2027 | $700000 | $681247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059388 |
|  |  | **1740635** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.6%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.6%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.6%** |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc.<br>3.06% due 6/17/2041 | 200000 | 149244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.633% due 4/6/2030 | 2700000 | 2480463 |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc.<br>2.65% due 1/15/2032 | 900000 | 719946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 2/15/2052 | 700000 | 495488 |
| &nbsp;&nbsp;&nbsp; Marathon Oil Corp. <br>4.40% due 7/15/2027 | 2500000 | 2391475 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. <br>2.80% due 12/1/2031 | 1300000 | 1064609 |
|  |  | **7301225** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.6%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.6%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.6%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. <br>4.25% due 11/21/2049 | 800000 | 676072 |
| &nbsp;&nbsp;&nbsp; Bristol Myers Squibb Co. <br>2.95% due 3/15/2032 | 3300000 | 2886939 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. <br>2.125% due 9/15/2031 | 3100000 | 2464841 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. <br>1.75% due 8/18/2031 | 1300000 | 1048112 |
|  |  | **7075964** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 0.5%** | &nbsp;&nbsp;&nbsp;**Pipelines – 0.5%** | &nbsp;&nbsp;&nbsp;**Pipelines – 0.5%** |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. <br>6.10% due 11/15/2032 | 2200000 | 2213266 |
|  |  | **2213266** |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 1.2%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 1.2%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 1.2%** |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. <br>5.00% due 2/15/2033 | 1300000 | 1287481 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP <br>1.70% due 3/1/2028 | 2000000 | 1671480 |
| &nbsp;&nbsp;&nbsp; Prologis LP <br>2.25% due 4/15/2030 | 2100000 | 1760136 |
| &nbsp;&nbsp;&nbsp; Simon Property Group LP <br>2.20% due 2/1/2031 | 800000 | 633088 |
|  |  | **5352185** |
| &nbsp;&nbsp;&nbsp;**Retail – 1.0%** | &nbsp;&nbsp;&nbsp;**Retail – 1.0%** | &nbsp;&nbsp;&nbsp;**Retail – 1.0%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. <br>3.75% due 6/1/2027 | 1600000 | 1527808 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. <br>3.25% due 4/15/2032 | 1800000 | 1606194 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. <br>4.70% due 6/15/2032 | 1400000 | 1361178 |
|  |  | **4495180** |
| &nbsp;&nbsp;&nbsp;**Semiconductors – 0.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.5%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. <br>4.15% due 4/15/2032<sup>(1)</sup> | 2000000 | 1762540 |

---

---

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

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Semiconductors** (continued) | &nbsp;&nbsp;&nbsp;**Semiconductors** (continued) | &nbsp;&nbsp;&nbsp;**Semiconductors** (continued) | &nbsp;&nbsp;&nbsp;**Semiconductors** (continued) | &nbsp;&nbsp;&nbsp;**Semiconductors** (continued) |
| &nbsp;&nbsp;&nbsp; NXP BV / NXP Funding LLC / NXP USA, Inc. <br>2.65% due 2/15/2032 | $| 400000 | $| 314464 |
|  |  |  |  | **2077004** |
| &nbsp;&nbsp;&nbsp;**Software – 2.2%** | &nbsp;&nbsp;&nbsp;**Software – 2.2%** | &nbsp;&nbsp;&nbsp;**Software – 2.2%** | &nbsp;&nbsp;&nbsp;**Software – 2.2%** | &nbsp;&nbsp;&nbsp;**Software – 2.2%** |
| &nbsp;&nbsp;&nbsp; Microsoft Corp.<br>2.921% due 3/17/2052 |  | 900000 |  | 641340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% due 2/6/2027 |  | 5700000 |  | 5496966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 2/12/2035 |  | 2500000 |  | 2274825 |
| &nbsp;&nbsp;&nbsp; Oracle Corp.<br>6.25% due 11/9/2032 |  | 1000000 |  | 1053690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% due 11/9/2052 |  | 300000 |  | 325305 |
|  |  |  |  | **9792126** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 1.3%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 1.3%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 1.3%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 1.3%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 1.3%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. <br>2.55% due 12/1/2033 |  | 1600000 |  | 1235888 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.<br>2.70% due 3/15/2032 |  | 1300000 |  | 1055860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% due 10/15/2052 |  | 500000 |  | 340995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 4/15/2031 |  | 1000000 |  | 868990 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. <br>2.355% due 3/15/2032 |  | 2500000 |  | 1990900 |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC <br>4.375% due 5/30/2028 |  | 300000 |  | 294629 |
|  |  |  |  | **5787262** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $107,680,539) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $107,680,539) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $107,680,539) |  | **104585049** |
| &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 7.0%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 7.0%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 7.0%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 7.0%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 7.0%** |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust <br>2018-B3 AS <br>4.195% due 4/10/2051<sup>(2)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550000 |  | 2341387 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust <br>2014-GC23 AS <br>3.863% due 7/10/2047 |  | 2750000 |  | 2610018 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust 2017-COR2 A3 <br>3.51% due 9/10/2050 |  | 2920000 |  | 2680735 |
| &nbsp;&nbsp;&nbsp; 2019-GC44 AM <br>3.263% due 8/15/2057 |  | 2415000 |  | 2014038 |
| &nbsp;&nbsp;&nbsp; DBGS Mortgage Trust <br>2018-C1 AM <br>4.611% due 10/15/2051<sup>(2)(4)</sup> |  | 2400000 |  | 2250343 |
| &nbsp;&nbsp;&nbsp; DBUBS Mortgage Trust <br>2017-BRBK A <br>3.452% due 10/10/2034<sup>(1)</sup> |  | 1760000 |  | 1656802 |
| &nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust 2021-DNA7 M2 <br>5.728% due 11/25/2041<sup>(1)(2)(4)</sup> |  | 2200000 |  | 2066333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021-HQA4 M1 <br>4.878% due 12/25/2041<sup>(1)(2)(4)</sup> |  | 1502207 |  | 1425261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022-DNA1 M1A <br>4.928% due 1/25/2042<sup>(1)(2)(4)</sup> |  | 1321412 |  | 1287105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022-HQA3 M1A <br>6.228% due 8/25/2042<sup>(1)(2)(4)</sup> |  | 2680819 |  | 2669819 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal**<br> **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Hilton USA Trust <br>2016-HHV A <br>3.719% due 11/5/2038<sup>(1)</sup> | $1875000 | $| 1698327 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust <br>2013-C9 AS <br>3.456% due 5/15/2046 | 2190000 |  | 2162242 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust 2015-NXS4 A4 <br>3.718% due 12/15/2048 | 3120000 |  | 2963857 |
| &nbsp;&nbsp;&nbsp; 2018-C43 A4 <br>4.012% due 3/15/2051<sup>(2)(4)</sup> | 3000000 |  | 2822888 |
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust<br>2014-C19 AS <br>4.271% due 3/15/2047 | 975000 |  | 945294 |
| &nbsp;&nbsp;&nbsp;**Total Non–Agency Mortgage–Backed Securities** <br> (Cost $33,004,791) | &nbsp;&nbsp;&nbsp;**Total Non–Agency Mortgage–Backed Securities** <br> (Cost $33,004,791) |  | **31594449** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 39.8%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 39.8%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 39.8%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 39.8%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bond<br>2.25% due 2/15/2052 | 29000000 |  | 20390625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 2/15/2042 | 57000000 |  | 43863281 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Note<br>1.625% due 8/15/2029 | 111850000 |  | 97222117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 7/31/2029 | 19000000 |  | 17539375 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $196,267,165) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $196,267,165) |  | **179015398** |
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 4.6%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 4.6%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 4.6%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 4.6%** |
| &nbsp;&nbsp;&nbsp; Vanguard Short-Term<br>Inflation-Protected<br>Securities ETF | 443800 |  | 20729898 |
| &nbsp;&nbsp;&nbsp;**Total Exchange–Traded Funds** <br> (Cost $22,435,142) | &nbsp;&nbsp;&nbsp;**Total Exchange–Traded Funds** <br> (Cost $22,435,142) |  | **20729898** |
|  | **Principal<br>Amount** | **<br>Value** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.1%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.1%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.1%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.1%** |
| &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.2%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.2%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.2%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.2%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bill <br>3.566% due 2/2/2023 | $1000000 |  | 996837 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $996,650) | &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $996,650) |  | **996837** |

---

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

------

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.9%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.9%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.9%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $3,822,793, due 1/3/2023<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3822250 | $3822250 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $3,822,250) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $3,822,250) | **3822250** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 98.8%** <br> (Cost $471,932,258) | &nbsp;&nbsp;&nbsp;**Total Investments – 98.8%** <br> (Cost $471,932,258) | **444415597** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 1.2%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 1.2%** | **5389288** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**449804885** |

---

<sup>(1)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as

amended, normally to certain qualified buyers. At December 31, 2022, the aggregate market value of these securities amounted to $55,567,104, representing 12.4% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees.

<sup>(2)</sup> Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at December 31, 2022.

<sup>(3)</sup> The London Interbank Offered Rate ("LIBOR") is being phased out completely by June 30, 2023. There remains uncertainty regarding the nature of any replacement rate and the impact of a transition away from LIBOR on the Fund's investments.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $5337700 | $3898727 |

---

**Open futures contracts at December 31, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;U.S. 2-Year Treasury Note | March 2023 | 572 | Long | $117168727 | $117304688 | $135961 |
| &nbsp;&nbsp;&nbsp;U.S. 10-Year Treasury Note | March 2023 | 153 | Long | 17227808 | 17181422 | (46386) |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | $**134396535** | $**134486110** | $**89575** |
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;U.S. 5-Year Treasury Note | March 2023 | 653 | Short | $(70414862) | $(70478086) | $(63224) |
| &nbsp;&nbsp;&nbsp;U.S. Long Bond | March 2023 | 1 | Short | (125325) | (125344) | (19) |
| &nbsp;&nbsp;&nbsp;U.S. Ultra 10-Year Treasury Note | March 2023 | 118 | Short | (13980074) | (13957188) | 22886 |
| &nbsp;&nbsp;&nbsp;U.S. Ultra Bond | March 2023 | 12 | Short | (1618081) | (1611750) | 6331 |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | $**(86138342)** | $**(86172368)** | $**(34026)** |

---

**Legend:** 

CLO — Collateralized Loan Obligation

H15T1Y — 1-year Constant Maturity Treasury Rate

LIBOR — London Interbank Offered Rate

SOFR — Secured Overnight Financing Rate

---

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

---

------

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

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Agency Mortgage–Backed Securities | $— | $30572476 | $— | $30572476 |
| &nbsp;&nbsp;&nbsp;Asset–Backed Securities |  | 73099240 |  | 73099240 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 104585049 |  | 104585049 |
| &nbsp;&nbsp;&nbsp;Non–Agency Mortgage–Backed Securities |  | 31594449 |  | 31594449 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 179015398 |  | 179015398 |
| &nbsp;&nbsp;&nbsp;Exchange–Traded Funds | 20729898 |  |  | 20729898 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 996837 |  | 996837 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 3822250 |  | 3822250 |
| &nbsp;&nbsp;&nbsp;**Total** | $**20729898** | $**423685699** | $**—** | $**444415597** |
| &nbsp;&nbsp;&nbsp;**Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | $165178 | $— | $— | $165178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (109629) |  |  | (109629) |
| &nbsp;&nbsp;&nbsp;**Total** | $**55549** | $**—** | $**—** | $**55549** |

---

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

------

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444415597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 3382234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash deposits with brokers for futures contracts | 1204060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on futures contracts | 1129418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 12965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 7673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 15289 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **450167236** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 168032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 112096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 25096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative fees | 20849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 10794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 24121 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **362351** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**449804885** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $469066195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable loss | (19261310) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**449804885** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $471932258 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **46790157** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$9.61** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Period Ended December 31, 2022<sup>1</sup> | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Period Ended December 31, 2022<sup>1</sup> |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1220445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 11284870 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **12505315** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1379666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 85753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 75252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 46374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 38158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 14705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 13648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 18336 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1671892** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (72653) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1599239** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **10906076** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (4471884) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | 1765610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (27516661) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | 55549 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments and Derivative Contracts** | **(30167386)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(19261310)** |

---

<sup>1</sup> Commenced operations on May 2, 2022.

---

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

---

------

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Changes in Net Assets** | &nbsp;&nbsp;&nbsp; **Statement of Changes in Net Assets** |
|  | **For the<br>Period Ended<br>12/31/22<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $10906076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and derivative contracts | (2706274) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and derivative contracts | (27461112) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | **(19261310)** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 524761918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (55695723) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Capital Share Transactions** | **469066195** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets** | **449804885** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $449804885 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 52488133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (5697976) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase** | **46790157** |

---

<sup>1</sup> Commenced operations on May 2, 2022.

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

------

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Loss** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2),(3)</sup>** |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/22<sup>(5)</sup> | $10.00 | $0.22 | $(0.61) | $(0.39) | $9.61 | (3.90)% |

---

---

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

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3),(4)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3),(4)</sup>** | **Gross Ratio of Net<br>Investment Income**<br> **to Average**<br> **Net Assets<sup>(3)</sup>** | **Portfolio<br>Turnover Rate<sup>(3)</sup>** |
| $449805 | 0.50% | 0.52% | 3.41% | 3.39% | 90% |

---

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

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

<sup>(3)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. Certain non-recurring fees (i.e., audit fees) are not annualized. 

<sup>(4)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

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

---

| | |
|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | **15** |

---

------

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

**December 31, 2022** 

**1. Organization** 

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

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

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

**2. Significant Accounting Policies** 

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| **16** | |

---

------

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

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

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

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

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the period ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

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

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

---

| | |
|:---|:---|
| | **17** |

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

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

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

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

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. The Fund may also enter into cleared swaps.

In entering into swap contracts, the Fund is required to deposit with the broker (or for the benefit of the broker), either in cash or securities, an amount equal to a percentage of the notional value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the

values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the swap contracts and may realize a loss. There were no credit default swaps held as of December 31, 2022.

**e. Options Transactions** The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of its investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund's Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of December 31, 2022.

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

**g. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be

---

| | |
|:---|:---|
| **18** | |

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

directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.45% of the first $300 million, and 0.40% in excess of $300 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly. The Fund has no sub-adviser.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.50% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the period ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $72,653.

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

**4. Federal Income Taxes** 

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-

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

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the period ended December 31, 2022, were as follows:

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| | | |
|:---|:---|:---|
|  | **Other**<br> **Investments** | **U.S. Government and**<br> **Agency Obligations** |
| &nbsp;&nbsp;&nbsp;Purchases | $456384622 | $432756559 |
| &nbsp;&nbsp;&nbsp;Sales | 219557230 | 200455699 |

---

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

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

---

| | |
|:---|:---|
| | **19** |

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

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

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of December 31, 2022, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.

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

**g. Mortgage- and Asset-Backed Securities** The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in

response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac"), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

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

**i. Disclosures About Derivative Instruments and Hedging Activities** The Fund entered into U.S. Treasury futures contracts for the period ended December 31, 2022 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

Under certain market conditions, the Fund may use credit default swaps to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve exposure, (iii) manage risk, (iv) enhance returns, or (v) as substitutes for permitted Fund investments. Credit default swaps involve the exchange of a floating

---

| | |
|:---|:---|
| **20** | |

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

or fixed rate payment in return for assuming potential credit losses of an underlying security or pool of securities.

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

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

In addition to the risks generally applicable to derivatives, risks associated with credit default swap agreements include adverse changes in the returns of the underlying instruments, failure of the counterparties to perform under the agreement's terms and the possible lack of liquidity with respect to the agreements.

As of December 31, 2022, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund's use of derivative instruments:

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| | |
|:---|:---|
|  | **Interest Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Asset Derivatives** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $165178 |
| &nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $(109629) |

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

Transactions in derivative investments for the period ended December 31, 2022 were as follows:

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| | |
|:---|:---|
|  | **Interest Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $1765610 |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** | &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>2</sup> | $55549 |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>3</sup> | 1427 |

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

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

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

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the period ended December 31, 2022.

**7. Indemnifications** 

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

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| | |
|:---|:---|
| | **21** |

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

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| | |
|:---|:---|
| **22** | |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

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

**Guardian Core Fixed Income VIP Fund** 

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

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| | |
|:---|:---|
| | **23** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp; **Bruce W. Ferris<sup>3</sup>** <br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013– 2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008– 2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015– 2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012– 2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

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| | |
|:---|:---|
| **24** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp;**Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee<br>(Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

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<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

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| | |
|:---|:---|
| | **25** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Position(s) Held and<br>Length of Service<sup>5</sup>** | **Principal Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp;**John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018). |
| &nbsp;&nbsp;&nbsp;**Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp; **Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp;**Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

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<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

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| | |
|:---|:---|
| **26** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

---

| | |
|:---|:---|
| | **27** |

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**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g558447g84s34.jpg)

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

PUB11740

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Core Plus Fixed Income VIP Fund**![LOGO](g779613g40s74.jpg)

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

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**TABLE OF CONTENTS** 

**Guardian Core Plus Fixed Income VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc779613_1)** | 1 |
|  **[Fund Characteristics](#toc779613_2)** | 4 |
|  **[Fund Performance](#toc779613_3)** | 6 |
|  **[Understanding Your Fund's Expenses](#toc779613_4)** | 7 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc779613_5) | 8 |
| [Statement of Assets and Liabilities](#toc779613_6) | 18 |
| [Statement of Operations](#toc779613_7) | 18 |
| [Statements of Changes in Net Assets](#toc779613_8) | 19 |
| [Financial Highlights](#toc779613_9) | 20 |
| [Notes to Financial Statements](#toc779613_10) | 22 |
| [Report of Independent Registered Public<br>Accounting Firm](#toc779613_11) | 29 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc779613_14) | 30 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc779613_15) | 33 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

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**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

**FUND COMMENTARY OF LORD, ABBETT & CO. LLC, SUB-ADVISER (UNAUDITED)** 

**Highlights** 

• Guardian Core Plus Fixed Income VIP Fund (the "Fund") returned -14.25% for the 12 months ended December 31, 2022, underperforming its benchmark, the Bloomberg US
Aggregate Bond Index<sup>1</sup>(the "Index").

• The Index returned -13.01% for the same period.

• The Fund's underweight position to duration relative to the Index was the largest contributor to relative performance. The largest detractor from relative performance over the period was an overweight to high yield
fixed-income investments. The portfolio's allocation to structured products also detracted from the Fund's relative performance, while its underweight to agency mortgage-backed securities contributed to the Fund's relative
performance. Also detracting from the Fund's relative performance was security selection within commercial mortgage-backed securities and investment-grade corporate bonds and the Fund's allocation to securitized products,

**Market Overview** 

The 12-month period ended December 31, 2022 introduced meaningful headwinds for U.S. markets that led to selloffs in virtually all asset classes. The major risks over the period proved to be inflationary pressures, which reached multi-decade highs, and the most rapid pace of interest rate hiking implemented in history by the U.S. Federal Reserve (the "Fed"). Rates spiked across the U.S. yield curve as a result, with U.S. Treasury yields at almost all maturities reaching their highest levels in years. Other notable challenges for markets during the period included supply chain dislocations and labor shortages influenced in part by the Omicron variant of COVID-19, as well as escalating geopolitical tensions headlined by Russia's invasion of Ukraine.

The surge in interest rates over the year caused softness in both major fixed-income and equity indices. Equities fared the worst amid the sell-off, with the Standard & Poor's 500<sup>®</sup> Index<sup>2</sup> (the "S&P 500 Index") experiencing its worst performing years since the global financial crisis of 2008 (the "Financial Crisis"). The tech-heavy Nasdaq Composite Index<sup>3</sup> also logged its worst performing year since 2008 as growth-related stocks in the semiconductor and software sectors suffered in the face of inflationary pressures. Within fixed income, higher interest rates caused underperformance in

longer duration bonds. These included U.S. Treasuries<sup>4</sup> and investment grade bonds<sup>5</sup>, which returned -12.46% and -15.76% over the period, respectively. Lower quality assets outperformed their higher quality counterparts despite increased recessionary fears in the U.S. economy given their more limited sensitivity to rate volatility. Notably, high yield bonds<sup>6</sup> and leveraged loans<sup>7</sup> returned -11.21% and -1.06% over the period, respectively, outperforming investment grade corporates. Leveraged loans in particular were able to significantly outperform relative to other assets given their insulation from rate volatility due to their floating-rate coupons.

Inflationary concerns began to take focus towards the end of 2021 before becoming a dominant headline. Headline consumer price index ("CPI")<sup>8</sup> readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. This debate intensified into the beginning of the year and continued throughout the first half of 2022, with CPI peaking at 9.1% year-over-year in June 2022. Looking closer, in our view the surge in prices was due primarily to an imbalance between supply and demand dynamics across multiple industries, led initially by energy, food, and used cars.

Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June 2022. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia's invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint, as Russia had been a large exporter of oil and certain minerals. Various sanctions were imposed on Russia from Western nations in response to their aggression towards Ukraine, which contributed to surging prices. Notably, crude oil reached over $100 per barrel during 2022, the highest value since 2014.

The period also saw the Fed pivot towards a much more hawkish stance on monetary policy given the surge in inflation. After remaining mostly consistent in its messaging around expectations that price pressures would be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point ("bps") hike in the federal funds rate at the March 2022 Federal Open Market Committee meeting, the first hike in more than three years. Five additional rate hikes followed in the

 <sub>1</sub>

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**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

succeeding months, one of 50 bps, and four consecutive hikes of 75 bps, as inflation prints continued to come in hotter than expected, resulting in a federal funds rate of 4.00% by November 2022. Bond yields shot up in anticipation of this aggressive policy, leading to a bearish curve flattening trend and ultimately periods of brief but significant yield curve inversion, with the spread between the two-year and 10-year Treasury yields hitting its most negative level in more than 40 years.

Key macroeconomic indicators trended lower throughout the period. Most notably, the U.S. reported a real gross domestic product decline of -1.6% in the first quarter of 2022 and -0.9% in the second quarter of 2022 before returning to growth in the third quarter of 2022. This led to worries of an impending recession which resulted in consumer sentiment dropping to levels worse than during the height of the COVID-19 pandemic and the Financial Crisis.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. One of the most positive developments, in our view, seemed to be the traction behind the peak inflation narrative, which gained momentum in the fourth quarter of 2022 from lower-than-expected CPI prints in both October and November 2022. In addition, energy prices retracted from their multi-year highs, rent prices began to stabilize, and wage growth showed signs of softening. Job growth also remained strong in the period, and the U.S. national unemployment rate continued to hover around pre-COVID lows. Companies also cited relatively stable demand in both second and third quarter 2022 earnings seasons as consumers remained resilient despite higher prices. Separately, labor shortages eased, and supply chain frictions moderated, providing added benefits for companies managing generally higher input costs.

**Portfolio Review** 

The Fund's underweight position to duration relative to the benchmark, or lower sensitivity of the portfolio's bond holdings to changes in interest rates relative to the benchmark, was the largest contributor to relative performance as bonds with short- to intermediate-term yields sold off and interest rate sensitive bonds were negatively affected.

The largest detractor from relative performance over the period was an overweight to high yield fixed-income

investments, which underperformed the broader Index on a duration-adjusted basis, as investors weighed the risks of owning lower quality companies amidst rising interest rates and higher financing costs.

In general, the portfolio's allocation to structured products also detracted from the Fund's relative performance. However, the portfolio's underweight to agency mortgage-backed securities to start the year, and subsequent aggressive addition as relative valuations became compelling, contributed to the Fund's relative performance. Also detracting from the Fund's relative performance was security selection within commercial mortgage-backed securities and investment-grade corporate bonds.

Another detractor from the Fund's relative performance was its allocation to securitized products, including collateralized loan obligations and commercial mortgage-backed securities. Securitized credit underperformed the broader Index, as increased market volatility and liquidity concerns acted as headwinds to the asset class.

**Outlook** 

We believe the type of volatility currently being experienced in the fixed-income markets, driven by macro uncertainty, creates an opportunity for active sector rotation for managers who have the flexibility of a multi-sector approach. Given current valuations and the high degree of uncertainty in the macro environment, we remain cautious and prudent with respect to the type of credit risk we are taking and continue to focus on a higher credit quality and liquidity portfolio profile. We believe we are in a favorable position increase the Fund's exposure to risk sectors amid periods of spread widening.

With yields on investment-grade corporate bonds historically high, it has also put the breakeven rate (the amount a bond's yield can increase over the course of a year without losing money from a total return perspective) at a decade high as well. We believe that this creates an extraordinary asymmetry in the investor's favor and may benefit investment-grade corporate bond investors in 2023.

The landscape for high-quality fixed income looks much different than a year ago; the yields on investment-grade corporate bonds ended 2022 higher than where the high yield market started the year; and we're excited about the prospects for investment-grade bonds in

---

| | |
|:---|:---|
| **2** | |

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**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

2023, as we put 2022 in the rearview mirror. We believe strong corporate balance sheets can withstand this scale of global quantitative tightening, but we also

believe it is prudent for corporate bond investors to be positioned up in quality, up in liquidity, and down in cyclicality to mitigate the risk of an economic downturn.

**<sup>1</sup>** The Index is an index of U.S dollar-denominated, investment-grade U.S. government and corporate securities, mortgage pass-through securities, and asset-backed securities. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses. 

**<sup>2</sup>** The S&P 500 Index is an unmanaged market-capitalization-weighted index generally considered to be representative of U.S. equity market activity. The S&P 500 Index consists of 500 stocks representing leading industries of the U.S. economy. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the S&P 500 Index, and, unlike the Fund, the S&P 500 Index does not incur fees or expenses. 

**<sup>3</sup>** The Nasdaq Composite Index (NASDAQ) is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange. 

**<sup>4</sup>** As represented by the U.S. Treasury component of the Bloomberg U.S. Government Index as of 12/31/2022. 

**<sup>5</sup>** As represented by the Bloomberg US Corp Investment Grade Index as of 12/31/2022. 

**<sup>6</sup>** As represented by the ICE BofA U.S. High Yield Constrained Index as of 12/31/2022. 

**<sup>7</sup>** As represented by the Credit Suisse Leveraged Loan Index as of 12/31/2022. 

**<sup>8</sup>** The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available. 

 <sub>3</sub>

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**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $253,132,994

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Bond Sector Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g779613g04a04.jpg) |

---

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **Bond Quality Allocation<sup>2</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g779613g05a05.jpg) |

---

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| | |
|:---|:---|
| **4** | |

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**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>1</sup>**<br> As of December 31, 2022 | | | |
| &nbsp;&nbsp;&nbsp;**Holding** | **Coupon Rate** | **Maturity Date** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 3.000% | 8/15/2052 | 2.86% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 3.875% | 11/30/2027 | 2.17% |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank | 4.320% | 1/3/2023 | 2.05% |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association | 2.500% | 8/1/2050 | 1.89% |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association | 3.000% | 2/21/2053 | 1.76% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 3.875% | 11/30/2029 | 1.68% |
| &nbsp;&nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust | 3.534% | 3/10/2037 | 1.39% |
| &nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development | 3.829% | 1/13/2023 | 1.28% |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association | 6.000% | 2/21/2053 | 1.25% |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association | 4.500% | 2/21/2053 | 1.15% |
| &nbsp;&nbsp;&nbsp;**Total** |  |  | **17.48%** |

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**<sup>1</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** The Bond Quality Allocation chart displays the percentage of fund assets allocated to each rating. Rating agencies' independent ratings of individual securities are aggregated by Bloomberg, and market weights are reported using Standard & Poor's letter rating conventions. Rating methodology uses the middle rating of Moody's Investors Service, Inc., Standard & Poor's Ratings Services, and Fitch Ratings. When a rating from only two of the rating agencies is available, the lower rating is used. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standards of credit quality. Rating agencies may fail to make timely changes in credit ratings, and an issuer's current financial condition may be better or worse than a rating indicates. In formulating investment decisions for the Fund, Lord, Abbett & Co. LLC develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings. 

 <sub>5</sub>

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**GUARDIAN CORE PLUS FIXED INCOME VIP FUND** 

**Fund Performance (unaudited)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian Core Plus Fixed Income VIP Fund | 9/1/2016 | -14.25% | -0.30% |  | -0.11% |
| &nbsp;&nbsp;&nbsp;Bloomberg US Aggregate Bond Index |  | -13.01% | 0.02% |  | 0.08% |

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g779613g08a08.jpg) |

---

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Core Plus Fixed Income VIP Fund and the Bloomberg US Aggregate Bond Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

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| | |
|:---|:---|
| **6** | |

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**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $969.70 | $3.97 | 0.80% |
| &nbsp;&nbsp;&nbsp; Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1021.17 | $4.08 | 0.80% |

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\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by<sup></sup>184/365 (to reflect the one-half year period).

 <sub>7</sub>

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

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities – 27.0%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities – 27.0%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities – 27.0%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. 2.50% due 11/1/2050 | $717731 | $615266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/1/2051 | 901538 | 771477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 2/1/2046 | 522387 | 491227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/1/2052 | 1302820 | 1272703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/1/2052 | 576039 | 577764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2052 | 1308616 | 2176337 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association 2.00% due 6/1/2051 | 1191052 | 973557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 8/1/2050 | 5542718 | 4782450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 9/1/2050 | 2847436 | 2454056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 1/1/2051 | 1252297 | 1078353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 6/1/2051 | 850884 | 728559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 8/1/2051 | 301544 | 259765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 9/1/2051 | 433637 | 372381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 12/1/2051 | 2671029 | 2289595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/1/2052 | 560777 | 476514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 12/1/2048 | 2058785 | 1849970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 1/1/2051 | 568169 | 507408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 7/1/2045 | 596635 | 553172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 9/1/2051 | 256846 | 237633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 4/1/2052 | 1070873 | 984962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 5/1/2052 | 1074996 | 1025925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 6/1/2052 | 1129178 | 1069189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/1/2052 | 789851 | 793519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/1/2052 | 1192099 | 1189822 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass-Through Certificates<br>K149 A2 <br>3.53% due 8/25/2032<sup>(1)(2)</sup> | 440000 | 406506 |
| &nbsp;&nbsp;&nbsp;&nbsp; K145 A2 <br>2.58% due 5/25/2032 | 1186000 | 1013577 |
| &nbsp;&nbsp;&nbsp;&nbsp; K150 A2 <br>3.71% due 9/25/2032<sup>(1)(2)</sup> | 640000 | 599934 |
| &nbsp;&nbsp;&nbsp;&nbsp; KG07 A2 <br>3.123% due 8/25/2032<sup>(1)(2)</sup> | 1146000 | 1022925 |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association<br>3.00% due 2/21/2053<sup>(3)</sup> | 5001000 | 4453060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 1/1/2053<sup>(3)</sup> | 775000 | 711479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 1/1/2053<sup>(3)</sup> | 2594000 | 2453805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 1/1/2053<sup>(3)</sup> | 329000 | 319011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 2/21/2053<sup>(3)</sup> | 3015000 | 2923869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/23/2053<sup>(3)</sup> | 651000 | 644741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 2/21/2053<sup>(3)</sup> | 2197000 | 2175285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/23/2053<sup>(3)</sup> | 195000 | 195983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 2/21/2053<sup>(3)</sup> | 2823000 | 2834659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 2/21/2053<sup>(3)</sup> | 3113000 | 3153905 |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security 2.00% due 2/13/2053<sup>(3)</sup> | 1560000 | 1272029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 2/14/2052<sup>(3)</sup> | 1786000 | 1569067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 1/1/2053<sup>(3)</sup> | 3024000 | 2654779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 1/1/2053<sup>(3)</sup> | 691000 | 627952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 2/16/2038<sup>(3)</sup> | 653000 | 636726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 2/13/2053<sup>(3)</sup> | 1482000 | 1390457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 2/16/2038<sup>(3)</sup> | 2167000 | 2153747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 1/1/2053<sup>(3)</sup> | 1364000 | 1314316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/17/2038<sup>(3)</sup> | 2179000 | 2189554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 2/16/2038<sup>(3)</sup> | 150000 | 150054 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 1/12/2053<sup>(3)</sup> | $| 782000 | $| 794137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% due 2/13/2053<sup>(3)</sup> |  | 517000 |  | 524527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 1/12/2053<sup>(3)</sup> |  | 1541000 |  | 1578631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% due 2/13/2053<sup>(3)</sup> |  | 895000 |  | 915460 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage–Backed Securities** <br> (Cost $69,706,234) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage–Backed Securities** <br> (Cost $69,706,234) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage–Backed Securities** <br> (Cost $69,706,234) |  | **68211779** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 19.6%** | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 19.6%** | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 19.6%** | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 19.6%** | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 19.6%** |
| &nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust <br>2022-3 A <br>3.75% due 8/15/2027 |  | 640000 |  | 625887 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXVI <br>2017-26A A2R <br>5.694% (LIBOR 3 Month + 1.50%) <br> due 7/18/2029<sup>(1)(4)</sup><sup>(5)</sup> |  | 280000 |  | 268856 |
| &nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes Ltd. <br>2021-FL2 E <br>7.268% (LIBOR 1 Month + 2.95%) <br> due 5/15/2036<sup>(1)(4)</sup><sup>(5)</sup> |  | 170000 |  | 150340 |
| &nbsp;&nbsp;&nbsp; Ares XL CLO Ltd. <br>2016-40A A1RR <br>4.949% (LIBOR 3 Month + 0.87%) <br> due 1/15/2029<sup>(1)(4)</sup><sup>(5)</sup> |  | 359512 |  | 354515 |
| &nbsp;&nbsp;&nbsp; Avant Loans Funding Trust <br>2022-REV1 A <br>6.54% due 9/15/2031<sup>(4)</sup> |  | 1310000 |  | 1303548 |
| &nbsp;&nbsp;&nbsp; Avid Automobile Receivables Trust 2019-1 D <br>4.03% due 7/15/2026<sup>(4)</sup> |  | 2290000 |  | 2262440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021-1 E <br>3.39% due 4/17/2028<sup>(4)</sup> |  | 830000 |  | 758726 |
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC<br>2019-3A A <br>2.36% due 3/20/2026<sup>(4)</sup> |  | 1545000 |  | 1446433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020-2A A <br>2.02% due 2/20/2027<sup>(4)</sup> |  | 1750000 |  | 1582679 |
| &nbsp;&nbsp;&nbsp; BA Credit Card Trust <br>2022-A2 A2 <br>5.00% due 4/17/2028 |  | 1290000 |  | 1303041 |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO <br>2019-2A AR <br>5.179% (LIBOR 3 Month + 1.10%) <br> due 10/17/2032<sup>(1)(4)</sup><sup>(5)</sup> |  | 880000 |  | 856680 |
| &nbsp;&nbsp;&nbsp; Barings CLO Ltd. <br>2019-3A A1R <br>5.313% (LIBOR 3 Month + 1.07%) <br> due 4/20/2031<sup>(1)(4)</sup><sup>(5)</sup> |  | 1000000 |  | 976600 |
| &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd. <br>2021-1A A1 <br>5.219% (LIBOR 3 Month + 1.14%) <br> due 4/15/2034<sup>(1)(4)</sup><sup>(5)</sup> |  | 1400000 |  | 1356460 |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd.<br>2021-1A A1 <br>5.468% (LIBOR 3 Month + 1.11%) <br> due 4/25/2033<sup>(1)(4)</sup><sup>(5)</sup> |  | 1330000 |  | 1303400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021-4A A <br>5.129% (LIBOR 3 Month + 1.05%) <br> due 7/15/2033<sup>(1)(4)</sup><sup>(5)</sup> |  | 1000000 |  | 974900 |

---

---

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

---

------

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; CPS Auto Receivables Trust <br>2020-C C <br>1.71% due 8/17/2026<sup>(4)</sup> | $112130 | $111572 |
| &nbsp;&nbsp;&nbsp; Discover Card Execution Note Trust <br>2022-A3 A3 <br>3.56% due 7/15/2027 | 945000 | 916006 |
| &nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust <br>2020-2 C <br>2.28% due 8/17/2026 | 1193615 | 1184046 |
| &nbsp;&nbsp;&nbsp; Dryden Senior Loan Fund <br>2017-47A BR <br>5.549% (LIBOR 3 Month + 1.47%) <br> due 4/15/2028<sup>(1)(4)</sup><sup>(5)</sup> | 1010000 | 970812 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust 2020-2A E <br>7.19% due 9/15/2027<sup>(4)</sup> | 1100000 | 1106782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022-2A B <br>3.65% due 10/15/2026 | 1020000 | 995362 |
| &nbsp;&nbsp;&nbsp; First Investors Auto Owner Trust <br>2021-1A E <br>3.35% due 4/15/2027<sup>(4)</sup> | 600000 | 551265 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust<br>2018-3 E <br>5.28% due 12/15/2025<sup>(4)</sup> | 725000 | 707819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021-1 A <br>0.31% due 6/16/2025<sup>(4)</sup> | 68019 | 67691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022-3 A3 <br>4.55% due 4/15/2027<sup>(4)</sup> | 950000 | 935319 |
| &nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust <br>2022-2 A2 <br>2.93% due 10/21/2024 | 1283213 | 1267768 |
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing III LP <br>2021-2A A <br>1.68% due 12/27/2027<sup>(4)</sup> | 910000 | 789973 |
| &nbsp;&nbsp;&nbsp; HGI CRE CLO Ltd. <br>2021-FL1 C <br>6.026% (LIBOR 1 Month + 1.70%) <br> due 6/16/2036<sup>(1)(4)</sup><sup>(5)</sup> | 550000 | 515619 |
| &nbsp;&nbsp;&nbsp; Lending Funding Trust <br>2020-2A A <br>2.32% due 4/21/2031<sup>(4)</sup> | 936000 | 817701 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust <br>2021-1A A <br>1.90% due 11/20/2031<sup>(4)</sup> | 750000 | 631574 |
| &nbsp;&nbsp;&nbsp; LoanCore Issuer Ltd. <br>2022-CRE7 A <br>5.358% (SOFR30A + 1.55%) <br> due 1/17/2037<sup>(1)(4)</sup> | 680000 | 657740 |
| &nbsp;&nbsp;&nbsp; Logan CLO I Ltd. <br>2021-1A A <br>5.403% (LIBOR 3 Month + 1.16%) <br> due 7/20/2034<sup>(1)(4)</sup><sup>(5)</sup> | 530000 | 514471 |
| &nbsp;&nbsp;&nbsp; Marble Point CLO XVII Ltd. <br>2020-1A A <br>5.543% (LIBOR 3 Month + 1.30%) <br> due 4/20/2033<sup>(1)(4)</sup><sup>(5)</sup> | 613030 | 600769 |
| &nbsp;&nbsp;&nbsp; Marlette Funding Trust <br>2020-2A D <br>4.65% due 9/16/2030<sup>(4)</sup> | 1060000 | 1032829 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; ME Funding LLC <br>2019-1 A2 <br>6.448% due 7/30/2049<sup>(4)</sup> | $1088340 | $&nbsp;&nbsp;&nbsp;&nbsp;1056667 |
| &nbsp;&nbsp;&nbsp; Mountain View CLO LLC <br>2017-1A AR <br>5.169% (LIBOR 3 Month + 1.09%) <br> due 10/16/2029<sup>(1)(4)</sup><sup>(5)</sup> | 524741 | 516922 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 35 Ltd. <br>2019-35A A1 <br>5.567% (LIBOR 3 Month + 1.34%) <br> due 1/19/2033<sup>(1)(4)</sup><sup>(5)</sup> | 1000000 | 980000 |
| &nbsp;&nbsp;&nbsp; NextGear Floorplan Master Owner Trust <br>2020-1A A1 <br>5.118% (LIBOR 1 Month + 0.80%) <br> due 2/15/2025<sup>(1)(4)</sup><sup>(5)</sup> | 2450000 | 2447526 |
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd. <br>2019-16A AR <br>4.909% (LIBOR 3 Month + 1.00%) <br> due 4/10/2033<sup>(1)(4)</sup><sup>(5)</sup> | 790000 | 770171 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners XVII Ltd. <br>2013-1A A1R2 <br>5.358% (LIBOR 3 Month + 1.00%) <br> due 1/25/2031<sup>(1)(4)</sup><sup>(5)</sup> | 365000 | 358649 |
| &nbsp;&nbsp;&nbsp; Rad CLO 7 Ltd. <br>2020-7A A1 <br>5.279% (LIBOR 3 Month + 1.20%) <br> due 4/17/2033<sup>(1)(4)</sup><sup>(5)</sup> | 750000 | 732675 |
| &nbsp;&nbsp;&nbsp; Santander Consumer Auto Receivables Trust <br>2020-BA D <br>2.14% due 12/15/2026<sup>(4)</sup> | 1475000 | 1396676 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust<br>2020-2 D <br>2.22% due 9/15/2026 | 816000 | 793465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021-1 C <br>0.75% due 2/17/2026 | 1516280 | 1489961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022-5 C <br>4.74% due 10/16/2028 | 970000 | 935598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022-6 C <br>4.96% due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1080000 | 1043933 |
| &nbsp;&nbsp;&nbsp; SCF Equipment Leasing LLC<br>2019-2A B<br>2.76% due 8/20/2026<sup>(4)</sup> | 797000 | 761458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021-1A C <br>1.54% due 10/21/2030<sup>(4)</sup> | 1000000 | 850384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021-1A D <br>1.93% due 9/20/2030<sup>(4)</sup> | 750000 | 630441 |
| &nbsp;&nbsp;&nbsp; SEB Funding LLC <br>2021-1A A2 <br>4.969% due 1/30/2052<sup>(4)</sup> | 812963 | 688314 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 8 Ltd. <br>2020-8A A <br>5.513% (LIBOR 3 Month + 1.27%) <br> due 4/20/2033<sup>(1)(4)</sup><sup>(5)</sup> | 1003948 | 979853 |
| &nbsp;&nbsp;&nbsp; Sunrun Demeter Issuer LLC <br>2021-2A A <br>2.27% due 1/30/2057<sup>(4)</sup> | 475742 | 334543 |

---

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; TCW CLO Ltd. <br>2022-1A A1 <br>5.40% (SOFR + 1.34%) <br> due 4/22/2033<sup>(1)(4)</sup> | $| 750000 | $| 730200 |
| &nbsp;&nbsp;&nbsp; Towd Point Asset Trust <br>2018-SL1 A <br>4.989% (LIBOR 1 Month + 0.60%) <br> due 1/25/2046<sup>(1)(4)</sup><sup>(5)</sup> |  | 124902 |  | 124220 |
| &nbsp;&nbsp;&nbsp; Verizon Master Trust <br>2022-7 A1A <br>5.23% due 11/22/2027 |  | 1290000 |  | 1296832 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust <br>2020-3A E <br>3.34% due 6/15/2026<sup>(4)</sup> |  | 750000 |  | 718344 |
| &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $51,842,827) | &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $51,842,827) | &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $51,842,827) |  | **49536455** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 41.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. <br>6.00% due 2/15/2028<sup>(4)</sup> |  | 284000 |  | 263075 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc.<br>4.625% due 1/15/2029 |  | 288000 |  | 253256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 6/15/2026 |  | 255000 |  | 248502 |
|  |  |  |  | **764833** |
| &nbsp;&nbsp;&nbsp;**Agriculture – 1.0%** | &nbsp;&nbsp;&nbsp;**Agriculture – 1.0%** | &nbsp;&nbsp;&nbsp;**Agriculture – 1.0%** | &nbsp;&nbsp;&nbsp;**Agriculture – 1.0%** | &nbsp;&nbsp;&nbsp;**Agriculture – 1.0%** |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. <br>3.222% due 8/15/2024 |  | 657000 |  | 633966 |
| &nbsp;&nbsp;&nbsp; Cargill, Inc. <br>4.00% due 6/22/2032<sup>(4)</sup> |  | 715000 |  | 657307 |
| &nbsp;&nbsp;&nbsp; MHP Lux SA <br>6.25% due 9/19/2029<sup>(4)</sup><sup>(6)</sup> |  | 475000 |  | 223245 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. <br>5.625% due 11/17/2029 |  | 592000 |  | 603443 |
| &nbsp;&nbsp;&nbsp; Viterra Finance BV <br>4.90% due 4/21/2027<sup>(4)</sup> |  | 398000 |  | 376412 |
|  |  |  |  | **2494373** |
| &nbsp;&nbsp;&nbsp;**Airlines – 0.6%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.6%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.6%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.6%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.6%** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc. <br>11.75% due 7/15/2025<sup>(4)</sup> |  | 236000 |  | 253844 |
| &nbsp;&nbsp;&nbsp; British Airways Pass-Through Trust <br>2020-1 A <br>4.25% due 11/15/2032<sup>(4)</sup> |  | 564062 |  | 510837 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. <br>7.00% due 5/1/2025<sup>(4)</sup> |  | 717000 |  | 733326 |
|  |  |  |  | **1498007** |
| &nbsp;&nbsp;&nbsp;**Apparel – 0.1%** | &nbsp;&nbsp;&nbsp;**Apparel – 0.1%** | &nbsp;&nbsp;&nbsp;**Apparel – 0.1%** | &nbsp;&nbsp;&nbsp;**Apparel – 0.1%** | &nbsp;&nbsp;&nbsp;**Apparel – 0.1%** |
| &nbsp;&nbsp;&nbsp; Levi Strauss & Co. <br>3.50% due 3/1/2031<sup>(4)</sup> |  | 331000 |  | 263953 |
|  |  |  |  | **263953** |
| &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.3%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.3%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.3%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.3%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.3%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. <br>3.25% due 2/12/2032 |  | 848000 |  | 638163 |
|  |  |  |  | **638163** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Beverages – 0.1%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.1%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.1%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. <br>4.70% due 2/1/2036 | $394000 | $373106 |
|  |  | **373106** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 0.1%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.1%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.1%** |
| &nbsp;&nbsp;&nbsp; Baxalta, Inc. <br>4.00% due 6/23/2025 | 175000 | 170557 |
|  |  | **170557** |
| &nbsp;&nbsp;&nbsp;**Building Materials – 0.1%** | &nbsp;&nbsp;&nbsp;**Building Materials – 0.1%** | &nbsp;&nbsp;&nbsp;**Building Materials – 0.1%** |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc. <br>4.375% due 7/15/2030<sup>(4)</sup> | 306000 | 250648 |
|  |  | **250648** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.5%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.5%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.5%** |
| &nbsp;&nbsp;&nbsp; CVR Partners LP / CVR Nitrogen Finance Corp. <br>6.125% due 6/15/2028<sup>(4)</sup> | 396000 | 355889 |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. <br>1.23% due 10/1/2025<sup>(4)</sup> | 962000 | 851293 |
|  |  | **1207182** |
| &nbsp;&nbsp;&nbsp;**Coal – 0.1%** | &nbsp;&nbsp;&nbsp;**Coal – 0.1%** | &nbsp;&nbsp;&nbsp;**Coal – 0.1%** |
| &nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. <br>4.875% due 6/30/2029<sup>(4)</sup> | 309000 | 263827 |
|  |  | **263827** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 10.1%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 10.1%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 10.1%** |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV <br>3.324% (3.324% fixed rate until 12/13/2031; H15T5Y + 1.90% thereafter) <br> due 3/13/2037<sup>(1)(4)</sup> | 400000 | 290544 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.<br>1.658% (1.658% fixed rate until 3/11/2026; SOFR + 0.91% thereafter) <br> due 3/11/2027<sup>(1)</sup> | 1693000 | 1496798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.087% (2.087% fixed rate until 6/14/2028; SOFR + 1.06% thereafter) <br> due 6/14/2029<sup>(1)</sup> | 821000 | 692325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687% (2.687% fixed rate until 4/22/2031; SOFR + 1.32% thereafter) <br> due 4/22/2032<sup>(1)</sup> | 350000 | 281043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.593% (3.593% fixed rate until 7/21/2027; LIBOR 3 Month + 1.37% thereafter) <br> due 7/21/2028<sup>(1)</sup><sup>(5)</sup> | 1125000 | 1037813 |
| &nbsp;&nbsp;&nbsp; BankUnited, Inc. <br>5.125% due 6/11/2030 | 613000 | 568447 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA <br>4.375% (4.375% fixed rate until 3/1/2028; 5 Year USD Swap + 1.48% thereafter) <br> due 3/1/2033<sup>(1)(4)</sup> | 599000 | 531529 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.<br>3.887% (3.887% fixed rate until 1/10/2027; LIBOR 3 Month + 1.56% thereafter) <br> due 1/10/2028<sup>(1)</sup><sup>(5)</sup> | 712000 | 666453 |

---

---

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

---

------

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98% (3.98% fixed rate until 3/20/2029; LIBOR 3 Month + 1.34% thereafter) <br> due 3/20/2030<sup>(1)</sup><sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;2518000 | $&nbsp;&nbsp;&nbsp;&nbsp;2275769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14% (4.14% fixed rate until 5/24/2024; SOFR + 1.37% thereafter) <br> due 5/24/2025<sup>(1)</sup> | 287000 | 282709 |
| &nbsp;&nbsp;&nbsp; Danske Bank A/S<br>3.773% (3.773% fixed rate until 3/28/2024; H15T1Y + 1.45% thereafter) <br> due 3/28/2025<sup>(1)(4)</sup> | 1030000 | 997359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 6/12/2028<sup>(4)</sup> | 200000 | 184678 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. <br>2.383% (2.383% fixed rate until 7/21/2031; SOFR + 1.25% thereafter) <br> due 7/21/2032<sup>(1)</sup> | 1000000 | 778110 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co.<br>2.963% (2.963% fixed rate until 1/25/2032; SOFR + 1.26% thereafter) <br> due 1/25/2033<sup>(1)</sup> | 707000 | 576749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54% (3.54% fixed rate until 5/1/2027; LIBOR 3 Month + 1.38% thereafter) <br> due 5/1/2028<sup>(1)</sup><sup>(5)</sup> | 1002000 | 926519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.782% (3.782% fixed rate until 2/1/2027; LIBOR 3 Month + 1.34% thereafter) <br> due 2/1/2028<sup>(1)</sup><sup>(5)</sup> | 1065000 | 997777 |
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. <br>3.624% due 6/3/2030<sup>(4)</sup> | 203000 | 164795 |
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd.<br>2.691% (2.691% fixed rate until 6/23/2031; SOFR + 1.44% thereafter) <br> due 6/23/2032<sup>(1)(4)</sup> | 968000 | 744789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654% (4.654% fixed rate until 3/27/2028; LIBOR 3 Month + 1.73% thereafter) <br> due 3/27/2029<sup>(1)(4)</sup><sup>(5)</sup> | 963000 | 904074 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley<br>2.239% (2.239% fixed rate until 7/21/2031; SOFR + 1.18% thereafter) <br> due 7/21/2032<sup>(1)</sup> | 500000 | 384390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.484% (2.484% fixed rate until 9/16/2031; SOFR + 1.36% thereafter) <br> due 9/16/2036<sup>(1)</sup> | 542000 | 395378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.431% (4.431% fixed rate until 1/23/2029; LIBOR 3 Month + 1.63% thereafter) <br> due 1/23/2030<sup>(1)</sup><sup>(5)</sup> | 1893000 | 1771545 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada <br>6.00% due 11/1/2027 | 667000 | 695634 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC <br>3.373% (3.373% fixed rate until 1/5/2023; LIBOR 3 Month + 1.08% thereafter) <br> due 1/5/2024<sup>(1)</sup><sup>(5)</sup> | 877000 | 877000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) |
| &nbsp;&nbsp;&nbsp; State Street Corp. <br>4.164% (4.164% fixed rate until 8/4/2032; SOFR + 1.73% thereafter) <br> due 8/4/2033<sup>(1)</sup> | $| 469000 | $| 434196 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank <br>4.456% due 6/8/2032 |  | 300000 |  | 286017 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp <br>4.967% (4.967% fixed rate until 7/22/2032; SOFR + 2.11% thereafter) <br> due 7/22/2033<sup>(1)</sup> |  | 1057000 |  | 1005556 |
| &nbsp;&nbsp;&nbsp; UBS AG <br>5.125% due 5/15/2024 |  | 872000 |  | 860368 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.<br>2.188% (2.188% fixed rate until 4/30/2025; SOFR + 2.00% thereafter) <br> due 4/30/2026<sup>(1)</sup> |  | 652000 |  | 607247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.393% (2.393% fixed rate until 6/2/2027; SOFR + 2.10% thereafter) <br> due 6/2/2028<sup>(1)</sup> |  | 2093000 |  | 1849082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% (3.35% fixed rate until 3/2/2032; SOFR + 1.50% thereafter) <br> due 3/2/2033<sup>(1)</sup> |  | 674000 |  | 568748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.584% (3.584% fixed rate until 5/22/2027; LIBOR 3 Month + 1.31% thereafter) <br> due 5/22/2028<sup>(1)</sup><sup>(5)</sup> |  | 976000 |  | 905728 |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. <br>2.894% (2.894% fixed rate until 2/4/2025; H15T5Y + 1.35% thereafter) <br> due 2/4/2030<sup>(1)</sup> |  | 484000 |  | 443876 |
|  |  |  |  | **25483045** |
| &nbsp;&nbsp;&nbsp;**Commercial Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.7%** |
| &nbsp;&nbsp;&nbsp; Adani Ports & Special Economic Zone Ltd. <br>4.00% due 7/30/2027 |  | 680000 |  | 594653 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. <br>4.00% due 6/1/2023 |  | 940000 |  | 934181 |
| &nbsp;&nbsp;&nbsp; United Rentals North America, Inc. <br>4.00% due 7/15/2030 |  | 313000 |  | 267897 |
|  |  |  |  | **1796731** |
| &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.1%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.1%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.1%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.1%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.1%** |
| &nbsp;&nbsp;&nbsp; GSK Consumer Healthcare Capital U.S. LLC <br>3.625% due 3/24/2032 |  | 295000 |  | 260084 |
|  |  |  |  | **260084** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.2%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.2%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.2%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.2%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.2%** |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd. <br>2.85% due 1/26/2028<sup>(4)</sup> |  | 600000 |  | 491682 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. <br>8.00% due 11/1/2031 |  | 455000 |  | 470884 |

---

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services** (continued) | &nbsp;&nbsp;&nbsp;**Diversified Financial Services** (continued) | &nbsp;&nbsp;&nbsp;**Diversified Financial Services** (continued) | &nbsp;&nbsp;&nbsp;**Diversified Financial Services** (continued) | &nbsp;&nbsp;&nbsp;**Diversified Financial Services** (continued) |
| &nbsp;&nbsp;&nbsp; American Express Co. <br>4.42% (4.42% fixed rate until 8/3/2032; SOFR + 1.76% thereafter) <br> due 8/3/2033<sup>(1)</sup> | $| 400000 | $| 380092 |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC<br>1.95% due 1/30/2026<sup>(4)</sup> |  | 408000 |  | 355348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 12/15/2024<sup>(4)</sup> |  | 982000 |  | 963401 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd.<br>2.125% due 2/21/2026<sup>(4)</sup> |  | 1255000 |  | 1082626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 4/15/2026<sup>(4)</sup> |  | 643000 |  | 583413 |
| &nbsp;&nbsp;&nbsp; CPPIB Capital, Inc. <br>4.818% (SOFR + 1.25%) <br> due 4/4/2025<sup>(1)(4)</sup> |  | 2000000 |  | 2033260 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. <br>4.00% due 9/15/2027 |  | 1350000 |  | 1306192 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Group LLC / Neuberger Berman Finance Corp. 4.50% due 3/15/2027<sup>(4)</sup> |  | 329000 |  | 312708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 4/15/2045<sup>(4)</sup> |  | 198000 |  | 161748 |
|  |  |  |  | **8141354** |
| &nbsp;&nbsp;&nbsp;**Electric – 3.7%** | &nbsp;&nbsp;&nbsp;**Electric – 3.7%** | &nbsp;&nbsp;&nbsp;**Electric – 3.7%** | &nbsp;&nbsp;&nbsp;**Electric – 3.7%** | &nbsp;&nbsp;&nbsp;**Electric – 3.7%** |
| &nbsp;&nbsp;&nbsp; AEP Transmission Co. LLC <br>4.50% due 6/15/2052 |  | 599000 |  | 534134 |
| &nbsp;&nbsp;&nbsp; AES Corp. <br>3.95% due 7/15/2030<sup>(4)</sup> |  | 578000 |  | 511293 |
| &nbsp;&nbsp;&nbsp; Alfa Desarrollo SpA <br>4.55% due 9/27/2051<sup>(4)</sup> |  | 493196 |  | 377492 |
| &nbsp;&nbsp;&nbsp; Ausgrid Finance Pty. Ltd. <br>4.35% due 8/1/2028<sup>(4)</sup> |  | 580000 |  | 536929 |
| &nbsp;&nbsp;&nbsp; Calpine Corp. <br>5.125% due 3/15/2028<sup>(4)</sup> |  | 302000 |  | 270329 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC <br>6.25% due 10/1/2039 |  | 485000 |  | 497658 |
| &nbsp;&nbsp;&nbsp; Consumers Energy Co. <br>4.20% due 9/1/2052 |  | 286000 |  | 246000 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. <br>4.50% due 8/15/2032 |  | 961000 |  | 906242 |
| &nbsp;&nbsp;&nbsp; Indianapolis Power & Light Co. <br>5.65% due 12/1/2032<sup>(4)</sup> |  | 821000 |  | 844087 |
| &nbsp;&nbsp;&nbsp; Minejesa Capital BV <br>4.625% due 8/10/2030<sup>(4)</sup> |  | 730000 |  | 642590 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. 4.255% due 9/1/2024 |  | 31000 |  | 30632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 7/15/2032 |  | 291000 |  | 287473 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc.<br>3.875% due 2/15/2032<sup>(4)</sup> |  | 324000 |  | 244257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% due 6/15/2029<sup>(4)</sup> |  | 280000 |  | 247674 |
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara <br>3.00% due 6/30/2030<sup>(4)</sup> |  | 504000 |  | 415467 |
| &nbsp;&nbsp;&nbsp; Public Service Electric & Gas Co. <br>4.90% due 12/15/2032 |  | 464000 |  | 466905 |
| &nbsp;&nbsp;&nbsp; Southern Co. <br>4.475% due 8/1/2024 |  | 1156000 |  | 1142001 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC<br>3.55% due 7/15/2024<sup>(4)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;841000 | $| 807436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 5/1/2029<sup>(4)</sup> |  | 293000 |  | 252625 |
|  |  |  |  | **9261224** |
| &nbsp;&nbsp;&nbsp;**Energy-Alternate Sources – 0.1%** | &nbsp;&nbsp;&nbsp;**Energy-Alternate Sources – 0.1%** | &nbsp;&nbsp;&nbsp;**Energy-Alternate Sources – 0.1%** | &nbsp;&nbsp;&nbsp;**Energy-Alternate Sources – 0.1%** | &nbsp;&nbsp;&nbsp;**Energy-Alternate Sources – 0.1%** |
| &nbsp;&nbsp;&nbsp; TerraForm Power Operating LLC <br>5.00% due 1/31/2028<sup>(4)</sup> |  | 270000 |  | 242997 |
|  |  |  |  | **242997** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.2%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.2%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.2%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.2%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.2%** |
| &nbsp;&nbsp;&nbsp; Jacobs Entertainment, Inc. <br>6.75% due 2/15/2029<sup>(4)</sup> |  | 303000 |  | 275548 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. <br>3.428% due 3/15/2024<sup>(4)</sup> |  | 333000 |  | 323290 |
|  |  |  |  | **598838** |
| &nbsp;&nbsp;&nbsp;**Environmental Control – 0.1%** | &nbsp;&nbsp;&nbsp;**Environmental Control – 0.1%** | &nbsp;&nbsp;&nbsp;**Environmental Control – 0.1%** | &nbsp;&nbsp;&nbsp;**Environmental Control – 0.1%** | &nbsp;&nbsp;&nbsp;**Environmental Control – 0.1%** |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC <br>4.125% due 6/30/2028<sup>(4)</sup> |  | 303000 |  | 252605 |
|  |  |  |  | **252605** |
| &nbsp;&nbsp;&nbsp;**Food – 0.1%** | &nbsp;&nbsp;&nbsp;**Food – 0.1%** | &nbsp;&nbsp;&nbsp;**Food – 0.1%** | &nbsp;&nbsp;&nbsp;**Food – 0.1%** | &nbsp;&nbsp;&nbsp;**Food – 0.1%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC <br>3.50% due 3/15/2029<sup>(4)</sup> |  | 336000 |  | 281746 |
|  |  |  |  | **281746** |
| &nbsp;&nbsp;&nbsp;**Gas – 0.9%** | &nbsp;&nbsp;&nbsp;**Gas – 0.9%** | &nbsp;&nbsp;&nbsp;**Gas – 0.9%** | &nbsp;&nbsp;&nbsp;**Gas – 0.9%** | &nbsp;&nbsp;&nbsp;**Gas – 0.9%** |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp. <br>4.40% due 7/1/2032 |  | 682000 |  | 657339 |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. <br>5.50% due 1/15/2026 |  | 554000 |  | 552560 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. <br>2.95% due 9/1/2029 |  | 525000 |  | 457023 |
| &nbsp;&nbsp;&nbsp; ONE Gas, Inc. <br>1.10% due 3/11/2024 |  | 260000 |  | 249460 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Corp. <br>4.05% due 3/15/2032 |  | 413000 |  | 363518 |
|  |  |  |  | **2279900** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.7%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.7%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.7%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.7%** | &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.7%** |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. <br>5.65% due 11/15/2027<sup>(4)</sup> |  | 738000 |  | 750236 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP <br>3.875% due 4/1/2029<sup>(4)</sup> |  | 330000 |  | 266053 |
| &nbsp;&nbsp;&nbsp; PerkinElmer, Inc. <br>0.85% due 9/15/2024 |  | 750000 |  | 695542 |
|  |  |  |  | **1711831** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services – 2.1%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 2.1%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 2.1%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 2.1%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 2.1%** |
| &nbsp;&nbsp;&nbsp; Centene Corp.<br>2.45% due 7/15/2028 |  | 286000 |  | 240952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 2/15/2030 |  | 534000 |  | 452143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 12/15/2027 |  | 419000 |  | 393462 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc.<br>2.25% due 5/15/2030 |  | 212000 |  | 176193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 9/15/2029 |  | 738000 |  | 649233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 10/15/2032 |  | 606000 |  | 622380 |

---

---

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

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) | &nbsp;&nbsp;&nbsp;**Healthcare-Services** (continued) |
| &nbsp;&nbsp;&nbsp; Humana, Inc.<br>1.35% due 2/3/2027 | $| 788000 | $| 681132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 3/1/2033 |  | 770000 |  | 799437 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. <br>6.25% due 2/1/2027<sup>(4)</sup> |  | 273000 |  | 260740 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc.<br>4.00% due 5/15/2029 |  | 397000 |  | 379842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% due 2/15/2028 |  | 626000 |  | 641932 |
|  |  |  |  | **5297446** |
| &nbsp;&nbsp;&nbsp;**Insurance – 0.7%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.7%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.7%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.7%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.7%** |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. <br>2.65% due 1/15/2032 |  | 313000 |  | 232903 |
| &nbsp;&nbsp;&nbsp; First American Financial Corp. <br>2.40% due 8/15/2031 |  | 474000 |  | 347703 |
| &nbsp;&nbsp;&nbsp; GA Global Funding Trust <br>3.85% due 4/11/2025<sup>(4)</sup> |  | 898000 |  | 861254 |
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I <br>4.05% due 8/25/2025<sup>(4)</sup> |  | 452000 |  | 442820 |
|  |  |  |  | **1884680** |
| &nbsp;&nbsp;&nbsp;**Internet – 1.2%** | &nbsp;&nbsp;&nbsp;**Internet – 1.2%** | &nbsp;&nbsp;&nbsp;**Internet – 1.2%** | &nbsp;&nbsp;&nbsp;**Internet – 1.2%** | &nbsp;&nbsp;&nbsp;**Internet – 1.2%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. <br>4.70% due 12/1/2032 |  | 1920000 |  | 1914701 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. <br>6.375% due 5/15/2029 |  | 893000 |  | 925907 |
| &nbsp;&nbsp;&nbsp; Prosus NV <br>3.257% due 1/19/2027<sup>(4)</sup> |  | 340000 |  | 306677 |
|  |  |  |  | **3147285** |
| &nbsp;&nbsp;&nbsp;**Iron & Steel – 0.1%** | &nbsp;&nbsp;&nbsp;**Iron & Steel – 0.1%** | &nbsp;&nbsp;&nbsp;**Iron & Steel – 0.1%** | &nbsp;&nbsp;&nbsp;**Iron & Steel – 0.1%** | &nbsp;&nbsp;&nbsp;**Iron & Steel – 0.1%** |
| &nbsp;&nbsp;&nbsp; United States Steel Corp. <br>6.875% due 3/1/2029 |  | 265000 |  | 257519 |
|  |  |  |  | **257519** |
| &nbsp;&nbsp;&nbsp;**Leisure Time – 0.2%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.2%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.2%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.2%** | &nbsp;&nbsp;&nbsp;**Leisure Time – 0.2%** |
| &nbsp;&nbsp;&nbsp; Life Time, Inc. <br>5.75% due 1/15/2026<sup>(4)</sup> |  | 286000 |  | 266592 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. <br>8.25% due 1/15/2029<sup>(4)</sup> |  | 134000 |  | 134756 |
|  |  |  |  | **401348** |
| &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.4%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.4%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.4%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.4%** | &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.4%** |
| &nbsp;&nbsp;&nbsp; nVent Finance Sarl <br>4.55% due 4/15/2028 |  | 1112000 |  | 1027143 |
|  |  |  |  | **1027143** |
| &nbsp;&nbsp;&nbsp;**Media – 1.4%** | &nbsp;&nbsp;&nbsp;**Media – 1.4%** | &nbsp;&nbsp;&nbsp;**Media – 1.4%** | &nbsp;&nbsp;&nbsp;**Media – 1.4%** | &nbsp;&nbsp;&nbsp;**Media – 1.4%** |
| &nbsp;&nbsp;&nbsp; AMC Networks, Inc. <br>4.25% due 2/15/2029 |  | 321000 |  | 200291 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC / CCO Holdings Capital Corp. <br>4.50% due 5/1/2032 |  | 477000 |  | 379835 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications Operating Capital <br>2.25% due 1/15/2029 |  | 624000 |  | 501858 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. <br>5.50% due 11/15/2032 |  | 1480000 |  | 1546126 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Media** (continued) | &nbsp;&nbsp;&nbsp;**Media** (continued) | &nbsp;&nbsp;&nbsp;**Media** (continued) | &nbsp;&nbsp;&nbsp;**Media** (continued) | &nbsp;&nbsp;&nbsp;**Media** (continued) |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. <br>3.45% due 3/1/2032 | $| 449000 | $| 379778 |
| &nbsp;&nbsp;&nbsp; Time Warner Cable Enterprises LLC <br>8.375% due 7/15/2033 |  | 331000 |  | 369479 |
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC <br>7.30% due 7/1/2038 |  | 288000 |  | 288239 |
|  |  |  |  | **3665606** |
| &nbsp;&nbsp;&nbsp;**Mining – 1.1%** | &nbsp;&nbsp;&nbsp;**Mining – 1.1%** | &nbsp;&nbsp;&nbsp;**Mining – 1.1%** | &nbsp;&nbsp;&nbsp;**Mining – 1.1%** | &nbsp;&nbsp;&nbsp;**Mining – 1.1%** |
| &nbsp;&nbsp;&nbsp; Alcoa Nederland Holding BV 4.125% due 3/31/2029<sup>(4)</sup> |  | 335000 |  | 296773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 5/15/2028<sup>(4)</sup> |  | 414000 |  | 407715 |
| &nbsp;&nbsp;&nbsp; Anglo American Capital PLC <br>4.00% due 9/11/2027<sup>(4)</sup> |  | 1300000 |  | 1231243 |
| &nbsp;&nbsp;&nbsp; FMG Resources August 2006 Pty. Ltd. <br>4.375% due 4/1/2031<sup>(4)</sup> |  | 330000 |  | 278956 |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC <br>4.875% due 3/12/2029<sup>(4)</sup> |  | 594000 |  | 570834 |
|  |  |  |  | **2785521** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.8%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.8%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.8%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.8%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.8%** |
| &nbsp;&nbsp;&nbsp; California Resources Corp. <br>7.125% due 2/1/2026<sup>(4)</sup> |  | 258000 |  | 246114 |
| &nbsp;&nbsp;&nbsp; Callon Petroleum Co. <br>8.00% due 8/1/2028<sup>(4)</sup> |  | 285000 |  | 270508 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc. <br>6.75% due 3/1/2029<sup>(4)</sup> |  | 331000 |  | 298843 |
| &nbsp;&nbsp;&nbsp; Continental Resources, Inc. <br>5.75% due 1/15/2031<sup>(4)</sup> |  | 1475000 |  | 1377930 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc.<br>3.125% due 3/24/2031 |  | 1006000 |  | 836348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 12/1/2029 |  | 314000 |  | 276188 |
| &nbsp;&nbsp;&nbsp; EQT Corp. <br>7.00% due 2/1/2030 |  | 1311000 |  | 1358642 |
| &nbsp;&nbsp;&nbsp; Laredo Petroleum, Inc. <br>9.50% due 1/15/2025 |  | 288000 |  | 285555 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>6.625% due 9/1/2030 |  | 778000 |  | 803900 |
| &nbsp;&nbsp;&nbsp; Ovintiv, Inc. <br>6.50% due 2/1/2038 |  | 498000 |  | 495630 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos <br>6.70% due 2/16/2032 |  | 1216000 |  | 957308 |
|  |  |  |  | **7206966** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.9%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.9%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.9%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.9%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.9%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. <br>3.20% due 11/21/2029 |  | 692000 |  | 625748 |
| &nbsp;&nbsp;&nbsp; Cigna Corp.<br>2.40% due 3/15/2030 |  | 1298000 |  | 1090151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 10/15/2028 |  | 129000 |  | 124698 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp.<br>1.75% due 8/21/2030 |  | 641000 |  | 505441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 8/15/2029 |  | 1801000 |  | 1615299 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc. <br>4.375% due 10/31/2029<sup>(4)</sup> |  | 325000 |  | 286926 |
| &nbsp;&nbsp;&nbsp; Organon & Co. / Organon Foreign Debt Co-Issuer BV <br>4.125% due 4/30/2028<sup>(4)</sup> |  | 321000 |  | 284220 |
| &nbsp;&nbsp;&nbsp; Owens & Minor, Inc. <br>6.625% due 4/1/2030<sup>(4)</sup> |  | 300000 |  | 257967 |
|  |  |  |  | **4790450** |

---

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

------

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 1.9%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.9%** | &nbsp;&nbsp;&nbsp;**Pipelines – 1.9%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP <br>3.25% due 1/31/2032 | $344000 | $274454 |
| &nbsp;&nbsp;&nbsp; CNX Midstream Partners LP <br>4.75% due 4/15/2030<sup>(4)</sup> | 326000 | 269136 |
| &nbsp;&nbsp;&nbsp; Eastern Gas Transmission & Storage, Inc. <br>3.00% due 11/15/2029 | 428000 | 371110 |
| &nbsp;&nbsp;&nbsp; EIG Pearl Holdings Sarl <br>3.545% due 8/31/2036<sup>(4)</sup> | 1066000 | 896868 |
| &nbsp;&nbsp;&nbsp; Galaxy Pipeline Assets Bidco Ltd. <br>3.25% due 9/30/2040<sup>(4)</sup> | 1030000 | 796808 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners LP <br>4.25% due 9/1/2024 | 643000 | 632815 |
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC <br>3.25% due 7/15/2031<sup>(4)</sup> | 830000 | 677670 |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC <br>5.625% due 3/1/2025 | 696000 | 697997 |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC <br>4.125% due 8/15/2031<sup>(4)</sup> | 317000 | 270265 |
|  |  | **4887123** |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 1.1%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 1.1%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 1.1%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp.<br>2.40% due 3/15/2025 | 448000 | 421913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95% due 1/15/2025 | 235000 | 224467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80% due 8/15/2029 | 579000 | 528320 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. <br>3.30% due 7/1/2030 | 800000 | 701384 |
| &nbsp;&nbsp;&nbsp; EPR Properties <br>4.95% due 4/15/2028 | 604000 | 513521 |
| &nbsp;&nbsp;&nbsp; VICI Properties LP / VICI Note Co., Inc. <br>5.625% due 5/1/2024<sup>(4)</sup> | 474000 | 470587 |
|  |  | **2860192** |
| &nbsp;&nbsp;&nbsp;**Retail – 0.4%** | &nbsp;&nbsp;&nbsp;**Retail – 0.4%** | &nbsp;&nbsp;&nbsp;**Retail – 0.4%** |
| &nbsp;&nbsp;&nbsp; Bayer Corp. <br>6.65% due 2/15/2028<sup>(4)</sup> | 343000 | 352076 |
| &nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC <br>5.875% due 4/1/2029<sup>(4)</sup> | 278000 | 247378 |
| &nbsp;&nbsp;&nbsp; Murphy Oil USA, Inc. <br>3.75% due 2/15/2031<sup>(4)</sup> | 353000 | 292365 |
|  |  | **891819** |
| &nbsp;&nbsp;&nbsp;**Semiconductors – 0.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.7%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.<br>3.924% due 6/1/2032 | 560000 | 522547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.393% due 6/1/2052 | 488000 | 433944 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. <br>4.15% due 4/15/2032<sup>(4)</sup> | 603000 | 531406 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc. <br>3.625% due 5/1/2029<sup>(4)</sup> | 307000 | 246899 |
|  |  | **1734796** |
| &nbsp;&nbsp;&nbsp;**Software – 0.6%** | &nbsp;&nbsp;&nbsp;**Software – 0.6%** | &nbsp;&nbsp;&nbsp;**Software – 0.6%** |
| &nbsp;&nbsp;&nbsp; Oracle Corp.<br>2.875% due 3/25/2031 | 915000 | 761618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% due 11/9/2032 | 281000 | 296087 |
| &nbsp;&nbsp;&nbsp; Workday, Inc. <br>3.80% due 4/1/2032 | 593000 | 525499 |
|  |  | **1583204** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 1.6%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 1.6%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 1.6%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. <br>4.30% due 2/15/2030 | $461000 | $434871 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC <br>5.00% due 5/1/2028<sup>(4)</sup> | 312000 | 272005 |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp.<br>6.875% due 11/15/2028 | 689000 | 716457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% due 3/15/2032 | 212000 | 252223 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.<br>2.625% due 2/15/2029 | 319000 | 270652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 4/15/2025 | 391000 | 376650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 4/15/2030 | 1264000 | 1148483 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. <br>2.355% due 3/15/2032 | 662000 | 527190 |
|  |  | **3998531** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $113,955,394) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $113,955,394) | **104654633** |
| &nbsp;&nbsp;&nbsp;**Municipals – 0.5%** | &nbsp;&nbsp;&nbsp;**Municipals – 0.5%** | &nbsp;&nbsp;&nbsp;**Municipals – 0.5%** |
| &nbsp;&nbsp;&nbsp; Foothill-Eastern Transportation Corridor Agency <br>4.094% due 1/15/2049 | 361000 | 276102 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority <br>4.131% due 6/15/2042 | 605000 | 487620 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority B-3 <br>1.95% due 8/1/2034 | 330000 | 234908 |
| &nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue <br>3.006% due 5/15/2050 | 205000 | 135634 |
| &nbsp;&nbsp;&nbsp;**Total Municipals** <br> (Cost $1,561,422) | &nbsp;&nbsp;&nbsp;**Total Municipals** <br> (Cost $1,561,422) | **1134264** |
| &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 9.1%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 9.1%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 9.1%** |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust <br>2020-1 A1 <br>2.466% due 12/25/2059<sup>(1)(2)(4)</sup> | 37418 | 34795 |
| &nbsp;&nbsp;&nbsp; BAMLL Commercial Mortgage Securities Trust <br>2013-WBRK A <br>3.534% due 3/10/2037<sup>(1)(2)(4)</sup> | 3900000 | 3519857 |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust<br>2019-BWAY A <br>5.274% due 11/15/2034<sup>(1)(2)(4)</sup> | 365000 | 350988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019-BWAY B <br>5.628% due 11/15/2034<sup>(1)(2)(4)</sup> | 160000 | 151166 |
| &nbsp;&nbsp;&nbsp; BHMS<br>2018-ATLS A <br>5.568% due 7/15/2035<sup>(1)(2)(4)</sup> | 560000 | 540862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018-ATLS C <br>6.218% due 7/15/2035<sup>(1)(2)(4)</sup> | 320000 | 301122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018-ATLS D <br>6.568% due 7/15/2035<sup>(1)(2)(4)</sup> | 1110000 | 1032741 |
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust <br>2021-NQM2 A1 <br>0.97% due 3/25/2060<sup>(1)(2)(4)</sup> | 902913 | 830398 |

---

---

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

---

------

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; BX Trust <br>2018-GW A <br>5.118% due 5/15/2035<sup>(1)(2)(4)</sup> | $987000 | $961707 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust <br>2015-PC1 C <br>4.293% due 7/10/2050<sup>(1)(2)</sup> | 375000 | 333115 |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust <br>2021-R01 1M2 <br>5.478% due 10/25/2041<sup>(1)(2)(4)</sup> | 430000 | 421075 |
| &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Capital Certificates <br>2020-SPT1 A1 <br>1.616% due 4/25/2065<sup>(1)(2)(4)</sup> | 62190 | 59711 |
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust <br>2021-3 A1 <br>1.194% due 8/25/2066<sup>(1)(2)(4)</sup> | 629569 | 511915 |
| &nbsp;&nbsp;&nbsp; Fannie Mae Connecticut Avenue Securities <br>2021-R02 2M2 <br>5.928% due 11/25/2041<sup>(1)(2)(4)</sup> | 420000 | 390873 |
| &nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust<br>2021-DNA3 M2 <br>6.028% due 10/25/2033<sup>(1)(2)(4)</sup> | 655000 | 642396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021-DNA6 M2 <br>5.428% due 10/25/2041<sup>(1)(2)(4)</sup> | 739000 | 695597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021-DNA7 M2 <br>5.728% due 11/25/2041<sup>(1)(2)(4)</sup> | 540000 | 507191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021-HQA4 M1 <br>4.878% due 12/25/2041<sup>(1)(2)(4)</sup> | 617997 | 586342 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Note <br>2022-HQA2 M1A <br>6.578% due 7/25/2042<sup>(1)(2)(4)</sup> | 792705 | 793959 |
| &nbsp;&nbsp;&nbsp; Great Wolf Trust <br>2019-WOLF A <br>5.352% due 12/15/2036<sup>(1)(2)(4)</sup> | 1028000 | 997605 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. II <br>2012-BWTR A <br>2.954% due 11/5/2034<sup>(4)</sup> | 1273000 | 1106382 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust 2018-RIVR A <br>5.268% due 7/15/2035<sup>(1)(2)(4)</sup> | 437247 | 416422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021-ROSS G <br>8.968% due 5/15/2026<sup>(1)(2)(4)</sup> | 660000 | 566491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022-ECI A <br>6.531% due 8/15/2039<sup>(1)(2)(4)</sup> | 860000 | 853924 |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities Trust 2018-MINN A <br>5.588% due 11/15/2035<sup>(1)(2)(4)</sup> | 339000 | 332135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020-MKST E <br>6.818% due 12/15/2036<sup>(1)(2)(4)</sup> | 570000 | 430878 |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust <br>2015-C30 C <br>4.23% due 7/15/2048<sup>(1)(2)</sup> | 340000 | 294337 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; KIND Trust <br>2021-KIND D <br>6.618% due 8/15/2038<sup>(1)(2)(4)</sup> | $| 585766 | $| 535959 |
| &nbsp;&nbsp;&nbsp; Ready Capital Mortgage Financing LLC<br>2021-FL6 C <br>6.289% due 7/25/2036<sup>(1)(2)(4)</sup> |  | 1280000 |  | 1196956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022-FL8 A <br>5.594% due 1/25/2037<sup>(1)(2)(4)</sup> |  | 1060000 |  | 1028345 |
| &nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust <br>2020-3 A1 <br>1.486% due 4/25/2065<sup>(1)(2)(4)</sup> |  | 206433 |  | 188259 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust<br>2020-1 A1 <br>2.417% due 1/25/2060<sup>(1)(2)(4)</sup> |  | 68328 |  | 64072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020-5 A1 <br>1.218% due 5/25/2065<sup>(1)(2)(4)</sup> |  | 288605 |  | 254639 |
| &nbsp;&nbsp;&nbsp; Vista Point Securitization Trust <br>2020-2 A1 <br>1.475% due 4/25/2065<sup>(1)(2)(4)</sup> |  | 152582 |  | 134064 |
| &nbsp;&nbsp;&nbsp; WFLD Mortgage Trust <br>2014-MONT A <br>3.755% due 8/10/2031<sup>(1)(2)(4)</sup> |  | 2000000 |  | 1891494 |
| &nbsp;&nbsp;&nbsp;**Total Non–Agency Mortgage–Backed Securities** <br> (Cost $24,729,629) | &nbsp;&nbsp;&nbsp;**Total Non–Agency Mortgage–Backed Securities** <br> (Cost $24,729,629) | &nbsp;&nbsp;&nbsp;**Total Non–Agency Mortgage–Backed Securities** <br> (Cost $24,729,629) |  | **22957772** |
| &nbsp;&nbsp;&nbsp;**Foreign Government – 3.1%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 3.1%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 3.1%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 3.1%** | &nbsp;&nbsp;&nbsp;**Foreign Government – 3.1%** |
| &nbsp;&nbsp;&nbsp; Export Development Canada <br>0.52% due 5/26/2024<sup>(4)</sup> | USD | 600000 |  | 565020 |
| &nbsp;&nbsp;&nbsp; Export Finance & Insurance Corp. <br>4.625% due 10/26/2027<sup>(4)</sup> | USD | 668000 |  | 675562 |
| &nbsp;&nbsp;&nbsp; Japan Bank for International Cooperation <br>3.875% due 9/16/2025 | USD | 938000 |  | 917786 |
| &nbsp;&nbsp;&nbsp; Japan International Cooperation Agency <br>3.25% due 5/25/2027 | USD | 718000 |  | 678438 |
| &nbsp;&nbsp;&nbsp; Kommunalbanken AS <br>5.306% due 6/17/2026<sup>(1)(4)</sup> | USD | 1170000 |  | 1190955 |
| &nbsp;&nbsp;&nbsp; Nigeria Government International Bond <br>7.143% due 2/23/2030<sup>(4)</sup> | USD | 375000 |  | 288574 |
| &nbsp;&nbsp;&nbsp; Panama Government International Bond <br>2.252% due 9/29/2032 | USD | 833000 |  | 620135 |
| &nbsp;&nbsp;&nbsp; Province of Ontario Canada <br>3.10% due 5/19/2027 | USD | 1404000 |  | 1333280 |
| &nbsp;&nbsp;&nbsp; Senegal Government International Bond <br>6.25% due 5/23/2033<sup>(4)</sup> | USD | 290000 |  | 240184 |
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond <br>5.875% due 7/25/2022<sup>(4)</sup><sup>(6)</sup> | USD | 200000 |  | 63776 |
| &nbsp;&nbsp;&nbsp; Svensk Exportkredit AB <br>4.625% due 11/28/2025 |  | USD 1,264,000 |  | 1266136 |
| &nbsp;&nbsp;&nbsp;**Total Foreign Government** <br> (Cost $8,169,374) |  |  |  | **7839846** |

---

---

| | |
|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | **15** |

---

------

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Supranational Bonds – 1.6%** | &nbsp;&nbsp;&nbsp;**Supranational Bonds – 1.6%** | &nbsp;&nbsp;&nbsp;**Supranational Bonds – 1.6%** |
| &nbsp;&nbsp;&nbsp; Inter American Investment Corp. <br>2.625% due 4/22/2025 | $838000 | $803282 |
| &nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development <br>3.829% (SOFR + 0.13%) <br> due 1/13/2023<sup>(1)</sup> | 3248000 | 3248097 |
| &nbsp;&nbsp;&nbsp;**Total Supranational Bonds** <br> (Cost $4,084,249) | &nbsp;&nbsp;&nbsp;**Total Supranational Bonds** <br> (Cost $4,084,249) | **4051379** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Agencies – 2.0%** | &nbsp;&nbsp;&nbsp;**U.S. Government Agencies – 2.0%** | &nbsp;&nbsp;&nbsp;**U.S. Government Agencies – 2.0%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Bank <br>4.32% due 1/3/2023 | 5180000 | 5180000 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Agencies** <br> (Cost $5,180,000) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Agencies** <br> (Cost $5,180,000) | **5180000** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 8.3%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 8.3%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 8.3%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 11/15/2041 | 970000 | 697642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 8/15/2052 | 8689000 | 7245812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/15/2042 | 965000 | 951731 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 11/30/2027 | 5507000 | 5487209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 11/30/2029 | 4266000 | 4249336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 10/31/2024 | 2457000 | 2450954 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $21,167,168) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $21,167,168) | **21082684** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.0%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.0%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.0%** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.0%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.0%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.0%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $2,641,456, due 1/3/2023<sup>(7)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;2641081 | $2641081 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,641,081) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,641,081) | **2641081** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 113.5%** <br> (Cost $303,037,378) | &nbsp;&nbsp;&nbsp;**Total Investments – 113.5%** <br> (Cost $303,037,378) | **287289893** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (13.5)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (13.5)%** | **(34156899)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**253132994** |

---

<sup>(1)</sup> Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at December 31, 2022.

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

<sup>(3)</sup> TBA — To be announced.

<sup>(4)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At December 31, 2022, the aggregate market value of these securities amounted to $98,791,542, representing 39.0% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees. 

<sup>(5)</sup> The London Interbank Offered Rate ("LIBOR") is being phased out completely by June 30, 2023. There remains uncertainty regarding the nature of any replacement rate and the impact of a transition away from LIBOR on the Fund's investments.

<sup>(6)</sup> The table below presents securities deemed illiquid by the investment adviser.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Principal<br>Amount** | **Cost** | **Value** | **Acquisition<br>Date** | **% of Fund's<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;MHP Lux SA | $475000 | $434169 | $223245 | 9/12/2019 – 3/31/2020 | 0.09% |
| &nbsp;&nbsp;&nbsp;Sri Lanka Government International Bond | 200000 | 200000 | 63776 | 12/11/2020 | 0.03% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $3688200 | $2693911 |

---

**Open futures contracts at December 31, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;U.S. 2-Year Treasury Note | March 2023 | 28 | Long | $5735650 | $5742187 | $6537 |
| &nbsp;&nbsp;&nbsp;U.S. 10-Year Treasury Note | March 2023 | 47 | Long | 5363375 | 5277953 | (85422) |
| &nbsp;&nbsp;&nbsp;U.S. Long Bond | March 2023 | 149 | Long | 18907754 | 18676219 | (231535) |
| &nbsp;&nbsp;&nbsp;U.S. Ultra Bond | March 2023 | 76 | Long | 10565845 | 10207750 | (358095) |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | $**40572624** | $**39904109** | $**(668515)** |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation** |
| &nbsp;&nbsp;&nbsp;U.S. Ultra 10-Year Treasury Note | March 2023 | 122 | Short | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14518790) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14430313) | $88477 |

---

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

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

**Legend:** 

CLO — Collateralized Loan Obligation

H15T1Y — 1-year Constant Maturity Treasury Rate

H15T5Y — 5-year Constant Maturity Treasury Rate

LIBOR — London Interbank Offered Rate

SOFR — Secured Overnight Financing Rate

SOFR30A — Secured Overnight Financing Rate 30-Day Average

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Agency Mortgage–Backed Securities | $— | $68211779 | $— | $68211779 |
| &nbsp;&nbsp;&nbsp;Asset–Backed Securities |  | 49536455 |  | 49536455 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 104654633 |  | 104654633 |
| &nbsp;&nbsp;&nbsp;Municipals |  | 1134264 |  | 1134264 |
| &nbsp;&nbsp;&nbsp;Non–Agency Mortgage–Backed Securities |  | 22957772 |  | 22957772 |
| &nbsp;&nbsp;&nbsp;Foreign Government |  | 7839846 |  | 7839846 |
| &nbsp;&nbsp;&nbsp;Supranational Bonds |  | 4051379 |  | 4051379 |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies |  | 5180000 |  | 5180000 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 21082684 |  | 21082684 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 2641081 |  | 2641081 |
| &nbsp;&nbsp;&nbsp;**Total** | $**—** | $**287289893** | $**—** | $**287289893** |
| &nbsp;&nbsp;&nbsp;**Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | $95014 | $— | $— | $95014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(675052) |  |  | (675052) |
| &nbsp;&nbsp;&nbsp;**Total** | $**(580038)** | $**—** | $**—** | $**(580038)** |

---

---

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $287289893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 15433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 56246899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 2004054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash deposits with brokers for futures contracts | 1016757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 8703 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **346581739** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 93087668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 98577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 77017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for variation margin on futures contracts | 63275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 54765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 25096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 11752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 29819 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **93448745** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**253132994** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $246973974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 6159020 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**253132994** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303037378 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **25485877** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$9.93** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9329909 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **9329909** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1280899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 713300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 85273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 67669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 67396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 43355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 14354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 10817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 14565 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **2297628** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **7032281** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (26136330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (8935773) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (17199615) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | (838377) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments and Derivative Contracts** | **(53110095)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(46077814)** |

---

---

| | |
|:---|:---|
| **18** | *The accompanying notes are an integral part of these financial statements.* |

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/22** | **For the<br>Year Ended<br>12/31/21** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $7032281 | $5087549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and derivative contracts | (35072103) | 3205907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and derivative contracts | (18037992) | (8437007) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | **(46077814)** | **(143551)** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 4039995 | 69750403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (50161423) | (66101532) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions** | **(46121428)** | **3648871** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets** | **(92199242)** | **3505320** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 345332236 | 341826916 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253132994 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345332236 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 407441 | 6056937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4754295) | (5734000) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease)** | **(4346854)** | **322937** |

---

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| | |
|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | **19** |

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **<br>Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $11.58 | $0.26 | $(1.91) | $(1.65) | $9.93 | (14.25)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 11.58 | 0.16 | (0.16) | 0.00 | 11.58 | 0.00% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 10.78 | 0.24 | 0.56 | 0.80 | 11.58 | 7.42% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/19 | 9.95 | 0.26 | 0.57 | 0.83 | 10.78 | 8.34% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/18 | 10.08 | 0.26 | (0.39) | (0.13) | 9.95 | (1.29)% |

---

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| | |
|:---|:---|
| **20** | *The accompanying notes are an integral part of these financial statements.* |

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net**<br> **Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover<br>Rate** |
| $253133 | 0.81% | 0.81% | 2.46% | 2.46% | 198% |
| 345332 | 0.80% | 0.80% | 1.42% | 1.42% | 181% |
| 341827 | 0.80% | 0.83% | 2.12% | 2.09% | 183% |
| 350049 | 0.79% | 0.84% | 2.53% | 2.48% | 211% |
| 355070 | 0.79% | 0.87% | 2.60% | 2.52% | 543% |

---

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

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

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

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| | |
|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | **21** |

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

**December 31, 2022** 

**1. Organization** 

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

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

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

**2. Significant Accounting Policies** 

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| **22** | |

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------

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

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

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

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

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

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

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

**c. Futures Contracts** The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either

---

| | |
|:---|:---|
| | **23** |

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------

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

in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

**d. Credit Derivatives** The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments for hedging and non-hedging purposes. The Fund may also invest in derivatives to seek to manage portfolio duration, as a substitute for holding, or to adjust exposure to, the underlying asset on which the derivative is based, or for cash management or portfolio management purposes. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

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

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. The Fund may also enter into cleared swaps.

In entering into swap contracts, the Fund is required to deposit with the broker (or for the benefit of the broker), either in cash or securities, an amount equal to a percentage of the notional value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are

recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the swap contracts and may realize a loss. There were no credit default swaps held as of December 31, 2022.

**e. Options Transactions** The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of its investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund's Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of December 31, 2022.

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

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

---

| | |
|:---|:---|
| **24** | |

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------

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

expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**3. Transactions with Affiliates** 

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

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.81% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue did not waive any fees or pay any Fund expenses.

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

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

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has

entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $713,300 to PAS.

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

**4. Federal Income Taxes** 

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

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the year ended December 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Other<br>Investments** | **U.S.<br>Government<br>and Agency<br>Obligations** |
| &nbsp;&nbsp;&nbsp;Purchases | $137093685 | $386136495 |
| &nbsp;&nbsp;&nbsp;Sales | 139163699 | 398149994 |

---

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

---

| | |
|:---|:---|
| | **25** |

---

------

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

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

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

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of December 31, 2022, the Fund held two illiquid securities.

**f. Below Investment Grade Securities** The Fund may invest in below investment grade securities (i.e. lower-quality, "junk" debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of

investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

**g. Mortgage- and Asset-Backed Securities** The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac"), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

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

---

| | |
|:---|:---|
| **26** | |

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------

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

**i. Disclosures About Derivative Instruments and Hedging Activities** The Fund entered into U.S. Treasury futures contracts for the year ended December 31, 2022 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

Under certain market conditions, the Fund may use credit default swaps for hedging and non-hedging purposes. The Fund may also invest in derivatives to seek to manage portfolio duration, as a substitute for holding, or to adjust exposure to, the underlying asset on which the derivative is based, or for cash management or portfolio management purposes. Credit default swaps involve the exchange of a floating or fixed rate payment in return for assuming potential credit losses of an underlying security or pool of securities.

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

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

In addition to the risks generally applicable to derivatives, risks associated with credit default swap agreements include adverse changes in the returns of the underlying instruments, failure of the counterparties

to perform under the agreement's terms and the possible lack of liquidity with respect to the agreements.

As of December 31, 2022, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund's use of derivative instruments:

---

| | |
|:---|:---|
|  | **Interest<br>Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Asset Derivatives** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $95014 |
| &nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $(675052) |

---

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

Transactions in derivative investments for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  | **Interest<br>Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $(8935773) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>2</sup> | $(838377) |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>3</sup> | 415 |

---

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

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

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

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds

---

| | |
|:---|:---|
| | **27** |

---

------

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

Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

**7. Indemnifications** 

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide general indemnifications. The Fund's maximum

exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

---

| | |
|:---|:---|
| **28** | |

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------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

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

**Guardian Core Plus Fixed Income VIP Fund** 

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

---

| | |
|:---|:---|
| | **29** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | |
| &nbsp;&nbsp;&nbsp;**Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

---

---

| | |
|:---|:---|
| **30** | |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | | | | |
| &nbsp;&nbsp;&nbsp;**Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

---

<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

---

| | |
|:---|:---|
| | **31** |

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------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Position(s) Held and<br>Length of Service5** | **Principal Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp;**Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp;**John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018). |
| &nbsp;&nbsp;&nbsp;**Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp;**Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp;**Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

---

<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

---

| | |
|:---|:---|
| **32** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

---

| | |
|:---|:---|
| | **33** |

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**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g779613g84s34.jpg)

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

PUB8167

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Diversified Research VIP Fund**![LOGO](g642817g40s74.jpg)

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

------

**TABLE OF CONTENTS** 

**Guardian Diversified Research VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc642817_1)** | 1 |
|  **[Fund Characteristics](#toc642817_2)** | 2 |
|  **[Fund Performance](#toc642817_3)** | 3 |
|  **[Understanding Your Fund's Expenses](#toc642817_4)** | 4 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc642817_5) | 5 |
| [Statement of Assets and Liabilities](#toc642817_6) | 8 |
| [Statement of Operations](#toc642817_7) | 8 |
| [Statements of Changes in Net Assets](#toc642817_8) | 9 |
| [Financial Highlights](#toc642817_9) | 10 |
| [Notes to Financial Statements](#toc642817_10) | 12 |
| [Report of Independent Registered Public<br>Accounting Firm](#toc642817_11) | 17 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc642817_14) | 18 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc642817_15) | 21 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

**GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

**FUND COMMENTARY OF** 

**PUTNAM INVESTMENT MANAGEMENT, LLC, SUB-ADVISER** 

**(UNAUDITED)** 

**Highlights** 

• Guardian Diversified Research VIP Fund (the "Fund") returned -17.73% for the 12 months ended December 31, 2022, outperforming its benchmark, the Standard &
Poor's 500<sup>®</sup><sup></sup>Index<sup>1</sup> (the "Index"). The Fund's outperformance
relative to the Index was due to both sector allocation and security selection. Modest underweights to the communication services and information technology sectors proved additive as did selections within the industrials, health care, real estate
and materials sectors.

• The Index returned -18.11% for the period. The top performing sector within the Index was energy, followed by the utilities sector. All other sectors posted negative returns. The
communication services and consumer discretionary sectors were the worst performing sectors within the Index.

**Market Overview** 

Equity markets had a very challenging 2022, with all three major U.S. indexes logging their biggest declines since 2008. Conditions were particularly difficult for growth stocks and the technology sector. And while stocks had a miserable year, bonds fared even worse. Inflation, interest rate hikes and a strong U.S. dollar left bonds unattractive to investors. Value stocks significantly outperformed growth stocks. The energy (+65%) and utilities (+1.8%) sectors delivered the only positive results for the year.

Throughout the year, financial markets were challenged by multiple, converging risks in the macroeconomy. High inflation, rising interest rates, and the Russia-Ukraine war contributed to a risk-averse investing environment. China's zero-Covid-19 policy also caused periodic lockdowns, worsening supply chain issues. New U.S. trade restrictions on China's technology sector also stoked global growth concerns. In the U.S., combating inflation remained a top priority of the U.S. Federal Reserve (the "Fed"). As inflation reached 40-year highs, the Fed began raising interest rates for the first time since 2018. It was the start of its most rapid pace of interest rate increases since the early 1980s, according to The Wall Street Journal. This more hawkish Fed delivered four consecutive interest-rate hikes of 0.75%. Toward the close of 2022, stocks were lifted by some positive earnings reports as well as data that showed the pace of inflation was easing. However, concerns about a possible recession persisted.

**Portfolio Review** 

The Fund's outperformance relative to the Index was due to both sector allocation and security selection. The Fund's underweight to communication services and information technology, the two worst performing sectors in the Index, proved additive to relative results as did the Fund's slight overweight to the energy sector, which was up over +65% for the year. Selections within the industrials, health care, real estate and materials sectors were favorable but were somewhat offset by positions within the information technology and utilities sectors.

**Outlook** 

We believe that most investors are happy to say goodbye to 2022, a very challenging year for financial markets and all asset classes. And while the year has come to an end, in our view stock market volatility probably has not. Equity investors may not find relief until inflation eases, economic growth slows further, and central banks become less hawkish.

From an inflation perspective, we have seen loosening in a lot of economic segments. Commodity prices are below their highs, supply chains are easing, inventories of goods are piling up, and the U.S. housing market is slowing. Also, there has been a significant negative-wealth effect from the drop in asset prices, which should reduce demand across the global economy. These are all deflationary forces. However, we believe it will take some time before these deflationary forces are reflected in macroeconomic data.

Some data — such as the U.S. Consumer Price Index<sup>2</sup> (CPI) — provide evidence of success in efforts to tame inflation. However, inflation is still very high, and it has persisted longer than expected. In addition, the Fed seems intent on raising interest rates and keeping them higher for longer than most investors anticipated. We believe that a change in the Fed's approach to raising interest rates hinges on further easing of inflation and an increase in unemployment.

We believe there are reasons for optimism as we enter 2023, given the cyclical nature of the market and the opportunities that that presents. Sectors and industries that were devastated two years ago are now thriving. Using our fundamental research, we understand how businesses are dealing with macroeconomic challenges, which companies may be best positioned to weather their impact, and which companies may rebound as conditions shift in the year ahead.

<sup>**1**</sup> The Index is an unmanaged market-capitalization-weighted index generally considered to be representative of U.S. equity market activity. The S&P 500 Index consists of 500 stocks representing leading industries of the U.S. economy. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the S&P 500 Index and, unlike the Fund, the S&P 500 Index does not incur fees or expenses. 

<sup>**2**</sup> The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available. 

 <sub>1</sub>

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**GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $141,042,386

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **Sector Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g642817g04p04.jpg) |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp;**Holding** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 5.74% |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 4.13% |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3.64% |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.72% |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2.57% |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 2.33% |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 2.19% |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 2.17% |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 2.14% |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 1.99% |
| &nbsp;&nbsp;&nbsp;**Total** | **29.62%** |

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**<sup>1</sup>** The Fund's holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS<sup>®</sup>). Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. 

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| | |
|:---|:---|
| **2** | |

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**GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

**Fund Performance (unaudited)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian Diversified Research VIP Fund | 9/1/2016 | -17.73% | 8.97% |  | 11.06% |
| &nbsp;&nbsp;&nbsp;Standard & Poor's 500<sup>®</sup> Index |  | -18.11% | 9.42% |  | 11.44% |

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g642817g06p07.jpg) |

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The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Diversified Research VIP Fund and the Standard & Poor's 500<sup>®</sup> Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

 <sub>3</sub>

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**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $1028.00 | $4.91 | 0.96% |
| &nbsp;&nbsp;&nbsp;Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1020.37 | $4.89 | 0.96% |

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\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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| | |
|:---|:---|
| **4** | |

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**SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 98.4%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.4%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.4%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.1%** |
| &nbsp;&nbsp;&nbsp; Boeing Co.<sup>(1)</sup> | 1011 | $192585 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 2389 | 1303462 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 13816 | 1394311 |
|  |  | **2890358** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.3%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.3%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.3%** |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 2828 | 489810 |
|  |  | **489810** |
| &nbsp;&nbsp;&nbsp;**Airlines – 0.3%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.3%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.3%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co.<sup>(1)</sup> | 13485 | 454040 |
|  |  | **454040** |
| &nbsp;&nbsp;&nbsp;**Automobiles – 0.9%** | &nbsp;&nbsp;&nbsp;**Automobiles – 0.9%** | &nbsp;&nbsp;&nbsp;**Automobiles – 0.9%** |
| &nbsp;&nbsp;&nbsp; General Motors Co. | 6480 | 217987 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.<sup>(1)</sup> | 8766 | 1079796 |
|  |  | **1297783** |
| &nbsp;&nbsp;&nbsp;**Banks – 2.4%** | &nbsp;&nbsp;&nbsp;**Banks – 2.4%** | &nbsp;&nbsp;&nbsp;**Banks – 2.4%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 39603 | 1311652 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 42953 | 1942764 |
| &nbsp;&nbsp;&nbsp; Silvergate Capital Corp., Class A<sup>(1)</sup> | 6583 | 114544 |
|  |  | **3368960** |
| &nbsp;&nbsp;&nbsp;**Beverages – 3.0%** | &nbsp;&nbsp;&nbsp;**Beverages – 3.0%** | &nbsp;&nbsp;&nbsp;**Beverages – 3.0%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | 26985 | 1716516 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 705 | 163384 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 12808 | 2313893 |
|  |  | **4193793** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 1.8%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.8%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.8%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 5664 | 915359 |
| &nbsp;&nbsp;&nbsp; Alkermes PLC<sup>(1)</sup> | 17965 | 469426 |
| &nbsp;&nbsp;&nbsp; Ascendis Pharma A/S, ADR<sup>(1)</sup> | 4416 | 539326 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc.<sup>(1)</sup> | 1635 | 452764 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc.<sup>(1)</sup> | 278 | 200574 |
|  |  | **2577449** |
| &nbsp;&nbsp;&nbsp;**Building Products – 0.8%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.8%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.8%** |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 18460 | 1181440 |
|  |  | **1181440** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 3.6%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 3.6%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 3.6%** |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 16921 | 1408842 |
| &nbsp;&nbsp;&nbsp; GoGreen Investments Corp.<sup>(1)</sup> | 22514 | 236397 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 6468 | 2220982 |
| &nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 20352 | 944740 |
| &nbsp;&nbsp;&nbsp; Quilter PLC (United Kingdom)<sup>(2)</sup> | 272461 | 305203 |
|  |  | **5116164** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 2.4%** | &nbsp;&nbsp;&nbsp;**Chemicals – 2.4%** | &nbsp;&nbsp;&nbsp;**Chemicals – 2.4%** |
| &nbsp;&nbsp;&nbsp; Corteva, Inc. | 10730 | 630710 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 14164 | 972075 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 4869 | 396531 |
| &nbsp;&nbsp;&nbsp; Linde PLC | 550 | 179399 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 3626 | 455933 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 3126 | 741894 |
|  |  | **3376542** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Construction Materials – 0.3%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.3%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.3%** |
| &nbsp;&nbsp;&nbsp; CRH PLC, ADR | 8968 | $356837 |
|  |  | **356837** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.5%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.5%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.5%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 2040 | 369240 |
| &nbsp;&nbsp;&nbsp; Berry Global Group, Inc. | 4745 | 286740 |
|  |  | **655980** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 1.0%** |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 21584 | 1376843 |
|  |  | **1376843** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 3.0%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 3.0%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 3.0%** |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 1874 | 161557 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 24788 | 1071585 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 11178 | 934481 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 56733 | 1805244 |
| &nbsp;&nbsp;&nbsp; PG&E Corp.<sup>(1)</sup> | 18741 | 304729 |
|  |  | **4277596** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.6%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.6%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.6%** |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | 8340 | 801140 |
|  |  | **801140** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.2%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.2%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.2%** |
| &nbsp;&nbsp;&nbsp; CDW Corp. | 7388 | 1319349 |
| &nbsp;&nbsp;&nbsp; Vontier Corp. | 22660 | 438018 |
|  |  | **1757367** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.6%** |
| &nbsp;&nbsp;&nbsp; Diamond Offshore Drilling, Inc.<sup>(1)</sup> | 79938 | 831355 |
|  |  | **831355** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 1.0%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.0%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.0%** |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.<sup>(1)</sup> | 2109 | 621902 |
| &nbsp;&nbsp;&nbsp; Sea Ltd., ADR<sup>(1)</sup> | 3666 | 190742 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co.<sup>(1)</sup> | 6491 | 563938 |
|  |  | **1376582** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 0.9%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 0.9%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 0.9%** |
| &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 21226 | 1105662 |
| &nbsp;&nbsp;&nbsp; Vornado Realty Trust | 9792 | 203772 |
|  |  | **1309434** |
| &nbsp;&nbsp;&nbsp;**Food & Staples Retailing – 1.8%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing – 1.8%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing – 1.8%** |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 2023 | 133842 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 1864 | 850916 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 11293 | 1601234 |
|  |  | **2585992** |
| &nbsp;&nbsp;&nbsp;**Food Products – 0.2%** | &nbsp;&nbsp;&nbsp;**Food Products – 0.2%** | &nbsp;&nbsp;&nbsp;**Food Products – 0.2%** |
| &nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 4225 | 350210 |
|  |  | **350210** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.3%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.3%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.3%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 6541 | 718136 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson and Co. | 2186 | 555900 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.<sup>(1)</sup> | 18730 | 866637 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc.<sup>(1)</sup> | 3757 | 425443 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.<sup>(1)</sup> | 2276 | 603937 |

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

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**SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies** (continued) | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies** (continued) | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies** (continued) |
| &nbsp;&nbsp;&nbsp; Medtronic PLC | 1525 | 118523 |
|  |  | **3288576** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 5.3%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 5.3%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 5.3%** |
| &nbsp;&nbsp;&nbsp; Cigna Corp. | 7430 | 2461856 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 499 | 255972 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 929 | 475825 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 3385 | 1269781 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 5701 | 3022556 |
|  |  | **7485990** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.2%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.2%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.2%** |
| &nbsp;&nbsp;&nbsp; Aramark | 8582 | 354780 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc.<sup>(1)</sup> | 574 | 1156771 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 423 | 586908 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 5363 | 677668 |
| &nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.<sup>(1)</sup> | 9327 | 277012 |
|  |  | **3053139** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 0.9%** | &nbsp;&nbsp;&nbsp;**Household Durables – 0.9%** | &nbsp;&nbsp;&nbsp;**Household Durables – 0.9%** |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 26527 | 1207774 |
|  |  | **1207774** |
| &nbsp;&nbsp;&nbsp;**Household Products – 2.0%** | &nbsp;&nbsp;&nbsp;**Household Products – 2.0%** | &nbsp;&nbsp;&nbsp;**Household Products – 2.0%** |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 18555 | 2812196 |
|  |  | **2812196** |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 1.1%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 1.1%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 1.1%** |
| &nbsp;&nbsp;&nbsp; General Electric Co. | 2847 | 238550 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 5806 | 1244226 |
|  |  | **1482776** |
| &nbsp;&nbsp;&nbsp;**Insurance – 3.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.0%** |
| &nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 66600 | 733733 |
| &nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 26951 | 1677969 |
| &nbsp;&nbsp;&nbsp; AXA SA (France) | 26776 | 746267 |
| &nbsp;&nbsp;&nbsp; Prudential PLC (United Kingdom) | 75715 | 1024623 |
|  |  | **4182592** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 4.4%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 4.4%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 4.4%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A<sup>(1)</sup> | 58202 | 5135162 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A<sup>(1)</sup> | 8620 | 1037331 |
|  |  | **6172493** |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 2.7%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 2.7%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 2.7%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 45580 | 3828720 |
|  |  | **3828720** |
| &nbsp;&nbsp;&nbsp;**IT Services – 3.7%** | &nbsp;&nbsp;&nbsp;**IT Services – 3.7%** | &nbsp;&nbsp;&nbsp;**IT Services – 3.7%** |
| &nbsp;&nbsp;&nbsp; Adyen NV (Netherlands)<sup>(1)(2)</sup> | 219 | 303056 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 9456 | 3288135 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.<sup>(1)</sup> | 4534 | 322911 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 6512 | 1352933 |
|  |  | **5267035** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 2.3%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 2.3%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 2.3%** |
| &nbsp;&nbsp;&nbsp; Avantor, Inc.<sup>(1)</sup> | 16096 | 339465 |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 987 | 415023 |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | 3940 | 1045755 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services** (continued) | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services** (continued) | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services** (continued) |
| &nbsp;&nbsp;&nbsp; Illumina, Inc.<sup>(1)</sup> | 385 | 77847 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 2410 | 1327163 |
|  |  | **3205253** |
| &nbsp;&nbsp;&nbsp;**Machinery – 1.6%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.6%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.6%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | 1155 | 495218 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 11020 | 575795 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 15991 | 1252255 |
|  |  | **2323268** |
| &nbsp;&nbsp;&nbsp;**Media – 0.4%** | &nbsp;&nbsp;&nbsp;**Media – 0.4%** | &nbsp;&nbsp;&nbsp;**Media – 0.4%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A<sup>(1)</sup> | 1477 | 500851 |
|  |  | **500851** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 0.6%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 0.6%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 0.6%** |
| &nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. (Canada) | 9201 | 478126 |
| &nbsp;&nbsp;&nbsp; Alamos Gold, Inc., Class A | 36632 | 370349 |
|  |  | **848475** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.4%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.4%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.4%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 5556 | 494040 |
|  |  | **494040** |
| &nbsp;&nbsp;&nbsp;**Multiline Retail – 0.6%** | &nbsp;&nbsp;&nbsp;**Multiline Retail – 0.6%** | &nbsp;&nbsp;&nbsp;**Multiline Retail – 0.6%** |
| &nbsp;&nbsp;&nbsp; Target Corp. | 5410 | 806306 |
|  |  | **806306** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 5.3%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 5.3%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 5.3%** |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. (Canada) | 102996 | 1998292 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 8535 | 1007130 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 32892 | 3627988 |
| &nbsp;&nbsp;&nbsp; Shell PLC (Netherlands) | 31500 | 895158 |
|  |  | **7528568** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.5%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.5%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.5%** |
| &nbsp;&nbsp;&nbsp; 4Front Ventures Corp.<sup>(1)</sup> | 591108 | 138024 |
| &nbsp;&nbsp;&nbsp; Eli Lilly and Co. | 3960 | 1448727 |
| &nbsp;&nbsp;&nbsp; Innoviva, Inc.<sup>(1)</sup> | 43796 | 580297 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 9542 | 1685594 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 14378 | 1595239 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 16634 | 852326 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | 655 | 95990 |
|  |  | **6396197** |
| &nbsp;&nbsp;&nbsp;**Road & Rail – 1.9%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 1.9%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 1.9%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | 13492 | 417982 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | 10595 | 2193907 |
|  |  | **2611889** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.7%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.<sup>(1)</sup> | 27703 | 1794323 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 12339 | 1201572 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc.<sup>(1)</sup> | 440 | 116582 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 15518 | 2267801 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 11813 | 1298721 |
|  |  | **6678999** |

---

---

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

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Software – 9.6%** | &nbsp;&nbsp;&nbsp;**Software – 9.6%** | &nbsp;&nbsp;&nbsp;**Software – 9.6%** |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 3392 | $1320234 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 33760 | 8096323 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 37429 | 3059447 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc.<sup>(1)</sup> | 8278 | 1097580 |
|  |  | **13573584** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 3.2%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 3.2%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 3.2%** |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 3582 | 150946 |
| &nbsp;&nbsp;&nbsp; CarMax, Inc.<sup>(1)</sup> | 3916 | 238445 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | 9756 | 3081530 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.<sup>(1)</sup> | 857 | 723334 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. | 3907 | 310997 |
| &nbsp;&nbsp;&nbsp; Warby Parker, Inc., Class A<sup>(1)</sup> | 3426 | 46217 |
|  |  | **4551469** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 4.1%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 4.1%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 4.1%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 44871 | 5830089 |
|  |  | **5830089** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.6%** |
| &nbsp;&nbsp;&nbsp; Levi Strauss & Co., Class A | 9901 | 153664 |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.<sup>(1)</sup> | 570 | 182617 |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 4140 | 484421 |
|  |  | **820702** |
| &nbsp;&nbsp;&nbsp;**Tobacco – 0.2%** | &nbsp;&nbsp;&nbsp;**Tobacco – 0.2%** | &nbsp;&nbsp;&nbsp;**Tobacco – 0.2%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 6579 | 300726 |
|  |  | **300726** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.5%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.5%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.5%** |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc.<sup>(1)</sup> | 1813 | 644377 |
|  |  | **644377** |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 1.6%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 1.6%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 1.6%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc.<sup>(1)</sup> | 16029 | 2244060 |
|  |  | **2244060** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $116,744,116) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $116,744,116) | **138765819** |
| &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 0.7%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 0.7%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 0.7%** |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 2753 | 1052830 |
| &nbsp;&nbsp;&nbsp;**Total Exchange–Traded Funds** <br> (Cost $1,034,857) | &nbsp;&nbsp;&nbsp;**Total Exchange–Traded Funds** <br> (Cost $1,034,857) | **1052830** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.0%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.0%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.0%** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.0%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.0%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.0%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $1,339,051, due 1/3/2023<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338860 | $1338860 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,338,860) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,338,860) | **1338860** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $119,117,833) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $119,117,833) | **141157509** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | **(115123)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**141042386** |

---

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

<sup>(2)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At December 31, 2022, the aggregate market value of these securities amounted to $608,259, representing 0.4% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees. 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $1869700 | $1365654 |

---

**Legend:** 

ADR — American Depositary Receipt

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $134757779 | $4008040 \* | $— | $138765819 |
| &nbsp;&nbsp;&nbsp;Exchange–Traded Funds | 1052830 |  |  | 1052830 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1338860 |  | 1338860 |
| &nbsp;&nbsp;&nbsp;**Total** | $**135810609** | $**5346900** | $**—** | $**141157509** |

---

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

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

------

**FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141157509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 83103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 15551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 4837 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **141262255** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 73794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 35384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 30748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 28614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 20476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 9987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency overdraft | 2514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 17969 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **219869** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**141042386** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $50845662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 90196724 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**141042386** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $119117833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Overdraft, at Cost | $2516 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with<br>No Par Value** | **7254031** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$19.44** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $2357844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 5687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (15221) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **2348310** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 945334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 393889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 57956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 57557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 37203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 30689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 14511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 6431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 8852 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1552422** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (39888) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1512534** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **835776** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 7408498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (2011) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (41222802) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | (897) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments and Foreign Currency Transactions** | **(33817212)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(32981436)** |

---

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/22** | **For the<br>Year Ended<br>12/31/21** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $835776 | $699971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 7406487 | 29242773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | (41223699) | 13235481 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(32981436)** | **43178225** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 7356435 | 1509582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (25374417) | (46030409) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(18017982)** | **(44520827)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(50999418)** | **(1342602)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 192041804 | 193384406 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141042386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192041804 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 359038 | 72249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1232800) | (2098434) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(873762)** | **(2026185)** |

---

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

------

**FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **<br>Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $23.63 | $0.11 | $(4.30) | $(4.19) | $19.44 | (17.73)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 19.05 | 0.08 | 4.50 | 4.58 | 23.63 | 24.04% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 15.85 | 0.08 | 3.12 | 3.20 | 19.05 | 20.19% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/19 | 11.84 | 0.11 | 3.90 | 4.01 | 15.85 | 33.87% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/18 | 12.65 | 0.09 | (0.90) | (0.81) | 11.84 | (6.40)% |

---

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $141042 | 0.96% | 0.99% | 0.53% | 0.50% | 45% |
| 192042 | 0.95% | 0.95% | 0.36% | 0.36% | 44% |
| 193384 | 1.01% | 1.02% | 0.52% | 0.51% | 76% |
| 196050 | 1.01% | 1.03% | 0.77% | 0.75% | 88% |
| 148193 | 1.02% | 1.09% | 0.68% | 0.61% | 88% |

---

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

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

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

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

------

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

**December 31, 2022** 

**1. Organization** 

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

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

The Fund seeks capital appreciation.

**2. Significant Accounting Policies** 

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

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

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

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

---

| | |
|:---|:---|
| **12** | |

---

------

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

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

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

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

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, the Fund did not hold any derivatives.

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

 <sub>13</sub>

------

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

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

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

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

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

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.60% of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.96% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $39,888.

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

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| | |
|:---|:---|
| **14** | |

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

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

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $393,889 to PAS.

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

**4. Federal Income Taxes** 

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

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $69,816,090 and $84,837,033, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political,

regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

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

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of December 31, 2022, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

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| | |
|:---|:---|
| | **15** |

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

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

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

**7. Indemnifications** 

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

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| | |
|:---|:---|
| **16** | |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

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

**Guardian Diversified Research VIP Fund** 

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

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| | |
|:---|:---|
| | **17** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past Five Years** | **Number of**<br> **Funds**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; **Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

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| | |
|:---|:---|
| **18** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past Five Years** | **Number of**<br> **Funds**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br> (born 1972)  | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Richard T. Potter<sup>4</sup>** (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

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<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

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| | |
|:---|:---|
| | **19** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name and**<br> **Year of Birth** | **Position(s) Held and**<br> **Length of Service<sup>5</sup>** | **Principal Occupation(s)**<br> **During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp; **John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018). |
| &nbsp;&nbsp;&nbsp; **Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp; **Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp; **Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

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<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

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| | |
|:---|:---|
| **20** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

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| | |
|:---|:---|
| | **21** |

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**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g642817g84s34.jpg)

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

PUB8168

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Global Utilities VIP Fund**![LOGO](g390725g40s74.jpg)

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

------

**TABLE OF CONTENTS** 

**Guardian Global Utilities VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc390725_1)** | 1 |
|  **[Fund Characteristics](#toc390725_2)** | 2 |
|  **[Fund Performance](#toc390725_3)** | 3 |
|  **[Understanding Your Fund's Expenses](#toc390725_4)** | 4 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc390725_5) | 5 |
| [Statement of Assets and Liabilities](#toc390725_6) | 7 |
| [Statement of Operations](#toc390725_7) | 7 |
| [Statements of Changes in Net Assets](#toc390725_8) | 8 |
| [Financial Highlights](#toc390725_9) | 10 |
| [Notes to Financial Statements](#toc390725_10) | 12 |
| [Report of Independent Registered Public<br>Accounting Firm](#toc390725_11) | 17 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc390725_15) | 18 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc390725_16) | 21 |

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**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

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**GUARDIAN GLOBAL UTILITIES VIP FUND** 

**FUND COMMENTARY OF WELLINGTON MANAGEMENT COMPANY LLP, SUB-ADVISER** 

**(UNAUDITED)** 

**Highlights** 

• Guardian Global Utilities VIP Fund (the "Fund") returned -0.96% for the 12 months ended December 31, 2022, outperforming its benchmark, the MSCI<sup>®</sup> ACWI Utilities Index<sup>1</sup> (the "Index"). The Fund's outperformance relative to the Index was driven by strong security selection in
electric utilities, multi-utilities and independent power producers. Investment allocation within the utilities sector also contributed to relative results.

• The Index returned -4.66% for the same period. Within the Index, industrial conglomerates, electric utilities, and multi-utilities had the strongest absolute performance while
water utilities, renewable electricity providers and gas utilities had the weakest returns during the period.

**Market Overview** 

Global equities declined in 2022 as markets were rattled by slowing global-economic growth, increased inflation, rising interest rates, and COVID-19 resurgences in some countries. Equities opened the year lower as volatility spiked sharply, driven by rising geopolitical instability and tighter monetary policy to address accelerating inflation. Russia's large-scale military attack on Ukraine forced over four million people to flee Ukraine as fighting intensified and living conditions deteriorated rapidly in many cities. The U.S. and the North Atlantic Treaty Organization (NATO) allies imposed severe economic sanctions on Russia, largely cutting off the Russian economy from global financial markets and limiting the ability of the Russian central bank to take counteractive measures. Stocks rallied in the fourth quarter of 2022 as investors were encouraged by milder inflation, which provided greater scope for some major central banks to slow their pace of interest-rate hikes. However, market sentiment was dented by anxiety about tighter central bank policies amid weakening global economic growth and cautious corporate commentary that added to signs of recession. Global equities fell in the third quarter of 2022 as risk-off sentiment was driven by higher inflation, rising interest rates, geopolitical turmoil, and growing signs of a global economic slowdown. The U.S. Federal Reserve (the "Fed") increased its target interest rate by 150 basis

points ("bps") over the quarter in an effort to rein in decades-high inflation. The European Central Bank ended its negative interest-rate policy, raising rates by 125 bps over the quarter. Global equities fell sharply in the second quarter of 2022, with continued elevated volatility as investors grew increasingly concerned about the economic toll of persistent geopolitical instability, soaring inflation, and constrained supply chains. Energy prices continued to rise as the ongoing crisis in Ukraine severely pressured oil and natural gas supplies.

**Portfolio Review** 

Stock selection was the primary driver of the Fund's relative outperformance during the period. Strong selection in electric utilities, multi-utilities and independent power producers was only partially offset by weaker selection in renewable electricity and gas utilities. Investment allocation within the utilities sector, a fall out of our bottom-up stock selection process, contributed to the Fund's relative results. Our overweight allocations to independent power producers and renewable electricity providers and our underweight allocation to the water utilities contributed positively to the Fund's relative performance during the period. This was offset by a modestly negative result from the Fund's overweight to electric utilities.

**Outlook** 

We believe the Fund's performance should be viewed over a multi-year period, and not over shorter time horizons. Similar to the third quarter of 2022, utilities as a sector did not participate in the fourth-quarter equity rally to the extent that we would have expected. Importantly, in our view the underlying fundamentals of these businesses are largely unchanged, and we believe their forward-looking returns are very attractive relative to history. Our primary valuation metric, intrinsic return, is a measure of annualized value creation, which we believe serves as a proxy for annualized prospective return potential. Intrinsic return equals the combination of free cash flow plus the net present value of growth investments, plus the net present value of pricing power. While market fluctuations can distort short-term returns, using this valuation metric helps us to select companies that we believe have long-term investment potential.

<sup>**1**</sup> The Index measures the performance of large- and mid-cap global equities across 23 developed and 26 emerging markets that are classified as falling within the utilities sector as per the Global Industry Classification Standard (GICS). Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses. 

 <sub>1</sub>

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**GUARDIAN GLOBAL UTILITIES VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $64,330,971

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Geographic Region Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g390725g25p03.jpg) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>1</sup>**<br> As of December 31, 2022 | &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>1</sup>**<br> As of December 31, 2022 | &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp;**Holding** | **Country** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | United States | 7.23% |
| &nbsp;&nbsp;&nbsp;AES Corp. | United States | 6.31% |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | United States | 5.76% |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | Spain | 4.85% |
| &nbsp;&nbsp;&nbsp;Engie SA | France | 4.72% |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | United States | 4.64% |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | United States | 4.60% |
| &nbsp;&nbsp;&nbsp;Southern Co. | United States | 4.52% |
| &nbsp;&nbsp;&nbsp;Sempra Energy | United States | 4.52% |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | United States | 4.35% |
| &nbsp;&nbsp;&nbsp;**Total** |  | **51.50%** |

---

**<sup>1</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Cash includes short-term investments and net other assets and liabilities. 

---

| | |
|:---|:---|
| **2** | |

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**GUARDIAN GLOBAL UTILITIES VIP FUND** 

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian Global Utilities VIP Fund | 10/21/2019 | -0.96% |  |  | 6.77% |
| &nbsp;&nbsp;&nbsp;MSCI<sup>®</sup> ACWI Utilities Index |  | -4.66% |  |  | 3.41% |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g390725g25p06.jpg) |

---

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Global Utilities VIP Fund and the MSCI<sup>®</sup> ACWI Utilities Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

 <sub>3</sub>

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**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $1045.80 | $5.31 | 1.03% |
| &nbsp;&nbsp;&nbsp; Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1020.01 | $5.24 | 1.03% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

---

| | |
|:---|:---|
| **4** | |

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**SCHEDULE OF INVESTMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 99.3%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.3%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.3%** |
| &nbsp;&nbsp;&nbsp;**Bermuda – 2.9%** | &nbsp;&nbsp;&nbsp;**Bermuda – 2.9%** | &nbsp;&nbsp;&nbsp;**Bermuda – 2.9%** |
| &nbsp;&nbsp;&nbsp; CK Infrastructure Holdings Ltd. | 358000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873882 |
|  |  | **1873882** |
| &nbsp;&nbsp;&nbsp;**Brazil – 2.1%** | &nbsp;&nbsp;&nbsp;**Brazil – 2.1%** | &nbsp;&nbsp;&nbsp;**Brazil – 2.1%** |
| &nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo | 125500 | 1342579 |
|  |  | **1342579** |
| &nbsp;&nbsp;&nbsp;**China – 5.8%** | &nbsp;&nbsp;&nbsp;**China – 5.8%** | &nbsp;&nbsp;&nbsp;**China – 5.8%** |
| &nbsp;&nbsp;&nbsp; China Longyuan Power Group Corp. Ltd., Class H | 2242800 | 2743737 |
| &nbsp;&nbsp;&nbsp; ENN Energy Holdings Ltd. | 70500 | 983533 |
|  |  | **3727270** |
| &nbsp;&nbsp;&nbsp;**France – 9.0%** | &nbsp;&nbsp;&nbsp;**France – 9.0%** | &nbsp;&nbsp;&nbsp;**France – 9.0%** |
| &nbsp;&nbsp;&nbsp; Electricite de France SA | 213389 | 2741167 |
| &nbsp;&nbsp;&nbsp; Engie SA | 211860 | 3034691 |
|  |  | **5775858** |
| &nbsp;&nbsp;&nbsp;**Germany – 3.4%** | &nbsp;&nbsp;&nbsp;**Germany – 3.4%** | &nbsp;&nbsp;&nbsp;**Germany – 3.4%** |
| &nbsp;&nbsp;&nbsp; RWE AG | 49250 | 2189990 |
|  |  | **2189990** |
| &nbsp;&nbsp;&nbsp;**Italy – 3.1%** | &nbsp;&nbsp;&nbsp;**Italy – 3.1%** | &nbsp;&nbsp;&nbsp;**Italy – 3.1%** |
| &nbsp;&nbsp;&nbsp; Enel SpA | 367713 | 1977666 |
|  |  | **1977666** |
| &nbsp;&nbsp;&nbsp;**Japan – 2.9%** | &nbsp;&nbsp;&nbsp;**Japan – 2.9%** | &nbsp;&nbsp;&nbsp;**Japan – 2.9%** |
| &nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. | 116700 | 1132817 |
| &nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | 37800 | 743105 |
|  |  | **1875922** |
| &nbsp;&nbsp;&nbsp;**Spain – 4.8%** | &nbsp;&nbsp;&nbsp;**Spain – 4.8%** | &nbsp;&nbsp;&nbsp;**Spain – 4.8%** |
| &nbsp;&nbsp;&nbsp; Iberdrola SA | 266427 | 3116529 |
|  |  | **3116529** |
| &nbsp;&nbsp;&nbsp;**United Kingdom – 3.5%** | &nbsp;&nbsp;&nbsp;**United Kingdom – 3.5%** | &nbsp;&nbsp;&nbsp;**United Kingdom – 3.5%** |
| &nbsp;&nbsp;&nbsp; National Grid PLC | 186248 | 2237095 |
|  |  | **2237095** |
| &nbsp;&nbsp;&nbsp;**United States – 61.8%** | &nbsp;&nbsp;&nbsp;**United States – 61.8%** | &nbsp;&nbsp;&nbsp;**United States – 61.8%** |
| &nbsp;&nbsp;&nbsp; AES Corp. | 141199 | 4060883 |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 31177 | 2960256 |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 26631 | 2984536 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 86582 | 2596594 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 21730 | 1873343 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 5569 | 341491 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 45169 | 4651955 |
| &nbsp;&nbsp;&nbsp; Edison International | 42403 | 2697679 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 62209 | 2689295 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 66691 | 2797021 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 44321 | 3705236 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 20154 | 641300 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 31446 | 1926697 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | 18804 | 2905970 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**United States** (continued) | &nbsp;&nbsp;&nbsp;**United States** (continued) | &nbsp;&nbsp;&nbsp;**United States** (continued) |
| &nbsp;&nbsp;&nbsp; Southern Co. | 40758 | $2910529 |
|  |  | **39742785** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $54,044,980) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $54,044,980) | **63859576** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 0.6%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 0.6%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 0.6%** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.6%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.6%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.6%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $399,313, due 1/3/2023<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399256 | 399256 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $399,256) |  | **399256** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.9%** <br> (Cost $54,444,236) |  | **64258832** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.1%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.1%** | **72139** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** |  | $**64330971** |

---

<sup>(1)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $557600 | $407278 |

---

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

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**SCHEDULE OF INVESTMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND** 

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bermuda | $— | $1873882 \* | $— | $1873882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil |  | 1342579 \* |  | 1342579 |
| &nbsp;&nbsp;&nbsp;&nbsp; China |  | 3727270 \* |  | 3727270 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 5775858 \* |  | 5775858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 2189990 \* |  | 2189990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 1977666 \* |  | 1977666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 1875922 \* |  | 1875922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 3116529 \* |  | 3116529 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 2237095 \* |  | 2237095 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 39742785 |  |  | 39742785 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 399256 |  | 399256 |
| &nbsp;&nbsp;&nbsp;**Total** | $**39742785** | $**24516047** | $**—** | $**64258832** |

---

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

---

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

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**FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $64258832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 93839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 78087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 11101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **64444039** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 40174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 22045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 13873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 13758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 10585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative fees | 6159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 6257 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **113068** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**64330971** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $46256354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 18074617 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**64330971** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $54444236 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **5218354** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$12.33** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $2472442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (98252) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **2375668** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 522464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 178926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 54483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 44024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 23743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 17131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 13217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 5896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 5067 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **864951** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (127776) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **737175** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **1638493** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 1138501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (11777) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (4022738) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | (5099) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments and Foreign Currency Transactions** | **(2901113)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(1262620)** |

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

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**FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/22** | **For the<br>Year Ended<br>12/31/21** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638493 | $2063300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 1126724 | 4810399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | (4027837) | 6152250 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(1262620)** | **13025949** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 112102 | 6228824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (22639081) | (15752887) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(22526979)** | **(9524063)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets** | **(23789599)** | **3501886** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 88120570 | 84618684 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $64330971 | $88120570 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 9266 | 526632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1871485) | (1352561) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(1862219)** | **(825929)** |

---

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

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This Page Intentionally Left Blank

 <sub>9</sub>

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**FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **<br>Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $12.45 | $0.28 | $(0.40) | $(0.12) | $12.33 | (0.96)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 10.70 | 0.28 | 1.47 | 1.75 | 12.45 | 16.36% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 10.27 | 0.23 | 0.20 | 0.43 | 10.70 | 4.19% |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/19<sup>(4)</sup> | 10.00 | 0.03 | 0.24 | 0.27 | 10.27 | 2.70%<sup>(5)</sup> |

---

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover<br>Rate** |
| $64331 | 1.03% | 1.21% | 2.29% | 2.11% | 14% |
| 88121 | 1.03% | 1.16% | 2.38% | 2.25% | 22% |
| 84619 | 1.03% | 1.22% | 2.35% | 2.16% | 43% |
| 85307 | 0.89%<sup>(5)</sup> | 1.37%<sup>(5)</sup> | 1.56%<sup>(5)</sup> | 1.08%<sup>(5)</sup> | 50%<sup>(5)</sup> |

---

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

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

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

<sup>(4)</sup> Commenced operations on October 21, 2019.

<sup>(5)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2019, certain non-recurring fees (i.e., audit fees) are not annualized. 

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

------

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

**December 31, 2022** 

**1. Organization** 

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Global Utilities VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

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

The Fund seeks total return.

**2. Significant Accounting Policies** 

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

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

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

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

---

| | |
|:---|:---|
| **12** | |

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------

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

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

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

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

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, the Fund did not hold any derivatives.

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

 <sub>13</sub>

------

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

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

**d. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

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

**e. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

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

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

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.73% of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 1.03% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue

---

| | |
|:---|:---|
| **14** | |

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------

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

pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $127,776.

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

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

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $178,926 to PAS.

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

**4. Federal Income Taxes** 

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

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

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $9,886,932 and $30,502,402, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

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

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

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

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without

---

| | |
|:---|:---|
| | **15** |

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------

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

prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of December 31, 2022, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any

borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

**7. Indemnifications** 

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

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| | |
|:---|:---|
| **16** | |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

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

**Guardian Global Utilities VIP Fund** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Global Utilities VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

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| | |
|:---|:---|
| | **17** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of**<br> **Funds**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; **Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**John Walters<sup>3</sup>** (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

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| | |
|:---|:---|
| **18** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of**<br> **Funds**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | | | |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Richard T. Potter<sup>4</sup>** (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

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<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

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|:---|:---|
| | **19** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Position(s) Held and<br>Length of Service<sup>5</sup>** | **Principal Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp; **John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018). |
| &nbsp;&nbsp;&nbsp; **Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp; **Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp; **Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

---

<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

---

| | |
|:---|:---|
| **20** | |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

---

| | |
|:---|:---|
| | **21** |

---

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g390725g84s34.jpg)

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

PUB10537

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Growth & Income VIP Fund**![LOGO](g388920g40s74.jpg)

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

------

**TABLE OF CONTENTS** 

**Guardian Growth & Income VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc388920_1)** | 1 |
|  **[Fund Characteristics](#toc388920_2)** | 2 |
|  **[Fund Performance](#toc388920_3)** | 3 |
|  **[Understanding Your Fund's Expenses](#toc388920_4)** | 4 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc388920_6) | 5 |
| [Statement of Assets and Liabilities](#toc388920_7) | 7 |
| [Statement of Operations](#toc388920_8) | 7 |
| [Statements of Changes in Net Assets](#toc388920_9) | 8 |
| [Financial Highlights](#toc388920_10) | 10 |
| [Notes to Financial Statements](#toc388920_11) | 12 |
| [Report of Independent Registered Public Accounting Firm](#toc388920_12) | 17 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc388920_17) | 18 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc388920_18) | 21 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

**GUARDIAN GROWTH & INCOME VIP FUND** 

**FUND COMMENTARY OF** 

**ALLIANCEBERNSTEIN, L.P., SUB-ADVISER** 

**(UNAUDITED)** 

**Highlights** 

• Guardian Growth & Income VIP Fund (the "Fund") returned –5.22% for the 12 months ended December 31, 2022, outperforming its benchmark, the Russell 1000<sup>®</sup> Value Index<sup>1</sup> (the "Index"). Stock selection contributed to the Fund's relative outperformance, while sector selection
detracted. Stock selection within the consumer discretionary and financials sectors contributed the most to the Fund's relative performance. An overweight to the consumer-discretionary sector detracted from the Fund's relative performance,
as did an underweight to energy.

• The Index returned -7.54% for the year. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks, as growth stocks have been pressured more by rising interest
rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

**Market Overview** 

U.S. stocks declined during the 12-month period ended December 31, 2022. In response to persistently high inflation, central banks — led by the U.S. Federal Reserve (the "Fed") — took a hawkish pivot, which raised concerns that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. Volatility increased and stocks pulled back after the Fed announced its first interest-rate hike in March 2022, which was followed by six additional interest rate raises, including four consecutive 0.75% interest rate increases. Equity markets rebounded briefly at the end of the period, after some early evidence of easing inflationary pressures raised hopes that the Fed and other key central banks would soon slow the pace of interest rate hikes. Optimism faded and equity markets gave back gains after the Fed downshifted to a 0.50% rate hike but strongly reaffirmed its "higher-for-longer" conviction. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks during 2022, as growth stocks have been pressured more by rising interest rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

**Portfolio Review** 

We believe that the Fund continues to hold shares of high-quality companies with strong fundamental prospects. During the year, security selection within the consumer discretionary, financials, and materials sectors contributed to the Fund's relative performance, while security selection within the real estate and communication services sectors detracted. An underweight to the communication services sector contributed to the Fund's performance relative to the Index, while an underweight to the energy sector detracted.

2022 was a year headlined by central bank rate increases, high inflation, rapidly evolving geopolitics and rising potential for a recession. As a result, investors increased their scrutiny of stock valuations and broadly shifted their focus from longer- to shorter-duration assets and less economically sensitive companies. Sectors like communication services and real estate, both underweights for the Fund, came under pressure as stock multiples declined and rising rates reduced real estate's attractiveness. On the other hand, defensive sectors like consumer staples and utilities became market favorites as economic concerns increased; both are underweights for the Fund relative to the Index. During the year, we increased the Fund's exposure to the healthcare sector because of idiosyncratic growth opportunities, attractive valuations and lower fundamental volatility business models. The Fund remains underweight in the consumer staples and utilities sectors, as we continue to view them as expensive.

**Outlook** 

While the normalization of monetary policy is something we embrace, we have concerns about the consequences of slowing economic growth too much; we believe falling demand can undermine the pricing power that broadly sustained high corporate margins for much of 2022. Higher interest rates have already slowed housing and auto sales (and dampened prices) despite favorable longer-term supply-and-demand dynamics. We believe that the Fund's holdings have attractive fundamentals, consistent with our philosophy of seeking companies with high free-cash-flow yields, low earnings variability and low leverage. We believe that these well-managed companies deploy capital wisely, allowing them to grow dividends and enhance their long-term value potential.

<sup>**1**</sup> The Index is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Russell 1000<sup>®</sup> Index (which consists of the 1,000 largest U.S. companies based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index, and, unlike the Fund, the Index does not incur fees and expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group. 

 <sub>1</sub>

------

**GUARDIAN GROWTH & INCOME VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $143,039,480

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Sector Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ![LOGO](g388920g02a03.jpg)  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp;**Holding** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.98% |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 3.97% |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 3.89% |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 3.64% |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 3.31% |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 3.24% |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 2.89% |
| &nbsp;&nbsp;&nbsp;Roche Holding AG, ADR | 2.87% |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 2.72% |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | 2.70% |
| &nbsp;&nbsp;&nbsp;**Total** | **33.21%** |

---

**<sup>1</sup>** The Fund's holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS<sup>®</sup>). Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. 

---

| | |
|:---|:---|
| **2** | |

---

------

**GUARDIAN GROWTH & INCOME VIP FUND** 

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian Growth & Income VIP Fund | 9/1/2016 | -5.22% | 7.17% |  | 9.89% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index |  | -7.54% | 6.67% |  | 8.47% |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp; <br> ![LOGO](g388920g05a05.jpg)  |

---

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Growth & Income VIP Fund and the Russell 1000<sup>®</sup> Value Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

 <sub>3</sub>

------

**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $1085.40 | $5.05 | 0.96% |
| &nbsp;&nbsp;&nbsp;Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1020.37 | $4.89 | 0.96% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

---

| | |
|:---|:---|
| **4** | |

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN GROWTH & INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 95.7%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 95.7%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 95.7%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 4.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 4.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 4.3%** |
| &nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 6239 | $1041851 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 29333 | 2960286 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 30816 | 2181773 |
|  |  | **6183910** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.5%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.5%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.5%** |
| &nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 6786 | 705201 |
|  |  | **705201** |
| &nbsp;&nbsp;&nbsp;**Airlines – 1.5%** | &nbsp;&nbsp;&nbsp;**Airlines – 1.5%** | &nbsp;&nbsp;&nbsp;**Airlines – 1.5%** |
| &nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.<sup>(1)</sup> | 23553 | 1011366 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co.<sup>(1)</sup> | 31685 | 1066834 |
|  |  | **2078200** |
| &nbsp;&nbsp;&nbsp;**Auto Components – 1.1%** | &nbsp;&nbsp;&nbsp;**Auto Components – 1.1%** | &nbsp;&nbsp;&nbsp;**Auto Components – 1.1%** |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 37850 | 1523463 |
|  |  | **1523463** |
| &nbsp;&nbsp;&nbsp;**Banks – 7.8%** | &nbsp;&nbsp;&nbsp;**Banks – 7.8%** | &nbsp;&nbsp;&nbsp;**Banks – 7.8%** |
| &nbsp;&nbsp;&nbsp; Bank OZK | 19194 | 768912 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 42421 | 5688656 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 112397 | 4640872 |
|  |  | **11098440** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 6.8%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 6.8%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 6.8%** |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 15733 | 4132115 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 29511 | 2533520 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc.<sup>(1)</sup> | 4284 | 3090863 |
|  |  | **9756498** |
| &nbsp;&nbsp;&nbsp;**Building Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.5%** |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.<sup>(1)</sup> | 11936 | 774408 |
|  |  | **774408** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.9%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.9%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.9%** |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 6184 | 2123462 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 15991 | 981048 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | 11849 | 1048518 |
|  |  | **4153028** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.8%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.8%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.8%** |
| &nbsp;&nbsp;&nbsp; Mosaic Co. | 25591 | 1122677 |
|  |  | **1122677** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 1.6%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 1.6%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 1.6%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 47045 | 2241224 |
|  |  | **2241224** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.4%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.4%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.4%** |
| &nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 13652 | 2021998 |
|  |  | **2021998** |
| &nbsp;&nbsp;&nbsp;**Distributors – 1.3%** | &nbsp;&nbsp;&nbsp;**Distributors – 1.3%** | &nbsp;&nbsp;&nbsp;**Distributors – 1.3%** |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | 35371 | 1889165 |
|  |  | **1889165** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 4.0%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 4.0%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 4.0%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 18376 | 5676346 |
|  |  | **5676346** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 0.4%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 0.4%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 0.4%** |
| &nbsp;&nbsp;&nbsp; IDACORP, Inc. | 4886 | $526955 |
|  |  | **526955** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.1%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.1%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.1%** |
| &nbsp;&nbsp;&nbsp; Acuity Brands, Inc. | 4377 | 724875 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | 24038 | 2309090 |
|  |  | **3033965** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.1%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.1%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.1%** |
| &nbsp;&nbsp;&nbsp; IPG Photonics Corp.<sup>(1)</sup> | 8511 | 805736 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.<sup>(1)</sup> | 13114 | 2243412 |
|  |  | **3049148** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.6%** |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 18427 | 913426 |
|  |  | **913426** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.4%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.4%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.4%** |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 63080 | 1955480 |
|  |  | **1955480** |
| &nbsp;&nbsp;&nbsp;**Food & Staples Retailing – 0.9%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing – 0.9%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing – 0.9%** |
| &nbsp;&nbsp;&nbsp; Kroger Co. | 28207 | 1257468 |
|  |  | **1257468** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 7.6%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 7.6%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 7.6%** |
| &nbsp;&nbsp;&nbsp; Cigna Corp. | 11648 | 3859448 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 10141 | 5202029 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 11319 | 1770744 |
|  |  | **10832221** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.3%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.3%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.3%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc.<sup>(1)</sup> | 372 | 749684 |
| &nbsp;&nbsp;&nbsp; Choice Hotels International, Inc. | 9830 | 1107251 |
|  |  | **1856935** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 1.2%** | &nbsp;&nbsp;&nbsp;**Household Durables – 1.2%** | &nbsp;&nbsp;&nbsp;**Household Durables – 1.2%** |
| &nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 18492 | 1648377 |
|  |  | **1648377** |
| &nbsp;&nbsp;&nbsp;**Insurance – 2.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 2.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 2.2%** |
| &nbsp;&nbsp;&nbsp; Aflac, Inc. | 16547 | 1190391 |
| &nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 20658 | 1119044 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 12101 | 875749 |
|  |  | **3185184** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 1.3%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 1.3%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 1.3%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C<sup>(1)</sup> | 20313 | 1802373 |
|  |  | **1802373** |
| &nbsp;&nbsp;&nbsp;**IT Services – 8.5%** | &nbsp;&nbsp;&nbsp;**IT Services – 8.5%** | &nbsp;&nbsp;&nbsp;**IT Services – 8.5%** |
| &nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 5940 | 1585030 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 27138 | 1552022 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc.<sup>(1)</sup> | 4958 | 910685 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 13622 | 4736778 |
| &nbsp;&nbsp;&nbsp; Maximus, Inc. | 15764 | 1155974 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.<sup>(1)</sup> | 30291 | 2157325 |
|  |  | **12097814** |

---

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

------

**SCHEDULE OF INVESTMENTS — GUARDIAN GROWTH & INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.3%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.3%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.3%** |
| &nbsp;&nbsp;&nbsp; PerkinElmer, Inc. | 13228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854830 |
|  |  | **1854830** |
| &nbsp;&nbsp;&nbsp;**Machinery – 2.6%** | &nbsp;&nbsp;&nbsp;**Machinery – 2.6%** | &nbsp;&nbsp;&nbsp;**Machinery – 2.6%** |
| &nbsp;&nbsp;&nbsp; Middleby Corp.<sup>(1)</sup> | 4658 | 623706 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | 18811 | 1861725 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 13081 | 1305614 |
|  |  | **3791045** |
| &nbsp;&nbsp;&nbsp;**Media – 2.7%** | &nbsp;&nbsp;&nbsp;**Media – 2.7%** | &nbsp;&nbsp;&nbsp;**Media – 2.7%** |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 111503 | 3899260 |
|  |  | **3899260** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.0%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.0%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.0%** |
| &nbsp;&nbsp;&nbsp; BHP Group Ltd., ADR | 23975 | 1487649 |
|  |  | **1487649** |
| &nbsp;&nbsp;&nbsp;**Multiline Retail – 2.1%** | &nbsp;&nbsp;&nbsp;**Multiline Retail – 2.1%** | &nbsp;&nbsp;&nbsp;**Multiline Retail – 2.1%** |
| &nbsp;&nbsp;&nbsp; Target Corp. | 19846 | 2957848 |
|  |  | **2957848** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 6.1%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 6.1%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 6.1%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 13085 | 2348627 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 18931 | 2233858 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 15552 | 2014295 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 19866 | 2067653 |
|  |  | **8664433** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.3%** |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 38924 | 1994466 |
| &nbsp;&nbsp;&nbsp; Roche Holding AG, ADR | 104992 | 4110437 |
|  |  | **6104903** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.9%** |
| &nbsp;&nbsp;&nbsp; Robert Half International, Inc. | 18371 | 1356331 |
|  |  | **1356331** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 1.4%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 1.4%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 1.4%** |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A<sup>(1)</sup> | 26686 | 2053755 |
|  |  | **2053755** |
| &nbsp;&nbsp;&nbsp;**Road & Rail – 1.4%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 1.4%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 1.4%** |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 38303 | 2007460 |
|  |  | **2007460** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 1.2%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 1.2%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 1.2%** |
| &nbsp;&nbsp;&nbsp; MKS Instruments, Inc. | 8279 | 701480 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** (continued) | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** (continued) | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** (continued) |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 6685 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056430 |
|  |  | **1757910** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.4%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.4%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.4%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc.<sup>(1)</sup> | 617 | 1521633 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 5826 | 1160773 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.<sup>(1)</sup> | 1717 | 805393 |
|  |  | **3487799** |
| &nbsp;&nbsp;&nbsp;**Tobacco – 3.9%** | &nbsp;&nbsp;&nbsp;**Tobacco – 3.9%** | &nbsp;&nbsp;&nbsp;**Tobacco – 3.9%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 54935 | 5559971 |
|  |  | **5559971** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.3%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.3%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.3%** |
| &nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., Class A | 5943 | 485543 |
|  |  | **485543** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks**<br> (Cost $111,511,740) | &nbsp;&nbsp;&nbsp;**Total Common Stocks**<br> (Cost $111,511,740) | **136852641** |
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 4.2%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 4.2%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 4.2%** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 4.2%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 4.2%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 4.2%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $5,980,085, due 1/3/2023<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5979234 | 5979234 |
| &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements**<br> (Cost $5,979,234) | &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements**<br> (Cost $5,979,234) | **5979234** |
| &nbsp;&nbsp;&nbsp; **Total Investments – 99.9%**<br> (Cost $117,490,974) | &nbsp;&nbsp;&nbsp; **Total Investments – 99.9%**<br> (Cost $117,490,974) | **142831875** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.1%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.1%** | **207605** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**143039480** |

---

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

<sup>(2)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $8349900 | $6098878 |

---

**Legend:** 

ADR — American Depositary Receipt

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $136852641 | $— | $— | $136852641 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 5979234 |  | 5979234 |
| &nbsp;&nbsp;&nbsp;**Total** | $**136852641** | $**5979234** | $**—** | $**142831875** |

---

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $142831875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 427910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 168587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 114191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 5062 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **143548949** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 285639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 78329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 70498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 30868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 20476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 5111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 18175 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **509469** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**143039480** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $64378754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 78660726 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**143039480** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $117490974 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **7871071** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$18.17** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $3516888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 24288 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **3541176** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1012764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 401152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 48227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 37572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 30980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 28382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 14604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 7240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 8541 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1589462** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (49040) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1540422** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **2000754** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 14486941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (26639030) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments** | **(12152089)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(10151335)** |

---

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

------

**FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the**<br> **Year Ended<br>12/31/22** | **For the**<br> **Year Ended<br>12/31/21** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $2000754 | $1630004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 14486941 | 28669647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (26639030) | 20014926 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(10151335)** | **50314577** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 4514934 | 5725079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (44921721) | (60596992) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(40406787)** | **(54871913)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(50558122)** | **(4557336)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 193597602 | 198154938 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $143039480 | $193597602 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 252969 | 316785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2479604) | (3477235) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(2226635)** | **(3160450)** |

---

---

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

---

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This Page Intentionally Left Blank

 <sub>9</sub>

------

**FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **<br>Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $19.17 | $0.23 | $(1.23) | $(1.00) | $18.17 | (5.22)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 14.95 | 0.14 | 4.08 | 4.22 | 19.17 | 28.23% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 14.64 | 0.15 | 0.16 | 0.31 | 14.95 | 2.12% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/19 | 11.81 | 0.14 | 2.69 | 2.83 | 14.64 | 23.96% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/18 | 12.85 | 0.12 | (1.16) | (1.04) | 11.81 | (8.09)% |

---

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net**<br> **Investment Income**<br> **to Average**<br> **Net Assets<sup>(3)</sup>** | **Gross Ratio of Net**<br> **Investment Income**<br> **to Average**<br> **Net Assets** | **Portfolio<br>Turnover Rate** |
| $143039 | 0.96% | 0.99% | 1.25% | 1.22% | 39% |
| 193598 | 0.97% | 0.98% | 0.82% | 0.81% | 26% |
| 198155 | 1.01% | 1.03% | 1.17% | 1.15% | 36% |
| 187172 | 1.01% | 1.04% | 1.01% | 0.98% | 36% |
| 164861 | 1.01% | 1.08% | 0.94% | 0.87% | 58% |

---

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

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

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

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

------

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

**December 31, 2022** 

**1. Organization** 

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

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

The Fund seeks long-term growth of capital.

**2. Significant Accounting Policies** 

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

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

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

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

---

| | |
|:---|:---|
| **12** | |

---

------

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

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

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

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

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, the Fund did not hold any derivatives.

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

 <sub>13</sub>

------

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

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

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

discount, is determined using the interest income accrual method, and is accrued and recorded daily.

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

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.65% up to $100 million, 0.60% from $100 to $300 million, 0.55% from $300 to $500 million, and 0.53% in excess of $500 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.96% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $49,040.

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

---

| | |
|:---|:---|
| **14** | |

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

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

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $401,152 to PAS.

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

**4. Federal Income Taxes** 

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

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $61,008,969 and $98,855,139, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less

reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

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

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds

---

| | |
|:---|:---|
| | **15** |

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------

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

Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

**7. Indemnifications** 

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide general indemnifications. The Fund's maximum

exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| | |
|:---|:---|
| **16** | |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

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

**Guardian Growth & Income VIP Fund** 

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

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| | |
|:---|:---|
| | **17** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; **Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

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| | |
|:---|:---|
| **18** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

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<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

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| | |
|:---|:---|
| | **19** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Position(s) Held and<br>Length of Service<sup>5</sup>** | **Principal<br>Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp; **John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019–2022); Vice President and Associate General Counsel, MetLife, Inc. (2010–2018). |
| &nbsp;&nbsp;&nbsp; **Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp; **Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp; **Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

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<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

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| | |
|:---|:---|
| **20** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

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| | |
|:---|:---|
| | **21** |

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**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g388920g84s34.jpg)

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

PUB8169

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian All Cap Core VIP Fund**![LOGO](g639591g40s74.jpg)

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

------

**TABLE OF CONTENTS** 

**Guardian All Cap Core VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc639591_1)** | 1 |
|  **[Fund Characteristics](#toc639591_2)** | 2 |
|  **[Fund Performance](#toc639591_3)** | 3 |
|  **[Understanding Your Fund's Expenses](#toc639591_4)** | 4 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc639591_6) | 5 |
| [Statement of Assets and Liabilities](#toc639591_7) | 9 |
| [Statement of Operations](#toc639591_8) | 9 |
| [Statements of Changes in Net Assets](#toc639591_9) | 10 |
| [Financial Highlights](#toc639591_10) | 12 |
| [Notes to Financial Statements](#toc639591_11) | 14 |
| [Report of Independent Registered Public Accounting Firm](#toc639591_12) | 19 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc639591_16) | 20 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc639591_17) | 23 |

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**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

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**GUARDIAN ALL CAP CORE VIP FUND** 

**FUND COMMENTARY OF MASSACHUSETTS FINANCIAL SERVICES COMPANY, SUB-ADVISER** 

**(UNAUDITED)** 

**Highlights** 

• Guardian All Cap Core VIP Fund (the "Fund") provided a total return of -17.54% for the 12 months ended December 31, 2022, outperforming its benchmark, the Russell
3000<sup>®</sup> Index<sup>1</sup> (the "Index"). The Fund's outperformance relative to the Index was driven by stock selection in the capital
goods, health care, and technology sectors. There were no detractors at the sector level.

• The Index returned -19.21% for the same period.

**Market Overview** 

During the reporting period, markets continued to grapple with the strongest global inflationary pressures in decades along with signs of slowing economic growth. Intermittent COVID-19 flareups, particularly in China, where home-grown vaccines have proved less effective than elsewhere, kept supply chains stretched for a considerable period. At the same time, the reopening of the economy in the parts of the world where the virus has been better contained has led to a shift in consumption patterns in favor of services, straining already tight labor markets in most developed economies, while reducing demand for manufactured goods, primarily from Asia. As a result of Russia's invasion of Ukraine, geopolitical considerations, such as sanctions and trade bans, have resulted in additional supply chain disruptions and volatile global energy prices. Taken together, these factors have contributed to market volatility.

The ripple effects from the Russian invasion further complicated the mission that central banks must undertake to rein in surging inflation. Energy shocks have historically resulted in global growth slowdowns, if not pullbacks, so we expect that policymakers will find themselves in the difficult position of trying to restrain inflation without tipping economies into recession. Despite the challenging macroeconomic and geopolitical environment, policymakers remained focused on controlling inflation during the reporting period, although investors appeared to have expected varying degrees of action from the central banks. The U.S. Federal Reserve (the "Fed") has been among the most aggressive

developed market central banks, tightening policy at the fastest rate in decades, although it slowed its interest rate hiking pace at the end of the period, as did the European Central Bank. After remaining on the monetary sidelines for much of the period, the Bank of Japan widened its yield curve control policy in December 2022, capping the yield on its 10-year bond at 0.50%, up from 0.25%, an action that investors interpreted as a first step toward monetary policy normalization.

Against an environment of still-tight labor markets, tighter global financial conditions and volatile materials prices, investor anxiety appeared to have increased during the period over the potential that corporate profit margins may be past peak for this cycle. That said, tentative signs that supply chain bottlenecks (particularly semiconductors) may be moderating, the easing of COVID-19 restrictions in China, low levels of unemployment across developed markets and hopes that inflation levels may be near a peak were supportive factors for the macroeconomic backdrop during the period.

**Portfolio Review** 

Security selection in the capital goods, health care and technology sectors contributed to performance relative to the Index. The Fund's modest underweight in the financials sector and overweight in the telecommunications and technology sectors slightly detracted from the Fund's performance.

**Outlook** 

With investors anticipating the slowing of interest rate hikes by the Fed, attention now shifts to the risk of a recession and the potential impact on margins and earnings. With 425 basis points of Fed interest rate increases in 2022 (the fastest pace of tightening since the inflation of the 1970's), we believe this will have some impact on the economy in 2023. Earnings estimates for 2023 have been coming down as the risk of recession has increased. In our view, a recession would likely bring another round of downward earnings revisions that would likely weigh on the market. Our active approach, focused on seeking investments in durable, high-quality franchises, which we believe often have more earnings stability, combined with a valuation discipline, should serve the strategy well moving forward.

<sup>**1**</sup> The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 US companies representing approximately 97% of the investable US equity market. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group. 

<sup>**2**</sup> The Standard & Poor's 500<sup>®</sup> Index (the "S&P 500 Index") is an unmanaged market-capitalization-weighted index generally considered to be representative of U.S. equity market activity. The S&P 500 Index consists of 500 stocks representing leading industries of the U.S. economy. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the S&P 500 Index, and, unlike the Fund, the S&P 500 Index does not incur fees or expenses. 

 <sub>1</sub>

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**GUARDIAN ALL CAP CORE VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $159,185,153

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **Sector Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g639591g00a04.jpg) |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp;**Holding** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 5.67% |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 5.66% |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3.12% |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.35% |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2.29% |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 1.73% |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1.62% |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 1.57% |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | 1.53% |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 1.33% |
| &nbsp;&nbsp;&nbsp;**Total** | **26.87%** |

---

**<sup>1</sup>** The Fund's holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS<sup>®</sup>). Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. 

---

| | |
|:---|:---|
| **2** | |

---

------

**GUARDIAN ALL CAP CORE VIP FUND** 

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian All Cap Core VIP Fund | 10/25/2021 | -17.54% |  |  | -13.15% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index |  | -19.21% |  |  | -16.82% |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g639591g12t88.jpg) |

---

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian All Cap Core VIP Fund and the Russell 3000<sup>®</sup> Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

 <sub>3</sub>

------

**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $1021.70 | $3.97 | 0.78% |
| &nbsp;&nbsp;&nbsp;Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1021.27 | $3.97 | 0.78% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

---

| | |
|:---|:---|
| **4** | |

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 99.1%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.1%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.1%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.0%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.0%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.0%** |
| &nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 2311 | $385914 |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 2143 | 531700 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 15661 | 617200 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 842 | 459403 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 11816 | 1192471 |
|  |  | **3186688** |
| &nbsp;&nbsp;&nbsp;**Auto Components – 0.5%** | &nbsp;&nbsp;&nbsp;**Auto Components – 0.5%** | &nbsp;&nbsp;&nbsp;**Auto Components – 0.5%** |
| &nbsp;&nbsp;&nbsp; Aptiv PLC<sup>(1)</sup> | 8850 | 824201 |
|  |  | **824201** |
| &nbsp;&nbsp;&nbsp;**Banks – 4.1%** | &nbsp;&nbsp;&nbsp;**Banks – 4.1%** | &nbsp;&nbsp;&nbsp;**Banks – 4.1%** |
| &nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc., Class A | 7625 | 294706 |
| &nbsp;&nbsp;&nbsp; First Republic Bank | 2412 | 293999 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 19306 | 2588935 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 5743 | 833080 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. | 4931 | 778802 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 16278 | 350954 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group<sup>(1)</sup> | 587 | 135092 |
| &nbsp;&nbsp;&nbsp; United Community Banks, Inc. | 7158 | 241940 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 23350 | 964121 |
|  |  | **6481629** |
| &nbsp;&nbsp;&nbsp;**Beverages – 1.9%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.9%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.9%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | 4812 | 306091 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC | 6485 | 358750 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 2474 | 573350 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 9472 | 1711212 |
|  |  | **2949403** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 1.0%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.0%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.0%** |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 5278 | 1524181 |
|  |  | **1524181** |
| &nbsp;&nbsp;&nbsp;**Building Products – 1.0%** | &nbsp;&nbsp;&nbsp;**Building Products – 1.0%** | &nbsp;&nbsp;&nbsp;**Building Products – 1.0%** |
| &nbsp;&nbsp;&nbsp; AZEK Co., Inc.<sup>(1)</sup> | 14406 | 292730 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 14437 | 923968 |
| &nbsp;&nbsp;&nbsp; Masco Corp. | 8470 | 395295 |
|  |  | **1611993** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 3.3%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 3.3%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 3.3%** |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 12191 | 1015023 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | 3325 | 559132 |
| &nbsp;&nbsp;&nbsp; Invesco Ltd. | 2922 | 52567 |
| &nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 5953 | 276338 |
| &nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 811 | 175314 |
| &nbsp;&nbsp;&nbsp; Moody's Corp. | 2521 | 702401 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 14186 | 1206094 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | 2614 | 231313 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 9057 | 967740 |
|  |  | **5185922** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 2.2%** | &nbsp;&nbsp;&nbsp;**Chemicals – 2.2%** | &nbsp;&nbsp;&nbsp;**Chemicals – 2.2%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 1785 | 550244 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.<sup>(1)</sup> | 12588 | 320616 |
| &nbsp;&nbsp;&nbsp; Chemours Co. | 5537 | 169543 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Chemicals** (continued) | &nbsp;&nbsp;&nbsp;**Chemicals** (continued) | &nbsp;&nbsp;&nbsp;**Chemicals** (continued) |
| &nbsp;&nbsp;&nbsp; Diversey Holdings Ltd.<sup>(1)</sup> | 48001 | 204484 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 7286 | 500038 |
| &nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 16152 | 293805 |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 3252 | 340940 |
| &nbsp;&nbsp;&nbsp; Linde PLC | 2136 | 696721 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 1830 | 434314 |
|  |  | **3510705** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.5%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.5%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.5%** |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc. | 27410 | 801194 |
|  |  | **801194** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.3%** |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 1895 | 488360 |
|  |  | **488360** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.1%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.1%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.1%** |
| &nbsp;&nbsp;&nbsp; API Group Corp.<sup>(1)</sup> | 11063 | 208095 |
|  |  | **208095** |
| &nbsp;&nbsp;&nbsp;**Construction Materials – 0.3%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.3%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 0.3%** |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 2379 | 416587 |
|  |  | **416587** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 0.2%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 0.2%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 0.2%** |
| &nbsp;&nbsp;&nbsp; SLM Corp. | 19817 | 328962 |
|  |  | **328962** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.2%** |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 4818 | 246393 |
|  |  | **246393** |
| &nbsp;&nbsp;&nbsp;**Distributors – 0.7%** | &nbsp;&nbsp;&nbsp;**Distributors – 0.7%** | &nbsp;&nbsp;&nbsp;**Distributors – 0.7%** |
| &nbsp;&nbsp;&nbsp; Funko, Inc., Class A<sup>(1)</sup> | 19747 | 215440 |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | 17720 | 946425 |
|  |  | **1161865** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.3%** |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | 4767 | 300798 |
| &nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.<sup>(1)</sup> | 2120 | 223999 |
|  |  | **524797** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.3%** |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 8023 | 493334 |
|  |  | **493334** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.6%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.6%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.6%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 3017 | 286464 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 2939 | 253371 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 4985 | 513405 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 2642 | 166261 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 8818 | 381202 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 12658 | 1058209 |
| &nbsp;&nbsp;&nbsp; PG&E Corp.<sup>(1)</sup> | 40714 | 662010 |
| &nbsp;&nbsp;&nbsp; PPL Corp. | 6504 | 190047 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 8558 | 600001 |
|  |  | **4110970** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.2%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.2%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.2%** |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | 6941 | 969796 |

---

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

------

**SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment** (continued) | &nbsp;&nbsp;&nbsp;**Electrical Equipment** (continued) | &nbsp;&nbsp;&nbsp;**Electrical Equipment** (continued) | &nbsp;&nbsp;&nbsp;**Electrical Equipment** (continued) |
| &nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 6245 | $| 980153 |
| &nbsp;&nbsp;&nbsp; Generac Holdings, Inc.<sup>(1)</sup> | 595 |  | 59893 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 5529 |  | 663369 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 20708 |  | 836189 |
|  |  |  | **3509400** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.5%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.5%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.5%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.5%** |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 4539 |  | 345599 |
| &nbsp;&nbsp;&nbsp; TE Connectivity Ltd. | 1491 |  | 171167 |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A<sup>(1)</sup> | 1344 |  | 344615 |
|  |  |  | **861381** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.7%** |
| &nbsp;&nbsp;&nbsp; Cactus, Inc., Class A | 8919 |  | 448269 |
| &nbsp;&nbsp;&nbsp; Schlumberger Ltd. | 10994 |  | 587739 |
|  |  |  | **1036008** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 1.4%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.4%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.4%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.4%** |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 6065 |  | 741022 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.<sup>(1)</sup> | 2522 |  | 262616 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co.<sup>(1)</sup> | 10239 |  | 889564 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.<sup>(1)</sup> | 24959 |  | 236611 |
| &nbsp;&nbsp;&nbsp; Warner Music Group Corp., Class A | 4492 |  | 157310 |
|  |  |  | **2287123** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 2.9%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 2.9%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 2.9%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 2.9%** |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 3024 |  | 488436 |
| &nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | 28512 |  | 462180 |
| &nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc., Class A | 41414 |  | 279130 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | 817 |  | 535159 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 3404 |  | 501001 |
| &nbsp;&nbsp;&nbsp; Rayonier, Inc. | 19732 |  | 650367 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | 2842 |  | 796641 |
| &nbsp;&nbsp;&nbsp; STORE Capital Corp. | 15033 |  | 481958 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 2893 |  | 413699 |
|  |  |  | **4608571** |
| &nbsp;&nbsp;&nbsp;**Food Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.3%** |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 6040 |  | 560814 |
| &nbsp;&nbsp;&nbsp; J.M. Smucker Co. | 1978 |  | 313434 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 16974 |  | 1131317 |
| &nbsp;&nbsp;&nbsp; Oatly Group AB, ADR<sup>(1)</sup> | 69095 |  | 120225 |
|  |  |  | **2125790** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 4.0%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 4.0%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 4.0%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 4.0%** |
| &nbsp;&nbsp;&nbsp; Align Technology, Inc.<sup>(1)</sup> | 518 |  | 109246 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson and Co. | 5051 |  | 1284469 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.<sup>(1)</sup> | 36608 |  | 1693852 |
| &nbsp;&nbsp;&nbsp; Envista Holdings Corp.<sup>(1)</sup> | 9736 |  | 327811 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.<sup>(1)</sup> | 565 |  | 230498 |
| &nbsp;&nbsp;&nbsp; Medtronic PLC | 17026 |  | 1323261 |
| &nbsp;&nbsp;&nbsp; QuidelOrtho Corp.<sup>(1)</sup> | 8710 |  | 746186 |
| &nbsp;&nbsp;&nbsp; STERIS PLC | 3631 |  | 670609 |
|  |  |  | **6385932** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.8%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.8%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.8%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.8%** |
| &nbsp;&nbsp;&nbsp; Cigna Corp. | 7335 |  | 2430379 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services** (continued) | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services** (continued) | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services** (continued) | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services** (continued) |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 1782 | $| 912723 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 2871 |  | 1076969 |
|  |  |  | **4420071** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.4%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.4%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.4%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.4%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc.<sup>(1)</sup> | 251 |  | 505835 |
| &nbsp;&nbsp;&nbsp; International Game Technology PLC | 13495 |  | 306067 |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp.<sup>(1)</sup> | 2432 |  | 116906 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 2862 |  | 426123 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 17141 |  | 1700387 |
| &nbsp;&nbsp;&nbsp; Wendy's Co. | 36974 |  | 836722 |
|  |  |  | **3892040** |
| &nbsp;&nbsp;&nbsp;**Household Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Household Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Household Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Household Products – 1.3%** |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 9112 |  | 717935 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 4299 |  | 583589 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 5486 |  | 831458 |
|  |  |  | **2132982** |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 0.7%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 0.7%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 0.7%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 0.7%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 5176 |  | 1109217 |
|  |  |  | **1109217** |
| &nbsp;&nbsp;&nbsp;**Insurance – 3.8%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.8%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.8%** | &nbsp;&nbsp;&nbsp;**Insurance – 3.8%** |
| &nbsp;&nbsp;&nbsp; Aon PLC, Class A | 5262 |  | 1579337 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 4933 |  | 930068 |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. | 2008 |  | 251120 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 5258 |  | 1159915 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. | 7129 |  | 540592 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 7329 |  | 530400 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 2235 |  | 317571 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 2671 |  | 653273 |
|  |  |  | **5962276** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 3.1%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 3.1%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 3.1%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 3.1%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A<sup>(1)</sup> | 56303 |  | 4967614 |
|  |  |  | **4967614** |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 2.4%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 2.4%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 2.4%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 2.4%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 44472 |  | 3735648 |
| &nbsp;&nbsp;&nbsp; Vivid Seats, Inc., Class A<sup>(1)</sup> | 20429 |  | 149132 |
|  |  |  | **3884780** |
| &nbsp;&nbsp;&nbsp;**IT Services – 4.6%** | &nbsp;&nbsp;&nbsp;**IT Services – 4.6%** | &nbsp;&nbsp;&nbsp;**IT Services – 4.6%** | &nbsp;&nbsp;&nbsp;**IT Services – 4.6%** |
| &nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 5064 |  | 1351278 |
| &nbsp;&nbsp;&nbsp; Amdocs Ltd. | 9034 |  | 821191 |
| &nbsp;&nbsp;&nbsp; Block, Inc.<sup>(1)</sup> | 8601 |  | 540487 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 7432 |  | 504261 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc.<sup>(1)</sup> | 776 |  | 260845 |
| &nbsp;&nbsp;&nbsp; Paya Holdings, Inc.<sup>(1)</sup> | 50314 |  | 395971 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.<sup>(1)</sup> | 6729 |  | 479239 |
| &nbsp;&nbsp;&nbsp; Thoughtworks Holding, Inc.<sup>(1)</sup> | 19096 |  | 194588 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 13244 |  | 2751573 |
|  |  |  | **7299433** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.6%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.6%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.6%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.6%** |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 4136 |  | 618952 |

---

---

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

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services** (continued) | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services** (continued) | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services** (continued) | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services** (continued) |
| &nbsp;&nbsp;&nbsp; ICON PLC<sup>(1)</sup> | 4799 | $| 932206 |
| &nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., Class A<sup>(1)</sup> | 59553 |  | 852204 |
| &nbsp;&nbsp;&nbsp; Oxford Nanopore Technologies PLC (United Kingdom)<sup>(1)</sup> | 27924 |  | 83338 |
|  |  |  | **2486700** |
| &nbsp;&nbsp;&nbsp;**Machinery – 1.8%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.8%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.8%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.8%** |
| &nbsp;&nbsp;&nbsp; Dover Corp. | 3743 |  | 506840 |
| &nbsp;&nbsp;&nbsp; Flowserve Corp. | 14105 |  | 432741 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 15315 |  | 800209 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | 5147 |  | 509398 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 5595 |  | 558437 |
|  |  |  | **2807625** |
| &nbsp;&nbsp;&nbsp;**Media – 1.0%** | &nbsp;&nbsp;&nbsp;**Media – 1.0%** | &nbsp;&nbsp;&nbsp;**Media – 1.0%** | &nbsp;&nbsp;&nbsp;**Media – 1.0%** |
| &nbsp;&nbsp;&nbsp; Altice USA, Inc., Class A<sup>(1)</sup> | 24861 |  | 114360 |
| &nbsp;&nbsp;&nbsp; Cable One, Inc. | 709 |  | 504709 |
| &nbsp;&nbsp;&nbsp; Liberty Broadband Corp., Class C<sup>(1)</sup> | 8060 |  | 614736 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 3782 |  | 308498 |
|  |  |  | **1542303** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.7%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.7%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.7%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.7%** |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 20041 |  | 601030 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 3235 |  | 198370 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | 1975 |  | 305216 |
|  |  |  | **1104616** |
| &nbsp;&nbsp;&nbsp;**Multiline Retail – 1.6%** | &nbsp;&nbsp;&nbsp;**Multiline Retail – 1.6%** | &nbsp;&nbsp;&nbsp;**Multiline Retail – 1.6%** | &nbsp;&nbsp;&nbsp;**Multiline Retail – 1.6%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | 4283 |  | 1054689 |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc.<sup>(1)</sup> | 4328 |  | 612152 |
| &nbsp;&nbsp;&nbsp; Target Corp. | 6109 |  | 910485 |
|  |  |  | **2577326** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 4.5%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 4.5%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 4.5%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 4.5%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 2541 |  | 381048 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 9985 |  | 1178230 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 5307 |  | 725891 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 33047 |  | 3645084 |
| &nbsp;&nbsp;&nbsp; Hess Corp. | 3725 |  | 528280 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 5614 |  | 712192 |
|  |  |  | **7170725** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 6.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 6.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 6.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 6.4%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly and Co. | 4790 |  | 1752374 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 14129 |  | 2495888 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 17653 |  | 1958600 |
| &nbsp;&nbsp;&nbsp; Organon & Co. | 19754 |  | 551729 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 41203 |  | 2111242 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | 8687 |  | 1273080 |
|  |  |  | **10142913** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.8%** |
| &nbsp;&nbsp;&nbsp; Clarivate PLC<sup>(1)</sup> | 52314 |  | 436299 |
| &nbsp;&nbsp;&nbsp; Dun & Bradstreet Holdings, Inc. | 15366 |  | 188387 |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | 899 |  | 174730 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Professional Services** (continued) | &nbsp;&nbsp;&nbsp;**Professional Services** (continued) | &nbsp;&nbsp;&nbsp;**Professional Services** (continued) | &nbsp;&nbsp;&nbsp;**Professional Services** (continued) |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 2418 | $| 290329 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 2365 |  | 248774 |
|  |  |  | **1338519** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.1%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.1%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.1%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.1%** |
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.<sup>(1)</sup> | 1408 |  | 224393 |
|  |  |  | **224393** |
| &nbsp;&nbsp;&nbsp;**Road & Rail – 1.3%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 1.3%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 1.3%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 1.3%** |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Ltd. | 13457 |  | 1003758 |
| &nbsp;&nbsp;&nbsp; CSX Corp. | 18506 |  | 573316 |
| &nbsp;&nbsp;&nbsp; Saia, Inc.<sup>(1)</sup> | 2024 |  | 424392 |
|  |  |  | **2001466** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 4.5%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.<sup>(1)</sup> | 7495 |  | 485451 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 5181 |  | 849839 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 9141 |  | 890151 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 2964 |  | 1657261 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc.<sup>(1)</sup> | 1377 |  | 364850 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 1656 |  | 696017 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 5957 |  | 220647 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 1004 |  | 355025 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 4772 |  | 754119 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 5223 |  | 862944 |
|  |  |  | **7136304** |
| &nbsp;&nbsp;&nbsp;**Software – 9.7%** | &nbsp;&nbsp;&nbsp;**Software – 9.7%** | &nbsp;&nbsp;&nbsp;**Software – 9.7%** | &nbsp;&nbsp;&nbsp;**Software – 9.7%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc.<sup>(1)</sup> | 3213 |  | 1081271 |
| &nbsp;&nbsp;&nbsp; Atlassian Corp., Class A<sup>(1)</sup> | 3968 |  | 510602 |
| &nbsp;&nbsp;&nbsp; Black Knight, Inc.<sup>(1)</sup> | 4736 |  | 292448 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.<sup>(1)</sup> | 4860 |  | 780710 |
| &nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd.<sup>(1)</sup> | 1931 |  | 243615 |
| &nbsp;&nbsp;&nbsp; Elastic NV<sup>(1)</sup> | 2983 |  | 153625 |
| &nbsp;&nbsp;&nbsp; Five9, Inc.<sup>(1)</sup> | 2366 |  | 160557 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 1636 |  | 636764 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 37600 |  | 9017232 |
| &nbsp;&nbsp;&nbsp; Nice Ltd., ADR<sup>(1)</sup> | 2315 |  | 445174 |
| &nbsp;&nbsp;&nbsp; Rapid7, Inc.<sup>(1)</sup> | 4955 |  | 168371 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc.<sup>(1)</sup> | 6702 |  | 888618 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc.<sup>(1)</sup> | 2785 |  | 1081332 |
|  |  |  | **15460319** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.8%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.8%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.8%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.8%** |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | 6697 |  | 2115314 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 6938 |  | 805294 |
|  |  |  | **2920608** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.7%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.7%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.7%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.7%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 69492 |  | 9029096 |
|  |  |  | **9029096** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.7%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.7%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.7%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.7%** |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.<sup>(1)</sup> | 1401 |  | 448853 |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 3327 |  | 389292 |
| &nbsp;&nbsp;&nbsp; On Holding AG, Class A<sup>(1)</sup> | 8856 |  | 151969 |

---

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

------

**SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods** (continued) | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods** (continued) | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods** (continued) |
| &nbsp;&nbsp;&nbsp; Skechers USA, Inc., Class A<sup>(1)</sup> | 4493 | $188481 |
|  |  | **1178595** |
| &nbsp;&nbsp;&nbsp;**Tobacco – 0.5%** | &nbsp;&nbsp;&nbsp;**Tobacco – 0.5%** | &nbsp;&nbsp;&nbsp;**Tobacco – 0.5%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 7409 | 749865 |
|  |  | **749865** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.1%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.1%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.1%** |
| &nbsp;&nbsp;&nbsp; Univar Solutions, Inc.<sup>(1)</sup> | 6312 | 200722 |
|  |  | **200722** |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.7%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc.<sup>(1)</sup> | 8302 | 1162280 |
|  |  | **1162280** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $166,071,637) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $166,071,637) | **157772272** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 0.9%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 0.9%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 0.9%** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.9%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.9%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.9%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $1,376,395, due 1/3/2023<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1376199 | 1376199 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,376,199) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,376,199) | **1376199** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.0%** <br> (Cost $167,447,836) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.0%** <br> (Cost $167,447,836) | **159148471** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.0%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.0%** | **36682** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**159185153** |

---

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

<sup>(2)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $1921900 | $1403781 |

---

**Legend:** 

ADR — American Depositary Receipt

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $157688934 | $83338 \* | $— | $157772272 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1376199 |  | 1376199 |
| &nbsp;&nbsp;&nbsp;**Total** | $**157688934** | $**1459537** | $**—** | $**159148471** |

---

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

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN ALL CAP CORE VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $159148471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 316210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 177022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 12170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 5536 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **159659409** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 306824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 60715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 34497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 20476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 17612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 13891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 19794 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **474256** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**159185153** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $170950054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable loss | (11764901) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**159185153** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167447836 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **18811639** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$8.46** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1879005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 3928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (3602) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1879331** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 531573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 302030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 61731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 47768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 28799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 27890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 15177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 9581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 6823 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1031372** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (89039) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **942333** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **936998** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (4450231) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (9057090) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments and Foreign Currency Transactions** | **(13507181)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(12570183)** |

---

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

------

**FINANCIAL INFORMATION — GUARDIAN ALL CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | **For the<br>Year Ended<br>12/31/22** | **For the<br>Period Ended<br>12/31/21<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $936998 | $38444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | (4450088) | 9109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | (9057093) | 757729 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(12570183)** | **805282** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 152852067 | 31742905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (12466797) | (1178121) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Capital Share Transactions**<br>| **140385270** | **30564784** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets** | **127815087** | **31370066** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 31370066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159185153 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31370066 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 17198613 | 3174247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1444390) | (116831) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase** | **15754223** | **3057416** |

---

<sup>1</sup> Commenced operations on October 25, 2021.

---

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

---

------

This Page Intentionally Left Blank

 <sub>11</sub>

------

**FINANCIAL INFORMATION — GUARDIAN ALL CAP CORE VIP FUND** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **<br>Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $10.26 | $0.07 | $(1.87) | $(1.80) | $8.46 | (17.54)% |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/21<sup>(4)</sup> | 10.00 | 0.01 | 0.25 | 0.26 | 10.26 | 2.60%<sup>(5)</sup> |

---

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN ALL CAP CORE VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment<br>Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $159185 | 0.78% | 0.85% | 0.78% | 0.71% | 37% |
| 31370 | 0.38%<sup>(5)</sup> | 1.14%<sup>(5)</sup> | 1.06%<sup>(5)</sup> | 0.30%<sup>(5)</sup> | 7%<sup>(5)</sup> |

---

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

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

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

<sup>(4)</sup> Commenced operations on October 25, 2021.

<sup>(5)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2021, certain non-recurring fees (i.e., audit fees) are not annualized. 

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

------

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

**December 31, 2022** 

**1. Organization** 

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian All Cap Core VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on October 25, 2021. The financial statements for other series of the Trust are presented in separate reports.

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

The Fund seeks capital appreciation.

**2. Significant Accounting Policies** 

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

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

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

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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| | |
|:---|:---|
| **14** | |

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

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

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

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

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, the Fund did not hold any derivatives.

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

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| | |
|:---|:---|
| | **15** |

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

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

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

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

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

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.44% of the first $500 million, and 0.40% in excess of $500 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.78% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $89,039.

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

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| | |
|:---|:---|
| **16** | |

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

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

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $302,030 to PAS.

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

**4. Federal Income Taxes** 

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

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $182,019,956 and $41,857,611, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political,

regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

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

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any

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| | |
|:---|:---|
| | **17** |

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

day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

**7. Indemnifications** 

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that

provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| | |
|:---|:---|
| **18** | |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

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

**Guardian All Cap Core VIP Fund** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian All Cap Core VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022 and the statement of changes in net assets and the financial highlights for the year ended December 31, 2022 and for the period October 25, 2021 (commencement of operations) through December 31, 2021, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year ended December 31, 2022, and the changes in its net assets and the financial highlights for the year ended December 31, 2022 and for the period October 25, 2021 (commencement of operations) through December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

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| | |
|:---|:---|
| | **19** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)<br>During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen<br>by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp;**Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008– 2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015– 2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

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| | |
|:---|:---|
| **20** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)<br>During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen<br>by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp;**Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

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<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

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|:---|:---|
| | **21** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Position(s) Held and<br>Length of Service<sup>5</sup>** | **Principal<br>Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp;**Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp;**John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019–2022); Vice President and Associate General Counsel, MetLife, Inc. (2010–2018). |
| &nbsp;&nbsp;&nbsp;**Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp;**Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp;**Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

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<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

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| | |
|:---|:---|
| **22** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at<br> http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

---

| | |
|:---|:---|
| | **23** |

---

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g639591g84s34.jpg)

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

PUB11407

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Balanced Allocation VIP Fund**![LOGO](g414146g40s74.jpg)

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

------

**TABLE OF CONTENTS** 

**Guardian Balanced Allocation VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc414146_1)** | 1 |
|  **[Fund Characteristics](#toc414146_2)** | 3 |
|  **[Fund Performance](#toc414146_3)** | 6 |
|  **[Understanding Your Fund's Expenses](#toc414146_4)** | 7 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc414146_6) | 8 |
| [Statement of Assets and Liabilities](#toc414146_7) | 16 |
| [Statement of Operations](#toc414146_8) | 16 |
| [Statement of Changes in Net Assets](#toc414146_9) | 17 |
| [Financial Highlights](#toc414146_10) | 18 |
| [Notes to Financial Statements](#toc414146_11) | 20 |
| [Report of Independent Registered Public Accounting Firm](#toc414146_12) | 27 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc414146_17) | 28 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc414146_18) | 31 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

**FUND COMMENTARY OF WELLINGTON MANAGEMENT COMPANY LLP, SUB-ADVISER** 

**(UNAUDITED)** 

**Highlights** 

• Guardian Balanced Allocation VIP Fund (the "Fund") returned -5.40% for the period from the Fund's inception<sup>1</sup> through December 31, 2022, underperforming
the -5.20% return of the blended index, which consists of the Standard & Poor's 500<sup>®</sup> Index and the Bloomberg US Aggregate Bond Index, weighted 65%/35%, respectively<sup>2</sup> (the "Blended Index") for the same period.

• The Fund's performance is also compared to the Standard & Poor's 500<sup>®</sup> Index<sup>3</sup> (the "S&P
500 Index"), which returned -6.49% for the period, and the Bloomberg US Aggregate Bond Index<sup>4</sup> (the "Bond Index"), which returned -3.30% during the period.

• In the Fund's equity allocation, strong performance in the consumer discretionary, consumer staples, and health care sectors outweighed negative performance in the communication services and information technology
sectors. In the Fund's fixed income allocation, positioning within investment-grade credit was the primary driver of relative underperformance, largely related to industrials (technology and consumer non-cyclical issuers) and financials
(banking issuers).

**Market Overview** 

U.S. equities, as measured by the S&P 500 Index, posted negative results over the period from the Fund's inception on May 2, 2022, to December 31, 2022. During the period, U.S. equities declined amid surging inflation, tighter financial conditions, and moderating economic activity, which increased the probability of a recession. Surging prices for food and energy pushed consumer inflation to its highest level in more than four decades. In December, the U.S. Federal Reserve (the "Fed") raised interest rates by 50 basis points ("bps"), ending a streak of four consecutive interest rate hikes of 75 bps during the period. Greater optimism that the Fed would begin to scale back its aggressive pace of interest rate hikes helped to fuel a sharp rebound in stocks in October and November 2022 before risk sentiment waned in December 2022 amid recession fears, macroeconomic headwinds, and downside earnings risks anticipated in the coming quarters.

U.S. fixed income, as measured by the Bond Index, posted negative total returns over the period. During the second quarter of 2022, fixed income sectors experienced sharply negative returns during the three months. In the third quarter of 2022, fixed income

sectors continued the negative trend due to concerns about persistent inflation and ongoing global monetary policy tightening, which contributed to escalating volatility, leading to government interventions in the United Kingdom and Japan. During the fourth quarter of 2022, fixed income sectors recouped a portion of their losses from earlier in the year, as most developed market sovereign yields stabilized at higher levels and spreads generally tightened. Despite persistent hawkish rhetoric from most developed market central banks, below-consensus inflation data led to hopes that most economies may have seen peak inflation.

**Portfolio Review** 

The equity portion of the Fund's portfolio outperformed the S&P 500 Index during the period, but absolute performance was negative as U.S. markets continued to struggle. From a relative-performance perspective, strong performance in the consumer discretionary, consumer staples, and health care sectors outweighed negative performance in the communication services and information technology sectors.

The fixed income portion of the Fund's portfolio posted negative total returns and underperformed the Bond Index during the period. Positioning within investment-grade bonds was the primary driver of relative underperformance, largely related to the industrials (technology and consumer non-cyclical issuers), and financials (banking issuers) sectors. Lack of exposure to sovereign issuers modestly detracted from the Fund's relative performance, while an overweight to the utilities sector had a positive impact on relative performance.

The Fund's securitized exposure benefitted its performance relative to the Bond Index as positive results from an underweight to agency mortgage-backed securities offset negative effects from allocations to non-agency residential mortgage-backed securities, commercial mortgage-backed securities, and asset-backed securities. The duration/yield curve positioning<sup>5</sup> of the Fund's fixed income investments detracted from relative performance.

**Outlook** 

In terms of the equity market outlook, while there are unique challenges within each geographic region, persistent inflation, tight monetary policy, and recession risk underlie our 2023 global equity investment outlook.

Focus, collaboration, and a long-term investment orientation allow our Global Industry Analysts to evaluate companies' exposure to long-term trends and

 <sub>1</sub>

------

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

take advantage of valuation opportunities as they arise amid short-term volatility. With an equity portfolio featuring broad sector exposure and risk centered on idiosyncratic stock decisions, we believe that we can identify winners and losers across sectors.

With respect to the Fund's fixed income investments, we maintain a modestly defensive stance as market volatility has remained elevated due to sustained inflation pressures, the Fed's engagement in an aggressive tightening agenda, continued COVID-19 impacts, and ongoing geopolitical risks.

While we believe the substantially higher interest rate environment and growing growth concerns are likely to

provide support for fixed income assets and greater downside protection going forward, we maintained a modest short duration position at year end given recent interest rate volatility. We also reduced exposure to more cyclical issuers that we believe will have difficulty generating positive free cash flow in a recessionary environment and to issuers operating with more levered balance sheets that we believe may be impacted by higher borrowing costs.

We continue to be disciplined in our investment process and remain focused on long term investing, which allows us to create a balanced portfolio that we believe has the potential to perform well in a variety of environments.

**<sup>1</sup>** Fund inception date: May 2, 2022. 

**<sup>2</sup>** The Fund's performance is compared to the Blended Index, 65% of which is the S&P 500 Index and 35% of which is the Bond Index. Unlike the Fund, the Blended Index does not incur fees or expenses. 

**<sup>3</sup>** The S&P 500 Index is an unmanaged market-capitalization-weighted index generally considered to be representative of U.S. equity market activity. The S&P 500 Index consists of 500 stocks representing leading industries of the U.S. economy. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the S&P 500 Index, and, unlike the Fund, the S&P 500 Index does not incur fees or expenses. 

**<sup>4</sup>** The Bond Index is an index of U.S. dollar-denominated, investment-grade U.S. government and corporate securities, and mortgage pass-through securities, and asset-backed securities. You may not invest in the Bond Index, and, unlike the Fund, the Bond Index does not incur fees or expenses. 

**<sup>5</sup>** Duration is a measure of a bond price's sensitivity to changes in interest rates. Yield curve positioning represents the relationship between the interest rates of bonds having the same credit quality but different maturity dates. 

---

| | |
|:---|:---|
| **2** | |

---

------

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $214,197,246

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Composition<sup>1</sup>**<br> As of December 31, 2022  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>![LOGO](g414146g00a04.jpg)  |

---

 <sub>3</sub>

------

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Sector Allocation<sup>1</sup>**<br> As of December 31, 2022  |
| &nbsp;&nbsp;&nbsp;**Equity Sector<sup>2,3</sup>** |
| &nbsp;&nbsp;&nbsp; ![LOGO](g414146g11b04.jpg) |
| &nbsp;&nbsp;&nbsp;**Bond Sector<sup>3</sup>** |
| &nbsp;&nbsp;&nbsp; ![LOGO](g414146g17c04.jpg) |

---

---

| | |
|:---|:---|
| **4** | |

---

------

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Top Ten Holdings<sup>1</sup>** <br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp;**Holding** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 3.94% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note, 2.750% due 4/30/2027 | 3.10% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note, 2.625% due 4/15/2025 | 2.39% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note, 2.500% due 4/30/2024 | 2.26% |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.09% |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2.04% |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 1.82% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond, 2.375% due 2/15/2042 | 1.79% |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co. | 1.63% |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 1.29% |
| &nbsp;&nbsp;&nbsp;**Total** | **22.35%** |

---

<sup>1</sup> Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Cash includes short-term investments and net other assets and liabilities.

<sup>2</sup> The Fund's holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS<sup>®</sup>). Cash includes short-term investments and net other assets and liabilities.

<sup>3</sup> A sector may comprise several industries.

 <sub>5</sub>

------

**GUARDIAN BALANCED ALLOCATION VIP FUND** 

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception\*** |
| &nbsp;&nbsp;&nbsp;Guardian Balanced Allocation VIP Fund | 5/2/2022 |  |  |  | -5.40% |
| &nbsp;&nbsp;&nbsp;Standard & Poor's 500<sup>®</sup> (65%)/Bloomberg US Aggregate Bond Index (35%) |  |  |  |  | -5.20% |
| &nbsp;&nbsp;&nbsp;Standard & Poor's 500<sup>®</sup> Index |  |  |  |  | -6.49% |
| &nbsp;&nbsp;&nbsp;Bloomberg US Aggregate Bond Index |  |  |  |  | -3.30% |

---

\* Since inception returns are not annualized and represent cumulative total returns. 

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

---

| | |
|:---|:---|
| **6** | |

---

------

**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $1004.20 | $4.45 | 0.88% |
| &nbsp;&nbsp;&nbsp; Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1020.77 | $4.48 | 0.88% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by<sup></sup>184/365 (to reflect the one-half year period).

 <sub>7</sub>

------

**SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 63.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Boeing Co.<sup>(1)</sup> | 3390 | $| 645761 |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 3131 |  | 776832 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 1716 |  | 834817 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 12126 |  | 1223756 |
|  |  |  | **3481166** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.1%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.1%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.1%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.1%** |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 676 |  | 117083 |
|  |  |  | **117083** |
| &nbsp;&nbsp;&nbsp;**Airlines – 0.2%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.2%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.2%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.2%** |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp.<sup>(1)</sup> | 50097 |  | 324629 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co.<sup>(1)</sup> | 2662 |  | 89629 |
|  |  |  | **414258** |
| &nbsp;&nbsp;&nbsp;**Automobiles – 0.2%** | &nbsp;&nbsp;&nbsp;**Automobiles – 0.2%** | &nbsp;&nbsp;&nbsp;**Automobiles – 0.2%** | &nbsp;&nbsp;&nbsp;**Automobiles – 0.2%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | 17629 |  | 205025 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.<sup>(1)</sup> | 2336 |  | 287749 |
|  |  |  | **492774** |
| &nbsp;&nbsp;&nbsp;**Banks – 0.2%** | &nbsp;&nbsp;&nbsp;**Banks – 0.2%** | &nbsp;&nbsp;&nbsp;**Banks – 0.2%** | &nbsp;&nbsp;&nbsp;**Banks – 0.2%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 3658 |  | 490538 |
|  |  |  | **490538** |
| &nbsp;&nbsp;&nbsp;**Beverages – 1.4%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.4%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.4%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.4%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 8410 |  | 1949018 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.<sup>(1)</sup> | 10383 |  | 1054186 |
|  |  |  | **3003204** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 1.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.3%** |
| &nbsp;&nbsp;&nbsp; Alkermes PLC<sup>(1)</sup> | 3509 |  | 91690 |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 644 |  | 153047 |
| &nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, Inc.<sup>(1)</sup> | 823 |  | 42557 |
| &nbsp;&nbsp;&nbsp; Ascendis Pharma A/S, ADR<sup>(1)</sup> | 553 |  | 67538 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc.<sup>(1)</sup> | 1070 |  | 296304 |
| &nbsp;&nbsp;&nbsp; Blueprint Medicines Corp.<sup>(1)</sup> | 438 |  | 19189 |
| &nbsp;&nbsp;&nbsp; Celldex Therapeutics, Inc.<sup>(1)</sup> | 1476 |  | 65785 |
| &nbsp;&nbsp;&nbsp; Genmab A/S, ADR<sup>(1)</sup> | 2701 |  | 114468 |
| &nbsp;&nbsp;&nbsp; Horizon Therapeutics PLC<sup>(1)</sup> | 699 |  | 79546 |
| &nbsp;&nbsp;&nbsp; Incyte Corp.<sup>(1)</sup> | 1053 |  | 84577 |
| &nbsp;&nbsp;&nbsp; Karuna Therapeutics, Inc.<sup>(1)</sup> | 993 |  | 195125 |
| &nbsp;&nbsp;&nbsp; Moderna, Inc.<sup>(1)</sup> | 998 |  | 179261 |
| &nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc.<sup>(1)</sup> | 1179 |  | 45002 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc.<sup>(1)</sup> | 651 |  | 469690 |
| &nbsp;&nbsp;&nbsp; REVOLUTION Medicines, Inc.<sup>(1)</sup> | 1830 |  | 43591 |
| &nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc.<sup>(1)</sup> | 492 |  | 63753 |
| &nbsp;&nbsp;&nbsp; Seagen, Inc.<sup>(1)</sup> | 1048 |  | 134679 |
| &nbsp;&nbsp;&nbsp; Syndax Pharmaceuticals, Inc.<sup>(1)</sup> | 1308 |  | 33289 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp.<sup>(1)</sup> | 337 |  | 93716 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 1923 |  | 555324 |
|  |  |  | **2828131** |
| &nbsp;&nbsp;&nbsp;**Building Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Building Products – 0.5%** |
| &nbsp;&nbsp;&nbsp; AZEK Co., Inc.<sup>(1)</sup> | 5774 |  | 117328 |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.<sup>(1)</sup> | 6557 |  | 425418 |
| &nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 4684 |  | 267503 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 4635 |  | 296640 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Building Products** (continued) | &nbsp;&nbsp;&nbsp;**Building Products** (continued) |  |
| &nbsp;&nbsp;&nbsp; Masterbrand, Inc.<sup>(1)</sup> | 4684 | 35364 |
|  |  | **1142253** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 4.3%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 4.3%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 4.3%** |
| &nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 24052 | 1646119 |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc. | 1313 | 930431 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 33102 | 2756072 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 4037 | 1386225 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 8154 | 693253 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. | 2388 | 1110826 |
| &nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | 10534 | 683973 |
|  |  | **9206899** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 1.8%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.8%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.8%** |
| &nbsp;&nbsp;&nbsp; Cabot Corp. | 7201 | 481315 |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | 4004 | 409369 |
| &nbsp;&nbsp;&nbsp; FMC Corp. | 6601 | 823805 |
| &nbsp;&nbsp;&nbsp; Ingevity Corp.<sup>(1)</sup> | 2802 | 197373 |
| &nbsp;&nbsp;&nbsp; Linde PLC | 3622 | 1181424 |
| &nbsp;&nbsp;&nbsp; Livent Corp.<sup>(1)</sup> | 7140 | 141872 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 5437 | 683648 |
|  |  | **3918806** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.3%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.3%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.3%** |
| &nbsp;&nbsp;&nbsp; Aurora Innovation, Inc.<sup>(1)</sup> | 19829 | 23993 |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc.<sup>(1)</sup> | 2302 | 262704 |
| &nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 2607 | 345584 |
|  |  | **632281** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.1%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.1%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.1%** |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.<sup>(1)</sup> | 1237 | 150110 |
|  |  | **150110** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.3%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.3%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.3%** |
| &nbsp;&nbsp;&nbsp; Fluor Corp.<sup>(1)</sup> | 15356 | 532239 |
|  |  | **532239** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.1%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.1%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.1%** |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 3631 | 185689 |
|  |  | **185689** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.2%** |
| &nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 16288 | 467466 |
|  |  | **467466** |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 0.4%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 50035 | 921144 |
|  |  | **921144** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.0%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.0%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.0%** |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 12833 | 1321670 |
| &nbsp;&nbsp;&nbsp; Edison International | 14824 | 943103 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 21783 | 941679 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 25220 | 1057727 |
|  |  | **4264179** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.2%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.2%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 0.2%** |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | 2247 | 313951 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | 1059 | 101727 |
|  |  | **415678** |

---

---

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

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.4%** |
| &nbsp;&nbsp;&nbsp; Schlumberger Ltd. | 15459 | $826438 |
|  |  | **826438** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.6%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.6%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.6%** |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 2036 | 248758 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co.<sup>(1)</sup> | 12919 | 1122403 |
|  |  | **1371161** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.3%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.3%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.3%** |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 27250 | 577155 |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 6199 | 338713 |
| &nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 7392 | 604518 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 3490 | 499070 |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 9992 | 654976 |
|  |  | **2674432** |
| &nbsp;&nbsp;&nbsp;**Food & Staples Retailing – 2.2%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing – 2.2%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing – 2.2%** |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co.<sup>(1)</sup> | 59938 | 3499780 |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | 15135 | 1157071 |
|  |  | **4656851** |
| &nbsp;&nbsp;&nbsp;**Food Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.3%** |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 9011 | 836671 |
| &nbsp;&nbsp;&nbsp; Hershey Co. | 6064 | 1404241 |
| &nbsp;&nbsp;&nbsp; Kellogg Co. | 7552 | 538004 |
|  |  | **2778916** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.8%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.8%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.8%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 5205 | 571457 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | 7606 | 387678 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.<sup>(1)</sup> | 17293 | 800147 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc.<sup>(1)</sup> | 3850 | 435974 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.<sup>(1)</sup> | 8233 | 614264 |
| &nbsp;&nbsp;&nbsp; Insulet Corp.<sup>(1)</sup> | 1117 | 328834 |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | 3168 | 774544 |
|  |  | **3912898** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.8%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.8%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.8%** |
| &nbsp;&nbsp;&nbsp; agilon health, Inc.<sup>(1)</sup> | 33129 | 534702 |
| &nbsp;&nbsp;&nbsp; Centene Corp.<sup>(1)</sup> | 13647 | 1119190 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 1769 | 907444 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 3983 | 955761 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 1782 | 912723 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings | 373 | 87834 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 1307 | 490282 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.<sup>(1)</sup> | 840 | 277385 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 1363 | 722635 |
|  |  | **6007956** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.2%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.2%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.2%** |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A<sup>(1)</sup> | 16155 | 1381252 |
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Class A<sup>(1)</sup> | 5369 | 485626 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 7128 | 707098 |
|  |  | **2573976** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 0.1%** | &nbsp;&nbsp;&nbsp;**Household Durables – 0.1%** | &nbsp;&nbsp;&nbsp;**Household Durables – 0.1%** |
| &nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 642 | 57228 |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 2056 | 186068 |
|  |  | **243296** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers – 0.4%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers – 0.4%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers – 0.4%** |
| &nbsp;&nbsp;&nbsp; AES Corp. | 28340 | $815058 |
|  |  | **815058** |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 0.5%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 0.5%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 0.5%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 4911 | 1052427 |
|  |  | **1052427** |
| &nbsp;&nbsp;&nbsp;**Insurance – 2.1%** | &nbsp;&nbsp;&nbsp;**Insurance – 2.1%** | &nbsp;&nbsp;&nbsp;**Insurance – 2.1%** |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | 11752 | 743197 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.<sup>(1)</sup> | 8573 | 538213 |
| &nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 6828 | 425111 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 4134 | 911961 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 5869 | 971202 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 6803 | 492333 |
| &nbsp;&nbsp;&nbsp; Trupanion, Inc.<sup>(1)</sup> | 7529 | 357853 |
|  |  | **4439870** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 3.5%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 3.5%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 3.5%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A<sup>(1)</sup> | 49550 | 4371796 |
| &nbsp;&nbsp;&nbsp; Bumble, Inc., Class A<sup>(1)</sup> | 25270 | 531934 |
| &nbsp;&nbsp;&nbsp; Cargurus, Inc.<sup>(1)</sup> | 33089 | 463577 |
| &nbsp;&nbsp;&nbsp; Match Group, Inc.<sup>(1)</sup> | 8115 | 336691 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A<sup>(1)</sup> | 14531 | 1748661 |
|  |  | **7452659** |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 2.7%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 2.7%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 2.7%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 53288 | 4476192 |
| &nbsp;&nbsp;&nbsp; Etsy, Inc.<sup>(1)</sup> | 11417 | 1367528 |
|  |  | **5843720** |
| &nbsp;&nbsp;&nbsp;**IT Services – 2.8%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.8%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.8%** |
| &nbsp;&nbsp;&nbsp; Block, Inc.<sup>(1)</sup> | 8644 | 543189 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc.<sup>(1)</sup> | 1532 | 281398 |
| &nbsp;&nbsp;&nbsp; Genpact Ltd. | 5779 | 267683 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 7385 | 733478 |
| &nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A<sup>(1)</sup> | 7476 | 559354 |
| &nbsp;&nbsp;&nbsp; Okta, Inc.<sup>(1)</sup> | 788 | 53844 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.<sup>(1)</sup> | 8663 | 616979 |
| &nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A<sup>(1)</sup> | 431 | 61866 |
| &nbsp;&nbsp;&nbsp; VeriSign, Inc.<sup>(1)</sup> | 7128 | 1464377 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 4097 | 851193 |
| &nbsp;&nbsp;&nbsp; WEX, Inc.<sup>(1)</sup> | 2982 | 488004 |
|  |  | **5921365** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.7%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.7%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.7%** |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 5864 | 877548 |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | 5729 | 1520591 |
| &nbsp;&nbsp;&nbsp; ICON PLC<sup>(1)</sup> | 1278 | 248251 |
| &nbsp;&nbsp;&nbsp; Illumina, Inc.<sup>(1)</sup> | 2091 | 422800 |
| &nbsp;&nbsp;&nbsp; Syneos Health, Inc.<sup>(1)</sup> | 15739 | 577307 |
|  |  | **3646497** |
| &nbsp;&nbsp;&nbsp;**Machinery – 1.2%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.2%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.2%** |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 1640 | 392879 |
| &nbsp;&nbsp;&nbsp; Flowserve Corp. | 10280 | 315390 |
| &nbsp;&nbsp;&nbsp; Fortive Corp. | 3814 | 245050 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 5444 | 284449 |

---

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

------

**SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Machinery** (continued) | &nbsp;&nbsp;&nbsp;**Machinery** (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Kennametal, Inc. | 6079 | $| 146261 |
| &nbsp;&nbsp;&nbsp; Middleby Corp.<sup>(1)</sup> | 2277 |  | 304890 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | 1473 |  | 145783 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 7672 |  | 765742 |
|  |  |  | **2600444** |
| &nbsp;&nbsp;&nbsp;**Media – 0.8%** | &nbsp;&nbsp;&nbsp;**Media – 0.8%** | &nbsp;&nbsp;&nbsp;**Media – 0.8%** | &nbsp;&nbsp;&nbsp;**Media – 0.8%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A<sup>(1)</sup> | 593 |  | 201086 |
| &nbsp;&nbsp;&nbsp; New York Times Co., Class A | 10220 |  | 331741 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 14082 |  | 1148669 |
|  |  |  | **1681496** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 3.4%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 3.4%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 3.4%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 3.4%** |
| &nbsp;&nbsp;&nbsp; BP PLC, ADR | 59426 |  | 2075750 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 14210 |  | 1676780 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 1757 |  | 240323 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 3800 |  | 492176 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 6806 |  | 792150 |
| &nbsp;&nbsp;&nbsp; Shell PLC, ADR | 33337 |  | 1898542 |
|  |  |  | **7175721** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.4%** |
| &nbsp;&nbsp;&nbsp; Aclaris Therapeutics, Inc.<sup>(1)</sup> | 2542 |  | 40036 |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC, ADR | 15243 |  | 1033475 |
| &nbsp;&nbsp;&nbsp; Bristol Myers Squibb Co. | 4417 |  | 317803 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.<sup>(1)</sup> | 14667 |  | 179231 |
| &nbsp;&nbsp;&nbsp; Eli Lilly and Co. | 7024 |  | 2569660 |
| &nbsp;&nbsp;&nbsp; GSK PLC, ADR | 10221 |  | 359166 |
| &nbsp;&nbsp;&nbsp; Intra-Cellular Therapies, Inc.<sup>(1)</sup> | 2493 |  | 131930 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 16348 |  | 1813811 |
| &nbsp;&nbsp;&nbsp; Novartis AG, ADR | 5723 |  | 519191 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 34952 |  | 1790940 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A | 726 |  | 28691 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | 4132 |  | 605545 |
|  |  |  | **9389479** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.2%** |
| &nbsp;&nbsp;&nbsp; Science Applications International Corp. | 2658 |  | 294852 |
| &nbsp;&nbsp;&nbsp; TriNet Group, Inc.<sup>(1)</sup> | 3239 |  | 219604 |
|  |  |  | **514456** |
| &nbsp;&nbsp;&nbsp;**Road & Rail – 0.2%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 0.2%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 0.2%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 0.2%** |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 9530 |  | 499467 |
|  |  |  | **499467** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.4%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.<sup>(1)</sup> | 11407 |  | 738831 |
| &nbsp;&nbsp;&nbsp; Intel Corp. | 12180 |  | 321917 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 1597 |  | 602117 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 9688 |  | 358844 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 11619 |  | 580718 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 2470 |  | 360966 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.<sup>(1)</sup> | 9617 |  | 599812 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 4753 |  | 415175 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 7328 |  | 1210732 |
|  |  |  | **5189112** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Software – 5.4%** | &nbsp;&nbsp;&nbsp;**Software – 5.4%** | &nbsp;&nbsp;&nbsp;**Software – 5.4%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc.<sup>(1)</sup> | 947 | $318694 |
| &nbsp;&nbsp;&nbsp; Ceridian HCM Holding, Inc.<sup>(1)</sup> | 8598 | 551562 |
| &nbsp;&nbsp;&nbsp; Guidewire Software, Inc.<sup>(1)</sup> | 2177 | 136193 |
| &nbsp;&nbsp;&nbsp; HashiCorp, Inc., Class A<sup>(1)</sup> | 5941 | 162427 |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc.<sup>(1)</sup> | 259 | 74885 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 35234 | 8449818 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.<sup>(1)</sup> | 1264 | 176378 |
| &nbsp;&nbsp;&nbsp; Qualtrics International, Inc., Class A<sup>(1)</sup> | 6962 | 72266 |
| &nbsp;&nbsp;&nbsp; Rapid7, Inc.<sup>(1)</sup> | 908 | 30854 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc.<sup>(1)</sup> | 5809 | 770215 |
| &nbsp;&nbsp;&nbsp; SentinelOne, Inc., Class A<sup>(1)</sup> | 2692 | 39276 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc.<sup>(1)</sup> | 1446 | 561438 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A<sup>(1)</sup> | 1626 | 272079 |
|  |  | **11616085** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 0.9%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 0.9%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 0.9%** |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. | 22980 | 1829208 |
|  |  | **1829208** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 1.8%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 1.8%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 1.8%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 29932 | 3889065 |
|  |  | **3889065** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 0.6%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 10706 | 1252709 |
|  |  | **1252709** |
| &nbsp;&nbsp;&nbsp;**Tobacco – 0.7%** | &nbsp;&nbsp;&nbsp;**Tobacco – 0.7%** | &nbsp;&nbsp;&nbsp;**Tobacco – 0.7%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 7317 | 334460 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 12175 | 1232232 |
|  |  | **1566692** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.2%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.2%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 0.2%** |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc.<sup>(1)</sup> | 235 | 83524 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc.<sup>(1)</sup> | 2418 | 302733 |
|  |  | **386257** |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 0.6%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc.<sup>(1)</sup> | 9111 | 1275540 |
|  |  | **1275540** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $140,644,719) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $140,644,719) | **135747149** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities – 9.9%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities – 9.9%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities – 9.9%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%% due 5/1/2051 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433850 | 1172431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 4/1/2052 | 1358653 | 1115188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/1/2041 | 406135 | 353702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/1/2042 | 594920 | 522284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/1/2051 | 1321904 | 1131198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 10/1/2051 | 318527 | 282579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 7/1/2052 | 737272 | 710415 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 2/1/2051 | 422101 | 347996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 2/1/2041 | 71439 | 62216 |

---

---

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

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/1/2051 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265987 | $| 1077869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 4/1/2050 |  | 356485 |  | 327788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 7/1/2051 |  | 572486 |  | 526223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/1/2052 |  | 1494714 |  | 1442078 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass-Through Certificates |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; K150 A2 <br>3.71% due 9/25/2032<sup>(2)(3)</sup> |  | 78000 |  | 73117 |
| &nbsp;&nbsp;&nbsp;&nbsp; K1522 A2 <br>2.361% due 10/25/2036 |  | 500000 |  | 384678 |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 1/23/2053<sup>(4)</sup> |  | 700000 |  | 585973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 1/23/2053<sup>(4)</sup> |  | 1147000 |  | 992497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 1/23/2053<sup>(4)</sup> |  | 1100000 |  | 978818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 1/23/2053<sup>(4)</sup> |  | 975000 |  | 895086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 1/23/2053<sup>(4)</sup> |  | 725000 |  | 685817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 1/23/2053<sup>(4)</sup> |  | 200000 |  | 193927 |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 1/12/2053<sup>(4)</sup> |  | 1325000 |  | 1079185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 12/25/2051<sup>(4)</sup> |  | 1100000 |  | 931934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 2/25/2052<sup>(4)</sup> |  | 2250000 |  | 1975282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 1/17/2038<sup>(4)</sup> |  | 75000 |  | 71830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 2/25/2049<sup>(4)</sup> |  | 660000 |  | 599781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 1/17/2038<sup>(4)</sup> |  | 600000 |  | 584998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 1/12/2053<sup>(4)</sup> |  | 1250000 |  | 1172637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 1/12/2053<sup>(4)</sup> |  | 450000 |  | 433609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 1/12/2053<sup>(4)</sup> |  | 255000 |  | 251459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 1/12/2053<sup>(4)</sup> |  | 150000 |  | 150445 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage–Backed Securities** <br> (Cost $21,611,020) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage–Backed Securities** <br> (Cost $21,611,020) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage–Backed Securities** <br> (Cost $21,611,020) |  | **21113040** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 0.2%** | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 0.2%** | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 0.2%** | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 0.2%** | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 0.2%** |
| &nbsp;&nbsp;&nbsp; New Economy Assets Phase 1 Sponsor LLC <br>2021-1 A1 <br>1.91% due 10/20/2061<sup>(5)</sup> |  | 235000 |  | 200403 |
| &nbsp;&nbsp;&nbsp; Vantage Data Centers Issuer LLC<br>2021-1A A2 <br>2.165% due 10/15/2046<sup>(5)</sup> |  | 200000 |  | 171620 |
| &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $400,043) | &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $400,043) | &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $400,043) |  | **372023** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 8.9%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 8.9%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 8.9%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 8.9%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 8.9%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.2%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.2%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.2%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.2%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.2%** |
| &nbsp;&nbsp;&nbsp; BAE Systems Holdings, Inc. <br>3.85% due 12/15/2025<sup>(5)</sup> |  | 420000 |  | 405300 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. <br>3.95% due 8/16/2025 |  | 88000 |  | 86048 |
|  |  |  |  | **491348** |
| &nbsp;&nbsp;&nbsp;**Agriculture – 0.4%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.4%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.4%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.4%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.4%** |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. <br>3.557% due 8/15/2027 |  | 526000 |  | 479370 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc.<br>5.125% due 11/17/2027 |  | 105000 |  | 106169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 11/17/2029 |  | 65000 |  | 66256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% due 11/17/2032 |  | 220000 |  | 225718 |
|  |  |  |  | **877513** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Airlines – 0.0%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.0%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.0%** |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust <br>2016-1 AA <br>3.10% due 7/7/2028 | $44170 | $39049 |
|  |  | **39049** |
| &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.1%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.1%** | &nbsp;&nbsp;&nbsp;**Auto Manufacturers – 0.1%** |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America <br>0.80% due 4/3/2023<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218478 |
|  |  | **218478** |
| &nbsp;&nbsp;&nbsp;**Beverages – 0.2%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.2%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.2%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. <br>4.375% due 4/15/2038 | 190000 | 171688 |
| &nbsp;&nbsp;&nbsp; Diageo Capital PLC <br>2.375% due 10/24/2029 | 200000 | 171244 |
|  |  | **342932** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 2.0%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 2.0%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 2.0%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.<br>1.734% (1.734% fixed rate until 7/22/2026; SOFR + 0.96% thereafter) <br> due 7/22/2027<sup>(2)</sup> | 256000 | 224645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.299% (2.299% fixed rate until 7/21/2031; SOFR + 1.22% thereafter) <br> due 7/21/2032<sup>(2)</sup> | 185000 | 142679 |
| &nbsp;&nbsp;&nbsp; Barclays PLC <br>2.894% (2.894% fixed rate until 11/24/2031; H15T1Y + 1.30% thereafter) <br> due 11/24/2032<sup>(2)</sup> | 212000 | 162034 |
| &nbsp;&nbsp;&nbsp; BPCE SA <br>5.15% due 7/21/2024<sup>(5)</sup> | 353000 | 346261 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. <br>3.50% due 5/15/2023 | 176000 | 175085 |
| &nbsp;&nbsp;&nbsp; Credit Suisse Group AG <br>3.091% (3.091% fixed rate until 5/14/2031; SOFR + 1.73% thereafter) <br> due 5/14/2032<sup>(2)(5)</sup> | 267000 | 185821 |
| &nbsp;&nbsp;&nbsp; Danske Bank A/S <br>1.621% (1.621% fixed rate until 9/11/2025; H15T1Y + 1.35% thereafter) <br> due 9/11/2026<sup>(2)(5)</sup> | 256000 | 224771 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc.<br>1.431% (1.431% fixed rate until 3/9/2026; SOFR + 0.80% thereafter) <br> due 3/9/2027<sup>(2)</sup> | 291000 | 254835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 1/23/2025 | 500000 | 484030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% due 11/1/2024 | 367000 | 371422 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC <br>2.099% (2.099% fixed rate until 6/4/2025; SOFR + 1.93% thereafter) <br> due 6/4/2026<sup>(2)</sup> | 445000 | 405600 |

---

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

------

**SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp; Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.928% (1.928% fixed rate until 4/28/2031; SOFR + 1.02% thereafter) <br> due 4/28/2032<sup>(2)</sup> | $| 123000 | $| 93186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511% (2.511% fixed rate until 10/20/2031; SOFR + 1.20% thereafter)<br> due 10/20/2032<sup>(2)</sup> |  | 644000 |  | 505038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% due 9/8/2026 |  | 268000 |  | 260815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.297% (5.297% fixed rate until 4/20/2032; SOFR + 2.62% thereafter) <br> due 4/20/2037<sup>(2)</sup> |  | 181000 |  | 165662 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. <br>3.90% due 4/29/2024 |  | 29000 |  | 28668 |
| &nbsp;&nbsp;&nbsp; UBS Group AG <br>1.494% (1.494% fixed rate until 8/10/2026; H15T1Y + 0.85% thereafter) <br> due 8/10/2027<sup>(2)(5)</sup> |  | 226000 |  | 194597 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. <br>3.00% due 2/19/2025 |  | 88000 |  | 84360 |
|  |  |  |  | **4309509** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.5%** |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC <br>1.95% due 9/20/2026<sup>(5)</sup> |  | 241000 |  | 203932 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. <br>4.20% due 10/29/2025 |  | 62000 |  | 60002 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc.<br>4.00% due 9/15/2027 |  | 234000 |  | 226406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% due 6/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 |  | 663957 |
|  |  |  |  | **1154297** |
| &nbsp;&nbsp;&nbsp;**Electric – 1.4%** | &nbsp;&nbsp;&nbsp;**Electric – 1.4%** | &nbsp;&nbsp;&nbsp;**Electric – 1.4%** | &nbsp;&nbsp;&nbsp;**Electric – 1.4%** | &nbsp;&nbsp;&nbsp;**Electric – 1.4%** |
| &nbsp;&nbsp;&nbsp; Alabama Power Co. <br>1.45% due 9/15/2030  |  | 18000 |  | 14072 |
| &nbsp;&nbsp;&nbsp; American Transmission Systems, Inc.<br>2.65% due 1/15/2032<sup>(5)</sup> |  | 171000 |  | 141149 |
| &nbsp;&nbsp;&nbsp; Appalachian Power Co. <br>3.40% due 6/1/2025 |  | 118000 |  | 114106 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, Inc.<br>3.20% due 12/1/2051 |  | 123000 |  | 85813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 5/15/2058 |  | 155000 |  | 130059 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp.<br>2.65% due 9/1/2026 |  | 41000 |  | 37919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 4/15/2024 |  | 132000 |  | 129702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 8/15/2032 |  | 560000 |  | 528091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 8/15/2052 |  | 45000 |  | 40535 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co.<br>4.75% due 9/1/2040 |  | 38000 |  | 34590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 5/15/2052 |  | 505000 |  | 476649 |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp. <br>4.95% due 9/22/2027<sup>(5)</sup> |  | 70000 |  | 69245 |
| &nbsp;&nbsp;&nbsp; Niagara Mohawk Power Corp. <br>1.96% due 6/27/2030<sup>(5)</sup> |  | 197000 |  | 156254 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) |
| &nbsp;&nbsp;&nbsp; Oglethorpe Power Corp. <br>4.50% due 4/1/2047<sup>(5)</sup> | $| 255000 | $| 203521 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co. <br>5.90% due 6/15/2032 |  | 115000 |  | 112678 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Electric Co. <br>3.60% due 6/1/2029<sup>(5)</sup> |  | 34000 |  | 30676 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co. 3.70% due 8/1/2025 |  | 26000 |  | 25209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 4/1/2047 |  | 29000 |  | 22884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% due 10/1/2043 |  | 12000 |  | 10426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% due 11/1/2032 |  | 305000 |  | 323867 |
| &nbsp;&nbsp;&nbsp; Southern Co. <br>2.95% due 7/1/2023 |  | 171000 |  | 169422 |
| &nbsp;&nbsp;&nbsp; Texas Electric Market Stabilization Funding LLC <br>4.265% due 8/1/2034<sup>(5)</sup> |  | 215000 |  | 205495 |
|  |  |  |  | **3062362** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.3%** |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. <br>4.054% due 3/15/2029<sup>(5)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 |  | 542650 |
|  |  |  |  | **542650** |
| &nbsp;&nbsp;&nbsp;**Gas – 0.3%** | &nbsp;&nbsp;&nbsp;**Gas – 0.3%** | &nbsp;&nbsp;&nbsp;**Gas – 0.3%** | &nbsp;&nbsp;&nbsp;**Gas – 0.3%** | &nbsp;&nbsp;&nbsp;**Gas – 0.3%** |
| &nbsp;&nbsp;&nbsp; Boston Gas Co. <br>3.15% due 8/1/2027<sup>(5)</sup> |  | 35000 |  | 31708 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp. 5.279% (LIBOR 3 Month + 0.50%)<br> due 3/2/2023<sup>(2)(6)</sup> |  | 4000 |  | 3998 |
| &nbsp;&nbsp;&nbsp; KeySpan Gas East Corp. <br>2.742% due 8/15/2026<sup>(5)</sup> |  | 162000 |  | 144963 |
| &nbsp;&nbsp;&nbsp; Southern California Gas Co.<br>2.95% due 4/15/2027 |  | 165000 |  | 152623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% due 11/15/2052 |  | 317000 |  | 350891 |
|  |  |  |  | **684183** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.5%** |
| &nbsp;&nbsp;&nbsp; Aetna, Inc. <br>2.80% due 6/15/2023 |  | 123000 |  | 121732 |
| &nbsp;&nbsp;&nbsp; Bon Secours Mercy Health, Inc. <br>2.095% due 6/1/2031 |  | 200000 |  | 155818 |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health<br>2.782% due 10/1/2030 |  | 165000 |  | 136142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91% due 10/1/2050 |  | 35000 |  | 25989 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc.<br>2.375% due 1/15/2025 |  | 430000 |  | 408380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 8/15/2024 |  | 44000 |  | 42924 |
| &nbsp;&nbsp;&nbsp; Kaiser Foundation Hospitals <br>3.002% due 6/1/2051 |  | 100000 |  | 68141 |
| &nbsp;&nbsp;&nbsp; Sutter Health <br>2.294% due 8/15/2030 |  | 50000 |  | 40505 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc.<br>4.20% due 5/15/2032 |  | 75000 |  | 71517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% due 5/15/2052 |  | 10000 |  | 9305 |
|  |  |  |  | **1080453** |

---

---

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

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Insurance – 0.9%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.9%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.9%** |
| &nbsp;&nbsp;&nbsp; American International Group, Inc.<br>3.40% due 6/30/2030 | $72000 | $63714 |
| &nbsp;&nbsp;&nbsp; Athene Global Funding<br>1.716% due 1/7/2025<sup>(5)</sup> | 445000 | 410383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 3/24/2028<sup>(5)</sup> | 382000 | 321346 |
| &nbsp;&nbsp;&nbsp; CNO Global Funding <br>2.65% due 1/6/2029<sup>(5)</sup> | 312000 | 264791 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. <br>3.90% due 4/5/2032<sup>(5)</sup> | 465000 | 408698 |
| &nbsp;&nbsp;&nbsp; Equitable Financial Life Global Funding <br>1.40% due 8/27/2027<sup>(5)</sup> | 162000 | 135834 |
| &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc.<br>4.569% due 2/1/2029<sup>(5)</sup> | 70000 | 65828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% due 6/15/2052<sup>(5)</sup> | 202000 | 181984 |
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Life Insurance Co. <br>3.625% due 9/30/2059<sup>(5)</sup> | 18000 | 12520 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. <br>3.95% due 3/26/2050 | 60000 | 48555 |
|  |  | **1913653** |
| &nbsp;&nbsp;&nbsp;**Media – 0.3%** | &nbsp;&nbsp;&nbsp;**Media – 0.3%** | &nbsp;&nbsp;&nbsp;**Media – 0.3%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications Operating Capital <br>2.25% due 1/15/2029 | 125000 | 100532 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. <br>3.95% due 10/15/2025 | 620000 | 607693 |
|  |  | **708225** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.4%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.4%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.4%** |
| &nbsp;&nbsp;&nbsp; Equinor ASA<br>3.00% due 4/6/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359000 | 335640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 4/6/2030 | 24000 | 21617 |
| &nbsp;&nbsp;&nbsp; Hess Corp. <br>7.30% due 8/15/2031 | 271000 | 295303 |
| &nbsp;&nbsp;&nbsp; Var Energi ASA <br>8.00% due 11/15/2032<sup>(5)</sup> | 225000 | 232558 |
|  |  | **885118** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 0.4%** | &nbsp;&nbsp;&nbsp;**Pipelines – 0.4%** | &nbsp;&nbsp;&nbsp;**Pipelines – 0.4%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP <br>3.25% due 1/31/2032 | 330000 | 263284 |
| &nbsp;&nbsp;&nbsp; Eastern Gas Transmission & Storage, Inc. <br>3.60% due 12/15/2024 | 24000 | 23256 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP <br>4.95% due 6/15/2028 | 12000 | 11608 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC <br>3.20% due 2/15/2052 | 29000 | 19214 |
| &nbsp;&nbsp;&nbsp; Galaxy Pipeline Assets Bidco Ltd. <br>2.625% due 3/31/2036<sup>(5)</sup> | 245000 | 197208 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC<br>2.60% due 10/15/2025<sup>(5)</sup> | 85000 | 77256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45% due 10/15/2027<sup>(5)</sup> | 15000 | 13276 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Pipelines** (continued) | &nbsp;&nbsp;&nbsp;**Pipelines** (continued) | &nbsp;&nbsp;&nbsp;**Pipelines** (continued) | &nbsp;&nbsp;&nbsp;**Pipelines** (continued) | &nbsp;&nbsp;&nbsp;**Pipelines** (continued) |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC<br>4.50% due 5/15/2030 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | $| 130364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90% due 9/15/2037<sup>(5)</sup> |  | 130000 |  | 129533 |
|  |  |  |  | **864999** |
| &nbsp;&nbsp;&nbsp;**Semiconductors – 0.2%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.2%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.2%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.2%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.2%** |
| &nbsp;&nbsp;&nbsp; Intel Corp. <br>4.15% due 8/5/2032 |  | 210000 |  | 197095 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. <br>4.25% due 5/20/2032 |  | 175000 |  | 169129 |
|  |  |  |  | **366224** |
| &nbsp;&nbsp;&nbsp;**Software – 0.1%** | &nbsp;&nbsp;&nbsp;**Software – 0.1%** | &nbsp;&nbsp;&nbsp;**Software – 0.1%** | &nbsp;&nbsp;&nbsp;**Software – 0.1%** | &nbsp;&nbsp;&nbsp;**Software – 0.1%** |
| &nbsp;&nbsp;&nbsp; Oracle Corp.<br>3.60% due 4/1/2050 |  | 118000 |  | 80528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% due 3/25/2051 |  | 35000 |  | 25308 |
|  |  |  |  | **105836** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 0.4%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.4%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.4%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.4%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.4%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc.<br>3.65% due 6/1/2051 |  | 95000 |  | 67593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85% due 6/1/2060 |  | 19000 |  | 13238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% due 12/15/2042 |  | 26000 |  | 21554 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. 2.355% due 3/15/2032 |  | 402000 |  | 320137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 8/15/2026 |  | 440000 |  | 406890 |
|  |  |  |  | **829412** |
| &nbsp;&nbsp;&nbsp;**Trucking & Leasing – 0.3%** | &nbsp;&nbsp;&nbsp;**Trucking & Leasing – 0.3%** | &nbsp;&nbsp;&nbsp;**Trucking & Leasing – 0.3%** | &nbsp;&nbsp;&nbsp;**Trucking & Leasing – 0.3%** | &nbsp;&nbsp;&nbsp;**Trucking & Leasing – 0.3%** |
| &nbsp;&nbsp;&nbsp; DAE Funding LLC <br>1.55% due 8/1/2024<sup>(5)</sup> |  | 294000 |  | 273973 |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP / PTL Finance Corp.<br>2.70% due 11/1/2024<sup>(5)</sup> |  | 65000 |  | 61369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% due 3/10/2025<sup>(5)</sup> |  | 203000 |  | 195535 |
|  |  |  |  | **530877** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $19,774,729) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $19,774,729) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $19,774,729) |  | **19007118** |
| &nbsp;&nbsp;&nbsp;**Municipals – 0.5%** | &nbsp;&nbsp;&nbsp;**Municipals – 0.5%** | &nbsp;&nbsp;&nbsp;**Municipals – 0.5%** | &nbsp;&nbsp;&nbsp;**Municipals – 0.5%** | &nbsp;&nbsp;&nbsp;**Municipals – 0.5%** |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales & Transfer Tax Receipts Revenue <br>Series A <br>6.899% due 12/1/2040 |  | 50000 |  | 55285 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport <br>Series A <br>4.087% due 11/1/2051 |  | 100000 |  | 84629 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority <br>Series C2 <br>5.175% due 11/15/2049 |  | 105000 |  | 93728 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia <br>6.637% due 4/1/2057 |  | 150000 |  | 161059 |
| &nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue <br>3.006% due 5/15/2050 |  | 125000 |  | 82703 |

---

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

------

**SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Municipals** (continued) | &nbsp;&nbsp;&nbsp;**Municipals** (continued) | &nbsp;&nbsp;&nbsp;**Municipals** (continued) | &nbsp;&nbsp;&nbsp;**Municipals** (continued) | &nbsp;&nbsp;&nbsp;**Municipals** (continued) |
| &nbsp;&nbsp;&nbsp; State of Illinois <br>5.10% due 6/1/2033 | $| 700000 | $| 669590 |
| &nbsp;&nbsp;&nbsp;**Total Municipals** <br> (Cost $1,258,403) | &nbsp;&nbsp;&nbsp;**Total Municipals** <br> (Cost $1,258,403) | &nbsp;&nbsp;&nbsp;**Total Municipals** <br> (Cost $1,258,403) |  | **1146994** |
| &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 1.1%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 1.1%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 1.1%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 1.1%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 1.1%** |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust <br>2021-VOLT A <br>5.018% due 9/15/2036<sup>(2)(3)(5)</sup> |  | 425000 |  | 411239 |
| &nbsp;&nbsp;&nbsp; BX Trust <br>2021-LGCY A <br>4.824% due 10/15/2036<sup>(2)(3)(5)</sup> |  | 400000 |  | 381755 |
| &nbsp;&nbsp;&nbsp; BXHPP Trust <br>2021-FILM A <br>4.968% due 8/15/2036<sup>(2)(3)(5)</sup> |  | 225000 |  | 212381 |
| &nbsp;&nbsp;&nbsp; Fannie Mae REMICS<br>2013-36 Z <br>3.00% due 4/25/2043 |  | 260846 |  | 236984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2013-83 NZ <br>3.50% due 8/25/2043 |  | 264546 |  | 246618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020-27 HC <br>1.50% due 10/25/2049 |  | 431278 |  | 341383 |
| &nbsp;&nbsp;&nbsp; Freddie Mac REMICS<br>3967 ZP <br>4.00% due 9/15/2041 |  | 272059 |  | 260054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5170 DP <br>2.00% due 7/25/2050 |  | 269044 |  | 230249 |
| &nbsp;&nbsp;&nbsp;**Total Non–Agency Mortgage–Backed Securities**<br> (Cost $2,431,525) | &nbsp;&nbsp;&nbsp;**Total Non–Agency Mortgage–Backed Securities**<br> (Cost $2,431,525) | &nbsp;&nbsp;&nbsp;**Total Non–Agency Mortgage–Backed Securities**<br> (Cost $2,431,525) |  | **2320663** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 14.2%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 14.2%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 14.2%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 14.2%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 14.2%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bond<br>2.25% due 2/15/2052 |  | 2546400 |  | 1790438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 2/15/2042 |  | 4975000 |  | 3828418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 5/15/2052 |  | 102000 |  | 82588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 8/15/2052 |  | 550600 |  | 459149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 5/15/2042 |  | 25000 |  | 22094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 8/15/2042 |  | 705000 |  | 634831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/15/2042 |  | 415000 |  | 409294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 11/15/2052 |  | 305000 |  | 308336 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Note<br>2.50% due 4/30/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990000 |  | 4848097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 4/15/2025 |  | 5315000 |  | 5116933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 5/31/2027 |  | 210000 |  | 198220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% due 4/30/2027 |  | 7000000 |  | 6641250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% due 7/31/2027 |  | 195000 |  | 184747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% due 5/31/2029 |  | 150000 |  | 139605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% due 8/15/2032 |  | 724300 |  | 661942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 4/30/2029 |  | 20000 |  | 18769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 8/15/2025 |  | 280000 |  | 272081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 8/31/2027 |  | 1177000 |  | 1134150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% due 6/30/2029 |  | 250000 |  | 239707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 9/15/2025 |  | 300000 |  | 294305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 11/30/2027 |  | 795000 |  | 792143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 11/30/2029 |  | 169000 |  | 168340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 12/15/2025 |  | 140000 |  | 139267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/31/2029 |  | 257000 |  | 257803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 9/30/2027 |  | 573400 |  | 576491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/2027 |  | 766200 |  | 770390 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities** (continued) | &nbsp;&nbsp;&nbsp;**U.S. Government Securities** (continued) | &nbsp;&nbsp;&nbsp;**U.S. Government Securities** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/15/2032 | $383300 | $392523 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $32,010,986) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $32,010,986) | **30381911** |
|  | **<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 0.6%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 0.6%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 0.6%** |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 3669 | 1403136 |
| &nbsp;&nbsp;&nbsp;**Total Exchange–Traded Funds** <br> (Cost $1,424,149) | &nbsp;&nbsp;&nbsp;**Total Exchange–Traded Funds** <br> (Cost $1,424,149) | **1403136** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 6.9%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 6.9%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 6.9%** |
| &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.2%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.2%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.2%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bill <br>4.449% due 4/20/2023<sup>(7)</sup> | $554300 | 547076 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $550,943) | &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $550,943) | **547076** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 6.7%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 6.7%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 6.7%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $14,315,042, due 1/3/2023<sup>(8)</sup> | 14313007 | 14313007 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $14,313,007) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $14,313,007) | **14313007** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 105.7%** <br> (Cost $234,419,524) | &nbsp;&nbsp;&nbsp;**Total Investments – 105.7%** <br> (Cost $234,419,524) | **226352117** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (5.7)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (5.7)%** | **(12154871)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**214197246** |

---

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

<sup>(2)</sup> Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at December 31, 2022.

<sup>(3)</sup> Variable coupon rate based on weighted average interest rate of underlying mortgages.

<sup>(4)</sup> TBA — To be announced.

<sup>(5)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At December 31, 2022, the aggregate market value of these securities amounted to $7,664,311, representing 3.6% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees. 

<sup>(6)</sup> The London Interbank Offered Rate ("LIBOR") is being phased out completely by June 30, 2023. There remains uncertainty regarding the nature of any replacement rate and the impact of a transition away from LIBOR on the Fund's investments.

<sup>(7)</sup> Interest rate shown reflects the discount rate at time of purchase.

---

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

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND** 

<sup>(8)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $19987700 | $14599283 |

---

**Open futures contracts at December 31, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;U.S. 10-Year Treasury Note | March 2023 | 4 | Long | $455662 | $449188 | $(6474) |
| &nbsp;&nbsp;&nbsp;U.S. Ultra 10-Year Treasury Note | March 2023 | 1 | Long | 117746 | 118281 | 535 |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | $**573408** | $**567469** | $**(5939)** |

---

**Legend:** 

ADR – American Depositary Receipt

H15T1Y – 1-year Constant Maturity Treasury Rate

LIBOR – London Interbank Offered Rate

SOFR – Secured Overnight Financing Rate

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $135747149 | $— | $— | $135747149 |
| &nbsp;&nbsp;&nbsp;Agency Mortgage–Backed Securities |  | 21113040 |  | 21113040 |
| &nbsp;&nbsp;&nbsp;Asset–Backed Securities |  | 372023 |  | 372023 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 19007118 |  | 19007118 |
| &nbsp;&nbsp;&nbsp;Municipals |  | 1146994 |  | 1146994 |
| &nbsp;&nbsp;&nbsp;Non–Agency Mortgage–Backed Securities |  | 2320663 |  | 2320663 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 30381911 |  | 30381911 |
| &nbsp;&nbsp;&nbsp;Exchange–Traded Funds | 1403136 |  |  | 1403136 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 547076 |  | 547076 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 14313007 |  | 14313007 |
| &nbsp;&nbsp;&nbsp;**Total** | $**137150285** | $**89201832** | $**—** | $**226352117** |
| &nbsp;&nbsp;&nbsp;**Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | $535 | $— | $— | $535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (6474) |  |  | (6474) |
| &nbsp;&nbsp;&nbsp;**Total** | $**(5939)** | $**—** | $**—** | $**(5939)** |

---

---

| | |
|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | **15** |

---

------

**FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226352117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 902012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 557001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash deposits with brokers for futures contracts | 12980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 2460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 7363 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **227833933** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 13299963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 127117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 89085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 46398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 21652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 15178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for variation margin on futures contracts | 12155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 24518 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **13636687** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**214197246** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $226944559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable loss | (12747313) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**214197246** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $234419524 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with<br>No Par Value** | **22641267** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$9.46** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Period Ended December 31, 2022<sup>1</sup> | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1462710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1596540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (441) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **3058809** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 723226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 376680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 63137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 53364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 35155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 26199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 12648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 10673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 8670 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1309752** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **1749057** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Derivative Contracts and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (6393043) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (29978) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (8067407) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | (5939) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments, Derivative Contracts and Foreign Currency Transactions** | **(14496370)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | **$(12747313)** |

---

<sup>1</sup> Commenced operations on May 2, 2022.

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Changes in Net Assets** | &nbsp;&nbsp;&nbsp; **Statement of Changes in Net Assets** |
|  | **For the<br>Period Ended<br>12/31/22<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $1749057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions | (6423024) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and derivative contracts | (8073346) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | **(12747313)** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 243244258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (16299699) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Capital Share Transactions** | **226944559** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets** | **214197246** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214197246 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 24337152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1695885) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase** | **22641267** |

---

<sup>1</sup> Commenced operations on May 2, 2022.

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Loss** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2),(3)</sup>** |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/22<sup>(5)</sup> | $10.00 | $0.07 | $(0.61) | $(0.54) | $9.46 | (5.40)% |

---

---

| | |
|:---|:---|
| **18** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3),(4)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3),(4)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Portfolio<br>Turnover Rate<sup>(3)</sup>** |
| $214197 | 0.86% | 0.86% | 1.17% | 1.17% | 59% |

---

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

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

<sup>(3)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. Certain non-recurring fees (i.e., audit fees) are not annualized. 

<sup>(4)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

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

---

| | |
|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | **19** |

---

------

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

**December 31, 2022** 

**1. Organization** 

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

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

The Fund seeks to provide capital appreciation and moderate current income while seeking to manage volatility.

**2. Significant Accounting Policies** 

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

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

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

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

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

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

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

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| | |
|:---|:---|
| **20** | |

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

Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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

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

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

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For

the period ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

***Investments*** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

---

| | |
|:---|:---|
| | **21** |

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

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

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

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

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

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

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap

agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. The Fund may also enter into cleared swaps.

In entering into swap contracts, the Fund is required to deposit with the broker (or for the benefit of the broker), either in cash or securities, an amount equal to a percentage of the notional value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the swap contracts and may realize a loss. There were no credit default swaps held as of December 31, 2022.

**e. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net

---

| | |
|:---|:---|
| **22** | |

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

change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**f. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

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

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

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.48% of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.89% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time

without action by the Board of Trustees, and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the period ended December 31, 2022, Park Avenue did not waive any fees or pay any Fund expenses.

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

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

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the period ended December 31, 2022, the Fund paid distribution fees in the amount of $376,680 to PAS.

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

**4. Federal Income Taxes** 

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax

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| | |
|:---|:---|
| | **23** |

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

purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the period ended December 31, 2022, were as follows:

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| | | |
|:---|:---|:---|
|  | **Other**<br> **Investments** | **U.S. Government and**<br> **Agency Obligations** |
| &nbsp;&nbsp;&nbsp;Purchases | $257006127 | $76572178 |
| &nbsp;&nbsp;&nbsp;Sales | 87396996 | 33031137 |

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

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented

or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

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

**f. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of December 31, 2022, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.

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

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

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| | |
|:---|:---|
| **24** | |

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

interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac"), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

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

**j. Disclosures About Derivative Instruments and Hedging Activities** The Fund entered into U.S. Treasury futures contracts for the period ended December 31, 2022 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

Under certain market conditions, the Fund may use credit default swaps. Credit default swaps involve the exchange of a floating or fixed rate payment in return for assuming potential credit losses of an underlying security or pool of securities.

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

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

In addition to the risks generally applicable to derivatives, risks associated with credit default swap agreements include adverse changes in the returns of the underlying instruments, failure of the counterparties to perform under the agreement's terms and the possible lack of liquidity with respect to the agreements.

As of December 31, 2022, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund's use of derivative instruments:

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| | |
|:---|:---|
|  | **Interest Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Asset Derivatives** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $535 |
| &nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $(6474) |

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

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| | |
|:---|:---|
| | **25** |

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

Transactions in derivative investments for the period ended December 31, 2022 were as follows:

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| | |
|:---|:---|
|  | **Interest Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $(29978) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/<br>(Depreciation)** | &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>2</sup> | $(5939) |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>3</sup> | 12 |

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

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

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

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank

Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the period ended December 31, 2022.

**7. Indemnifications** 

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

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| | |
|:---|:---|
| **26** | |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

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

**Guardian Balanced Allocation VIP Fund** 

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

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| | |
|:---|:---|
| | **27** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp; **Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

---

---

| | |
|:---|:---|
| **28** | |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Richard T. Potter<sup>4</sup>** (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

---

<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

---

| | |
|:---|:---|
| | **29** |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Position(s) Held and<br>Length of Service<sup>5</sup>** | **Principal Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp; **John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018). |
| &nbsp;&nbsp;&nbsp; **Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp; **Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp; **Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

---

<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

---

| | |
|:---|:---|
| **30** | |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

---

| | |
|:---|:---|
| | **31** |

---

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g414146g84s34.jpg)

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

PUB11738

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Equity Income VIP Fund**![LOGO](g558443g40s74.jpg)

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

------

**TABLE OF CONTENTS** 

**Guardian Equity Income VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc558443_1)** | 1 |
|  **[Fund Characteristics](#toc558443_2)** | 2 |
|  **[Fund Performance](#toc558443_3)** | 3 |
|  **[Understanding Your Fund's Expenses](#toc558443_4)** | 4 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc558443_6) | 5 |
| [Statement of Assets and Liabilities](#toc558443_7) | 7 |
| [Statement of Operations](#toc558443_8) | 7 |
| [Statement of Changes in Net Assets](#toc558443_9) | 8 |
| [Financial Highlights](#toc558443_10) | 10 |
| [Notes to Financial Statements](#toc558443_11) | 12 |
| [Report of Independent Registered Public Accounting Firm](#toc558443_12) | 17 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc558443_17) | 18 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc558443_18) | 21 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

**GUARDIAN EQUITY INCOME VIP FUND** 

**FUND COMMENTARY OF** 

**WELLINGTON MANAGEMENT COMPANY LLP, SUB-ADVISER** 

**(UNAUDITED)** 

**Highlights** 

• Guardian Equity Income VIP Fund (the "Fund") returned 2.60% for the period from the Fund's inception¹ through December 31, 2022, outperforming its benchmark, the Russell 1000<sup>®</sup> Value Index<sup>2</sup> (the "Index"). The Fund's outperformance relative to the Index was driven by strong security selection in the
consumer discretionary, industrials, and information technology sectors. Sector allocation also contributed to relative results.

• The Index returned -1.28% since inception of the Fund through December 31, 2022. Within the Index, the energy, health care, and industrials sectors had the strongest absolute
performance while the real estate, communication services, and information technology sectors posted negative returns during the period.

**Market Overview** 

In the first quarter of 2022, U.S. equities registered their first quarterly loss since March 2020. Fears about the economic implications of Russia's large-scale military attack on Ukraine and the prospect of aggressive monetary policies tightening by the U.S. Federal Reserve (the "Fed") drove the Index into correction territory in February 2022. In March 2022, the Fed raised interest rates by 25 basis points ("bps"), lifted its 2022 core inflation forecast to 4.1%, and cut its 2022 gross domestic product ("GDP") growth forecast to 2.8%.

In the second quarter of 2022, U.S. equities fell sharply during a volatile quarter. Rampant inflation and tighter financial conditions hurt risk sentiment and increased the probability of recession. Growth stocks significantly underperformed their value counterparts as surging Treasury yields and disappointing earnings results from some of the largest technology companies drove the Nasdaq Composite Index<sup>3</sup> to its biggest quarterly loss since September 2001. The Fed responded to the larger-than-expected increase in prices by accelerating its pace of interest-rate hikes to 75 bps in June 2022, following a 50 bps increase in May 2022.

In the third quarter of 2022, U.S. equities fell as risk sentiment deteriorated on fears that aggressive

interest-rate hikes and tighter financial conditions would constrict economic growth and drive the U.S. to recession. Stocks suffered steep losses in September 2022 after a larger-than-expected rise in core consumer prices showed that inflation continued to mount across broad areas of the economy. As expected, the Fed raised interest rates by 75 bps in September 2022 — the third-straight increase of that magnitude.

U.S. equities rallied in the fourth quarter of 2022. Greater optimism that the Fed would begin to scale back its aggressive pace of interest-rate hikes, along with outsized short covering and hedging, helped to fuel a sharp rebound in stocks in October and November 2022 before risk sentiment waned in December 2022 amid recession fears, macroeconomic headwinds, and downside earnings risks in the coming quarters. In December 2022, the Fed raised interest rates by 50 bps, ending a streak of four consecutive hikes of 75 bps. However, the Fed's Summary of Economic Projections in December 2022 indicated a more hawkish outlook compared to its September 2022 forecast.

**Portfolio Review** 

Stock selection was the primary driver of the Fund's relative outperformance compared to the Index during the period. Strong selection in the consumer discretionary, industrials, and information technology sectors was partially offset by weaker selection in the energy and utilities sectors. Sector allocation, a result of our bottom-up stock selection process, also benefited relative results. Our underweight allocation to communication services and real estate sectors benefited performance relative to the Index, partially offset by our overweight position in the information technology sector.

**Outlook** 

As we enter 2023, our universe is rich with new opportunities. We continue to focus on finding high-quality businesses with strong balance sheets and sustainable dividends for the Fund's portfolio. We are spending considerable time on our downside stress-test scenarios and are confident in the sustainability of dividends and long-term value potential of holdings in the Fund's portfolio.

**<sup>1</sup>** Fund inception date: May 2, 2022. 

**<sup>2</sup>** The Russell 1000<sup>®</sup> Value Index is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Index (which consists of the 1,000 largest U.S. companies based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index, and, unlike the Fund, the Index does not incur fees and expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group. 

**<sup>3</sup>** The Nasdaq Composite Index (NASDAQ) is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange. 

 <sub>1</sub>

------

**GUARDIAN EQUITY INCOME VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $143,108,520

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Sector Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g558443g01a01.jpg)  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>**<br> As of December 31, 2022 | &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp;**Holding** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 3.32% |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 2.89% |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 2.85% |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 2.74% |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2.38% |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 2.28% |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 2.23% |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 2.11% |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2.09% |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | 1.91% |
| &nbsp;&nbsp;&nbsp;**Total** | **24.80%** |

---

**<sup>1</sup>** The Fund's holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS<sup>®</sup>). Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. 

---

| | |
|:---|:---|
| **2** | |

---

------

**GUARDIAN EQUITY INCOME VIP FUND** 

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception\*** |
| &nbsp;&nbsp;&nbsp;Guardian Equity Income VIP Fund | 5/2/2022 |  |  |  | 2.60% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index |  |  |  |  | -1.28% |

---

\* Since inception returns are not annualized and represent cumulative total returns. 

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

 <sub>3</sub>

------

**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees, if any, and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $1072.10 | $2.87 | 0.55% |
| &nbsp;&nbsp;&nbsp; Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1022.43 | $2.80 | 0.55% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

---

| | |
|:---|:---|
| **4** | |

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**SCHEDULE OF INVESTMENTS — GUARDIAN EQUITY INCOME VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 98.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 3.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 8604 | $| 2134738 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 6625 |  | 1379391 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 14680 |  | 1481506 |
|  |  |  | **4995635** |
| &nbsp;&nbsp;&nbsp;**Banks – 6.1%** | &nbsp;&nbsp;&nbsp;**Banks – 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 25406 |  | 3406945 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 13766 |  | 1996896 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada) | 16266 |  | 1529292 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 40999 |  | 1764187 |
|  |  |  | **8697320** |
| &nbsp;&nbsp;&nbsp;**Beverages – 1.0%** | &nbsp;&nbsp;&nbsp;**Beverages – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 39066 |  | 1393094 |
|  |  |  | **1393094** |
| &nbsp;&nbsp;&nbsp;**Building Products – 1.5%** | &nbsp;&nbsp;&nbsp;**Building Products – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 32496 |  | 2079744 |
|  |  |  | **2079744** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 7.2%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 40032 |  | 2739790 |
| &nbsp;&nbsp;&nbsp; Blackstone, Inc. | 21496 |  | 1594788 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 4162 |  | 1429148 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 37580 |  | 3195052 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 12924 |  | 1380929 |
|  |  |  | **10339707** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 3.2%** | &nbsp;&nbsp;&nbsp;**Chemicals – 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | 7365 |  | 752997 |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A | 21091 |  | 1751186 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 16901 |  | 2125132 |
|  |  |  | **4629315** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 2.1%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 62794 |  | 2991506 |
|  |  |  | **2991506** |
| &nbsp;&nbsp;&nbsp;**Distributors – 1.0%** | &nbsp;&nbsp;&nbsp;**Distributors – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | 27172 |  | 1451257 |
|  |  |  | **1451257** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 48913 |  | 1403803 |
|  |  |  | **1403803** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 4.8%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 23555 |  | 2236547 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 61732 |  | 2668674 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 23284 |  | 1946543 |
|  |  |  | **6851764** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.1%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 10530 |  | 1652684 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | 14772 |  | 1418998 |
|  |  |  | **3071682** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.3%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.3%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.3%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.3%** |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | 54420 |  | 1738175 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** (continued) | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** (continued) | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** (continued) | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** (continued) |
| &nbsp;&nbsp;&nbsp; TE Connectivity Ltd. | 13759 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579533 |
|  |  |  | **3317708** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 4.1%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 4.1%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 4.1%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 4.1%** |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 15182 |  | 2059287 |
| &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 43715 |  | 2277114 |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 23296 |  | 1527053 |
|  |  |  | **5863454** |
| &nbsp;&nbsp;&nbsp;**Food Products – 3.2%** | &nbsp;&nbsp;&nbsp;**Food Products – 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 18118 |  | 1682256 |
| &nbsp;&nbsp;&nbsp; Kellogg Co. | 20629 |  | 1469610 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 22006 |  | 1466700 |
|  |  |  | **4618566** |
| &nbsp;&nbsp;&nbsp;**Gas Utilities – 1.6%** | &nbsp;&nbsp;&nbsp;**Gas Utilities – 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 20014 |  | 2242969 |
|  |  |  | **2242969** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.9%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp; Becton Dickinson and Co. | 5788 |  | 1471889 |
| &nbsp;&nbsp;&nbsp; Medtronic PLC | 15642 |  | 1215696 |
|  |  |  | **2687585** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 3789 |  | 1943643 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 4289 |  | 2273942 |
|  |  |  | **4217585** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 1.2%** | &nbsp;&nbsp;&nbsp;**Household Durables – 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 18331 |  | 1658956 |
|  |  |  | **1658956** |
| &nbsp;&nbsp;&nbsp;**Household Products – 1.0%** | &nbsp;&nbsp;&nbsp;**Household Products – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 10057 |  | 1365238 |
|  |  |  | **1365238** |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 2.3%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates – 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 6668 |  | 1428952 |
| &nbsp;&nbsp;&nbsp; Siemens AG, ADR | 15796 |  | 1086607 |
| &nbsp;&nbsp;&nbsp; Siemens AG (Reg S) (Germany) | 5431 |  | 753783 |
|  |  |  | **3269342** |
| &nbsp;&nbsp;&nbsp;**Insurance – 4.9%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | 23517 |  | 1487215 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 10477 |  | 2311226 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 45019 |  | 3258025 |
|  |  |  | **7056466** |
| &nbsp;&nbsp;&nbsp;**IT Services – 1.0%** | &nbsp;&nbsp;&nbsp;**IT Services – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 20414 |  | 1385090 |
|  |  |  | **1385090** |
| &nbsp;&nbsp;&nbsp;**Media – 1.5%** | &nbsp;&nbsp;&nbsp;**Media – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 62262 |  | 2177302 |
|  |  |  | **2177302** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.3%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Rio Tinto PLC, ADR | 26925 |  | 1917060 |
|  |  |  | **1917060** |

---

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

------

**SCHEDULE OF INVESTMENTS — GUARDIAN EQUITY INCOME VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.4%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Sempra Energy | 13308 | $| 2056618 |
|  |  |  | **2056618** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 8.0%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 33254 |  | 3923972 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 82514 |  | 2027369 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 23292 |  | 3016780 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 10649 |  | 1108348 |
| &nbsp;&nbsp;&nbsp; TC Energy Corp. (Canada) | 34006 |  | 1355719 |
|  |  |  | **11432188** |
| &nbsp;&nbsp;&nbsp;**Personal Products – 1.8%** | &nbsp;&nbsp;&nbsp;**Personal Products – 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp; Unilever PLC, ADR | 51147 |  | 2575251 |
|  |  |  | **2575251** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 13.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC, ADR | 30285 |  | 2053323 |
| &nbsp;&nbsp;&nbsp; Eli Lilly and Co. | 6410 |  | 2345034 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 23402 |  | 4133963 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 36772 |  | 4079854 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 92716 |  | 4750768 |
| &nbsp;&nbsp;&nbsp; Roche Holding AG (Switzerland) | 5465 |  | 1717441 |
|  |  |  | **19080383** |
| &nbsp;&nbsp;&nbsp;**Road & Rail – 1.0%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Canadian National Railway Co. (Canada) | 11637 |  | 1382345 |
|  |  |  | **1382345** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.0%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.0%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.0%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.0%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 14732 |  | 2416490 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 2897 |  | 1619800 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 9770 |  | 1543953 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 13666 |  | 1502440 |
|  |  |  | **7082683** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 3.8%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | 6119 |  | 1932747 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 7035 |  | 1401653 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. | 27136 |  | 2160026 |
|  |  |  | **5494426** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Tobacco – 1.8%** | &nbsp;&nbsp;&nbsp;**Tobacco – 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 25325 | $2563143 |
|  |  | **2563143** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $139,094,688) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $139,094,688) | **141349185** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.2%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.2%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.2%** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.2%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.2%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.2%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $1,730,939, due 1/3/2023<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730693 | 1730693 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,730,693) |  | **1730693** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.0%** <br> (Cost $140,825,381) |  | **143079878** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.0%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.0%** | **28642** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** |  | $**143108520** |

---

<sup>(1)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $2416900 | $1765336 |

---

**Legend:** 

ADR — American Depositary Receipt

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $138877961 | $2471224 \* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $141349185 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1730693 |  | 1730693 |
| &nbsp;&nbsp;&nbsp;**Total** | $**138877961** | $**4201917** | $**—** | $**143079878** |

---

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

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143079878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 181391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 12386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 4904 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **143278844** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 62109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 59584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 21652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 8211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 18405 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **170324** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**143108520** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $139383956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 3724564 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**143108520** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $140825381 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **13944475** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$10.26** |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Period Ended December 31, 2022<sup>1</sup> | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3184987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 9144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (22537) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **3171594** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 492598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 44993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 29803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 22799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 20587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 10548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 9059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 5680 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **636067** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (94209) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **541858** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **2629736** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (1160206) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | 2254497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain on Investments and Foreign Currency Transactions** | **1094828** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | $**3724564** |

---

<sup>1</sup> Commenced operations on May 2, 2022.

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

------

**FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Changes in Net Assets** | |
|  | **For the<br>Period Ended<br>12/31/22<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $2629736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | (1159677) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies | 2254505 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | **3724564** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 155355075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (15971119) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Capital Share Transactions** | **139383956** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets** | **143108520** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143108520 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 15535623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1591148) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase** | **13944475** |

---

<sup>1</sup> Commenced operations on May 2, 2022.

---

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

---

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This Page Intentionally Left Blank

 <sub>9</sub>

------

**FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **<br>Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2),(3)</sup>** |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/22<sup>(5)</sup> | $10.00 | $0.18 | $0.08 | $0.26 | $10.26 | 2.60% |

---

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3),(4)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Net Ratio of Net**<br> **Investment Income<br>to Average<br>Net Assets<sup>(3),(4)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Portfolio<br>Turnover Rate<sup>(3)</sup>** |
| $143109 | 0.54% | 0.64% | 2.68% | 2.58% | 36% |

---

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

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

<sup>(3)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. Certain non-recurring fees (i.e., audit fees) are not annualized. 

<sup>(4)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

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

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

------

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

**December 31, 2022** 

**1. Organization** 

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

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

The Fund seeks a high level of current income consistent with growth of capital.

**2. Significant Accounting Policies** 

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

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

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

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

---

| | |
|:---|:---|
| **12** | |

---

------

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

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

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

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

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the period ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the period ended December 31, 2022, the Fund did not hold any derivatives.

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

 <sub>13</sub>

------

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

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

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

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

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

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.50% of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.55% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the period ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $94,209.

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

---

| | |
|:---|:---|
| **14** | |

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

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

**4. Federal Income Taxes** 

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

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $193,071,250 and $52,803,851, respectively, for the period ended December 31, 2022. During the period ended December 31, 2022, there were no purchases or sales of U.S. government securities.

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

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

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

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

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the period ended December 31, 2022.

**7. Indemnifications** 

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund

enters into contracts with its vendors and others that

---

| | |
|:---|:---|
| | **15** |

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------

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

provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the

Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

---

| | |
|:---|:---|
| **16** | |

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------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

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

**Guardian Equity Income VIP Fund** 

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

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| | |
|:---|:---|
| | **17** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp; **Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013– 2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

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| | |
|:---|:---|
| **18** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br> (born 1972)  | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

---

<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

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| | |
|:---|:---|
| | **19** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Position(s) Held and<br>Length of Service<sup>5</sup>** | **Principal Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp; **John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018). |
| &nbsp;&nbsp;&nbsp; **Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp; **Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp; **Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

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<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

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| | |
|:---|:---|
| **20** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

---

| | |
|:---|:---|
| | **21** |

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**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g558443g84s34.jpg)

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

PUB11739

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Select Mid Cap Core VIP Fund**![LOGO](g412412g40s74.jpg)

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

------

**TABLE OF CONTENTS** 

**Guardian Select Mid Cap Core VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc412412_1)** | 1 |
|  **[Fund Characteristics](#toc412412_2)** | 2 |
|  **[Fund Performance](#toc412412_3)** | 3 |
|  **[Understanding Your Fund's Expenses](#toc412412_4)** | 4 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc412412_6) | 5 |
| [Statement of Assets and Liabilities](#toc412412_7) | 10 |
| [Statement of Operations](#toc412412_8) | 10 |
| [Statements of Changes in Net Assets](#toc412412_9) | 11 |
| [Financial Highlights](#toc412412_10) | 12 |
| [Notes to Financial Statements](#toc412412_11) | 14 |
| [Report of Independent Registered Public Accounting Firm](#toc412412_12) | 19 |
|  **[Supplemental Information](#toc412412_16)** |  |
| [Trustees and Officers Information Table](#toc412412_16) | 20 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc412412_17) | 23 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

**GUARDIAN SELECT MID CAP CORE VIP FUND** 

**FUND COMMENTARY OF FIAM LLC, SUB-ADVISER (UNAUDITED)** 

**Highlights** 

• Guardian Select Mid Cap Core VIP Fund returned -14.19%, underperforming the Standard & Poor's MidCap 400<sup>®</sup> Index<sup>1</sup> (the "Index"), the Fund's benchmark, for the 12 months ended December 31, 2022. Security selection drove the majority of the Fund's underperformance relative to the Index for the
period, particularly negative security selection in the financials sector. For the period, mid-cap stocks outperformed large and small-cap stocks. From a style perspective, value stocks significantly outperformed growth stocks across the
capitalization range during the period.

• The Index returned -13.06% for the period.

• In August 2022, Christopher Lee became a co-portfolio manager of the Fund. Co-portfolio manager Robert Stansky retired from FIAM LLC at the end of the year.

**Market Overview** 

During the period, U.S. equity markets declined as a confluence of factors led to U.S. stocks snapping a three-year winning streak and posting their worst calendar year returns since 2008. Despite staging a broad-based recovery in fourth quarter of 2022 after struggling during the first 9 months of 2022, U.S. stocks finished lower as nearly all major indices posted double-digit losses for the year. Elevated inflation prompted the U.S. Federal Reserve (the "Fed") to raise the federal funds rate seven times during the course of 2022. The most recent 50 basis point rate hike in December resulted in the federal funds rate ending the year at a range of 4.25%-4.50%, its highest level in 15 years. Geopolitical tensions also weighed on markets during 2022 as the ripple effect of the ongoing Russia-Ukraine conflict impacted commodity and energy supply and prices globally.

**Portfolio Review** 

We continued to pursue a largely sector-neutral approach to managing the Fund. Given this approach, we expected security selection to be the primary driver of performance relative to the Index. During the review period, seven of the eleven sectors detracted from relative performance. Negative security selection in the financials and consumer staples sectors were the most significant detractors from relative performance, while holdings in the industrials and energy sectors contributed to relative performance.

**Outlook** 

After an abrupt rise in 2022, bond yields held steady during the fourth quarter amid signs that rapid inflationary pressures were coming off the boil. The Fed and many other central banks further tightened monetary policy, and the U.S. and global economies faced rising recession risks. We believe the evolution of these trends defines the 2023 outlook. Earnings growth expectations for the next 12 months are relatively muted, but the trailing 12-month price-to-earnings ratios for all major categories of global equities are below their long-term averages. We believe that security selection opportunities may be present despite the volatile backdrop.

Within this environment, we continue to favor companies that appear poised to deliver improving fundamentals and whose stocks are trading at what we believe to be attractive valuations.

<sup>**1**</sup> The Index provides investors with a benchmark for mid-sized companies. The Index, which is distinct from the large-cap Standard & Poor's 500<sup>®</sup> Index is designed to measure the performance of the 400 mid-sized companies, relfeclting the distinctive risk and return charactistics of this market segment. 

 <sub>1</sub>

------

**GUARDIAN SELECT MID CAP CORE VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $218,098,607

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Sector Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g412412g02a03.jpg) |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp;**Holding** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A | 1.31% |
| &nbsp;&nbsp;&nbsp;Five Below, Inc. | 1.22% |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 1.22% |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc. | 1.18% |
| &nbsp;&nbsp;&nbsp;WillScot Mobile Mini Holdings Corp. | 1.17% |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc. | 1.17% |
| &nbsp;&nbsp;&nbsp;Masimo Corp. | 1.15% |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 1.11% |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | 1.08% |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 1.08% |
| &nbsp;&nbsp;&nbsp;**Total** | **11.69%** |

---

**<sup>1</sup>** The Fund's holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS<sup>®</sup>). Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. 

---

| | |
|:---|:---|
| **2** | |

---

------

**GUARDIAN SELECT MID CAP CORE VIP FUND** 

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian Select Mid Cap Core VIP Fund | 10/25/2021 | -14.19% |  |  | -11.51% |
| &nbsp;&nbsp;&nbsp;Standard & Poor's MidCap 400<sup>®</sup> Index |  | -13.06% |  |  | -11.80% |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g412412g05a05.jpg) |

---

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Select Mid Cap Core VIP Fund and the Standard & Poor's MidCap 400<sup>®</sup> Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

 <sub>3</sub>

------

**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $1052.30 | $4.50 | 0.87% |
| &nbsp;&nbsp;&nbsp;Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1020.82 | $4.43 | 0.87% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

---

| | |
|:---|:---|
| **4** | |

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 98.9%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.9%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.9%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.0%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.0%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.0%** |
| &nbsp;&nbsp;&nbsp; HEICO Corp., Class A | 17376 | $2082513 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 25460 | 1003379 |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems Holdings, Inc., Class A | 45410 | 1344136 |
|  |  | **4430028** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.7%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.7%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 0.7%** |
| &nbsp;&nbsp;&nbsp; Air Transport Services Group, Inc.<sup>(1)</sup> | 62500 | 1623750 |
|  |  | **1623750** |
| &nbsp;&nbsp;&nbsp;**Airlines – 0.2%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.2%** | &nbsp;&nbsp;&nbsp;**Airlines – 0.2%** |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp.<sup>(1)</sup> | 58160 | 376877 |
|  |  | **376877** |
| &nbsp;&nbsp;&nbsp;**Auto Components – 1.2%** | &nbsp;&nbsp;&nbsp;**Auto Components – 1.2%** | &nbsp;&nbsp;&nbsp;**Auto Components – 1.2%** |
| &nbsp;&nbsp;&nbsp; Adient PLC<sup>(1)</sup> | 28227 | 979195 |
| &nbsp;&nbsp;&nbsp; Lear Corp. | 12378 | 1535119 |
| &nbsp;&nbsp;&nbsp; Novem Group SA (Luxembourg) | 19637 | 176205 |
|  |  | **2690519** |
| &nbsp;&nbsp;&nbsp;**Automobiles – 0.7%** | &nbsp;&nbsp;&nbsp;**Automobiles – 0.7%** | &nbsp;&nbsp;&nbsp;**Automobiles – 0.7%** |
| &nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 37017 | 1539907 |
|  |  | **1539907** |
| &nbsp;&nbsp;&nbsp;**Banks – 5.9%** | &nbsp;&nbsp;&nbsp;**Banks – 5.9%** | &nbsp;&nbsp;&nbsp;**Banks – 5.9%** |
| &nbsp;&nbsp;&nbsp; Associated Banc-Corp | 61411 | 1417980 |
| &nbsp;&nbsp;&nbsp; Bancorp, Inc.<sup>(1)</sup> | 90100 | 2557038 |
| &nbsp;&nbsp;&nbsp; BankUnited, Inc. | 3100 | 105307 |
| &nbsp;&nbsp;&nbsp; Cadence Bank | 43300 | 1067778 |
| &nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 25400 | 1673860 |
| &nbsp;&nbsp;&nbsp; First Horizon Corp. | 37674 | 923013 |
| &nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc., Class A | 8100 | 313065 |
| &nbsp;&nbsp;&nbsp; PacWest Bancorp | 75601 | 1735043 |
| &nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 24900 | 1071945 |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 12500 | 917500 |
| &nbsp;&nbsp;&nbsp; Piraeus Financial Holdings SA (Greece)<sup>(1)</sup> | 126400 | 193833 |
| &nbsp;&nbsp;&nbsp; Silvergate Capital Corp., Class A<sup>(1)</sup> | 822 | 14303 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 11170 | 944088 |
|  |  | **12934753** |
| &nbsp;&nbsp;&nbsp;**Beverages – 0.5%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.5%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.5%** |
| &nbsp;&nbsp;&nbsp; Boston Beer Co., Inc., Class A<sup>(1)</sup> | 1585 | 522289 |
| &nbsp;&nbsp;&nbsp; Celsius Holdings, Inc.<sup>(1)</sup> | 4676 | 486491 |
|  |  | **1008780** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 1.5%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.5%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 1.5%** |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc.<sup>(1)</sup> | 76800 | 1231872 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp.<sup>(1)</sup> | 7000 | 1946630 |
|  |  | **3178502** |
| &nbsp;&nbsp;&nbsp;**Building Products – 1.0%** | &nbsp;&nbsp;&nbsp;**Building Products – 1.0%** | &nbsp;&nbsp;&nbsp;**Building Products – 1.0%** |
| &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 9636 | 2270723 |
|  |  | **2270723** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 0.4%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 0.4%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 0.4%** |
| &nbsp;&nbsp;&nbsp; Lazard Ltd., Class A | 9612 | 333248 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Capital Markets** (continued) | &nbsp;&nbsp;&nbsp;**Capital Markets** (continued) | &nbsp;&nbsp;&nbsp;**Capital Markets** (continued) |
| &nbsp;&nbsp;&nbsp; Patria Investments Ltd., Class A | 42143 | 587052 |
|  |  | **920300** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 3.3%** | &nbsp;&nbsp;&nbsp;**Chemicals – 3.3%** | &nbsp;&nbsp;&nbsp;**Chemicals – 3.3%** |
| &nbsp;&nbsp;&nbsp; Ashland, Inc. | 18200 | 1957046 |
| &nbsp;&nbsp;&nbsp; Chemours Co. | 45096 | 1380839 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc. | 27253 | 2655805 |
| &nbsp;&nbsp;&nbsp; Valvoline, Inc. | 38091 | 1243671 |
|  |  | **7237361** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 0.6%** |
| &nbsp;&nbsp;&nbsp; Brink's Co. | 24276 | 1303864 |
|  |  | **1303864** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.2%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.2%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.2%** |
| &nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 3556 | 107889 |
| &nbsp;&nbsp;&nbsp; WillScot Mobile Mini Holdings Corp.<sup>(1)</sup> | 56705 | 2561365 |
|  |  | **2669254** |
| &nbsp;&nbsp;&nbsp;**Construction Materials – 1.1%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 1.1%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 1.1%** |
| &nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 17617 | 2340418 |
|  |  | **2340418** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.2%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.2%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.2%** |
| &nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 6698 | 582123 |
| &nbsp;&nbsp;&nbsp; NerdWallet, Inc., Class A<sup>(1)</sup> | 67100 | 644160 |
| &nbsp;&nbsp;&nbsp; OneMain Holdings, Inc. | 43869 | 1461276 |
|  |  | **2687559** |
| &nbsp;&nbsp;&nbsp;**Distributors – 0.3%** | &nbsp;&nbsp;&nbsp;**Distributors – 0.3%** | &nbsp;&nbsp;&nbsp;**Distributors – 0.3%** |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | 10943 | 584466 |
|  |  | **584466** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.1%** |
| &nbsp;&nbsp;&nbsp; H&R Block, Inc. | 8081 | 295037 |
|  |  | **295037** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.4%** |
| &nbsp;&nbsp;&nbsp; Cairo Mezz PLC (Cyprus)<sup>(1)</sup> | 775200 | 73543 |
| &nbsp;&nbsp;&nbsp; Cannae Holdings, Inc.<sup>(1)</sup> | 33071 | 682916 |
| &nbsp;&nbsp;&nbsp; Sunrisemezz PLC (Cyprus)<sup>(1)</sup> | 18057 | 2204 |
|  |  | **758663** |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 0.3%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 0.3%** |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent,<br>Inc.<sup>(1)</sup> | 6145 | 156575 |
| &nbsp;&nbsp;&nbsp; Iridium Communications, Inc.<sup>(1)</sup> | 10153 | 521864 |
|  |  | **678439** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.7%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.7%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.7%** |
| &nbsp;&nbsp;&nbsp; ALLETE, Inc. | 8933 | 576268 |
| &nbsp;&nbsp;&nbsp; IDACORP, Inc. | 9615 | 1036978 |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp. | 35702 | 1412014 |
| &nbsp;&nbsp;&nbsp; PNM Resources, Inc. | 15971 | 779225 |
|  |  | **3804485** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.0%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.0%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.0%** |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 18392 | 2206672 |
|  |  | **2206672** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.7%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.7%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.7%** |
| &nbsp;&nbsp;&nbsp; Avnet, Inc. | 41311 | 1717711 |

---

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

------

**SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** (continued) | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** (continued) | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** (continued) | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** (continued) |
| &nbsp;&nbsp;&nbsp; Cognex Corp. | 30849 | $| 1453296 |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. | 13600 |  | 927520 |
| &nbsp;&nbsp;&nbsp; Trimble, Inc.<sup>(1)</sup> | 12683 |  | 641253 |
| &nbsp;&nbsp;&nbsp; TTM Technologies, Inc.<sup>(1)</sup> | 54645 |  | 824047 |
| &nbsp;&nbsp;&nbsp; Vishay Intertechnology, Inc. | 13428 |  | 289642 |
|  |  |  | **5853469** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 0.9%** |
| &nbsp;&nbsp;&nbsp; ChampionX Corp. | 40307 |  | 1168500 |
| &nbsp;&nbsp;&nbsp; Liberty Energy, Inc. | 55637 |  | 890748 |
|  |  |  | **2059248** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.3%** |
| &nbsp;&nbsp;&nbsp; Endeavor Group Holdings, Inc., Class A<sup>(1)</sup> | 8301 |  | 187104 |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp-Liberty Formula One, Class C<sup>(1)</sup> | 3083 |  | 184302 |
| &nbsp;&nbsp;&nbsp; Warner Music Group Corp., Class A | 6378 |  | 223358 |
|  |  |  | **594764** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 6.9%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 6.9%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 6.9%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 6.9%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 13145 |  | 396190 |
| &nbsp;&nbsp;&nbsp; CubeSmart | 57779 |  | 2325605 |
| &nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 12300 |  | 1821138 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 9807 |  | 633532 |
| &nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 3900 |  | 826488 |
| &nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc., Class A | 50700 |  | 976989 |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 15500 |  | 1463200 |
| &nbsp;&nbsp;&nbsp; Postal Realty Trust, Inc., Class A | 83558 |  | 1214098 |
| &nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 7700 |  | 629706 |
| &nbsp;&nbsp;&nbsp; SITE Centers Corp. | 90254 |  | 1232870 |
| &nbsp;&nbsp;&nbsp; Spirit Realty Capital, Inc. | 26880 |  | 1073318 |
| &nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 13430 |  | 763764 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | 37613 |  | 1694466 |
|  |  |  | **15051364** |
| &nbsp;&nbsp;&nbsp;**Food & Staples Retailing – 2.0%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing – 2.0%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing – 2.0%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing – 2.0%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., Class A | 1559 |  | 32334 |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 15550 |  | 1028788 |
| &nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 1759 |  | 394632 |
| &nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.<sup>(1)</sup> | 6411 |  | 187137 |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co.<sup>(1)</sup> | 27188 |  | 1587507 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc.<sup>(1)</sup> | 16280 |  | 526984 |
| &nbsp;&nbsp;&nbsp; US Foods Holding Corp.<sup>(1)</sup> | 14821 |  | 504210 |
|  |  |  | **4261592** |
| &nbsp;&nbsp;&nbsp;**Food Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.3%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.3%** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. | 1834 |  | 182978 |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.<sup>(1)</sup> | 17459 |  | 1092759 |
| &nbsp;&nbsp;&nbsp; Freshpet, Inc.<sup>(1)</sup> | 3099 |  | 163534 |
| &nbsp;&nbsp;&nbsp; Ingredion, Inc. | 8526 |  | 834951 |
| &nbsp;&nbsp;&nbsp; Nomad Foods Ltd.<sup>(1)</sup> | 8151 |  | 140524 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc.<sup>(1)</sup> | 2770 |  | 250020 |
| &nbsp;&nbsp;&nbsp; Sovos Brands, Inc.<sup>(1)</sup> | 8333 |  | 119745 |
|  |  |  | **2784511** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Gas Utilities – 0.8%** | &nbsp;&nbsp;&nbsp;**Gas Utilities – 0.8%** | &nbsp;&nbsp;&nbsp;**Gas Utilities – 0.8%** |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 12858 | $813911 |
| &nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 6241 | 472568 |
| &nbsp;&nbsp;&nbsp; UGI Corp. | 9822 | 364102 |
|  |  | **1650581** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 3.9%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 3.9%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 3.9%** |
| &nbsp;&nbsp;&nbsp; Insulet Corp.<sup>(1)</sup> | 3740 | 1101019 |
| &nbsp;&nbsp;&nbsp; Masimo Corp.<sup>(1)</sup> | 16900 | 2500355 |
| &nbsp;&nbsp;&nbsp; Nevro Corp.<sup>(1)</sup> | 21200 | 839520 |
| &nbsp;&nbsp;&nbsp; Penumbra, Inc.<sup>(1)</sup> | 11600 | 2580536 |
| &nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc.<sup>(1)</sup> | 32500 | 1460875 |
|  |  | **8482305** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.3%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.3%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.3%** |
| &nbsp;&nbsp;&nbsp; agilon health, Inc.<sup>(1)</sup> | 71500 | 1154010 |
| &nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc.<sup>(1)</sup> | 82800 | 973728 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.<sup>(1)</sup> | 3350 | 1106237 |
| &nbsp;&nbsp;&nbsp; Oak Street Health, Inc.<sup>(1)</sup> | 47500 | 1021725 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc.<sup>(1)</sup> | 44000 | 1323960 |
| &nbsp;&nbsp;&nbsp; Privia Health Group, Inc.<sup>(1)</sup> | 25000 | 567750 |
| &nbsp;&nbsp;&nbsp; Surgery Partners, Inc.<sup>(1)</sup> | 40800 | 1136688 |
|  |  | **7284098** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 4.5%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 4.5%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 4.5%** |
| &nbsp;&nbsp;&nbsp; Aramark | 30823 | 1274223 |
| &nbsp;&nbsp;&nbsp; Brinker International, Inc.<sup>(1)</sup> | 13746 | 438635 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.<sup>(1)</sup> | 32250 | 1341600 |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 11090 | 2344759 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 3612 | 1251197 |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Inc., Class A<sup>(1)</sup> | 7819 | 616137 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 2978 | 709806 |
| &nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 26998 | 1925227 |
|  |  | **9901584** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 1.7%** | &nbsp;&nbsp;&nbsp;**Household Durables – 1.7%** | &nbsp;&nbsp;&nbsp;**Household Durables – 1.7%** |
| &nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 23462 | 756180 |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.<sup>(1)</sup> | 8721 | 891461 |
| &nbsp;&nbsp;&nbsp; NVR, Inc.<sup>(1)</sup> | 171 | 788751 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp.<sup>(1)</sup> | 41602 | 1262621 |
|  |  | **3699013** |
| &nbsp;&nbsp;&nbsp;**Household Products – 0.3%** | &nbsp;&nbsp;&nbsp;**Household Products – 0.3%** | &nbsp;&nbsp;&nbsp;**Household Products – 0.3%** |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | 12762 | 428165 |
| &nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. | 7121 | 213488 |
|  |  | **641653** |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers – 0.1%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers – 0.1%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers – 0.1%** |
| &nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 2362 | 204266 |
|  |  | **204266** |
| &nbsp;&nbsp;&nbsp;**Insurance – 4.4%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.4%** | &nbsp;&nbsp;&nbsp;**Insurance – 4.4%** |
| &nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 13719 | 1883344 |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. | 6424 | 803386 |
| &nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada) | 1400 | 829319 |
| &nbsp;&nbsp;&nbsp; Globe Life, Inc. | 20000 | 2411000 |
| &nbsp;&nbsp;&nbsp; Primerica, Inc. | 14987 | 2125456 |
| &nbsp;&nbsp;&nbsp; Talanx AG (Germany) | 9363 | 444190 |

---

---

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

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Insurance** (continued) | &nbsp;&nbsp;&nbsp;**Insurance** (continued) | &nbsp;&nbsp;&nbsp;**Insurance** (continued) | &nbsp;&nbsp;&nbsp;**Insurance** (continued) |
| &nbsp;&nbsp;&nbsp; Unum Group | 29000 | $| 1189870 |
|  |  |  | **9686565** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 0.2%** |
| &nbsp;&nbsp;&nbsp; IAC, Inc.<sup>(1)</sup> | 920 |  | 40848 |
| &nbsp;&nbsp;&nbsp; TripAdvisor, Inc.<sup>(1)</sup> | 4886 |  | 87850 |
| &nbsp;&nbsp;&nbsp; Ziff Davis, Inc.<sup>(1)</sup> | 4294 |  | 339656 |
|  |  |  | **468354** |
| &nbsp;&nbsp;&nbsp;**IT Services – 3.9%** | &nbsp;&nbsp;&nbsp;**IT Services – 3.9%** | &nbsp;&nbsp;&nbsp;**IT Services – 3.9%** | &nbsp;&nbsp;&nbsp;**IT Services – 3.9%** |
| &nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.<sup>(1)</sup> | 12989 |  | 1094973 |
| &nbsp;&nbsp;&nbsp; Cyxtera Technologies, Inc.<sup>(1)</sup> | 116013 |  | 222745 |
| &nbsp;&nbsp;&nbsp; ExlService Holdings, Inc.<sup>(1)</sup> | 1715 |  | 290572 |
| &nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A<sup>(1)</sup> | 15832 |  | 1184550 |
| &nbsp;&nbsp;&nbsp; MongoDB, Inc.<sup>(1)</sup> | 6600 |  | 1299144 |
| &nbsp;&nbsp;&nbsp; Nuvei Corp. (Canada)<sup>(1)(2)</sup> | 14013 |  | 356121 |
| &nbsp;&nbsp;&nbsp; Paya Holdings, Inc.<sup>(1)</sup> | 20300 |  | 159761 |
| &nbsp;&nbsp;&nbsp; Repay Holdings Corp.<sup>(1)</sup> | 28625 |  | 230431 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments, Inc., Class A<sup>(1)</sup> | 7600 |  | 425068 |
| &nbsp;&nbsp;&nbsp; Twilio, Inc., Class A<sup>(1)</sup> | 21000 |  | 1028160 |
| &nbsp;&nbsp;&nbsp; WEX, Inc.<sup>(1)</sup> | 7870 |  | 1287926 |
| &nbsp;&nbsp;&nbsp; Wix.com Ltd.<sup>(1)</sup> | 13375 |  | 1027601 |
|  |  |  | **8607052** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.2%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.2%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.2%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.2%** |
| &nbsp;&nbsp;&nbsp; Bruker Corp. | 24800 |  | 1695080 |
| &nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 3650 |  | 859027 |
|  |  |  | **2554107** |
| &nbsp;&nbsp;&nbsp;**Machinery – 6.1%** | &nbsp;&nbsp;&nbsp;**Machinery – 6.1%** | &nbsp;&nbsp;&nbsp;**Machinery – 6.1%** | &nbsp;&nbsp;&nbsp;**Machinery – 6.1%** |
| &nbsp;&nbsp;&nbsp; AGCO Corp. | 15110 |  | 2095606 |
| &nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 12836 |  | 533978 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.<sup>(1)</sup> | 7090 |  | 816981 |
| &nbsp;&nbsp;&nbsp; Crane Holdings Co. | 14090 |  | 1415341 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | 7140 |  | 966827 |
| &nbsp;&nbsp;&nbsp; Esab Corp. | 31700 |  | 1487364 |
| &nbsp;&nbsp;&nbsp; Flowserve Corp. | 68205 |  | 2092529 |
| &nbsp;&nbsp;&nbsp; IDEX Corp. | 10259 |  | 2342437 |
| &nbsp;&nbsp;&nbsp; ITT, Inc. | 19801 |  | 1605861 |
|  |  |  | **13356924** |
| &nbsp;&nbsp;&nbsp;**Marine – 0.7%** | &nbsp;&nbsp;&nbsp;**Marine – 0.7%** | &nbsp;&nbsp;&nbsp;**Marine – 0.7%** | &nbsp;&nbsp;&nbsp;**Marine – 0.7%** |
| &nbsp;&nbsp;&nbsp; Kirby Corp.<sup>(1)</sup> | 21982 |  | 1414542 |
|  |  |  | **1414542** |
| &nbsp;&nbsp;&nbsp;**Media – 0.8%** | &nbsp;&nbsp;&nbsp;**Media – 0.8%** | &nbsp;&nbsp;&nbsp;**Media – 0.8%** | &nbsp;&nbsp;&nbsp;**Media – 0.8%** |
| &nbsp;&nbsp;&nbsp; Cable One, Inc. | 620 |  | 441353 |
| &nbsp;&nbsp;&nbsp; Gray Television, Inc. | 7473 |  | 83623 |
| &nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. | 7715 |  | 256987 |
| &nbsp;&nbsp;&nbsp; New York Times Co., Class A | 12755 |  | 414027 |
| &nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc., Class A | 2436 |  | 426373 |
| &nbsp;&nbsp;&nbsp; S4 Capital PLC (United Kingdom)<sup>(1)</sup> | 20354 |  | 46541 |
|  |  |  | **1668904** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 2.7%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 2.7%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 2.7%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 2.7%** |
| &nbsp;&nbsp;&nbsp; Alcoa Corp. | 42500 |  | 1932475 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.<sup>(1)</sup> | 101549 |  | 1635954 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining** (continued) | &nbsp;&nbsp;&nbsp;**Metals & Mining** (continued) | &nbsp;&nbsp;&nbsp;**Metals & Mining** (continued) |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 14962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461788 |
| &nbsp;&nbsp;&nbsp; Yamana Gold, Inc. | 145233 | 806043 |
|  |  | **5836260** |
| &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) – 0.7%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) – 0.7%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) – 0.7%** |
| &nbsp;&nbsp;&nbsp; Rithm Capital Corp. | 172843 | 1412127 |
|  |  | **1412127** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.6%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.6%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.6%** |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. | 17279 | 473790 |
| &nbsp;&nbsp;&nbsp; NorthWestern Corp. | 15705 | 931935 |
|  |  | **1405725** |
| &nbsp;&nbsp;&nbsp;**Multiline Retail – 0.2%** | &nbsp;&nbsp;&nbsp;**Multiline Retail – 0.2%** | &nbsp;&nbsp;&nbsp;**Multiline Retail – 0.2%** |
| &nbsp;&nbsp;&nbsp; Nordstrom, Inc. | 25609 | 413329 |
|  |  | **413329** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 2.9%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 2.9%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 2.9%** |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp.<sup>(1)</sup> | 18470 | 572385 |
| &nbsp;&nbsp;&nbsp; APA Corp. | 22140 | 1033495 |
| &nbsp;&nbsp;&nbsp; Denbury, Inc.<sup>(1)</sup> | 9912 | 862542 |
| &nbsp;&nbsp;&nbsp; EQT Corp. | 18270 | 618074 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 29796 | 1546115 |
| &nbsp;&nbsp;&nbsp; Northern Oil and Gas, Inc. | 26300 | 810566 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | 12515 | 919853 |
|  |  | **6363030** |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products – 0.9%** | &nbsp;&nbsp;&nbsp;**Paper & Forest Products – 0.9%** | &nbsp;&nbsp;&nbsp;**Paper & Forest Products – 0.9%** |
| &nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 31253 | 1850178 |
|  |  | **1850178** |
| &nbsp;&nbsp;&nbsp;**Personal Products – 0.4%** | &nbsp;&nbsp;&nbsp;**Personal Products – 0.4%** | &nbsp;&nbsp;&nbsp;**Personal Products – 0.4%** |
| &nbsp;&nbsp;&nbsp; Beauty Health Co.<sup>(1)</sup> | 67700 | 616070 |
| &nbsp;&nbsp;&nbsp; BellRing Brands, Inc.<sup>(1)</sup> | 8659 | 222017 |
| &nbsp;&nbsp;&nbsp; Olaplex Holdings, Inc.<sup>(1)</sup> | 7261 | 37830 |
|  |  | **875917** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 2.3%** | &nbsp;&nbsp;&nbsp;**Professional Services – 2.3%** | &nbsp;&nbsp;&nbsp;**Professional Services – 2.3%** |
| &nbsp;&nbsp;&nbsp; CACI International, Inc., Class A<sup>(1)</sup> | 9508 | 2858010 |
| &nbsp;&nbsp;&nbsp; KBR, Inc. | 41020 | 2165856 |
|  |  | **5023866** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.6%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.6%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 0.6%** |
| &nbsp;&nbsp;&nbsp; Doma Holdings, Inc.<sup>(1)</sup> | 153537 | 69537 |
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.<sup>(1)</sup> | 6659 | 1061245 |
| &nbsp;&nbsp;&nbsp; WeWork, Inc., Class A<sup>(1)</sup> | 55200 | 78936 |
|  |  | **1209718** |
| &nbsp;&nbsp;&nbsp;**Road & Rail – 1.8%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 1.8%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 1.8%** |
| &nbsp;&nbsp;&nbsp; Landstar System, Inc. | 14458 | 2355208 |
| &nbsp;&nbsp;&nbsp; RXO, Inc.<sup>(1)</sup> | 30431 | 523413 |
| &nbsp;&nbsp;&nbsp; XPO, Inc.<sup>(1)</sup> | 30431 | 1013048 |
|  |  | **3891669** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 0.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 0.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 0.5%** |
| &nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc.<sup>(1)</sup> | 4020 | 1138745 |
|  |  | **1138745** |
| &nbsp;&nbsp;&nbsp;**Software – 5.8%** | &nbsp;&nbsp;&nbsp;**Software – 5.8%** | &nbsp;&nbsp;&nbsp;**Software – 5.8%** |
| &nbsp;&nbsp;&nbsp; Aspen Technology, Inc.<sup>(1)</sup> | 3343 | 686652 |

---

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

------

**SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Software** (continued) | &nbsp;&nbsp;&nbsp;**Software** (continued) | &nbsp;&nbsp;&nbsp;**Software** (continued) | &nbsp;&nbsp;&nbsp;**Software** (continued) |
| &nbsp;&nbsp;&nbsp; Black Knight, Inc.<sup>(1)</sup> | 3302 | $| 203898 |
| &nbsp;&nbsp;&nbsp; Blackbaud, Inc.<sup>(1)</sup> | 23037 |  | 1355958 |
| &nbsp;&nbsp;&nbsp; Blend Labs, Inc., Class A<sup>(1)</sup> | 178300 |  | 256752 |
| &nbsp;&nbsp;&nbsp; Ceridian HCM Holding, Inc.<sup>(1)</sup> | 22046 |  | 1414251 |
| &nbsp;&nbsp;&nbsp; Coupa Software, Inc.<sup>(1)</sup> | 17268 |  | 1367108 |
| &nbsp;&nbsp;&nbsp; Elastic NV<sup>(1)</sup> | 15728 |  | 809992 |
| &nbsp;&nbsp;&nbsp; Five9, Inc.<sup>(1)</sup> | 12900 |  | 875394 |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 50303 |  | 1077993 |
| &nbsp;&nbsp;&nbsp; Guidewire Software, Inc.<sup>(1)</sup> | 8828 |  | 552280 |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc.<sup>(1)</sup> | 3300 |  | 954129 |
| &nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc.<sup>(1)</sup> | 1427 |  | 33449 |
| &nbsp;&nbsp;&nbsp; PTC, Inc.<sup>(1)</sup> | 10126 |  | 1215525 |
| &nbsp;&nbsp;&nbsp; Tenable Holdings, Inc.<sup>(1)</sup> | 36473 |  | 1391445 |
| &nbsp;&nbsp;&nbsp; Workiva, Inc.<sup>(1)</sup> | 4921 |  | 413216 |
|  |  |  | **12608042** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.9%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.9%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.9%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.9%** |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc.<sup>(1)</sup> | 7211 |  | 1462102 |
| &nbsp;&nbsp;&nbsp; Five Below, Inc.<sup>(1)</sup> | 15077 |  | 2666669 |
|  |  |  | **4128771** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 0.2%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 0.2%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 0.2%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 0.2%** |
| &nbsp;&nbsp;&nbsp; Western Digital Corp.<sup>(1)</sup> | 16238 |  | 512309 |
|  |  |  | **512309** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 2.8%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 2.8%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 2.8%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 2.8%** |
| &nbsp;&nbsp;&nbsp; Capri Holdings Ltd.<sup>(1)</sup> | 37556 |  | 2152710 |
| &nbsp;&nbsp;&nbsp; PRADA SpA (Italy) | 104388 |  | 585642 |
| &nbsp;&nbsp;&nbsp; PVH Corp. | 16996 |  | 1199748 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | 53966 |  | 2055025 |
|  |  |  | **5993125** |
| &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance – 1.0%** | &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance – 1.0%** | &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance – 1.0%** | &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance – 1.0%** |
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 130231 |  | 1693003 |
| &nbsp;&nbsp;&nbsp; UWM Holdings Corp. | 141600 |  | 468696 |
|  |  |  | **2161699** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.6%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.6%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.6%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.6%** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp. | 36970 |  | 1420387 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc.<sup>(1)</sup> | 16489 |  | 2064423 |
|  |  |  | **3484810** |
| &nbsp;&nbsp;&nbsp;**Water Utilities – 0.7%** | &nbsp;&nbsp;&nbsp;**Water Utilities – 0.7%** | &nbsp;&nbsp;&nbsp;**Water Utilities – 0.7%** | &nbsp;&nbsp;&nbsp;**Water Utilities – 0.7%** |
| &nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 33217 |  | 1585447 |
|  |  |  | **1585447** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $244,277,794) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $244,277,794) |  | **215660020** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 0.1%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 0.1%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 0.1%** |
| &nbsp;&nbsp;&nbsp;**Commercial Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Commercial Services – 0.1%** |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. <br>Convertible <br>0.00% due 11/15/2026<sup>(3)</sup> | $282000 | $154922 |
|  |  | **154922** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $178,692) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $178,692) | **154922** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.1%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.1%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.1%** |
| &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.0%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.0%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 0.0%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bill <br>3.944% due 2/16/2023<sup>(4)</sup> | 90000 | 89553 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $89,525) | &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $89,525) | **89553** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.1%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.1%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.1%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $2,333,088, due 1/3/2023<sup>(5)</sup> | 2332756 | 2332756 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,332,756) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,332,756) | **2332756** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $246,878,767) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $246,878,767) | **218237251** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | **(138644)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**218098607** |

---

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

<sup>(2)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At December 31, 2022, the aggregate market value of these securities amounted to $356,121, representing 0.2% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees. 

<sup>(3)</sup> Zero coupon bond.

<sup>(4)</sup> Interest rate shown reflects the discount rate at time of purchase.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $3257700 | $2379468 |

---

---

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

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND** 

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $214140066 | $1519954 \* | $— | $215660020 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 154922 |  | 154922 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 89553 |  | 89553 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 2332756 |  | 2332756 |
| &nbsp;&nbsp;&nbsp;**Total** | $**214140066** | $**4097185** | $**—** | $**218237251** |

---

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

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

------

**FINANCIAL INFORMATION — GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $218237251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 905926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 294123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 12750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 7540 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **219459928** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures contracts | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 994988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 164566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 100042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 47189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 20476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 9323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 22963 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **1361321** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**218098607** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $253654338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable loss | (35555731) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**218098607** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246878767 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **25207929** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$8.65** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $3638615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 26035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (9264) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **3655386** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1242425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 586049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 86369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 73015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 55005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 34238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 14618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 11676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 12555 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **2115950** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (76499) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **2039451** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **1615935** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Derivative Contracts and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (8888494) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (271953) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 2855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (30048354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | (714) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments, Derivative Contracts and Foreign Currency Transactions** | **(39206668)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(37590733)** |

---

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** |
|  | **For the<br>Year Ended<br>12/31/22** | **For the<br>Period Ended<br>12/31/21<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $1615935 | $449424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions | (9157592) | 178733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, derivative<br>contracts and translation of assets and liabilities in foreign currencies | (30049076) | 1406845 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(37590733)** | **2035002** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 41570400 | 276926952<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (47730311) | (17112703) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions** | **(6159911)** | **259814249** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets** | **(43750644)** | **261849251** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 261849251 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218098607 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261849251 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 4545332 | 27693924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (5326228) | (1705099) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease)** | **(780896)** | **25988825** |

---

<sup>1</sup> Commenced operations on October 25, 2021.

<sup>2</sup> Includes in-kind subscriptions of $262,899,145. The cost basis of the contributed securities is equal to the market value of the securities on the date of the subscription. 

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

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**FINANCIAL INFORMATION — GUARDIAN SELECT MID CAP CORE VIP FUND** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **<br>Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $10.08 | $0.06 | $(1.49) | $(1.43) | $8.65 | (14.19)% |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/21<sup>(4)</sup> | 10.00 | 0.02 | 0.06 | 0.08 | 10.08 | 0.80%<sup>(5)</sup> |

---

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN SELECT MID CAP CORE VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of**<br>**Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $218099 | 0.87% | 0.90% | 0.69% | 0.66% | 74% |
| 261849 | 0.82%<sup>(5)</sup> | 0.90%<sup>(5)</sup> | 0.96%<sup>(5)</sup> | 0.88%<sup>(5)</sup> | 93%<sup>(5)</sup> |

---

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

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

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

<sup>(4)</sup> Commenced operations on October 25, 2021.

<sup>(5)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2021, certain non-recurring fees (i.e., audit fees) are not annualized. 

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

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND** 

**December 31, 2022** 

**1. Organization** 

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Select Mid Cap Core VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on October 25, 2021. The financial statements for other series of the Trust are presented in separate reports.

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

The Fund seeks long term growth of capital.

**2. Significant Accounting Policies** 

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

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

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

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

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the

---

| | |
|:---|:---|
| **14** | |

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------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND** 

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

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

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

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

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

***Investments*** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

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

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

---

| | |
|:---|:---|
| | **15** |

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------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND** 

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest

income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

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

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.53% of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.87% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $76,499.

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

---

| | |
|:---|:---|
| **16** | |

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------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND** 

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

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $586,049 to PAS.

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

**4. Federal Income Taxes** 

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

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $171,353,885 and $176,248,802, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include,

but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

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

**e. Disclosures About Derivative Instruments and Hedging Activities** The Fund entered into equity futures contracts for the year ended December 31, 2022 to equitize cash and keep the Fund fully invested. Using futures contracts involves various risks, including market, interest rate and equity risks. Risks of entering into futures contracts include the possibility that there may be an illiquid market or that a change in the value of the contract may not correlate with the changes in the value of the underlying securities. To the extent that market prices move in an unexpected direction, there is a risk that a Fund will not achieve the anticipated benefits of the futures contract or may realize a loss.

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| | |
|:---|:---|
| | **17** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND** 

Transactions in derivative investments for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  | **Equity**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $(271953) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** | &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>2</sup> | $(714) |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>3</sup> | 2 |

---

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

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

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

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

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

**7. Indemnifications** 

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

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| | |
|:---|:---|
| **18** | |

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------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

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

**Guardian Select Mid Cap Core VIP Fund** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Select Mid Cap Core VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022 and the statement of changes in net assets and the financial highlights for the year ended December 31, 2022 and for the period October 25, 2021 (commencement of operations) through December 31, 2021, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year ended December 31, 2022, and the changes in its net assets and the financial highlights for the year ended December 31, 2022 and for the period October 25, 2021 (commencement of operations) through December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

---

| | |
|:---|:---|
| | **19** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)<br>During Past Five Years** | **Number of<br>Funds<br>in Fund<br>Complex<br>Overseen<br>by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp;**Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015– 2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012– 2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br>(born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

---

---

| | |
|:---|:---|
| **20** | |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)<br>During Past Five Years** | **Number of<br>Funds<br>in Fund<br>Complex<br>Overseen<br>by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp;**Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

---

<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

---

| | |
|:---|:---|
| | **21** |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Position(s) Held and<br>Length of Service<sup>5</sup>** | **Principal Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp;**Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp;**John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Tyla Reynolds**<br>(born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018). |
| &nbsp;&nbsp;&nbsp;**Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp;**Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp;**Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

---

<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

---

| | |
|:---|:---|
| **22** | |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/<br>GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

---

| | |
|:---|:---|
| | **23** |

---

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g412412g84s34.jpg)

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

PUB11408

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Small-Mid Cap Core VIP Fund**![LOGO](g412420g40s74.jpg)

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

------

**TABLE OF CONTENTS** 

**Guardian Small-Mid Cap Core VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc412420_1)** | 1 |
|  **[Fund Characteristics](#toc412420_2)** | 2 |
|  **[Fund Performance](#toc412420_3)** | 3 |
|  **[Understanding Your Fund's Expenses](#toc412420_4)** | 4 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc412420_5) | 5 |
| [Statement of Assets and Liabilities](#toc412420_6) | 7 |
| [Statement of Operations](#toc412420_7) | 7 |
| [Statements of Changes in Net Assets](#toc412420_8) | 8 |
| [Financial Highlights](#toc412420_9) | 10 |
| [Notes to Financial Statements](#toc412420_10) | 12 |
| [Report of Independent Registered Public<br>Accounting Firm](#toc412420_11) | 17 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc412420_14) | 18 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc412420_15) | 21 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

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

**FUND COMMENTARY OF ALLSPRING GLOBAL INVESTMENTS, LLC, SUB-ADVISER** 

**(UNAUDITED)** 

**Highlights** 

• The Guardian Small-Mid Cap Core VIP Fund (the "Fund") returned -17.44% for the 12 months ended December 31, 2022, and
outperformed its benchmark, the Russell 2500<sup>®</sup> Index<sup>1</sup> (the "Index"), over the period. The Fund's outperformance relative to
the Index was primarily due to security selection in the financials, health care and materials sectors. Conversely, an underweight in the energy and utilities sectors along with stock selection in consumer staples were among the largest relative
detractors to the Fund's performance.

• The Index delivered a return of -18.37% during the period.

**Market Overview** 

Notwithstanding the rally in the last three months of the year, 2022 marked the steepest decline for equities since 2008 and the seventh worst year on record. The sharp retracement served as the largest market cap drawdown ever as the six largest technology companies in aggregate lost nearly $4.5 trillion in market value. Many asset classes which had historically exhibited lower correlations fell in unison. Sustained inflation, an unprecedented U.S. Federal Reserve (the "Fed") interest rate-hiking cycle, constricting liquidity conditions, and the unwinding of COVID-19 era economic distortions exacerbated the pressure with long-duration assets like growth stocks bearing the brunt of the declines.

Earlier in 2022, large- and mega-cap stocks had outperformed mid- and small-cap stocks for more than a decade. However, elevated inflation and higher interest rates plundered many of the mega-cap technology names in 2022. Small- and mid-cap stocks are trading at multi-decade valuation lows relative to their large cap counterparts. We believe that this dynamic, coupled with the changing economic landscape, presents opportunities for our small- and

mid-cap core style. We also believe that it is reasonable to assume that volatility is here to stay for the foreseeable future and that the need for valuation-centric active management is critical.

**Portfolio Review** 

The Fund outperformed the Index over the period. Stock selection drove the Fund's outperformance, with financials, health care, and materials sectors serving as the largest contributors during the period. Alternatively, stock selection in the consumer staples sector and the Fund's underweight to utilities and energy sectors detracted from relative performance.

**Outlook** 

Within the current backdrop of a global tightening cycle and geopolitical tensions, we expect near-term economic growth to decelerate. Such expectations appear to be consistent with that of the markets as investor sentiment sits at historically low levels. While timing an inflection point is always difficult, the reset in expectations illustrated by a sharp contraction in valuations gives us confidence that the market has probably digested much of the expected slowdown.

We feel comfortable with our positioning and continue to maintain diversified exposure across sectors in both growth and value stocks. A key outcome of our bottom-up, flexible and active core approach is the ability to migrate to wherever the best opportunities in the market exist. Our style-agnostic focus and Private Market Value ("PMV") process provides access to a broader opportunity set of stocks which can often be overlooked by style-based managers. Additionally, our core approach enables us to adeptly navigate volatility that arises when different investment styles come in and fall out of favor. Our PMV process, which goes back more than 30 years, has proven to be successful over many market cycles. We believe that there may be good opportunities for clients with long-term investing horizons in the current market environment.

<sup>**1**</sup> The Index measures the performance of the small to midcap segment of the US equity universe, commonly referred to as "smid" cap. It is a subset of the Russell 3000<sup>®</sup> Index and includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group. 

 <sub>1</sub>

------

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

**Fund Characteristics (unaudited)** 

Total Net Assets: $290,578,178

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Sector Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g412420g11a04.jpg) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp;**Holding** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | 2.72% |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 2.38% |
| &nbsp;&nbsp;&nbsp;MTU Aero Engines AG | 2.32% |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | 2.26% |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. REIT | 2.11% |
| &nbsp;&nbsp;&nbsp;Masonite International Corp. | 2.07% |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | 1.97% |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 1.91% |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 1.84% |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc. | 1.77% |
| &nbsp;&nbsp;&nbsp;**Total** | **21.35%** |

---

**<sup>1</sup>** The Fund's holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS<sup>®</sup>). Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. 

---

| | |
|:---|:---|
| **2** | |

---

------

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

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian Small-Mid Cap Core VIP Fund | 10/25/2021 | -17.44% |  |  | -14.28% |
| &nbsp;&nbsp;&nbsp;Russell 2500<sup>®</sup> Index |  | -18.37% |  |  | -19.71% |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g412420g01p05.jpg) |

---

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Small-Mid Cap Core VIP Fund and the Russell 2500<sup>®</sup> Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

 <sub>3</sub>

------

**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $1062.50 | $4.83 | 0.93% |
| &nbsp;&nbsp;&nbsp;Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1020.52 | $4.74 | 0.93% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

---

| | |
|:---|:---|
| **4** | |

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------

**SCHEDULE OF INVESTMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 97.8%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 97.8%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 97.8%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.3%** |
| &nbsp;&nbsp;&nbsp; MTU Aero Engines AG (Germany) | 31123 | $6736273 |
|  |  | **6736273** |
| &nbsp;&nbsp;&nbsp;**Auto Components – 1.1%** | &nbsp;&nbsp;&nbsp;**Auto Components – 1.1%** | &nbsp;&nbsp;&nbsp;**Auto Components – 1.1%** |
| &nbsp;&nbsp;&nbsp; Dana, Inc. | 213137 | 3224763 |
|  |  | **3224763** |
| &nbsp;&nbsp;&nbsp;**Banks – 2.4%** | &nbsp;&nbsp;&nbsp;**Banks – 2.4%** | &nbsp;&nbsp;&nbsp;**Banks – 2.4%** |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 39492 | 2898713 |
| &nbsp;&nbsp;&nbsp; Webster Financial Corp. | 84854 | 4016988 |
|  |  | **6915701** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 0.2%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.2%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.2%** |
| &nbsp;&nbsp;&nbsp; Sage Therapeutics, Inc.<sup>(1)</sup> | 14811 | 564892 |
|  |  | **564892** |
| &nbsp;&nbsp;&nbsp;**Building Products – 8.3%** | &nbsp;&nbsp;&nbsp;**Building Products – 8.3%** | &nbsp;&nbsp;&nbsp;**Building Products – 8.3%** |
| &nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 56870 | 3900713 |
| &nbsp;&nbsp;&nbsp; AZEK Co., Inc.<sup>(1)</sup> | 223676 | 4545096 |
| &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 29387 | 6925047 |
| &nbsp;&nbsp;&nbsp; Masonite International Corp.<sup>(1)</sup> | 74575 | 6011491 |
| &nbsp;&nbsp;&nbsp; Tecnoglass, Inc. | 84782 | 2608742 |
|  |  | **23991089** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.0%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.0%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.0%** |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 28398 | 3563097 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 19783 | 2113814 |
|  |  | **5676911** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 4.8%** | &nbsp;&nbsp;&nbsp;**Chemicals – 4.8%** | &nbsp;&nbsp;&nbsp;**Chemicals – 4.8%** |
| &nbsp;&nbsp;&nbsp; Ashland, Inc. | 53262 | 5727263 |
| &nbsp;&nbsp;&nbsp; Quaker Chemical Corp. | 22984 | 3836030 |
| &nbsp;&nbsp;&nbsp; Westlake Corp. | 41767 | 4282788 |
|  |  | **13846081** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 3.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 3.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 3.6%** |
| &nbsp;&nbsp;&nbsp; IAA, Inc.<sup>(1)</sup> | 94807 | 3792280 |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | 22685 | 2926138 |
| &nbsp;&nbsp;&nbsp; Stericycle, Inc.<sup>(1)</sup> | 75081 | 3745791 |
|  |  | **10464209** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.3%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.3%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.3%** |
| &nbsp;&nbsp;&nbsp; API Group Corp.<sup>(1)</sup> | 206477 | 3883832 |
|  |  | **3883832** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 1.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 1.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 1.2%** |
| &nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 41781 | 3434816 |
|  |  | **3434816** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 1.3%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 1.3%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 1.3%** |
| &nbsp;&nbsp;&nbsp; Service Corp. International | 53303 | 3685369 |
|  |  | **3685369** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.7%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.7%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.7%** |
| &nbsp;&nbsp;&nbsp; Atkore, Inc.<sup>(1)</sup> | 69750 | 7911045 |
|  |  | **7911045** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.6%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.6%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.6%** |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.<sup>(1)</sup> | 11687 | 4673748 |
|  |  | **4673748** |

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 9.4%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 9.4%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 9.4%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 125664 | $3787513 |
| &nbsp;&nbsp;&nbsp; Apartment Income REIT Corp. | 100241 | 3439269 |
| &nbsp;&nbsp;&nbsp; Life Storage, Inc. | 36444 | 3589734 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | 13561 | 3801284 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 42845 | 6126835 |
| &nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 68880 | 3917205 |
| &nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 78692 | 2549621 |
|  |  | **27211461** |
| &nbsp;&nbsp;&nbsp;**Food Products – 1.2%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.2%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.2%** |
| &nbsp;&nbsp;&nbsp; Nomad Foods Ltd.<sup>(1)</sup> | 208710 | 3598160 |
|  |  | **3598160** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 4.9%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 4.9%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 4.9%** |
| &nbsp;&nbsp;&nbsp; Haemonetics Corp.<sup>(1)</sup> | 60399 | 4750381 |
| &nbsp;&nbsp;&nbsp; Integer Holdings Corp.<sup>(1)</sup> | 60462 | 4139229 |
| &nbsp;&nbsp;&nbsp; LivaNova PLC<sup>(1)</sup> | 78792 | 4376108 |
| &nbsp;&nbsp;&nbsp; ViewRay, Inc.<sup>(1)</sup> | 251698 | 1127607 |
|  |  | **14393325** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 2.9%** |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc.<sup>(1)</sup> | 76999 | 4746218 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 6985 | 3577647 |
|  |  | **8323865** |
| &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.4%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.4%** | &nbsp;&nbsp;&nbsp;**Health Care Technology – 0.4%** |
| &nbsp;&nbsp;&nbsp; Schrodinger, Inc.<sup>(1)</sup> | 57135 | 1067853 |
|  |  | **1067853** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.2%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.2%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 1.2%** |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Inc., Class A<sup>(1)</sup> | 45660 | 3598008 |
|  |  | **3598008** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 1.1%** | &nbsp;&nbsp;&nbsp;**Household Durables – 1.1%** | &nbsp;&nbsp;&nbsp;**Household Durables – 1.1%** |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.<sup>(1)</sup> | 30141 | 3081013 |
|  |  | **3081013** |
| &nbsp;&nbsp;&nbsp;**Household Products – 1.2%** | &nbsp;&nbsp;&nbsp;**Household Products – 1.2%** | &nbsp;&nbsp;&nbsp;**Household Products – 1.2%** |
| &nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 45102 | 3635672 |
|  |  | **3635672** |
| &nbsp;&nbsp;&nbsp;**Insurance – 5.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 5.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 5.2%** |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.<sup>(1)</sup> | 88334 | 5545609 |
| &nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 88448 | 4791228 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 32700 | 4646343 |
|  |  | **14983180** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 1.0%** |
| &nbsp;&nbsp;&nbsp; Bumble, Inc., Class A<sup>(1)</sup> | 135848 | 2859600 |
|  |  | **2859600** |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 1.2%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 1.2%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 1.2%** |
| &nbsp;&nbsp;&nbsp; Revolve Group, Inc.<sup>(1)</sup> | 153361 | 3413816 |
|  |  | **3413816** |
| &nbsp;&nbsp;&nbsp;**IT Services – 2.2%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.2%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.2%** |
| &nbsp;&nbsp;&nbsp; Genpact Ltd. | 72209 | 3344721 |
| &nbsp;&nbsp;&nbsp; Okta, Inc.<sup>(1)</sup> | 44132 | 3015539 |
|  |  | **6360260** |

---

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

------

**SCHEDULE OF INVESTMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.4%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.4%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.4%** |
| &nbsp;&nbsp;&nbsp; Azenta, Inc.<sup>(1)</sup> | 61926 | $3605332 |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 11868 | 4990375 |
| &nbsp;&nbsp;&nbsp; Codexis, Inc.<sup>(1)</sup> | 122725 | 571899 |
| &nbsp;&nbsp;&nbsp; Sotera Health Co.<sup>(1)</sup> | 103516 | 862288 |
|  |  | **10029894** |
| &nbsp;&nbsp;&nbsp;**Machinery – 1.1%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.1%** | &nbsp;&nbsp;&nbsp;**Machinery – 1.1%** |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 61474 | 3212016 |
|  |  | **3212016** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.7%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.7%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.7%** |
| &nbsp;&nbsp;&nbsp; Reliance Steel & Aluminum Co. | 11368 | 2301338 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 28583 | 2792559 |
|  |  | **5093897** |
| &nbsp;&nbsp;&nbsp;**Personal Products – 0.3%** | &nbsp;&nbsp;&nbsp;**Personal Products – 0.3%** | &nbsp;&nbsp;&nbsp;**Personal Products – 0.3%** |
| &nbsp;&nbsp;&nbsp; Honest Co., Inc.<sup>(1)</sup> | 255272 | 768369 |
|  |  | **768369** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Professional Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Professional Services – 1.0%** |
| &nbsp;&nbsp;&nbsp; Dun & Bradstreet Holdings, Inc. | 246593 | 3023230 |
|  |  | **3023230** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.7%** |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 103675 | 3840122 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.<sup>(1)</sup> | 64796 | 4041327 |
|  |  | **7881449** |
| &nbsp;&nbsp;&nbsp;**Software – 11.7%** | &nbsp;&nbsp;&nbsp;**Software – 11.7%** | &nbsp;&nbsp;&nbsp;**Software – 11.7%** |
| &nbsp;&nbsp;&nbsp; 8x8, Inc.<sup>(1)</sup> | 187100 | 808272 |
| &nbsp;&nbsp;&nbsp; Black Knight, Inc.<sup>(1)</sup> | 69666 | 4301875 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp.<sup>(1)</sup> | 5841 | 3496306 |
| &nbsp;&nbsp;&nbsp; Instructure Holdings, Inc.<sup>(1)</sup> | 145828 | 3418208 |
| &nbsp;&nbsp;&nbsp; New Relic, Inc.<sup>(1)</sup> | 63061 | 3559793 |
| &nbsp;&nbsp;&nbsp; PagerDuty, Inc.<sup>(1)</sup> | 193476 | 5138723 |
| &nbsp;&nbsp;&nbsp; Q2 Holdings, Inc.<sup>(1)</sup> | 82996 | 2230103 |
| &nbsp;&nbsp;&nbsp; Qualtrics International, Inc., Class A<sup>(1)</sup> | 392163 | 4070652 |
| &nbsp;&nbsp;&nbsp; Riskified Ltd., Class A<sup>(1)</sup> | 148206 | 684712 |
| &nbsp;&nbsp;&nbsp; SPS Commerce, Inc.<sup>(1)</sup> | 24559 | 3154112 |
| &nbsp;&nbsp;&nbsp; WalkMe Ltd.<sup>(1)</sup> | 270848 | 3028081 |
|  |  | **33890837** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 5.4%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 5.4%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 5.4%** |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc.<sup>(1)</sup> | 32448 | 6579157 |
| &nbsp;&nbsp;&nbsp; Leslie's, Inc.<sup>(1)</sup> | 302563 | 3694294 |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.<sup>(1)</sup> | 90905 | 3523478 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail** (continued) | &nbsp;&nbsp;&nbsp;**Specialty Retail** (continued) |  |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | 8885 | $1998858 |
|  |  | **15795787** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.4%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.4%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.4%** |
| &nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.<sup>(1)</sup> | 10468 | 4178407 |
|  |  | **4178407** |
| &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance – 1.2%** | &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance – 1.2%** | &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance – 1.2%** |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | 86734 | 3372218 |
|  |  | **3372218** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 3.2%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 3.2%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 3.2%** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp. | 102495 | 3937858 |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc.<sup>(1)</sup> | 15023 | 5339475 |
|  |  | **9277333** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $333,368,010) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $333,368,010) | **284058379** |
| &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 1.4%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 1.4%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 1.4%** |
| &nbsp;&nbsp;&nbsp; SPDR S&P Biotech ETF<sup>(1)</sup> | 48798 | 4050234 |
| &nbsp;&nbsp;&nbsp;**Total Exchange–Traded Funds** <br> (Cost $5,250,389) | &nbsp;&nbsp;&nbsp;**Total Exchange–Traded Funds** <br> (Cost $5,250,389) | **4050234** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 0.9%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 0.9%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 0.9%** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.9%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.9%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.9%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $2,655,933, due 1/3/2023<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655555 | 2655555 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,655,555) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,655,555) | **2655555** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $341,273,954) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $341,273,954) | **290764168** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | **(185990)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**290578178** |

---

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

<sup>(2)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $3708500 | $2708738 |

---

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $277322106 | $6736273 \* | $— | $284058379 |
| &nbsp;&nbsp;&nbsp;Exchange–Traded Funds | 4050234 |  |  | 4050234 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 2655555 |  | 2655555 |
| &nbsp;&nbsp;&nbsp;**Total** | $**281372340** | $**9391828** | $**—** | $**290764168** |

---

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

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290764168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 196953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 6395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 5699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 3238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 9659 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **290986112** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 159013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 130520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 62717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 20476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 6552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 27882 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **407934** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**290578178** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $354060754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable loss | (63482576) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**290578178** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $341273954 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **34890180** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$8.33** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $2452369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 14041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (7422) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **2458988** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 2001324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 792219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 89581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 74388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 39758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 38560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 15708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 12415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 16769 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **3080722** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (133669) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **2947053** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **(488065)** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (15596981) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (2428) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (51005065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments and Foreign Currency Transactions** | **(66604404)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(67092469)** |

---

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

------

**FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/22** | **For the<br>Period Ended<br>12/31/21<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $(488065) | $(109765) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | (15599409) | 3224379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | (51004995) | 495279 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(67092469)** | **3609893** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 18722176 | 401118462<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (46179165) | (19600719) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions** | **(27456989)** | **381517743** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets** | **(94549458)** | **385127636** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 385127636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290578178 | $385127636 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 2101513 | 40112771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (5375253) | (1948851) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease)** | **(3273740)** | **38163920** |

---

<sup>1</sup> Commenced operations on October 25, 2021.

<sup>2</sup> Includes in-kind subscriptions of $171,042,398. The cost basis of the contributed securities is equal to the market value of the securities on the date of the subscription. 

---

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

---

------

This Page Intentionally Left Blank

 <sub>9</sub>

------

**FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Loss<sup>(1)</sup>** | **<br>Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $10.09 | $(0.01) | $(1.75) | $(1.76) | $8.33 | (17.44)% |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/21<sup>(4)</sup> | 10.00 | (0.00)<sup>(5)</sup> | 0.09 | 0.09 | 10.09 | 0.90%<sup>(6)</sup> |

---

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Loss<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Loss<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $290578 | 0.93% | 0.97% | (0.15)% | (0.19)% | 39% |
| 385128 | 0.90%<sup>(6)</sup> | 0.98%<sup>(6)</sup> | (0.12)%<sup>(6)</sup> | (0.20)%<sup>(6)</sup> | 59%<sup>(6)</sup> |

---

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

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

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

<sup>(4)</sup> Commenced operations on October 25, 2021.

<sup>(5)</sup> Rounds to $(0.00) per share. 

<sup>(6)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2021, certain non-recurring fees (i.e., audit fees) are not annualized. 

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

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND** 

**December 31, 2022** 

**1. Organization** 

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Small-Mid Cap Core VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on October 25, 2021. The financial statements for other series of the Trust are presented in separate reports.

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

The Fund seeks capital appreciation.

**2. Significant Accounting Policies** 

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

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

vendor and broker-dealer due diligence. The Fair Valuation Committee oversees and

carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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|:---|:---|
| **12** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND** 

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

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

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

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, the Fund did not hold any derivatives.

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

 <sub>13</sub>

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND** 

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

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

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

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

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.65% of the first $200 million, and 0.60% in excess of $200 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.93% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $133,669.

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

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|:---|:---|
| **14** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND** 

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

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $792,219 to PAS.

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

**4. Federal Income Taxes** 

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

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $125,103,793 and $153,164,990, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political,

regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

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

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of

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|:---|:---|
| | **15** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND** 

(a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

**7. Indemnifications** 

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that

provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| **16** | |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

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

**Guardian Small-Mid Cap Core VIP Fund** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Small-Mid Cap Core VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022 and the statement of changes in net assets and the financial highlights for the year ended December 31, 2022 and for the period October 25, 2021 (commencement of operations) through December 31, 2021, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year ended December 31, 2022, and the changes in its net assets and the financial highlights for the year ended December 31, 2022 and for the period October 25, 2021 (commencement of operations) through December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

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| | **17** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name and**<br> **Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past Five Years** | **Number of**<br> **Funds**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; **Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

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| **18** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past Five Years** | **Number of**<br> **Funds**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | | | |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

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<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

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| | **19** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Position(s) Held and<br>Length of Service<sup>5</sup>** | **Principal Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp;**John H. Walter** (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018). |
| &nbsp;&nbsp;&nbsp; **Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp; **Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp; **Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

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<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

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| **20** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

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|:---|:---|
| | **21** |

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**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g412420g84s34.jpg)

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

PUB11409

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## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Strategic Large Cap Core VIP Fund**![LOGO](g431311g40s74.jpg)

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

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**TABLE OF CONTENTS** 

**Guardian Strategic Large Cap Core VIP Fund** 

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| | |
|:---|:---|
|  **[Fund Commentary](#toc431311_1)** | 1 |
|  **[Fund Characteristics](#toc431311_2)** | 3 |
|  **[Fund Performance](#toc431311_3)** | 4 |
|  **[Understanding Your Fund's Expenses](#toc431311_4)** | 5 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc431311_6) | 6 |
| [Statement of Assets and Liabilities](#toc431311_7) | 8 |
| [Statement of Operations](#toc431311_8) | 8 |
| [Statements of Changes in Net Assets](#toc431311_9) | 9 |
| [Financial Highlights](#toc431311_10) | 10 |
| [Notes to Financial Statements](#toc431311_11) | 12 |
| [Report of Independent Registered Public Accounting Firm](#toc431311_12) | 17 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc431311_16) | 18 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc431311_17) | 21 |

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**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

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**GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

**FUND COMMENTARY OF ALLIANCEBERNSTEIN, L.P., SUB-ADVISER** 

**(UNAUDITED)** 

**Highlights** 

• Guardian Strategic Large Cap Core VIP Fund (the "Fund") returned -10.08%, outperforming its benchmark, the Standard & Poor's 500 Index<sup>1</sup>(the "Index") for the 12 months ended December 31, 2022. Both security and sector selection contributed to returns relative to the Index.

• The Index fell -18.11% for the same period.

**Market Overview** 

U.S., international and emerging-market stocks declined during the 12-month period ended December 31, 2022. The Index declined -18.11%. In response to persistently high inflation, central banks — led by the U.S. Federal Reserve (the "Fed") — took a hawkish pivot, which raised concerns that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into a recession. Volatility increased and stocks pulled back after the Fed announced its first interest rate hike in March 2022, which was followed by six additional interest rate raises, including four consecutive 0.75% increases. Equity markets rebounded briefly at the end of the period, after some early evidence of easing inflationary pressures raised hopes that the Fed and other key central banks would soon slow the pace of interest rate hikes. Optimism faded and equity markets gave back gains after the Fed downshifted to a 0.50% rate hike but strongly reaffirmed its "higher-for-longer" conviction. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks, as growth stocks were pressured more by rising interest rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

**Portfolio Overview** 

Although the Fund's performance declined in absolute terms, it outperformed the Index for the year. Both security and sector selection contributed to relative returns. Security selection within the technology sector contributed to performance, while selection in the energy sector detracted from performance. An underweight to the consumer discretionary sector contributed to performance, while an underweight to the energy sector detracted from performance.

**Outlook** 

After a tumultuous 2022, investors are hoping for an eventual end to monetary tightening, and with it, a reprieve from brutal market volatility. But since corporate earnings are still adjusting to a new regime, we believe the road will be bumpy. We expect 2023 to be a year of transition, with a gradual fading of price pressures allowing policymakers and market participants to take a more balanced approach to assessing growth and inflation dynamics. In our view, the need for policymakers to moderate the inflationary pressure seems to remain, and we expect additional interest rate increases in most major economies during the first quarter of 2023. But we believe that the cumulative impact of interest rate hikes in 2022 and early 2023 may be sufficient to bring inflation down. We believe that the pace of interest rate hikes will continue to slow and may cease within a few months.

Monetary policy is rapidly tightening. Because interest rates currently are rising, real growth is slowing, and the probability of a recession has increased sharply. Our forecasts for the major economies of the world incorporate a mild recession, characterized by gross domestic product (GDP) growth close to zero in the U.S. and slightly lower than that in the United Kingdom ("UK") and the Euro zone. We also expect unemployment to rise above its equilibrium level in each economy. We believe the damage is likely to be greater in Europe, because of the impact of the conflict in Ukraine on natural gas imports to other European countries, and in the UK due to a more limited post-Brexit labor supply. The global economy has slowed, most notably in the housing market. We expect the impact of higher interest rates to persist and the slowdown in the housing market to affect other sectors of the economy.

We do not expect significant economic or financial imbalances that could cause a mild recession to spiral into something more severe. We believe that the global financial system is better capitalized, and heightened regulation in the aftermath of the financial crisis may lower the probability that poor risk management will lead to leverage or liquidity concerns. A better capitalized and more highly regulated financial system is critical to our outlook, because the financial sector, if in distress, can have significant negative impacts on the global economy.

<sup>**1**</sup> The Index is an unmanaged market-capitalization-weighted index generally considered to be representative of U.S. equity market activity. The Index consists of 500 stocks representing leading industries of the U.S. economy. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index, and, unlike the Fund, the Index does not incur fees or expenses. 

 <sub>1</sub>

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**GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

Similarly, we see little evidence of asset-price bubbles in systemically important sectors of the economy. To the extent that there are bubbles, they seem most likely to appear in smaller segments of the financial system where their impact is less likely to cause significant collateral damage. However, bubbles are often hard to observe until after the fact, but for now our assessment is that the systemic risk posed by inflated asset prices appears limited.

As long as the Fed remains in tightening mode, our view is that equity markets will remain under stress. Until inflation is declining in a sustainable way, we believe investors should not expect support from central banks. We believe higher interest rates, lower equity prices and wider credit spreads are, unfortunately, part of the solution to the inflation problem. We expect market volatility to be with us for at least the next several months, and believe that a disciplined approach to identifying high-quality, stable companies at the right price may provide investors with multiple ways to mitigate market volatility risk while still participating in potential market gains.

are an essential indicator of quality. Companies with high free cash flow have typically performed better through economic slowdowns and recessions. Healthy balance sheets and low debt levels also have the potential to offer some risk mitigation from rising interest rates.

In our view, investors can also offset slowing growth with stability. Stable companies have the potential to cushion on the downside because they typically have lower beta — sensitivity to the broader market — than traditional growth firms. As with quality companies, fundamental research can unearth companies with hallmarks of stability across a broad array of sectors and industries. Firms like these are often seen in traditional defensive sectors such as healthcare, utilities and consumer staples, but can also be found in traditionally less-defensive sectors like technology, financials and energy.

We believe that equity portfolios designed to smooth volatility are especially appealing in the current market environment. We continue to look for companies that offer a combination of quality and stability at attractive prices, the three core elements that underpin our investment philosophy in good and bad times. For long-term, outcome-oriented investors, we believe that companies with these features are best positioned to deliver strong potential returns through changing environments.

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| | |
|:---|:---|
| **2** | |

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**GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $270,460,532

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **Sector Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g431311g03c15.jpg) |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp;**Holding** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.22% |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 3.73% |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 3.22% |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 3.06% |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. | 2.81% |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.77% |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 2.56% |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 2.43% |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 2.27% |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1.99% |
| &nbsp;&nbsp;&nbsp;**Total** | **31.06%** |

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<sup>**1**</sup> The Fund's holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS<sup>®</sup>). Cash includes short-term investments and net other assets and liabilities. 

<sup>**2**</sup> Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. 

 <sub>3</sub>

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**GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

**Fund Performance (unaudited)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian Strategic Large Cap Core VIP Fund | 10/25/2021 | -10.08% |  |  | -6.10% |
| &nbsp;&nbsp;&nbsp;Standard & Poor's 500<sup>®</sup> Index |  | -18.11% |  |  | -14.29% |

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g431311g88c12.jpg) |

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The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Strategic Large Cap Core VIP Fund and the Standard & Poor's 500<sup>®</sup> Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

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| | |
|:---|:---|
| **4** | |

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**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $1042.70 | $4.32 | 0.84% |
| &nbsp;&nbsp;&nbsp;Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1020.97 | $4.28 | 0.84% |

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\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 <sub>5</sub>

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**SCHEDULE OF INVESTMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 96.0%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 96.0%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 96.0%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.9%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.9%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.9%** |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 10760 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5234632 |
|  |  | **5234632** |
| &nbsp;&nbsp;&nbsp;**Banks – 2.0%** | &nbsp;&nbsp;&nbsp;**Banks – 2.0%** | &nbsp;&nbsp;&nbsp;**Banks – 2.0%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 40045 | 5370035 |
|  |  | **5370035** |
| &nbsp;&nbsp;&nbsp;**Beverages – 2.0%** | &nbsp;&nbsp;&nbsp;**Beverages – 2.0%** | &nbsp;&nbsp;&nbsp;**Beverages – 2.0%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | 71451 | 4544998 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 26171 | 933258 |
|  |  | **5478256** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 2.4%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 2.4%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 2.4%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 40664 | 6571709 |
|  |  | **6571709** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.8%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.8%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.8%** |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 12638 | 1585690 |
| &nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 33035 | 2879331 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 29175 | 2993063 |
|  |  | **7458084** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.6%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.6%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.6%** |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A | 20459 | 1698711 |
|  |  | **1698711** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.8%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.8%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 0.8%** |
| &nbsp;&nbsp;&nbsp; AECOM | 24930 | 2117305 |
|  |  | **2117305** |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 1.0%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 1.0%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 70317 | 2770490 |
|  |  | **2770490** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.9%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.9%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 2.9%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 30140 | 2861793 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 23634 | 1975802 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 43004 | 3015011 |
|  |  | **7852606** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.8%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.8%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 0.8%** |
| &nbsp;&nbsp;&nbsp; CDW Corp. | 12380 | 2210820 |
|  |  | **2210820** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 1.7%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.7%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.7%** |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 36811 | 4497568 |
|  |  | **4497568** |
| &nbsp;&nbsp;&nbsp;**Food & Staples Retailing – 2.0%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing – 2.0%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing – 2.0%** |
| &nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV, ADR | 108824 | 3123249 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 15883 | 2252050 |
|  |  | **5375299** |
| &nbsp;&nbsp;&nbsp;**Food Products – 1.2%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.2%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.2%** |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. | 39314 | 3296479 |
|  |  | **3296479** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 7.0%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 7.0%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 7.0%** |
| &nbsp;&nbsp;&nbsp; Centene Corp.<sup>(1)</sup> | 48405 | 3969694 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 40657 | 3788826 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 11453 | 4296249 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services** (continued) | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services** (continued) | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services** (continued) |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 13075 | 6932104 |
|  |  | **18986873** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.0%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.0%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.0%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc.<sup>(1)</sup> | 1385 | 2791163 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 7302 | 2529413 |
|  |  | **5320576** |
| &nbsp;&nbsp;&nbsp;**Household Products – 1.1%** | &nbsp;&nbsp;&nbsp;**Household Products – 1.1%** | &nbsp;&nbsp;&nbsp;**Household Products – 1.1%** |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 19908 | 3017256 |
|  |  | **3017256** |
| &nbsp;&nbsp;&nbsp;**Insurance – 6.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 6.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 6.2%** |
| &nbsp;&nbsp;&nbsp; Everest Re Group Ltd. | 9723 | 3220938 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 23030 | 3811004 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. | 23638 | 3066085 |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 17049 | 1510712 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 20701 | 5063051 |
|  |  | **16671790** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 3.7%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 3.7%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 3.7%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C<sup>(1)</sup> | 113829 | 10100047 |
|  |  | **10100047** |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 0.5%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 0.5%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 0.5%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 15790 | 1326360 |
|  |  | **1326360** |
| &nbsp;&nbsp;&nbsp;**IT Services – 11.6%** | &nbsp;&nbsp;&nbsp;**IT Services – 11.6%** | &nbsp;&nbsp;&nbsp;**IT Services – 11.6%** |
| &nbsp;&nbsp;&nbsp; Amdocs Ltd. | 34796 | 3162956 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 13662 | 3263305 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 52228 | 3543670 |
| &nbsp;&nbsp;&nbsp; Genpact Ltd. | 97820 | 4531022 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 7736 | 2690039 |
| &nbsp;&nbsp;&nbsp; Paychex, Inc. | 39001 | 4506956 |
| &nbsp;&nbsp;&nbsp; VeriSign, Inc.<sup>(1)</sup> | 22347 | 4590968 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 24105 | 5008055 |
|  |  | **31296971** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 0.5%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 0.5%** |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 2299 | 1266036 |
|  |  | **1266036** |
| &nbsp;&nbsp;&nbsp;**Media – 1.3%** | &nbsp;&nbsp;&nbsp;**Media – 1.3%** | &nbsp;&nbsp;&nbsp;**Media – 1.3%** |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 103756 | 3628347 |
|  |  | **3628347** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.8%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.8%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 0.8%** |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 70155 | 2103948 |
|  |  | **2103948** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 1.5%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 1.5%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 1.5%** |
| &nbsp;&nbsp;&nbsp; Shell PLC, ADR | 72588 | 4133887 |
|  |  | **4133887** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 7.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 7.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 7.4%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly and Co. | 11312 | 4138382 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 22212 | 3923750 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 74582 | 8274873 |

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

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**SCHEDULE OF INVESTMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals** (continued) | &nbsp;&nbsp;&nbsp;**Pharmaceuticals** (continued) | &nbsp;&nbsp;&nbsp;**Pharmaceuticals** (continued) | &nbsp;&nbsp;&nbsp;**Pharmaceuticals** (continued) |
| &nbsp;&nbsp;&nbsp; Roche Holding AG, ADR | 94270 | $| 3690670 |
|  |  |  | **20027675** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Professional Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Professional Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Professional Services – 1.5%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 24681 |  | 2579658 |
| &nbsp;&nbsp;&nbsp; RELX PLC, ADR | 53740 |  | 1489673 |
|  |  |  | **4069331** |
| &nbsp;&nbsp;&nbsp;**Road & Rail – 0.5%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 0.5%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 0.5%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 0.5%** |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 25990 |  | 1362136 |
|  |  |  | **1362136** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 3.9%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 3.9%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 3.9%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 3.9%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 13422 |  | 7504643 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 5069 |  | 1911165 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 6540 |  | 1080539 |
|  |  |  | **10496347** |
| &nbsp;&nbsp;&nbsp;**Software – 14.5%** | &nbsp;&nbsp;&nbsp;**Software – 14.5%** | &nbsp;&nbsp;&nbsp;**Software – 14.5%** | &nbsp;&nbsp;&nbsp;**Software – 14.5%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc.<sup>(1)</sup> | 9445 |  | 3178526 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc.<sup>(1)</sup> | 36975 |  | 1807708 |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 236042 |  | 5058380 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 70162 |  | 16826251 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 74951 |  | 6126495 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc.<sup>(1)</sup> | 7477 |  | 2903095 |
| &nbsp;&nbsp;&nbsp; VMware, Inc., Class A<sup>(1)</sup> | 27535 |  | 3380196 |
|  |  |  | **39280651** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 4.3%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 4.3%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 4.3%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 4.3%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc.<sup>(1)</sup> | 3080 |  | 7595834 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.<sup>(1)</sup> | 4616 |  | 3896043 |
|  |  |  | **11491877** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 3.2%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 3.2%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 3.2%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 3.2%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 66983 |  | 8703101 |
|  |  |  | **8703101** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Tobacco – 2.4%** | &nbsp;&nbsp;&nbsp;**Tobacco – 2.4%** | &nbsp;&nbsp;&nbsp;**Tobacco – 2.4%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 46591 | $2129675 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 43377 | 4390186 |
|  |  | **6519861** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $267,825,767) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $267,825,767) | **259735064** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 3.0%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 3.0%** |  |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 3.0%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 3.0%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 3.0%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $8,006,727, due 1/3/2023<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8005588 | 8005588 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $8,005,588) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $8,005,588) | **8005588** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.0%** <br> (Cost $275,831,355) | &nbsp;&nbsp;&nbsp;**Total Investments – 99.0%** <br> (Cost $275,831,355) | **267740652** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 1.0%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 1.0%** | **2719880** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**270460532** |

---

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

<sup>(2)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $11179600 | $8165729 |

---

**Legend:** 

ADR — American Depositary Receipt

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $259735064 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $259735064 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 8005588 |  | 8005588 |
| &nbsp;&nbsp;&nbsp;**Total** | $**259735064** | $**8005588** | $**—** | $**267740652** |

---

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

------

**FINANCIAL INFORMATION — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $267740652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 2721076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 239661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 25341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 4476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 9434 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **270740768** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 125600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 58554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 41719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 20476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 5686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 27443 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **280236** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**270460532** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $295821807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable loss | (25361275) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**270460532** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $275831355 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **29159752** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$9.28** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $4991423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 36207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (42508) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **4985122** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1617071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 758536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 86787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 71274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 38698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 32244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 16990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 11972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 16023 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **2649595** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (100914) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **2548681** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **2436441** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (18899562) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (20561767) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments** | **(39461329)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(37024888)** |

---

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/22** | **For the<br>Period Ended<br>12/31/21<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $2436441 | $542179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (18899562) | (1349630) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (20561767) | 12471064 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(37024888)** | **11663613** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 3263707 | 372417011<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (67779297) | (12079614) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions** | **(64515590)** | **360337397** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets** | **(101540478)** | **372001010** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 372001010 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $270460532 | $372001010 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 352090 | 37241379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (7236045) | (1197672) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease)** | **(6883955)** | **36043707** |

---

<sup>1</sup> Commenced operations on October 25, 2021.

<sup>2</sup> Includes in-kind subscriptions of $331,230,005. The cost basis of the contributed securities is equal to the market value of the securities on the date of the subscription. 

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

------

**FINANCIAL INFORMATION — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;&nbsp;**Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **<br>Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** |<br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $10.32 | $0.08 | $(1.12) | $(1.04) | $9.28 | (10.08)% |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/21<sup>(4)</sup> | 10.00 | 0.01 | 0.31 | 0.32 | 10.32 | 3.20%<sup>(5)</sup> |

---

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net**<br> **Investment Income**<br> **to Average**<br> **Net Assets<sup>(3)</sup>** | **Gross Ratio of Net**<br> **Investment Income**<br> **to Average**<br> **Net Assets** | **Portfolio<br>Turnover Rate** |
| $270461 | 0.84% | 0.87% | 0.80% | 0.77% | 45% |
| 372001 | 0.81%<sup>(5)</sup> | 0.89%<sup>(5)</sup> | 0.82%<sup>(5)</sup> | 0.74%<sup>(5)</sup> | 80%<sup>(5)</sup> |

---

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

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

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

<sup>(4)</sup> Commenced operations on October 25, 2021.

<sup>(5)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2021, certain non-recurring fees (i.e., audit fees) are not annualized. 

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

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

**December 31, 2022** 

**1. Organization** 

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Strategic Large Cap Core VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on October 25, 2021. The financial statements for other series of the Trust are presented in separate reports.

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

The Fund seeks capital appreciation.

**2. Significant Accounting Policies** 

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

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

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

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

---

| | |
|:---|:---|
| **12** | |

---

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

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

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

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

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, the Fund did not hold any derivatives.

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

 <sub>13</sub>

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

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

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

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

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.55% of the first $200 million, and 0.50% in excess of $200 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.84% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $100,914.

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

---

| | |
|:---|:---|
| **14** | |

---

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

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

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $758,536 to PAS.

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

**4. Federal Income Taxes** 

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

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $132,465,284 and $188,720,291, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political,

regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

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

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of

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| | |
|:---|:---|
| | **15** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND** 

(a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

**7. Indemnifications** 

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that

provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| | |
|:---|:---|
| **16** | |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

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

**Guardian Strategic Large Cap Core VIP Fund** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Strategic Large Cap Core VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022 and the statement of changes in net assets and the financial highlights for the year ended December 31, 2022 and for the period October 25, 2021 (commencement of operations) through December 31, 2021, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year ended December 31, 2022, and the changes in its net assets and the financial highlights for the year ended December 31, 2022 and for the period October 25, 2021 (commencement of operations) through December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

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| | |
|:---|:---|
| | **17** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)<br>During Past Five Years** | **Number of<br>Funds<br>in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp; **Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

---

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| | |
|:---|:---|
| **18** | |

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------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)<br>During Past Five Years** | **Number of<br>Funds<br>in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

---

<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

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| | |
|:---|:---|
| | **19** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Position(s) Held<br>and Length of Service<sup>5</sup>** | **Principal<br>Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp; **John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Tyla Reynolds**<br> (born 1967) | Assistant Secretary (Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018). |
| &nbsp;&nbsp;&nbsp; **Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp; **Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp; **Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

---

<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

---

| | |
|:---|:---|
| **20** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

---

| | |
|:---|:---|
| | **21** |

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**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g431311g84s34.jpg)

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

PUB11410

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Integrated Research VIP Fund**![LOGO](g558510g40s74.jpg)

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

------

**TABLE OF CONTENTS** 

**Guardian Integrated Research VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc558510_1)** | 1 |
|  **[Fund Characteristics](#toc558510_2)** | 3 |
|  **[Fund Performance](#toc558510_3)** | 4 |
|  **[Understanding Your Fund's Expenses](#toc558510_4)** | 5 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc558510_5) | 6 |
| [Statement of Assets and Liabilities](#toc558510_6) | 8 |
| [Statement of Operations](#toc558510_7) | 8 |
| [Statements of Changes in Net Assets](#toc558510_8) | 9 |
| [Financial Highlights](#toc558510_9) | 10 |
| [Notes to Financial Statements](#toc558510_10) | 12 |
| [Report of Independent Registered Public Accounting Firm](#toc558510_11) | 17 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc558510_15) | 18 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc558510_16) | 21 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

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**GUARDIAN INTEGRATED RESEARCH VIP FUND** 

**FUND COMMENTARY OF WELLINGTON MANAGEMENT COMPANY LLP, SUB-ADVISER** 

**(UNAUDITED)** 

**Highlights** 

• Guardian Integrated Research VIP Fund (the "Fund") returned -21.13% for the 12 months ended December 31, 2022, underperforming its benchmark, the
Standard & Poor's 500<sup>®</sup> Index<sup>1</sup> (the "Index"). The Fund's underperformance relative to the Index was primarily
due to weak security selection within the communication services, information technology, and energy sectors.

• The Index returned -18.11% for the one-year period ending December 31, 2022. Within the Index, the energy and utilities sectors
significantly contributed to performance, while the communication services and consumer discretionary sectors detracted from performance during the period.

**Market Overview** 

U.S. equities, as measured by the Index, fell over the 12 months ended December 31, 2022, amid rampant inflation, surging borrowing costs, uncertainty about corporate earnings and an increased probability of a recession. U.S. equities opened the year by registering their first quarterly loss since March 2020. Fears about the economic implications of Russia's large-scale military attack on Ukraine and the prospect of aggressive monetary policy tightening by the U.S. Federal Reserve (the "Fed") drove the Index into correction territory in February. U.S. equities continued to fall during a volatile second quarter. Growth stocks significantly underperformed their value counterparts as surging Treasury yields and disappointing earnings results from some of the largest technology companies drove the Nasdaq Composite Index<sup>2</sup> to its largest quarterly loss since September 2001. The housing market was pressured by soaring mortgage rates, slowing demand, and elevated home prices. U.S. equities fell in the third quarter as risk sentiment deteriorated on fears that aggressive interest-rate hikes and tighter financial conditions would constrict economic growth and drive the U.S. into a recession. U.S. equities rallied in the fourth quarter following three straight quarterly declines. Greater optimism that the Fed would begin to scale back its aggressive pace of interest-rate hikes, along with outsized short covering and hedging, helped to fuel a sharp rebound in stocks in October and November before risk sentiment waned in December amid recession fears, macroeconomic headwinds, and downside earnings risks in the coming quarters. In December, the Fed raised interest rates by 50 basis points ("bps"), snapping a streak of four consecutive interest rate hikes of 75 bps.

**Portfolio Review** 

Stock selection was the primary driver of underperformance relative to the Index during the period. Weak selection within the communication services, information technology, and energy sectors was partially offset by stronger selection in the consumer discretionary, financials, and health care sectors. Sector allocation, a residual component of the Fund's bottom-up stock selection process, also detracted from performance relative to the Index. An underweight allocation to the energy sector detracted from relative performance but was partially offset by an overweight to the health care sector.

**Outlook** 

As we look ahead, we believe that there are increasing indications that inflationary pressures are abating in the goods components of both the Consumer Price Index<sup>3</sup> and the Personal Consumption Expenditures Price Index<sup>4</sup>, and that there is a clearer path to a gradual disinflation in housing-related expenses by the second half of 2023. However, the services component of both indicators remains stubbornly high, driven by a still-resilient U.S. labor market driving continued upward wage pressure. Accordingly, the Federal Open Market Committee (the "FOMC") remains steadfast in its determination to continue to slow the U.S. economy and has indicated that incremental rate hikes should be expected in early 2023, with the FOMC's "dot plot" median federal funds rate projection now having increased from 4.6% to 5.1% for the end of 2023. We believe it is increasingly clear that a mild recession is the likely scenario as the Fed seeks to cool wage inflation and bring down both realized inflation and future inflationary expectations.

With the Fed undertaking efforts to slow growth, companies may feel the impacts of decelerating revenue without relief from wage pressure in early 2023. Thus, we believe a key challenge for and differentiator amongst companies will be the degree to which they can avoid the resultant margin compression through productivity offsets, innovation, or market share gains.

As we enter 2023, Russia's large scale military attack on Ukraine is approaching its one-year anniversary without any apparent cessation in sight. Both the preparation ahead of the winter season and milder-than-expected temperatures across the region have spared the continent from the worst-case scenario in terms of heating and energy supply, but we believe much uncertainty will remain in the conflict even after this winter has passed.

 <sub>1</sub>

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**GUARDIAN INTEGRATED RESEARCH VIP FUND** 

On the positive side, supply-chain issues, which plagued most industries in the preceding two years, continue to ease, providing cost relief and improving visibility. Further, China appears to be relaxing its restrictive COVID-19 related policies to revitalize growth and

placate an increasingly frustrated populace. We believe this incremental source of demand could help offset the expected frictions from slower growth elsewhere in the world.

<sup>**1**</sup> The Index is an unmanaged market-capitalization-weighted index generally considered to be representative of U.S. equity market activity. The Index consists of 500 stocks representing leading industries of the U.S. economy. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index, and, unlike the Fund, the Index does not incur fees or expenses. 

<sup>**2**</sup> The Nasdaq Composite Index (NASDAQ) is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange. 

<sup>**3**</sup> The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available. 

<sup>**4**</sup> The Personal Consumption Expenditures Price Index (PCE) is a measure of the prices that people living in the United States, or those buying on their behalf, pay for goods and services. The PCE price index is known for capturing inflation (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behavior. 

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| | |
|:---|:---|
| **2** | |

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**GUARDIAN INTEGRATED RESEARCH VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $353,901,249

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **Sector Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g558510g01a10.jpg) |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp;**Holding** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.15% |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 4.46% |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3.57% |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 3.23% |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.11% |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2.41% |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 2.34% |
| &nbsp;&nbsp;&nbsp;Eli Lilly and Co. | 2.12% |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 2.08% |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 1.98% |
| &nbsp;&nbsp;&nbsp;**Total** | **31.45%** |

---

**<sup>1</sup>** The Fund's holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS<sup>®</sup>). Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. 

 <sub>3</sub>

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**GUARDIAN INTEGRATED RESEARCH VIP FUND** 

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian Integrated Research VIP Fund | 9/1/2016 | -21.13% | 7.02% |  | 8.98% |
| &nbsp;&nbsp;&nbsp;Standard & Poor's 500<sup>®</sup> Index |  | -18.11% | 9.42% |  | 11.44% |

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g558510g03c10.jpg) |

---

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Integrated Research VIP Fund and the Standard & Poor's 500<sup>®</sup> Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

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| | |
|:---|:---|
| **4** | |

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**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $1008.80 | $4.25 | 0.84% |
| &nbsp;&nbsp;&nbsp;Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1020.97 | $4.28 | 0.84% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 <sub>5</sub>

------

**SCHEDULE OF INVESTMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 98.7%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.7%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.7%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.7%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.7%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.7%** |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 60089 | $6064182 |
|  |  | **6064182** |
| &nbsp;&nbsp;&nbsp;**Automobiles – 1.0%** | &nbsp;&nbsp;&nbsp;**Automobiles – 1.0%** | &nbsp;&nbsp;&nbsp;**Automobiles – 1.0%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | 245855 | 2859293 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.<sup>(1)</sup> | 5538 | 682171 |
|  |  | **3541464** |
| &nbsp;&nbsp;&nbsp;**Banks – 4.1%** | &nbsp;&nbsp;&nbsp;**Banks – 4.1%** | &nbsp;&nbsp;&nbsp;**Banks – 4.1%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 184208 | 6100969 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 63464 | 8510522 |
|  |  | **14611491** |
| &nbsp;&nbsp;&nbsp;**Beverages – 3.1%** | &nbsp;&nbsp;&nbsp;**Beverages – 3.1%** | &nbsp;&nbsp;&nbsp;**Beverages – 3.1%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 21833 | 5059798 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.<sup>(1)</sup> | 57009 | 5788124 |
|  |  | **10847922** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 3.5%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 3.5%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 3.5%** |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc.<sup>(1)</sup> | 7098 | 5121136 |
| &nbsp;&nbsp;&nbsp; Seagen, Inc.<sup>(1)</sup> | 19309 | 2481400 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 16857 | 4867964 |
|  |  | **12470500** |
| &nbsp;&nbsp;&nbsp;**Building Products – 2.3%** | &nbsp;&nbsp;&nbsp;**Building Products – 2.3%** | &nbsp;&nbsp;&nbsp;**Building Products – 2.3%** |
| &nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 48402 | 2764238 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 83544 | 5346816 |
|  |  | **8111054** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.9%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.9%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.9%** |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 50435 | 4199218 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 71760 | 6101035 |
|  |  | **10300253** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 2.5%** | &nbsp;&nbsp;&nbsp;**Chemicals – 2.5%** | &nbsp;&nbsp;&nbsp;**Chemicals – 2.5%** |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 32984 | 4147408 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 19220 | 4561483 |
|  |  | **8708891** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.8%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.8%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.8%** |
| &nbsp;&nbsp;&nbsp; F5, Inc.<sup>(1)</sup> | 18680 | 2680767 |
|  |  | **2680767** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.7%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.7%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.7%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | 40710 | 6014903 |
|  |  | **6014903** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 3.1%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 3.1%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 3.1%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 33763 | 3205797 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 46021 | 4739703 |
| &nbsp;&nbsp;&nbsp; Eversource Energy | 35465 | 2973385 |
|  |  | **10918885** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.4%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.4%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.4%** |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | 34871 | 4872176 |
|  |  | **4872176** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.8%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.8%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 1.8%** |
| &nbsp;&nbsp;&nbsp; CDW Corp. | 22218 | 3967691 |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | 78327 | 2501764 |
|  |  | **6469455** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 1.2%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.2%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.2%** |
| &nbsp;&nbsp;&nbsp; Walt Disney Co.<sup>(1)</sup> | 48091 | $4178146 |
|  |  | **4178146** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.9%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.9%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.9%** |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 15565 | 2514059 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 38230 | 4309668 |
|  |  | **6823727** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 3.4%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 3.4%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 3.4%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 39614 | 4349221 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson and Co. | 17009 | 4325389 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc.<sup>(1)</sup> | 46434 | 3473727 |
|  |  | **12148337** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.2%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.2%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.2%** |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 21527 | 11413185 |
|  |  | **11413185** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.9%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.9%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.9%** |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A<sup>(1)</sup> | 24555 | 2099453 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc.<sup>(1)</sup> | 1491 | 3004782 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 19802 | 5218421 |
|  |  | **10322656** |
| &nbsp;&nbsp;&nbsp;**Household Products – 3.7%** | &nbsp;&nbsp;&nbsp;**Household Products – 3.7%** | &nbsp;&nbsp;&nbsp;**Household Products – 3.7%** |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 61369 | 4835263 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 54680 | 8287301 |
|  |  | **13122564** |
| &nbsp;&nbsp;&nbsp;**Insurance – 2.8%** | &nbsp;&nbsp;&nbsp;**Insurance – 2.8%** | &nbsp;&nbsp;&nbsp;**Insurance – 2.8%** |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 22940 | 5060564 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. | 37248 | 4831438 |
|  |  | **9892002** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 4.6%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 4.6%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 4.6%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A<sup>(1)</sup> | 143316 | 12644771 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C<sup>(1)</sup> | 42883 | 3805008 |
|  |  | **16449779** |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 3.1%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 3.1%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 3.1%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 130927 | 10997868 |
|  |  | **10997868** |
| &nbsp;&nbsp;&nbsp;**IT Services – 3.3%** | &nbsp;&nbsp;&nbsp;**IT Services – 3.3%** | &nbsp;&nbsp;&nbsp;**IT Services – 3.3%** |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 22411 | 2225861 |
| &nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A<sup>(1)</sup> | 43704 | 3269933 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 18227 | 6338075 |
|  |  | **11833869** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.0%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.0%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.0%** |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | 18020 | 4782868 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 10314 | 5679817 |
|  |  | **10462685** |
| &nbsp;&nbsp;&nbsp;**Machinery – 3.9%** | &nbsp;&nbsp;&nbsp;**Machinery – 3.9%** | &nbsp;&nbsp;&nbsp;**Machinery – 3.9%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | 13547 | 5808412 |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 19106 | 4209052 |
| &nbsp;&nbsp;&nbsp; Nordson Corp. | 15412 | 3663740 |
|  |  | **13681204** |

---

---

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

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 4.1%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 4.1%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 4.1%** |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 25925 | $3059150 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 44865 | 5810915 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | 24174 | 5521100 |
|  |  | **14391165** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.2%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.2%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 4.2%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly and Co. | 20539 | 7513988 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 143686 | 7362470 |
|  |  | **14876458** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.9%** |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 29157 | 3067025 |
|  |  | **3067025** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.3%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.<sup>(1)</sup> | 44336 | 2871643 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 8257 | 3113137 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 60650 | 2246476 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 8310 | 1214423 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 32554 | 3578987 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 34223 | 5654324 |
|  |  | **18678990** |
| &nbsp;&nbsp;&nbsp;**Software – 8.5%** | &nbsp;&nbsp;&nbsp;**Software – 8.5%** | &nbsp;&nbsp;&nbsp;**Software – 8.5%** |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 90812 | 21778534 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.<sup>(1)</sup> | 19491 | 2719774 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc.<sup>(1)</sup> | 23933 | 3173277 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A<sup>(1)</sup> | 15165 | 2537559 |
|  |  | **30209144** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.0%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.0%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.0%** |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. | 88071 | 7010452 |
|  |  | **7010452** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.2%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.2%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 5.2%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 121434 | $15777920 |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | 44692 | 2684201 |
|  |  | **18462121** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.6%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 49546 | 5797377 |
|  |  | **5797377** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $390,766,277) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $390,766,277) | **349430697** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.6%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.6%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.6%** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.6%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.6%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.6%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $5,492,501, due 1/3/2023<sup>(2)</sup> | $5491720 | 5491720 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $5,491,720) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $5,491,720) | **5491720** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.3%** <br> (Cost $396,257,997) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.3%** <br> (Cost $396,257,997) | **354922417** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.3)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.3)%** | **(1021168)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**353901249** |

---

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

<sup>(2)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $7669100 | $5601613 |

---

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $349430697 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349430697 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 5491720 |  | 5491720 |
| &nbsp;&nbsp;&nbsp;**Total** | $**349430697** | $**5491720** | $**—** | $**354922417** |

---

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

------

**FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $354922417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 164220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 12403 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **355100511** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 832558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 160978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 77122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 67275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 20476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 5440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 34366 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **1199262** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**353901249** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $402939643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable loss | (49038394) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**353901249** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $396257997 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **20523206** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$17.24** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $5277968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 18108 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **5296076** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1620726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 870210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 91485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 81411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 45938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 37935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 16517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 14080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 19125 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **2797427** |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses recouped by adviser | 126478 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **2923905** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **2372171** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (22022024) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (55661313) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments** | **(77683337)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(75311166)** |

---

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/22** | **For the<br>Year Ended<br>12/31/21** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $2372171 | $373104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (22022024) | 6730936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (55661313) | 11323403 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(75311166)** | **18427443** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 166384832 | 311389583<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (58390301) | (21031475) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Capital Share Transactions** | **107994531** | **290358108** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets** | **32683365** | **308785551** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 321217884 | 12432333 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;353901249 | $&nbsp;&nbsp;&nbsp;&nbsp;321217884 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 8974058 | 14956345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3147509) | (988577) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase** | **5826549** | **13967768** |

---

<sup>1</sup> Includes in-kind subscriptions of $306,866,493. The cost basis of the contributed securities is equal to the market value of the securities on the date of the subscription. 

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

------

**FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **<br>Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $21.86 | $0.12 | $(4.74) | $(4.62) | $17.24 | (21.13)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 17.06 | 0.11 | 4.69 | 4.80 | 21.86 | 28.14% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 14.31 | 0.20<sup>(5)</sup> | 2.55 | 2.75 | 17.06 | 19.22% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/19 | 11.26 | 0.14 | 2.91 | 3.05 | 14.31 | 27.09% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/18 | 12.28 | 0.12 | (1.14) | (1.02) | 11.26 | (8.31)% |

---

---

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

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**FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income/<br>(Loss) to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $353901 | 0.84% | 0.84% | 0.68% | 0.68% | 24% |
| 321218 | 0.86% | 0.91% | 0.53% | 0.48% | 274%<sup>(4)</sup> |
| 12432 | 0.96% | 2.08% | 1.36%<sup>(5)</sup> | 0.24%<sup>(5)</sup> | 61% |
| 11852 | 0.96% | 2.30% | 1.08% | (0.26)% | 117% |
| 9814 | 0.96% | 2.39% | 0.93% | (0.50)% | 58% |

---

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

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

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

<sup>(4)</sup> The Fund's portfolio turnover rate during the year reflects higher purchase and sale activities due to a significant inflow of assets into the fund.

<sup>(5)</sup> Reflects a special dividend paid out during the year by one of the Fund's holdings. Had the Fund not received the special dividend, the Net Investment Income per share would have been $0.11, the Net Ratio of Net Investment Income to Average Net Assets would have been 0.76%, and the Gross Ratio of Net Investment Income/(Loss) to Average Net Assets would have been (0.36)%. 

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

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND** 

**December 31, 2022** 

**1. Organization** 

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

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

The Fund seeks capital appreciation.

**2. Significant Accounting Policies** 

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

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

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

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

---

| | |
|:---|:---|
| **12** | |

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------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND** 

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

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

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

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, the Fund did not hold any derivatives.

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

 <sub>13</sub>

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND** 

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

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

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

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

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.50% up to $200 million, 0.43% from $200 to $300 million, and 0.40% in excess of $300 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2024 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.84% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. For the year ended December 31, 2022, Park Avenue did not waive any fees or pay any Fund expenses.

Park Avenue may be entitled to recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date of the waiver or reimbursement, subject to the expense limitation in effect at the time of the waiver or reimbursement and at the time of the recoupment, if any. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation after October 25, 2021 will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue recouped previously waived or reimbursed expenses in the amount of

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| | |
|:---|:---|
| **14** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND** 

$126,478. The amount available for potential future recoupment by Park Avenue from the Fund under the Expense Limitation Agreement and the expiration schedule at December 31, 2022 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Potential**<br> **Recoupment**<br> **Amounts** | **Expiration**<br> **Date** |
|  | $125043 | 2023 |
|  | $35993 | 2024 |
| &nbsp;&nbsp;&nbsp;**Total Potential Recoupment Amounts** | $**161036** |  |

---

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

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

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $870,210 to PAS.

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

**4. Federal Income Taxes** 

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts

of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $187,665,500 and $81,296,286, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

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

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

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

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| | |
|:---|:---|
| | **15** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND** 

may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place

until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

**7. Indemnifications** 

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

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| | |
|:---|:---|
| **16** | |

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------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

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

**Guardian Integrated Research VIP Fund** 

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

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| | |
|:---|:---|
| | **17** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name and**<br> **Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp; **Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

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| | |
|:---|:---|
| **18** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name and**<br> **Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

---

<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

---

| | |
|:---|:---|
| | **19** |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name and**<br> **Year of Birth** | **Position(s) Held and<br>Length of Service<sup>5</sup>** | **Principal Occupation(s)**<br> **During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br> (born 1970) | President and Principal<br>Executive Officer<br>(Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp; **John H. Walter**<br> (born 1962) | Senior Vice President,<br>Treasurer, and<br>Principal Financial and<br>Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Harris Oliner**<br> (born 1971) | Senior Vice President<br>and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December<br>2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018). |
| &nbsp;&nbsp;&nbsp; **Philip Stack**<br> (born 1964) | Chief Compliance<br>Officer (Since<br>September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp; **Brian Hagan**<br> (born 1984) | Anti-Money<br>Laundering Officer<br>(Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp; **Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer<br>and Fund Controller<br>(since December<br>2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Keith Ngo**<br> (born 1971) | Assistant Treasurer<br>(since December<br>2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

---

<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

---

| | |
|:---|:---|
| **20** | |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

---

| | |
|:---|:---|
| | **21** |

---

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g558510g84s34.jpg)

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

PUB8170

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian International Equity VIP Fund**![LOGO](g757416g40s74.jpg)

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

------

**TABLE OF CONTENTS** 

**Guardian International Equity VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc757416_1)** | 1 |
|  **[Fund Characteristics](#toc757416_2)** | 3 |
|  **[Fund Performance](#toc757416_3)** | 5 |
|  **[Understanding Your Fund's Expenses](#toc757416_4)** | 6 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc757416_5) | 7 |
| [Statement of Assets and Liabilities](#toc757416_6) | 10 |
| [Statement of Operations](#toc757416_7) | 10 |
| [Statements of Changes in Net Assets](#toc757416_8) | 11 |
| [Financial Highlights](#toc757416_9) | 12 |
| [Notes to Financial Statements](#toc757416_10) | 14 |
| [Report of Independent Registered Public Accounting Firm](#toc757416_11) | 19 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc757416_14) | 20 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc757416_15) | 23 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

**GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

**FUND COMMENTARY OF SCHRODER INVESTMENT MANAGEMENT NORTH AMERICA INC.,** 

**SUB-ADVISER, AND SCHRODER INVESTMENT MANAGEMENT NORTH AMERICA LIMITED, SUB-SUBADVISER** 

**(UNAUDITED)** 

**Highlights** 

• Guardian International Equity VIP Fund (the "Fund") returned -17.88% for the 12 months ended December 31, 2022. The Fund underperformed its benchmark, the
MSCI<sup>®</sup> Europe, Australasia and Far East (EAFE<sup>®</sup>) Index<sup>1</sup> (the "Index"), for
the same period. The Fund's underperformance relative to the Index was primarily due to stock selection in the healthcare, industrials, consumer discretionary and consumer staples sectors. Stock selection in the utilities sector and an
underweight allocation in the real estate sector relative to the Index were the top contributors to the Fund's performance. On a regional level, stock selection in continental Europe and Japan, as well as exposure to emerging markets, detracted
from, while an overweight allocation to the United Kingdom contributed to the Fund's performance relative to the Index.

• The Index returned -14.45% for the same period.

**Sub-adviser Change** 

Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited, assumed the role of the Fund's sub-adviser and sub-subadviser, respectively, on February 17, 2022. Prior to that date, Lazard Asset Management LLC served as the Fund's sub-adviser.

**Market Overview** 

International equities ended 2022 sharply lower than they began, as the market contended with slowing economic growth, inflationary pressures and tightening monetary policy. This was further exacerbated by Russia's invasion of Ukraine, which exerted significant

pressure on energy prices and supply, particularly in Europe. Geopolitical tensions between China and the West also remained high as President Xi Jinping's consolidation of power raised concerns about increased government interference in the private sector and China's ambitions toward "reunification" with Taiwan. The euro, yen and British pound fell to near multi-decade lows against the U.S. dollar.

Cyclically-exposed sectors, such as consumer discretionary, technology and industrials, faced the most selling pressure while defensive sectors were more resilient. Commodity sectors benefited from the inflationary environment and both value stocks and the financials sector were supported by rising interest rates globally. The energy sector was the only major sector to post gains during the year as sanctions against Russian oil and gas kept upward pressure on prices.

**Portfolio Review** 

At the sector level, stock selection in the healthcare, industrials, consumer discretionary and consumer staples sectors and the Fund's overweight in the consumer discretionary sector relative to the Index drove a majority of the underperformance since we began managing the Fund on February 17, 2022. Detractors from performance during the period included the consumer discretionary sector and longer duration growth stocks.

On the positive side, the Fund's security positions in the utilities sector were a leading contributor to relative returns as utility companies posted record profits owing to soaring energy prices. In addition, the Fund's underweight position in the real estate sector relative to the Index benefited performance. Traditional defensive stocks were generally resilient during the period as investors sought relative safety in a volatile market environment.

<sup>**1**</sup> The Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index, and, unlike the Fund, the Index does not incur fees or expenses. 

 <sub>1</sub>

------

**GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

**Outlook** 

Global equities remain under pressure entering 2023 amidst geopolitical tensions, high inflation, tightening monetary policy, and ultimately, earnings risks that we believe look inevitable as the economic cycle slows. Inflationary pressures have exerted a strain on discretionary spending and with central banks remaining focused on combatting inflation, interest rates have been rapidly rising, further weighing on consumer confidence. Although food and energy price inflation are stabilizing, we believe core inflation remains firm, suggesting central banks continue to have work to do in 2023. A surprise policy move by the Bank of Japan in December may finally mark the pivot away from yield curve control and create better opportunities for domestic stocks that we believe would be supported by a stronger currency.

High inflation is forcing global growth lower, which we believe should continue to put earnings under further pressure. While corporate balance sheets remain healthy, tighter credit conditions may begin to reveal cracks in companies that are unprepared to weather the more challenging environment. Globally, earnings revisions have turned more negative in recent months, which we believe should serve to quell overly optimistic exuberance and establish a more realistic base for earnings in 2023. We believe the market is entering a phase in which the impact of slowing growth, rising costs and weaker sentiment may become much more apparent in company financial results.

In our view, the market will be looking for an eventual trough in earnings revisions and a peak in interest rates to signal the start of a new cycle. It will also likely require evidence of economic recovery for the strength in the U.S. dollar to durably reverse its course. Currency volatility has left the British pound, euro and yen all near multi-decade lows, but we believe it has also enhanced the competitiveness for multinational exporters operating within those markets, which may benefit from currency gains in their earnings. Conversely, many U.S. companies may face greater earnings risk, as nearly 40% of the revenues of companies in the Standard & Poor's 500<sup>®</sup> Index<sup>2</sup> are derived from overseas. Encouragingly, supply chain pressures are easing, which may alleviate both shortages and inflation. Some industries will continue to face challenges in 2023 and we believe there

is building momentum for companies to build more resilience into their supply chains to reduce their reliance on China. Given labor shortages in many western economies, in our view, new capacity will need to be highly automated, and this should also present good opportunities for Southeast Asia, and for countries such as Mexico and Turkey, which are on the periphery of the U.S. and European economies.

The geopolitical backdrop remains challenging and has also put a spotlight on the importance of energy independence and the clean energy transition. Russia's invasion of Ukraine remains a significant source of volatility and uncertainty to global markets. Russian President Vladimir Putin's endgame remains unknown and the conflict in Ukraine will continue to have important implications for cost inflation, interest rates and supply chain disruption. Amidst a tighter energy supply picture, we expect prices to remain elevated.

We believe security (*e.g.*, national security, energy security, food security, and cybersecurity) remains considerably higher on government and corporate agendas than in the past decade. We see a wave of spending being directed by governments and companies toward achieving greater security of supply: whether through investment in renewables; re-shoring or re-locating production facilities; supporting new methods of food production; or protecting industries that are strategic in nature such as semiconductors, software, or biotechnology. We are focused on companies that we believe can prosper in this challenging environment and do so with a reasonable level of risk.

We will continue to seek climate technology companies and companies we believe are well positioned for a clean energy transition across the materials, industrial, technology and utility sectors. We are also seeking interesting opportunities within the financials sector, where the combination of low expectations, cheap valuations, strong capital buffers and rising rates may create an attractive backdrop for longer term investors. We also continue to look for long-term core holdings within the technology sector, where we believe long term structural drivers such as digitization and connectivity are supporting growth, but where we believe investors' fears of a cyclical downturn have brought valuations back to attractive levels.

<sup>**2**</sup> The Standard & Poor's 500<sup>®</sup> Index (the "S&P 500 Index") is an unmanaged market-capitalization-weighted index generally considered to be representative of U.S. equity market activity. The S&P 500 Index consists of 500 stocks representing leading industries of the U.S. economy. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the S&P 500 Index, and, unlike the Fund, the S&P 500 Index does not incur fees or expenses. 

---

| | |
|:---|:---|
| **2** | |

---

------

**GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $325,012,122

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Geographic Region Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g757416g01p01.jpg) |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Sector Allocation<sup>2</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g757416g02p02.jpg) |

---

 <sub>3</sub>

------

**GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>1</sup>**<br> As of December 31, 2022 | | |
| &nbsp;&nbsp;&nbsp;**Holding** | **Country** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Roche Holding AG | Switzerland | 2.85% |
| &nbsp;&nbsp;&nbsp; Shell PLC | United Kingdom | 2.78% |
| &nbsp;&nbsp;&nbsp; Nestle SA (Reg S) | Switzerland | 2.56% |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC | United Kingdom | 2.44% |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | Japan | 2.33% |
| &nbsp;&nbsp;&nbsp; SAP SE | Germany | 2.04% |
| &nbsp;&nbsp;&nbsp; AIA Group Ltd. | Hong Kong | 1.88% |
| &nbsp;&nbsp;&nbsp; Siemens AG (Reg S) | Germany | 1.81% |
| &nbsp;&nbsp;&nbsp; Iberdrola SA | Spain | 1.72% |
| &nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | Denmark | 1.71% |
| &nbsp;&nbsp;&nbsp; **Total** |  | **22.12%** |

---

**<sup>1</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** The Fund's holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS<sup>®</sup>). Cash includes short-term investments and net other assets and liabilities. 

---

| | |
|:---|:---|
| **4** | |

---

------

**GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Guardian International Equity VIP Fund | 9/1/2016 | -17.88% | -0.70% |  | 2.08% |
| &nbsp;&nbsp;&nbsp; MSCI<sup>®</sup> EAFE<sup>®</sup> Index |  | -14.45% | 1.54% |  | 4.85% |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g757416g19b39.jpg) |

---

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian International Equity VIP Fund and the MSCI<sup>®</sup> EAFE<sup>®</sup> Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

 <sub>5</sub>

------

**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp; Based on Actual Return | $1000.00 | $1052.70 | $5.59 | 1.08% |
| &nbsp;&nbsp;&nbsp; Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1019.76 | $5.50 | 1.08% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

---

| | |
|:---|:---|
| **6** | |

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 98.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Australia – 2.2%** | &nbsp;&nbsp;&nbsp;**Australia – 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. | 29620 | $3362618 |
| &nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | 46520 | 3666254 |
|  |  | **7028872** |
| &nbsp;&nbsp;&nbsp;**Austria – 1.1%** | &nbsp;&nbsp;&nbsp;**Austria – 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Erste Group Bank AG | 108485 | 3459326 |
|  |  | **3459326** |
| &nbsp;&nbsp;&nbsp;**Belgium – 1.6%** | &nbsp;&nbsp;&nbsp;**Belgium – 1.6%** |  |
| &nbsp;&nbsp;&nbsp; UCB SA | 39690 | 3126174 |
| &nbsp;&nbsp;&nbsp; Umicore SA | 57898 | 2136036 |
|  |  | **5262210** |
| &nbsp;&nbsp;&nbsp;**Brazil – 0.4%** | &nbsp;&nbsp;&nbsp;**Brazil – 0.4%** |  |
| &nbsp;&nbsp;&nbsp; B3 SA - Brasil Bolsa Balcao | 479060 | 1197937 |
|  |  | **1197937** |
| &nbsp;&nbsp;&nbsp;**Canada – 2.0%** | &nbsp;&nbsp;&nbsp;**Canada – 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Canadian National Railway Co. | 24835 | 2950119 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 55497 | 3593369 |
|  |  | **6543488** |
| &nbsp;&nbsp;&nbsp;**Cayman Islands – 1.1%** | &nbsp;&nbsp;&nbsp;**Cayman Islands – 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd.<sup>(1)</sup> | 156200 | 1724630 |
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 43600 | 1853096 |
|  |  | **3577726** |
| &nbsp;&nbsp;&nbsp;**Denmark – 3.2%** | &nbsp;&nbsp;&nbsp;**Denmark – 3.2%** |  |
| &nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 41015 | 5553429 |
| &nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | 171308 | 5004960 |
|  |  | **10558389** |
| &nbsp;&nbsp;&nbsp;**France – 7.2%** | &nbsp;&nbsp;&nbsp;**France – 7.2%** |  |
| &nbsp;&nbsp;&nbsp; Carrefour SA | 145288 | 2430971 |
| &nbsp;&nbsp;&nbsp; EssilorLuxottica SA | 20964 | 3817463 |
| &nbsp;&nbsp;&nbsp; Legrand SA | 27411 | 2207063 |
| &nbsp;&nbsp;&nbsp; Sanofi | 54832 | 5305578 |
| &nbsp;&nbsp;&nbsp; Schneider Electric SE | 39445 | 5547523 |
| &nbsp;&nbsp;&nbsp; TotalEnergies SE | 65667 | 4098616 |
|  |  | **23407214** |
| &nbsp;&nbsp;&nbsp;**Germany – 8.1%** | &nbsp;&nbsp;&nbsp;**Germany – 8.1%** |  |
| &nbsp;&nbsp;&nbsp; Bayer AG (Reg S) | 30484 | 1573964 |
| &nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 51424 | 4589857 |
| &nbsp;&nbsp;&nbsp; Infineon Technologies AG | 126465 | 3851831 |
| &nbsp;&nbsp;&nbsp; Merck KGaA | 11374 | 2202691 |
| &nbsp;&nbsp;&nbsp; SAP SE | 64257 | 6631284 |
| &nbsp;&nbsp;&nbsp; Siemens AG (Reg S) | 42389 | 5883281 |
| &nbsp;&nbsp;&nbsp; Zalando SE<sup>(1)(2)</sup> | 40782 | 1445765 |
|  |  | **26178673** |
| &nbsp;&nbsp;&nbsp;**Hong Kong – 3.9%** | &nbsp;&nbsp;&nbsp;**Hong Kong – 3.9%** |  |
| &nbsp;&nbsp;&nbsp; AIA Group Ltd. | 555600 | 6121047 |
| &nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. | 829000 | 2818029 |
| &nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 45600 | 1970611 |
| &nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | 149000 | 1659117 |
|  |  | **12568804** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**India – 1.1%** | &nbsp;&nbsp;&nbsp;**India – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp; HDFC Bank Ltd., ADR | 52096 | $| 3563887 |
|  |  |  | **3563887** |
| &nbsp;&nbsp;&nbsp;**Indonesia – 0.5%** | &nbsp;&nbsp;&nbsp;**Indonesia – 0.5%** | &nbsp;&nbsp;&nbsp;**Indonesia – 0.5%** | &nbsp;&nbsp;&nbsp;**Indonesia – 0.5%** |
| &nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT | 2879700 |  | 1578796 |
|  |  |  | **1578796** |
| &nbsp;&nbsp;&nbsp;**Israel – 0.7%** | &nbsp;&nbsp;&nbsp;**Israel – 0.7%** | &nbsp;&nbsp;&nbsp;**Israel – 0.7%** | &nbsp;&nbsp;&nbsp;**Israel – 0.7%** |
| &nbsp;&nbsp;&nbsp; Nice Ltd., ADR<sup>(1)</sup> | 11341 |  | 2180874 |
|  |  |  | **2180874** |
| &nbsp;&nbsp;&nbsp;**Italy – 2.1%** | &nbsp;&nbsp;&nbsp;**Italy – 2.1%** | &nbsp;&nbsp;&nbsp;**Italy – 2.1%** | &nbsp;&nbsp;&nbsp;**Italy – 2.1%** |
| &nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | 240355 |  | 4005646 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | 1284767 |  | 2866301 |
|  |  |  | **6871947** |
| &nbsp;&nbsp;&nbsp;**Japan – 18.0%** | &nbsp;&nbsp;&nbsp;**Japan – 18.0%** | &nbsp;&nbsp;&nbsp;**Japan – 18.0%** | &nbsp;&nbsp;&nbsp;**Japan – 18.0%** |
| &nbsp;&nbsp;&nbsp; Bridgestone Corp. | 127700 |  | 4546337 |
| &nbsp;&nbsp;&nbsp; Daikin Industries Ltd. | 25500 |  | 3922653 |
| &nbsp;&nbsp;&nbsp; Disco Corp. | 8200 |  | 2357236 |
| &nbsp;&nbsp;&nbsp; KDDI Corp. | 136100 |  | 4113503 |
| &nbsp;&nbsp;&nbsp; Keyence Corp. | 9000 |  | 3523542 |
| &nbsp;&nbsp;&nbsp; Kubota Corp. | 159900 |  | 2202676 |
| &nbsp;&nbsp;&nbsp; Makita Corp. | 42500 |  | 995086 |
| &nbsp;&nbsp;&nbsp; MISUMI Group, Inc. | 90400 |  | 1981625 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 1121200 |  | 7563648 |
| &nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | 45400 |  | 2277686 |
| &nbsp;&nbsp;&nbsp; Nabtesco Corp. | 96800 |  | 2480582 |
| &nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 53400 |  | 1698326 |
| &nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | 182800 |  | 2543678 |
| &nbsp;&nbsp;&nbsp; SMC Corp. | 8300 |  | 3512806 |
| &nbsp;&nbsp;&nbsp; Sony Group Corp. | 64400 |  | 4910880 |
| &nbsp;&nbsp;&nbsp; Terumo Corp. | 104300 |  | 2949484 |
| &nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 125700 |  | 2690806 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 309700 |  | 4232713 |
|  |  |  | **58503267** |
| &nbsp;&nbsp;&nbsp;**Netherlands – 4.5%** | &nbsp;&nbsp;&nbsp;**Netherlands – 4.5%** | &nbsp;&nbsp;&nbsp;**Netherlands – 4.5%** | &nbsp;&nbsp;&nbsp;**Netherlands – 4.5%** |
| &nbsp;&nbsp;&nbsp; Aalberts NV | 40584 |  | 1577755 |
| &nbsp;&nbsp;&nbsp; Adyen NV<sup>(1)(2)</sup> | 1268 |  | 1754679 |
| &nbsp;&nbsp;&nbsp; Akzo Nobel NV | 43733 |  | 2918130 |
| &nbsp;&nbsp;&nbsp; ASML Holding NV | 9447 |  | 5113689 |
| &nbsp;&nbsp;&nbsp; Universal Music Group NV | 128525 |  | 3102486 |
|  |  |  | **14466739** |
| &nbsp;&nbsp;&nbsp;**Norway – 2.1%** | &nbsp;&nbsp;&nbsp;**Norway – 2.1%** | &nbsp;&nbsp;&nbsp;**Norway – 2.1%** | &nbsp;&nbsp;&nbsp;**Norway – 2.1%** |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA | 145305 |  | 2876769 |
| &nbsp;&nbsp;&nbsp; Equinor ASA | 67512 |  | 2421547 |
| &nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 220980 |  | 1655033 |
|  |  |  | **6953349** |
| &nbsp;&nbsp;&nbsp;**Republic of Korea – 1.9%** | &nbsp;&nbsp;&nbsp;**Republic of Korea – 1.9%** | &nbsp;&nbsp;&nbsp;**Republic of Korea – 1.9%** | &nbsp;&nbsp;&nbsp;**Republic of Korea – 1.9%** |
| &nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 85329 |  | 3762846 |
| &nbsp;&nbsp;&nbsp; Samsung SDI Co. Ltd. | 5378 |  | 2534132 |
|  |  |  | **6296978** |

---

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

------

**SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Spain – 3.6%** | &nbsp;&nbsp;&nbsp;**Spain – 3.6%** | &nbsp;&nbsp;&nbsp;**Spain – 3.6%** |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | 630275 | $3806090 |
| &nbsp;&nbsp;&nbsp; CaixaBank SA | 556623 | 2184902 |
| &nbsp;&nbsp;&nbsp; Iberdrola SA | 478263 | 5594480 |
|  |  | **11585472** |
| &nbsp;&nbsp;&nbsp;**Sweden – 2.5%** | &nbsp;&nbsp;&nbsp;**Sweden – 2.5%** | &nbsp;&nbsp;&nbsp;**Sweden – 2.5%** |
| &nbsp;&nbsp;&nbsp; Nibe Industrier AB, Class B | 87751 | 820561 |
| &nbsp;&nbsp;&nbsp; Sandvik AB | 197634 | 3568327 |
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class A | 372637 | 3749581 |
|  |  | **8138469** |
| &nbsp;&nbsp;&nbsp;**Switzerland – 8.5%** | &nbsp;&nbsp;&nbsp;**Switzerland – 8.5%** | &nbsp;&nbsp;&nbsp;**Switzerland – 8.5%** |
| &nbsp;&nbsp;&nbsp; Alcon, Inc. | 30849 | 2118847 |
| &nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG | 207 | 2109440 |
| &nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Reg S), Class A | 9562 | 1237377 |
| &nbsp;&nbsp;&nbsp; Lonza Group AG (Reg S) | 4338 | 2135068 |
| &nbsp;&nbsp;&nbsp; Nestle SA (Reg S) | 72180 | 8335742 |
| &nbsp;&nbsp;&nbsp; On Holding AG, Class A<sup>(1)</sup> | 58823 | 1009403 |
| &nbsp;&nbsp;&nbsp; Roche Holding AG | 29451 | 9255325 |
| &nbsp;&nbsp;&nbsp; Sika AG (Reg S) | 6393 | 1542563 |
|  |  | **27743765** |
| &nbsp;&nbsp;&nbsp;**Taiwan – 0.7%** | &nbsp;&nbsp;&nbsp;**Taiwan – 0.7%** | &nbsp;&nbsp;&nbsp;**Taiwan – 0.7%** |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 31551 | 2350234 |
|  |  | **2350234** |
| &nbsp;&nbsp;&nbsp;**United Kingdom – 19.4%** | &nbsp;&nbsp;&nbsp;**United Kingdom – 19.4%** | &nbsp;&nbsp;&nbsp;**United Kingdom – 19.4%** |
| &nbsp;&nbsp;&nbsp; Antofagasta PLC | 118240 | 2195144 |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC | 58439 | 7931070 |
| &nbsp;&nbsp;&nbsp; Bunzl PLC | 66764 | 2228403 |
| &nbsp;&nbsp;&nbsp; Burberry Group PLC | 134639 | 3289908 |
| &nbsp;&nbsp;&nbsp; Diageo PLC | 79466 | 3509162 |
| &nbsp;&nbsp;&nbsp; GSK PLC | 76435 | 1329190 |
| &nbsp;&nbsp;&nbsp; Haleon PLC<sup>(1)</sup> | 320298 | 1281154 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 826429 | 5153999 |
| &nbsp;&nbsp;&nbsp; Kingfisher PLC | 492227 | 1408716 |
| &nbsp;&nbsp;&nbsp; National Grid PLC | 298402 | 3584219 |
| &nbsp;&nbsp;&nbsp; Prudential PLC | 230189 | 3115063 |
| &nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 62871 | 4373875 |
| &nbsp;&nbsp;&nbsp; RELX PLC | 138085 | 3825753 |
| &nbsp;&nbsp;&nbsp; Shell PLC | 317657 | 9037661 |
| &nbsp;&nbsp;&nbsp; SSE PLC | 92430 | 1906452 |
| &nbsp;&nbsp;&nbsp; Tesco PLC | 950426 | 2576857 |
| &nbsp;&nbsp;&nbsp; Unilever PLC | 99334 | 5011300 |
| &nbsp;&nbsp;&nbsp; Whitbread PLC | 43610 | 1356671 |
|  |  | **63114597** |
| &nbsp;&nbsp;&nbsp;**United States – 2.3%** | &nbsp;&nbsp;&nbsp;**United States – 2.3%** | &nbsp;&nbsp;&nbsp;**United States – 2.3%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc.<sup>(1)</sup> | 1967 | 3964056 |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp-Liberty Formula One, Class C<sup>(1)</sup> | 16704 | 998565 |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.<sup>(1)</sup> | 5214 | 1670461 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**United States** (continued) | &nbsp;&nbsp;&nbsp;**United States** (continued) | &nbsp;&nbsp;&nbsp;**United States** (continued) |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc.<sup>(1)</sup> | 1067 | $902938 |
|  |  | **7536020** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $361,269,312) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $361,269,312) | **320667033** |
| &nbsp;&nbsp;&nbsp;**Preferred Stocks – 0.6%** | &nbsp;&nbsp;&nbsp;**Preferred Stocks – 0.6%** | &nbsp;&nbsp;&nbsp;**Preferred Stocks – 0.6%** |
| &nbsp;&nbsp;&nbsp;**Germany – 0.6%** | &nbsp;&nbsp;&nbsp;**Germany – 0.6%** | &nbsp;&nbsp;&nbsp;**Germany – 0.6%** |
| &nbsp;&nbsp;&nbsp; Dr. Ing. h.c. F. Porsche AG <sup>(1)</sup> | 19613 | 1989861 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stocks** <br> (Cost $1,584,476) | &nbsp;&nbsp;&nbsp;**Total Preferred Stocks** <br> (Cost $1,584,476) | **1989861** |
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 0.5%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 0.5%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 0.5%** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.5%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.5%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.5%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $1,692,033, due 1/3/2023<sup>(3)</sup> | $1691793 | 1691793 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,691,793) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,691,793) | **1691793** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.8%** <br> (Cost $364,545,581) | &nbsp;&nbsp;&nbsp;**Total Investments – 99.8%** <br> (Cost $364,545,581) | **324348687** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.2%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.2%** | **663435** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** |  | $**325012122** |

---

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

<sup>(2)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At December 31, 2022, the aggregate market value of these securities amounted to $3,200,444, representing 1.0% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees. 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $2362600 | $1725675 |

---

**Legend:** 

ADR – American Depositary Receipt

---

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

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $7028872 \* | $— | $7028872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 3459326 \* |  | 3459326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 5262210 \* |  | 5262210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil |  | 1197937 \* |  | 1197937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 6543488 |  |  | 6543488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands |  | 3577726 \* |  | 3577726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 10558389 \* |  | 10558389 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 23407214 \* |  | 23407214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 26178673 \* |  | 26178673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 12568804 \* |  | 12568804 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 3563887 |  |  | 3563887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 1578796 \* |  | 1578796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel | 2180874 |  |  | 2180874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 6871947 \* |  | 6871947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 58503267 \* |  | 58503267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 14466739 \* |  | 14466739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 6953349 \* |  | 6953349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea |  | 6296978 \* |  | 6296978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 11585472 \* |  | 11585472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 8138469 \* |  | 8138469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 1009403 | 26734362 \* |  | 27743765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 2350234 |  |  | 2350234 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 63114597 \* |  | 63114597 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 7536020 |  |  | 7536020 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 1989861 \* |  | 1989861 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1691793 |  | 1691793 |
| &nbsp;&nbsp;&nbsp;**Total** | $**23183906** | $**301164781** | $**—** | $**324348687** |

---

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

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

------

**FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324348687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 51399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 654454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 257928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 101632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 12317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 10243 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **325436660** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 213902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 69885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 63074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 22045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 21790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 33064 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **424538** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**325012122** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $361144330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable loss | (36132208) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**325012122** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $364545581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $50594 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **28537388** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | $**11.39** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8933921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 6234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (796860) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **8143295** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 2614024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 854675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 116741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 82247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 79967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 43848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 14633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 13242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 20953 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **3840330** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (148136) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **3692194** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **4451101** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Foreign Currency Transactions and Foreign Capital Gains Tax** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (12280299) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (79408) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes paid | (1520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (66137158) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | (11060) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments, Foreign Currency Transactions and Foreign Capital Gains Tax** | **(78509445)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(74058344)** |

---

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the**<br> **Year Ended<br>12/31/22** | **For the**<br> **Year Ended<br>12/31/21** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $4451101 | $5838760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments, foreign currency transactions and<br>foreign capital gains tax | (12361227) | 14756705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | (66148218) | (13380699) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(74058344)** | **7214766** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 34530478 | 213112048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (47367070) | (42652890) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions** | **(12836592)** | **170459158** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets** | **(86894936)** | **177673924** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 411907058 | 234233134 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325012122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411907058 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 2969799 | 14988813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4125624) | (3097898) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease)** | **(1155825)** | **11890915** |

---

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

------

**FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **Net Asset Value,<br>Beginning of**<br>**Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized**<br> **and Unrealized**<br> **Gain/(Loss)** | **Total**<br> **Operations** | **Net Asset**<br> **Value, End of**<br> **Period** | <br>**Total**<br> **Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $13.87 | $0.15 | $(2.63) | $(2.48) | $11.39 | (17.88)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 13.16 | 0.30<sup>(4)</sup> | 0.41 | 0.71 | 13.87 | 5.40% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 12.15 | 0.12 | 0.89 | 1.01 | 13.16 | 8.31% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/19 | 10.01 | 0.22 | 1.92 | 2.14 | 12.15 | 21.38% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/18 | 11.80 | 0.20 | (1.99) | (1.79) | 10.01 | (15.17)% |

---

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net**<br> **Investment Income**<br> **to Average**<br> **Net Assets<sup>(3)</sup>** | **Gross Ratio of Net**<br> **Investment Income**<br> **to Average**<br> **Net Assets** | **Portfolio<br>Turnover Rate** |
| $325012 | 1.08% | 1.12% | 1.30% | 1.26% | 136% |
| 411907 | 1.06% | 1.13% | 2.20%<sup>(4)</sup> | 2.13%<sup>(4)</sup> | 40% |
| 234233 | 1.00% | 1.18% | 1.03% | 0.85% | 38% |
| 220989 | 0.94% | 1.20% | 1.99% | 1.73% | 32% |
| 208182 | 0.94% | 1.23% | 1.79% | 1.50% | 74% |

---

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

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

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

<sup>(4)</sup> Reflects a special dividend paid out during the year by one of the Fund's holdings. Had the Fund not received the special dividend, the Net Investment Income per share would have been $0.19, the Net Ratio of Net Investment Income to Average Net Assets would have been 1.37%, and the Gross Ratio of Net Investment Income to Average Net Assets would have been 1.30%. 

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

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

**December 31, 2022** 

**1. Organization** 

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

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

The Fund seeks long-term capital appreciation.

**2. Significant Accounting Policies** 

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

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

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

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

---

| | |
|:---|:---|
| **14** | |

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------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

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

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

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

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, the Fund did not hold any derivatives.

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

---

| | |
|:---|:---|
| | **15** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

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

**d. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

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

**e. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

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

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

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.80% of the first $100 million, and 0.75% in excess of $100 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 1.08% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees.

---

| | |
|:---|:---|
| **16** | |

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------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $148,136.

Park Avenue has entered into a Sub-Advisory Agreement with Investment Management North America, Inc. ("Schroder Inc."). Schroder Inc. is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund. Schroder Inc. also entered into a Sub-subadvisory Agreement with its affiliate, Schroder Investment Management North America Limited (''Schroder Limited''). The sub-subadvisory fees under the Sub-subadvisory Agreement are paid by Schroder Inc. to Schroder Limited and do not represent a separate or additional expense to the Fund.

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

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $854,675 to PAS.

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

**4. Federal Income Taxes** 

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses,

deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $461,080,994 and $469,484,638, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

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

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the

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| | |
|:---|:---|
| | **17** |

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------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND** 

right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of December 31, 2022, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any

day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

**7. Indemnifications** 

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

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| | |
|:---|:---|
| **18** | |

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------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

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

**Guardian International Equity VIP Fund** 

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

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| | |
|:---|:---|
| | **19** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name and**<br>**Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past Five Years** | **Number of**<br>**Funds**<br>**in Fund**<br>**Complex**<br>**Overseen**<br>**by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp; **Bruce W. Ferris<sup>3</sup>**<br>(born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Theda R. Haber<sup>3</sup>**<br>(born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015– 2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012– 2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br>(born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **John Walters<sup>3</sup>**<br>(born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

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| | |
|:---|:---|
| **20** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name and**<br>**Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past Five Years** | **Number of**<br>**Funds**<br>**in Fund**<br>**Complex**<br>**Overseen**<br>**by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br>(born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Richard T. Potter<sup>4</sup>**<br>(born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

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<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

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| | |
|:---|:---|
| | **21** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Position(s) Held and<br>Length of Service<sup>5</sup>** | **Principal Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br>(born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp;**John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Harris Oliner**<br>(born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Tyla Reynolds**<br>(born 1967) | Assistant Secretary (Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018). |
| &nbsp;&nbsp;&nbsp; **Philip Stack**<br>(born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp; **Brian Hagan**<br>(born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp; **Kathleen M. Moynihan**<br>(born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Maria Nydia Morrison**<br>(born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Keith Ngo**<br>(born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

---

<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

---

| | |
|:---|:---|
| **22** | |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

---

| | |
|:---|:---|
| | **23** |

---

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g757416g84s34.jpg)

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

PUB8172

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian International Growth VIP Fund**![LOGO](g779593g40s74.jpg)

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

------

**TABLE OF CONTENTS** 

**Guardian International Growth VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc779593_1)** | 1 |
|  **[Fund Characteristics](#toc779593_2)** | 3 |
|  **[Fund Performance](#toc779593_3)** | 5 |
|  **[Understanding Your Fund's Expenses](#toc779593_4)** | 6 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc779593_5) | 7 |
| [Statement of Assets and Liabilities](#toc779593_6) | 10 |
| [Statement of Operations](#toc779593_7) | 10 |
| [Statements of Changes in Net Assets](#toc779593_8) | 11 |
| [Financial Highlights](#toc779593_9) | 12 |
| [Notes to Financial Statements](#toc779593_10) | 14 |
| [Report of Independent Registered Public<br>Accounting Firm](#toc779593_11) | 19 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc779593_15) | 20 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc779593_16) | 23 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

**GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

**FUND COMMENTARY OF J.P. MORGAN INVESTMENT MANAGEMENT INC., SUB-ADVISER** 

**(UNAUDITED)** 

**Highlights** 

• Guardian International Growth VIP Fund (the "Fund") returned -28.27%, underperforming its benchmark, the MSCI<sup>®</sup>
EAFE<sup>®</sup> Growth Index<sup>1</sup>(the "Index"), for the 12 months ended December 31, 2022. The Fund's underperformance relative to
the Index was primarily due to stock selection, especially in the consumer discretionary and health care sectors. Stock selection in the materials sector and not holding an exposure to the real estate sector positively contributed to the Fund's
relative performance.

• The Index returned -22.95% for 2022. This performance was a result of the real estate and information technology sectors being the largest detractors from performance, while the
energy sector was the sole positive contributor to performance.

**Market Overview** 

After three consecutive years of strong positive returns, 2022 turned out to be a challenging one for global equities. Economic implications of the Russian invasion of Ukraine, elevated inflation, monetary policy tightening, supply chain disruptions and recessionary fears led to increased volatility and negatively impacted investor sentiment. However, the fourth quarter of the year brought some relief.

Expectations for the path of monetary policy have seen a major shift, with central banks turning more hawkish as they continue to face challenges in bringing inflation under control. The U.S. Federal Reserve (the "Fed") increased rates at its fastest pace since the early 1980's, and the federal funds rate target range increased during the year and is now at 4.25% - 4.50%. The European Central Bank lifted rates swiftly from negative territory and the Bank of England delivered interest rates hike for the ninth time in a row to a 14-year high of 3.50%. Currencies, as an extension of interest rates, were also quite volatile as the U.S. dollar rose materially given the Fed's monetary tightening.

Against this backdrop, we believe the overall economic situation has now changed materially, fueling worries about a possible recession. The U.S. economy showed signs of softening as elevated inflation, weaker demand and higher borrowing costs continued to impact activity levels. Weak demand conditions were broad-based, though manufacturing firms saw a steeper decrease in new orders compared to their services sector counterparts based on the December 2022 S&P Global

Flash US Purchasing Managers' Index<sup>™</sup>(PMI<sup>™</sup>)<sup>2</sup> (the "Purchasing Managers' Index") figures. Additionally, existing home sales fell for the 10th straight month in November as the housing market was squeezed by higher mortgage rates.

Europe remains in the eye of the storm, where, even after ten months of the war in Ukraine, there are no signs of a ceasefire. Inflationary pressures and the resultant squeeze on real incomes continued to moderate demand and the seasonally adjusted S&P Global Flash Eurozone PMI<sup>®</sup> Composite Output Index<sup>3</sup> (the "Eurozone PMI Index") fell below the crucial 50.0%, indicating a contraction. Higher energy prices are increasingly reflected in European production prices and Eurozone inflation continues to remain at elevated levels. In the United Kingdom, spiraling food and energy prices continued to intensify the squeeze on households. Consequently, consumer confidence fell to an all-time low in September and the PMI business survey is in contractionary territory.

China witnessed weak domestic demand and a benign inflation environment as the economy faced several headwinds during the year such as the country's zero COVID-19 policy (the "Zero Covid" policy), weather-related disruptions and weakness in the housing market. Towards the end of the year, China abruptly reversed the Zero Covid policy, which led to a sudden surge in COVID-19 cases, disrupting production and weighing on economic activity.

Crude oil prices experienced heightened volatility over the year, driven by the Russian invasion of Ukraine conflict, fear of recession and dampened demand. Among equities, value stocks significantly outperformed their growth counterparts and developed markets outperformed emerging markets.

**Portfolio Review** 

Stock selection in the consumer discretionary and health care sectors had a negative impact on the Fund's performance relative to the Index. On the upside, stock selection in the materials sector and not holding an exposure to the real estate sector had a positive impact on the Fund's performance relative to the Index. At the regional level, all regions detracted from the Fund's relative performance, with stock selection in Japan and continental Europe being the largest detractors overall.

**Outlook** 

The story for the global economy in 2022 has largely been about battling record-high inflation. Even though

 <sub>1</sub>

------

**GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

latest datapoints suggest that inflation is receding, the aggressive monetary policy response from central banks has impacted economic growth. While we saw global profits expanding modestly in 2022, we now expect a moderate decline in global earnings in 2023. We believe active management and thorough fundamental research will be paramount, and quality — of both management and balance sheets — matters a great deal in a more difficult environment.

While inflation continues to remain above central banks' targets, we believe that inflation could start to moderate as economies slow, the labor market softens, supply chain pressures ease, and Europe manages to diversify its energy supply. However, there are increased concerns of a recession. Consumer spending is expected to be hampered by a continued fiscal drag and falling household savings. Additionally, a meaningful decline in government spending relative to revenues could reduce the aggregate demand within the economy. Business fixed investment will also likely be weak in 2023, reflecting higher interest rates, declining corporate margins and pessimism concerning the economic outlook. We believe this could mean that most major developed economies see one or two quarters of negative real gross domestic product (GDP) growth in 2023.

We believe, however, that if we have a recession, it could be a mild one. The pent-up demand for labor, the lack of

over-building in the most cyclical sectors of the economy, healthy bank balance sheets and the absence, so far, of some new macroeconomic shock does seem to provide some protection against a worse outcome. In the wake of benign inflation reports, we believe investors now expect less tightening going forward so long as inflation is headed in the right direction. This, along with more obvious signs of economic weakness, could allow central banks to suspend further interest rate hikes early in 2023.

2022 turned out to be a very tough year for investors with Russia's invasion of Ukraine challenging global energy supply, central banks pivoting aggressively to combat high inflation, widespread effects of a global pandemic impacting consumers, businesses, and supply chains — all leading to heightened volatility and a painful selloff in financial assets. While in our view risks around the growth outlook are high for 2023, they are also reflected in equity valuations. Indeed, in the latest release of J.P. Morgan Asset Management's 2023 Long Term Capital Market assumptions, the long-term return expectations for global equities are at some of their highest levels in a decade and we believe equity markets could now be at an attractive entry point to the long-term investor.

<sup>**1**</sup> The Index is a subset of the MSCI<sup>®</sup> EAFE<sup>®</sup> Index. The MSCI<sup>®</sup> EAFE<sup>®</sup> Index (Europe, Australasia, and Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the index and, unlike the Fund, the Index does not incur fees or expenses. 

<sup>**2**</sup> The Purchasing Managers' Index data are compiled by S&P Global for more than 40 economies worldwide. The monthly data are derived from surveys of senior executives at private sector companies and are available only via subscription. The PMI dataset features a headline number, which indicates the overall health of an economy, and sub-indices, which provide insights into other key economic drivers such as GDP, inflation, exports, capacity utilization, employment and inventories. The PMI data are used by financial and corporate professionals to better understand where economies and markets are headed, and to uncover opportunities.

<sup>**3**</sup> The Eurozone PMI Index is produced by S&P Global and is based on original survey data collected from a representative panel of around 5,000 companies based in the euro area manufacturing and service sectors. National manufacturing data are included for Germany, France, Italy, Spain, the Netherlands, Austria, the Republic of Ireland and Greece. National services data are included for Germany, France, Italy, Spain and the Republic of Ireland. The flash estimate is typically based on approximately 85%–90% of total PMI survey responses each month and is designed to provide an accurate advance indication of the final PMI data. 

---

| | |
|:---|:---|
| **2** | |

---

------

**GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $114,662,315

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Geographic Region Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g779593g93b03.jpg) |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Sector Allocation<sup>2</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g779593g93a03.jpg) |

---

 <sub>3</sub>

------

**GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>1</sup>**<br> As of December 31, 2022 | | |
| &nbsp;&nbsp;&nbsp;**Holding** | **Country** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;Nestle SA (Reg S) | Switzerland | 5.58% |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | Denmark | 4.97% |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | France | 4.48% |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | Netherlands | 4.34% |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | Switzerland | 4.33% |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | United Kingdom | 3.43% |
| &nbsp;&nbsp;&nbsp;Diageo PLC | United Kingdom | 3.12% |
| &nbsp;&nbsp;&nbsp;AIA Group Ltd. | Hong Kong | 3.07% |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | Japan | 2.66% |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | France | 2.48% |
| &nbsp;&nbsp;&nbsp;**Total** |  | **38.46%** |

---

**<sup>1</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** The Fund's holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS<sup>®</sup>). Cash includes short-term investments and net other assets and liabilities. 

---

| | |
|:---|:---|
| **4** | |

---

------

**GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian International Growth VIP Fund | 9/1/2016 | -28.27% | 1.79% |  | 5.19% |
| &nbsp;&nbsp;&nbsp;MSCI<sup>®</sup> EAFE<sup>®</sup> Growth Index |  | -22.95% | 2.49% |  | 5.34% |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ![LOGO](g779593g93a07.jpg)  |

---

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian International Growth VIP Fund and the MSCI<sup>®</sup> EAFE<sup>®</sup> Growth Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

 <sub>5</sub>

------

**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $1038.40 | $6.06 | 1.18% |
| &nbsp;&nbsp;&nbsp; Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1019.26 | $6.01 | 1.18% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

---

| | |
|:---|:---|
| **6** | |

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------

**SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 97.5%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 97.5%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 97.5%** |
| &nbsp;&nbsp;&nbsp;**Australia – 1.7%** | &nbsp;&nbsp;&nbsp;**Australia – 1.7%** | &nbsp;&nbsp;&nbsp;**Australia – 1.7%** |
| &nbsp;&nbsp;&nbsp; IDP Education Ltd. | 27980 | $517071 |
| &nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | 60965 | 1475055 |
|  |  | **1992126** |
| &nbsp;&nbsp;&nbsp;**Cayman Islands – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 17500 | 743789 |
|  |  | **743789** |
| &nbsp;&nbsp;&nbsp;**Denmark – 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Coloplast A/S, Class B | 12757 | 1494720 |
| &nbsp;&nbsp;&nbsp; Genmab A/S<sup>(1)</sup> | 3599 | 1524456 |
| &nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 42123 | 5703452 |
|  |  | **8722628** |
| &nbsp;&nbsp;&nbsp;**France – 13.8%** |  |  |
| &nbsp;&nbsp;&nbsp; Capgemini SE | 11461 | 1922169 |
| &nbsp;&nbsp;&nbsp; L'Oreal SA | 7933 | 2845907 |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 7065 | 5132333 |
| &nbsp;&nbsp;&nbsp; Safran SA | 14041 | 1754608 |
| &nbsp;&nbsp;&nbsp; Schneider Electric SE | 17165 | 2414076 |
| &nbsp;&nbsp;&nbsp; Vinci SA | 17138 | 1711658 |
|  |  | **15780751** |
| &nbsp;&nbsp;&nbsp;**Germany – 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp; adidas AG | 10135 | 1383531 |
| &nbsp;&nbsp;&nbsp; Delivery Hero SE<sup>(1)(2)</sup> | 21024 | 1007205 |
| &nbsp;&nbsp;&nbsp; Deutsche Boerse AG | 10676 | 1842045 |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Reg S) | 46298 | 923482 |
| &nbsp;&nbsp;&nbsp; Symrise AG | 15545 | 1691179 |
| &nbsp;&nbsp;&nbsp; Zalando SE<sup>(1)(2)</sup> | 33824 | 1199096 |
|  |  | **8046538** |
| &nbsp;&nbsp;&nbsp;**Hong Kong – 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp; AIA Group Ltd. | 319600 | 3521035 |
|  |  | **3521035** |
| &nbsp;&nbsp;&nbsp;**India – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp; HDFC Bank Ltd., ADR | 24505 | 1676387 |
|  |  | **1676387** |
| &nbsp;&nbsp;&nbsp;**Ireland – 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Linde PLC | 5676 | 1855888 |
|  |  | **1855888** |
| &nbsp;&nbsp;&nbsp;**Japan – 16.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Daikin Industries Ltd. | 13600 | 2092082 |
| &nbsp;&nbsp;&nbsp; Hoya Corp. | 21600 | 2089912 |
| &nbsp;&nbsp;&nbsp; Keyence Corp. | 7800 | 3053736 |
| &nbsp;&nbsp;&nbsp; Kyowa Kirin Co. Ltd. | 16300 | 374968 |
| &nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 60300 | 1917773 |
| &nbsp;&nbsp;&nbsp; Shimano, Inc. | 6300 | 1003765 |
| &nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | 16600 | 2022469 |
| &nbsp;&nbsp;&nbsp; Sony Group Corp. | 35500 | 2707085 |
| &nbsp;&nbsp;&nbsp; Sysmex Corp. | 11100 | 676105 |
| &nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 39300 | 841278 |
| &nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 6300 | 1871500 |
|  |  | **18650673** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Netherlands – 8.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Adyen NV<sup>(1)(2)</sup> | 1029 | $| 1423947 |
| &nbsp;&nbsp;&nbsp; Argenx SE<sup>(1)</sup> | 3228 |  | 1216385 |
| &nbsp;&nbsp;&nbsp; ASML Holding NV | 9191 |  | 4975115 |
| &nbsp;&nbsp;&nbsp; Wolters Kluwer NV | 16262 |  | 1698714 |
|  |  |  | **9314161** |
| &nbsp;&nbsp;&nbsp;**Singapore – 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | 75500 |  | 1911389 |
|  |  |  | **1911389** |
| &nbsp;&nbsp;&nbsp;**Spain – 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Iberdrola SA | 72312 |  | 845869 |
|  |  |  | **845869** |
| &nbsp;&nbsp;&nbsp;**Sweden – 4.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B | 68182 |  | 1466999 |
| &nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A | 176268 |  | 2086900 |
| &nbsp;&nbsp;&nbsp; Epiroc AB, Class A | 63421 |  | 1158976 |
|  |  |  | **4712875** |
| &nbsp;&nbsp;&nbsp;**Switzerland – 12.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Lonza Group AG (Reg S) | 3237 |  | 1593180 |
| &nbsp;&nbsp;&nbsp; Nestle SA (Reg S) | 55359 |  | 6393161 |
| &nbsp;&nbsp;&nbsp; Roche Holding AG | 15805 |  | 4966908 |
| &nbsp;&nbsp;&nbsp; Straumann Holding AG (Reg S) | 7944 |  | 899604 |
|  |  |  | **13852853** |
| &nbsp;&nbsp;&nbsp;**Taiwan – 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 18631 |  | 1387823 |
|  |  |  | **1387823** |
| &nbsp;&nbsp;&nbsp;**United Kingdom – 15.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Allfunds Group PLC | 111710 |  | 780593 |
| &nbsp;&nbsp;&nbsp; Anglo American PLC | 36855 |  | 1441498 |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC | 28974 |  | 3932217 |
| &nbsp;&nbsp;&nbsp; Diageo PLC | 80939 |  | 3574209 |
| &nbsp;&nbsp;&nbsp; Ferguson PLC | 9803 |  | 1238542 |
| &nbsp;&nbsp;&nbsp; Intertek Group PLC | 25825 |  | 1260463 |
| &nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | 22703 |  | 1958907 |
| &nbsp;&nbsp;&nbsp; Oxford Nanopore Technologies PLC<sup>(1)</sup> | 121736 |  | 363316 |
| &nbsp;&nbsp;&nbsp; RELX PLC | 96186 |  | 2652334 |
| &nbsp;&nbsp;&nbsp; Spirax-Sarco Engineering PLC | 6491 |  | 834032 |
|  |  |  | **18036111** |
| &nbsp;&nbsp;&nbsp;**United States – 0.7%** | &nbsp;&nbsp;&nbsp;**United States – 0.7%** | &nbsp;&nbsp;&nbsp;**United States – 0.7%** | &nbsp;&nbsp;&nbsp;**United States – 0.7%** |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc.<sup>(1)</sup> | 963 |  | 814929 |
|  |  |  | **814929** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $99,264,226) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $99,264,226) |  | **111865825** |
| &nbsp;&nbsp;&nbsp;**Preferred Stocks – 0.8%** | &nbsp;&nbsp;&nbsp;**Preferred Stocks – 0.8%** | &nbsp;&nbsp;&nbsp;**Preferred Stocks – 0.8%** | &nbsp;&nbsp;&nbsp;**Preferred Stocks – 0.8%** |
| &nbsp;&nbsp;&nbsp;**Germany – 0.8%** | &nbsp;&nbsp;&nbsp;**Germany – 0.8%** | &nbsp;&nbsp;&nbsp;**Germany – 0.8%** | &nbsp;&nbsp;&nbsp;**Germany – 0.8%** |
| &nbsp;&nbsp;&nbsp; Sartorius AG, 0.36% | 2332 |  | 922202 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stocks** <br> (Cost $806,868) | &nbsp;&nbsp;&nbsp;**Total Preferred Stocks** <br> (Cost $806,868) |  | **922202** |

---

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

------

**SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.2%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.2%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.2%** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.2%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.2%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.2%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $1,350,444, due 1/3/2023<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350252 | $1350252 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,350,252) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,350,252) | **1350252** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.5%** <br> (Cost $101,421,346) | &nbsp;&nbsp;&nbsp;**Total Investments – 99.5%** <br> (Cost $101,421,346) | **114138279** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.5%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.5%** | **524036** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**114662315** |

---

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

<sup>(2)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At December 31, 2022, the aggregate market value of these securities amounted to $3,630,248, representing 3.2% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees. 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $1885600 | $1377267 |

---

**Legend:** 

ADR — American Depositary Receipt

---

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

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $1992126 \* | $— | $1992126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands |  | 743789 \* |  | 743789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 8722628 \* |  | 8722628 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 15780751 \* |  | 15780751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 8046538 \* |  | 8046538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 3521035 \* |  | 3521035 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 1676387 |  |  | 1676387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland |  | 1855888 \* |  | 1855888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 18650673 \* |  | 18650673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 9314161 \* |  | 9314161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 1911389 \* |  | 1911389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 845869 \* |  | 845869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 4712875 \* |  | 4712875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 13852853 \* |  | 13852853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 1387823 |  |  | 1387823 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 18036111 \* |  | 18036111 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 814929 |  |  | 814929 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 922202 \* |  | 922202 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1350252 |  | 1350252 |
| &nbsp;&nbsp;&nbsp;**Total** | $**3879139** | $**110259140** | $**—** | $**114138279** |

---

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

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

------

**FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $114138279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 4609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 436569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 228209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 21850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3547 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **114833063** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 79578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 24987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 22045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 15713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 12478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 15681 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **170748** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**114662315** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $91636408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 23025907 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**114662315** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $101421346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $4533 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **8318334** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$13.78** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $2021290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 6931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (182401) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1845820** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 955720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 301910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 70540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 45337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 28502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 27463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 13873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 6274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 6802 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1456421** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (31406) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1425015** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **420805** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (4619720) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | 22247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (38909416) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | (11809) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments and Foreign Currency Transactions** | **(43518698)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(43097893)** |

---

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/22** | **For the<br>Year Ended<br>12/31/21** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $420805 | $(73457) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | (4597473) | 16091838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies | (38921225) | (389270) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(43097893)** | **15629111** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 30232445 | 18963179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (21298973) | (32763667) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions** | **8933472** | **(13800488)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets** | **(34164421)** | **1828623** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 148826736 | 146998113 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114662315 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148826736 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 2045765 | 1023174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1474540) | (1752540) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease)** | **571225** | **(729366)** |

---

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

------

**FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **<br>Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income/(Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $19.21 | $0.05 | $(5.48) | $(5.43) | $13.78 | (28.27)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 17.34 | (0.01) | 1.88 | 1.87 | 19.21 | 10.78% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 13.53 | (0.00)<sup>(4)</sup> | 3.81 | 3.81 | 17.34 | 28.16% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/19 | 10.24 | 0.07 | 3.22 | 3.29 | 13.53 | 32.13% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/18 | 12.61 | 0.12 | (2.49) | (2.37) | 10.24 | (18.79)% |

---

---

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

---

------

**FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment<br>Income/(Loss)<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment<br>Income/(Loss)<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $114662 | 1.18% | 1.21% | 0.35% | 0.32% | 40% |
| 148827 | 1.17% | 1.17% | (0.05)% | (0.05)% | 31% |
| 146998 | 1.18% | 1.24% | (0.00)%<sup>(5)</sup> | (0.06)% | 25% |
| 146555 | 1.18% | 1.26% | 0.56% | 0.48% | 25% |
| 131137 | 1.18% | 1.32% | 1.07% | 0.93% | 61% |

---

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

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

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

<sup>(4)</sup> Rounds to $(0.00) per share. 

<sup>(5)</sup> Rounds to (0.00)%. 

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

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

**December 31, 2022** 

**1. Organization** 

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

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

The Fund seeks total return consisting of long-term capital growth and current income.

**2. Significant Accounting Policies** 

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

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

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

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

---

| | |
|:---|:---|
| **14** | |

---

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

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

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

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

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, the Fund did not hold any derivatives.

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

---

| | |
|:---|:---|
| | **15** |

---

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

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

**d. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

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

**e. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

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

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

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.80% of the first $100 million, and 0.75% in excess of $100 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 1.18% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees.

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| | |
|:---|:---|
| **16** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $31,406.

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

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

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $301,910 to PAS.

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

**4. Federal Income Taxes** 

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

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

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $57,455,204 and $48,352,680, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

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

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

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

---

| | |
|:---|:---|
| | **17** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND** 

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

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

**7. Indemnifications** 

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

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| | |
|:---|:---|
| **18** | |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

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

**Guardian International Growth VIP Fund** 

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

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| | |
|:---|:---|
| | **19** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name and**<br> **Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds<br>in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp; **Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015– 2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

---

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| | |
|:---|:---|
| **20** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name and**<br> **Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds<br>in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

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<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

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| | |
|:---|:---|
| | **21** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Position(s) Held and<br>Length of Service5** | **Principal Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | | |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp;**John H. Walter** (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Tyla Reynolds**<br> (born 1967) | Assistant Secretary (Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018). |
| &nbsp;&nbsp;&nbsp; **Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp; **Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp; **Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

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<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

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| | |
|:---|:---|
| **22** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

---

| | |
|:---|:---|
| | **23** |

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**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g779593g84s34.jpg)

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

PUB8171

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Large Cap Disciplined Growth VIP Fund**![LOGO](g558462g40s74.jpg)

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

------

**TABLE OF CONTENTS** 

**Guardian Large Cap Disciplined Growth VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc558462_1)** | 1 |
|  **[Fund Characteristics](#toc558462_2)** | 3 |
|  **[Fund Performance](#toc558462_3)** | 4 |
|  **[Understanding Your Fund's Expenses](#toc558462_4)** | 5 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc558462_6) | 6 |
| [Statement of Assets and Liabilities](#toc558462_7) | 8 |
| [Statement of Operations](#toc558462_8) | 8 |
| [Statements of Changes in Net Assets](#toc558462_9) | 9 |
| [Financial Highlights](#toc558462_10) | 10 |
| [Notes to Financial Statements](#toc558462_11) | 12 |
| [Report of Independent Registered Public Accounting Firm](#toc558462_12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc558462_17) | 18 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc558462_18) | 21 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

**GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

**FUND COMMENTARY OF** 

**WELLINGTON MANAGEMENT COMPANY LLP, SUB-ADVISER** 

**(UNAUDITED)** 

**Highlights** 

• Guardian Large Cap Disciplined Growth VIP Fund (the "Fund") returned -31.51% for the 12 months ended December 31, 2022, underperforming its benchmark, the Russell 1000<sup>®</sup> Growth Index<sup>1</sup> (the "Index"). The Fund's underperformance relative to the Index was primarily due to security selection within
the information technology, communication services, and real estate sectors.

• The Index returned -29.14% for the 12 months ended December 31, 2022. Within the Index, the energy, utilities, and consumer staples sectors significantly contributed to performance, while the communication services,
consumer discretionary, and information technology sectors detracted from performance during the period.

**Market Overview** 

U.S. equities, as measured by the Index, fell over the 12 months ended December 31, 2022, amid rampant inflation, surging borrowing costs, uncertainty about corporate earnings and an increased probability of recession. The year began with U.S. equities registering their first quarterly loss since March 2020. Fears about the economic implications of Russia's large-scale military attack on Ukraine and the prospect of aggressive monetary policy tightening by the U.S. Federal Reserve (the "Fed") drove the Index into correction territory in February. U.S. equities continued to fall during a volatile second quarter. Growth stocks significantly underperformed their value counterparts as surging Treasury yields and disappointing earnings results from some of the largest technology companies drove the Nasdaq Composite Index<sup>2</sup> to its largest quarterly loss since September 2001. The housing market was pressured by soaring mortgage rates, slowing demand, and elevated home prices. U.S. equities fell in the third quarter as risk sentiment deteriorated on fears that aggressive interest-rate hikes and tighter financial conditions would constrict economic growth and drive the U.S. into a recession. U.S. equities rallied in the fourth quarter following three straight quarterly declines. Greater optimism that the Fed would begin to scale back its aggressive pace of interest-rate hikes, along with outsized short covering and hedging, helped to fuel a sharp rebound in stocks in October and November before risk sentiment waned in December amid recession fears, macroeconomic headwinds, and downside earnings risks in the coming quarters. In December, the Fed raised interest rates by 50 basis

points ("bps"), snapping a streak of four consecutive interest rate hikes of 75 bps.

**Portfolio Review** 

Stock selection was the primary driver of underperformance relative to the Index during the period. Weak selection within the information technology, communication services, and real estate sectors was partially offset by stronger stock selection within the consumer discretionary, industrials, and health care sectors. Sector allocation, a residual component of the Fund's bottom-up stock selection process, modestly detracted from performance relative to the Index. Underweight allocations to the consumer staples and energy sectors detracted from relative performance, but these effects were partially offset by the Fund's overweight allocation to the health care sector and an underweight allocation to the communication services sector.

**Outlook** 

As we look ahead, we believe that there are increasing indications that inflationary pressures are abating in the goods components of both the Consumer Price Index<sup>3</sup> and the Personal Consumption Expenditures Price Index<sup>4</sup>, and that there is a clearer path to a gradual disinflation in housing-related expenses by the second half of 2023. However, the services component of both indicators remains stubbornly high, driven by a still-resilient U.S. labor market driving continued upward wage pressure. Accordingly, the Federal Open Market Committee (the "FOMC") remains steadfast in its determination to continue to slow the U.S. economy and has indicated that incremental interest rate hikes should be expected in early 2023, with the FOMC's "dot plot" median federal funds rate projection now having increased from 4.6% to 5.1% for the end of 2023. We believe it is increasingly clear that a mild recession is the likely scenario as the Fed seeks to cool wage inflation and bring down both realized inflation and future inflationary expectations.

With the Fed undertaking efforts to slow growth, companies may feel the impacts of decelerating revenue without relief from wage pressure in early 2023. Thus, we believe a key challenge for and differentiator amongst companies will be the degree to which they can avoid the resultant margin compression through productivity offsets, innovation, or market share gains.

As we enter 2023, Russia's large scale military attack on Ukraine is approaching its one-year anniversary without any apparent cessation in sight. Both the preparation

 <sub>1</sub>

------

**GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

ahead of the winter season and milder-than-expected temperatures across the region have spared the continent from the worst-case scenario in terms of heating and energy supply, but we believe much uncertainty will remain in the conflict even after this winter has passed.

On the positive side, supply-chain issues which plagued most industries in the preceding two years continue to

ease, providing cost relief and improving visibility. Further, China appears to be relaxing its restrictive COVID-19 related policies to revitalize growth and placate an increasingly frustrated populace. We believe this incremental source of demand could help offset the expected frictions from slower growth elsewhere in the world.

**<sup>1</sup>** The Index is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Russell 1000<sup>®</sup> Index (which consists of the 1,000 largest U.S. companies based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index, and, unlike the Fund, the Index does not incur fees or expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group. 

**<sup>2</sup>** The Nasdaq Composite Index (NASDAQ) is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange. 

**<sup>3</sup>** The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available. 

**<sup>4</sup>** The Personal Consumption Expenditures Price Index (PCE) is a measure of the prices that people living in the United States, or those buying on their behalf, pay for goods and services. The PCE price index is known for capturing inflation (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behavior. 

---

| | |
|:---|:---|
| **2** | |

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------

**GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $439,541,208

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Sector Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g558462g01a10.jpg) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>**<br> As of December 31, 2022 | &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp;**Holding** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 9.27% |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 9.01% |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 5.17% |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 4.67% |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 3.57% |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 3.51% |
| &nbsp;&nbsp;&nbsp;Eli Lilly and Co. | 2.70% |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 2.24% |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 2.20% |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 2.09% |
| &nbsp;&nbsp;&nbsp;**Total** | **44.43%** |

---

**<sup>1</sup>** The Fund's holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS<sup>®</sup>). Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. 

 <sub>3</sub>

------

**GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Disciplined Growth VIP Fund | 9/1/2016 | -31.51% | 9.17% |  | 11.25% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index |  | -29.14% | 10.96% |  | 13.40% |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g558462g03c46.jpg) |

---

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Large Cap Disciplined Growth VIP Fund and the Russell 1000<sup>®</sup> Growth Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

---

| | |
|:---|:---|
| **4** | |

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------

**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $973.30 | $4.33 | 0.87% |
| &nbsp;&nbsp;&nbsp; Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1020.82 | $4.43 | 0.87% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 <sub>5</sub>

------

**SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 99.5%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.5%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 99.5%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.3%** |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 56346 | $5686438 |
|  |  | **5686438** |
| &nbsp;&nbsp;&nbsp;**Automobiles – 0.9%** | &nbsp;&nbsp;&nbsp;**Automobiles – 0.9%** | &nbsp;&nbsp;&nbsp;**Automobiles – 0.9%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.<sup>(1)</sup> | 30768 | 3790002 |
|  |  | **3790002** |
| &nbsp;&nbsp;&nbsp;**Beverages – 3.3%** | &nbsp;&nbsp;&nbsp;**Beverages – 3.3%** | &nbsp;&nbsp;&nbsp;**Beverages – 3.3%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 27584 | 6392592 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.<sup>(1)</sup> | 78942 | 8014981 |
|  |  | **14407573** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 4.1%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 4.1%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 4.1%** |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc.<sup>(1)</sup> | 8141 | 5873650 |
| &nbsp;&nbsp;&nbsp; Seagen, Inc.<sup>(1)</sup> | 28329 | 3640560 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp.<sup>(1)</sup> | 6552 | 1822046 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 23525 | 6793549 |
|  |  | **18129805** |
| &nbsp;&nbsp;&nbsp;**Building Products – 2.9%** | &nbsp;&nbsp;&nbsp;**Building Products – 2.9%** | &nbsp;&nbsp;&nbsp;**Building Products – 2.9%** |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.<sup>(1)</sup> | 34466 | 2236154 |
| &nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 60686 | 3465778 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 109494 | 7007616 |
|  |  | **12709548** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.6%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.6%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 2.6%** |
| &nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 40855 | 2796116 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 54910 | 4668448 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 12474 | 4178042 |
|  |  | **11642606** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 1.9%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.9%** | &nbsp;&nbsp;&nbsp;**Chemicals – 1.9%** |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 38290 | 4814585 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 15177 | 3601957 |
|  |  | **8416542** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.6%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.6%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.6%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | 47787 | 7060529 |
|  |  | **7060529** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 3.0%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 3.0%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 3.0%** |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 85566 | 6514995 |
| &nbsp;&nbsp;&nbsp; CDW Corp. | 37769 | 6744788 |
|  |  | **13259783** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.9%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.9%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.9%** |
| &nbsp;&nbsp;&nbsp; Walt Disney Co.<sup>(1)</sup> | 45867 | 3984925 |
|  |  | **3984925** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.8%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.8%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.8%** |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 41740 | 4705350 |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 62349 | 3406750 |
|  |  | **8112100** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.3%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.3%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.3%** |
| &nbsp;&nbsp;&nbsp; Align Technology, Inc.<sup>(1)</sup> | 10916 | 2302184 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.<sup>(1)</sup> | 51978 | 3878079 |
| &nbsp;&nbsp;&nbsp; Teleflex, Inc. | 15835 | 3952891 |
|  |  | **10133154** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.5%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.5%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 3.5%** |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 29142 | $15450506 |
|  |  | **15450506** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.0%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.0%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 3.0%** |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A<sup>(1)</sup> | 40300 | 3445650 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc.<sup>(1)</sup> | 1608 | 3240570 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 4575 | 6347767 |
|  |  | **13033987** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 5.2%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 5.2%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 5.2%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A<sup>(1)</sup> | 232847 | 20544091 |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc.<sup>(1)</sup> | 77260 | 2326299 |
|  |  | **22870390** |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 5.2%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 5.2%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 5.2%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 270730 | 22741320 |
|  |  | **22741320** |
| &nbsp;&nbsp;&nbsp;**IT Services – 6.7%** | &nbsp;&nbsp;&nbsp;**IT Services – 6.7%** | &nbsp;&nbsp;&nbsp;**IT Services – 6.7%** |
| &nbsp;&nbsp;&nbsp; Block, Inc.<sup>(1)</sup> | 40402 | 2538862 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc.<sup>(1)</sup> | 28060 | 5154061 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 36807 | 3655671 |
| &nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A<sup>(1)</sup> | 32077 | 2400001 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 45092 | 15679841 |
|  |  | **29428436** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.7%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.7%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.7%** |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 13571 | 7473414 |
|  |  | **7473414** |
| &nbsp;&nbsp;&nbsp;**Machinery – 4.1%** | &nbsp;&nbsp;&nbsp;**Machinery – 4.1%** | &nbsp;&nbsp;&nbsp;**Machinery – 4.1%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | 22603 | 9691262 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 42595 | 2225589 |
| &nbsp;&nbsp;&nbsp; Nordson Corp. | 24813 | 5898546 |
|  |  | **17815397** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 1.3%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 1.3%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 1.3%** |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | 24247 | 5537772 |
|  |  | **5537772** |
| &nbsp;&nbsp;&nbsp;**Personal Products – 1.8%** | &nbsp;&nbsp;&nbsp;**Personal Products – 1.8%** | &nbsp;&nbsp;&nbsp;**Personal Products – 1.8%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc., Class A | 32713 | 8116423 |
|  |  | **8116423** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.7%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.7%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.7%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly and Co. | 32403 | 11854314 |
|  |  | **11854314** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 7.2%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 7.2%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 7.2%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.<sup>(1)</sup> | 76721 | 4969219 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 13329 | 5025433 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 53740 | 1990530 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 52649 | 7694125 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 33812 | 2953478 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 53374 | 8818452 |
|  |  | **31451237** |

---

---

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

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Software – 15.6%** | &nbsp;&nbsp;&nbsp;**Software – 15.6%** | &nbsp;&nbsp;&nbsp;**Software – 15.6%** |
| &nbsp;&nbsp;&nbsp; Five9, Inc.<sup>(1)</sup> | 19076 | $1294497 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 169824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40727192 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.<sup>(1)</sup> | 41857 | 5840726 |
| &nbsp;&nbsp;&nbsp; Paycom Software, Inc.<sup>(1)</sup> | 14511 | 4502908 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc.<sup>(1)</sup> | 35308 | 4681488 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc.<sup>(1)</sup> | 18159 | 7050595 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A<sup>(1)</sup> | 26966 | 4512221 |
|  |  | **68609627** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.1%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.1%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.1%** |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. | 115169 | 9167452 |
|  |  | **9167452** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 9.0%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 9.0%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 9.0%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 304641 | 39582005 |
|  |  | **39582005** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 3.8%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 3.8%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 3.8%** |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.<sup>(1)</sup> | 21643 | 6933984 |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 84300 | 9863943 |
|  |  | **16797927** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $390,612,541) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $390,612,541) | **437263212** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 0.6%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 0.6%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 0.6%** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.6%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.6%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.6%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $2,806,337, due 1/3/2023<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805938 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805938 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,805,938) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,805,938) | **2805938** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $393,418,479) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $393,418,479) | **440069150** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | **(527942)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**439541208** |

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

<sup>(2)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $3918500 | $2862125 |

---

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $437263212 | $— | $— | $437263212 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 2805938 |  | 2805938 |
| &nbsp;&nbsp;&nbsp;**Total** | $**437263212** | $**2805938** | $**—** | $**440069150** |

---

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

------

**FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $440069150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 3253855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 152447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 126690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 1484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 15083 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **443618709** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 3629783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 217631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 96464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 67417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 20476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 39421 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **4077501** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**439541208** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $222431705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 217109503 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**439541208** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $393418479 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **22364295** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$19.65** |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations** <br> For the Year Ended December 31, 2022 | &nbsp;&nbsp;&nbsp; **Statement of Operations** <br> For the Year Ended December 31, 2022 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $3575688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 12477 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **3588165** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 2788848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 1246626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 122993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 118603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 58596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 36485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 17428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 12005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 28706 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **4430290** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (92032) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **4338258** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **(750093)** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (10126990) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (185987750) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments** | **(196114740)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(196864833)** |

---

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

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**FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/22** | **For the<br>Year Ended<br>12/31/21** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $(750093) | $(2173142) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (10126990) | 88747072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (185987750) | 33706515 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(196864833)** | **120280445** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 91090129 | 33236212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (77446731) | (152156096) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions** | **13643398** | **(118919884)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets** | **(183221435)** | **1360561** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 622762643 | 621402082 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439541208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622762643 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 4085055 | 1289760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3426409) | (5655289) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease)** | **658646** | **(4365529)** |

---

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

------

**FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **<br>Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Loss<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $28.69 | $(0.03) | $(9.01) | $(9.04) | $19.65 | (31.51)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 23.83 | (0.09) | 4.95 | 4.86 | 28.69 | 20.39% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 17.47 | (0.02) | 6.38 | 6.36 | 23.83 | 36.41% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/19 | 12.52 | (0.00)<sup>(4)</sup> | 4.95 | 4.95 | 17.47 | 39.54% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/18 | 12.67 | (0.01) | (0.14) | (0.15) | 12.52 | (1.18)% |

---

---

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

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**FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **<br>Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Loss<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Loss<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $439541 | 0.87% | 0.89% | (0.15)% | (0.17)% | 38% |
| 622763 | 0.87% | 0.87% | (0.34)% | (0.34)% | 28% |
| 621402 | 0.87% | 0.89% | (0.12)% | (0.14)% | 24% |
| 625755 | 0.87% | 0.96% | (0.01)% | (0.10)% | 116% |
| 181144 | 0.87% | 1.04% | (0.05)% | (0.22)% | 47% |

---

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

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

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

<sup>(4)</sup> Rounds to $(0.00) per share. 

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

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

**December 31, 2022** 

**1. Organization** 

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

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

The Fund seeks to maximize long-term growth.

**2. Significant Accounting Policies** 

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

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

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

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

---

| | |
|:---|:---|
| **12** | |

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------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

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

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

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

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, the Fund did not hold any derivatives.

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

 <sub>13</sub>

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

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

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

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

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.62% up to $100 million, 0.57% from $100 to $300 million, 0.52% from $300 to $500 million, and 0.50% in excess of $500 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.87% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $92,032.

Park Avenue has entered into a Sub-Advisory Agreement with Wellington Management Company LLP ("Wellington"). Wellington is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees

---

| | |
|:---|:---|
| **14** | |

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------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $1,246,626 to PAS.

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

**4. Federal Income Taxes** 

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

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $202,077,415 and $189,653,927, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

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

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

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

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

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement)

---

| | |
|:---|:---|
| | **15** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND** 

plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

**7. Indemnifications** 

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the

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

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| | |
|:---|:---|
| **16** | |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Board of Trustees of Guardian Variable Products Trust and Shareholders of Guardian Large Cap Disciplined Growth VIP Fund** 

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

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| | |
|:---|:---|
| | **17** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp; **Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

---

---

| | |
|:---|:---|
| **18** | |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

---

<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

---

| | |
|:---|:---|
| | **19** |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Position(s) Held and**<br> **Length of Service<sup>5</sup>** | **Principal Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp;**John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Harris Oliner**<br>(born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Tyla Reynolds**<br>(born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018). |
| &nbsp;&nbsp;&nbsp; **Philip Stack**<br>(born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp; **Brian Hagan**<br>(born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp; **Kathleen M. Moynihan**<br>(born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Maria Nydia Morrison**<br>(born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Keith Ngo**<br>(born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

---

<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

---

| | |
|:---|:---|
| **20** | |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

---

| | |
|:---|:---|
| | **21** |

---

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g558462g84s34.jpg)

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

PUB8173

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Large Cap Disciplined Value VIP Fund**![LOGO](g752415g40s74.jpg)

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

------

**TABLE OF CONTENTS** 

**Guardian Large Cap Disciplined Value VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc752415_1)** | 1 |
|  **[Fund Characteristics](#toc752415_2)** | 2 |
|  **[Fund Performance](#toc752415_3)** | 3 |
|  **[Understanding Your Fund's Expenses](#toc752415_4)** | 4 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc752415_6) | 5 |
| [Statement of Assets and Liabilities](#toc752415_7) | 7 |
| [Statement of Operations](#toc752415_8) | 7 |
| [Statements of Changes in Net Assets](#toc752415_9) | 8 |
| [Financial Highlights](#toc752415_10) | 10 |
| [Notes to Financial Statements](#toc752415_11) | 12 |
| [Report of Independent Registered Public Accounting Firm](#toc752415_12) | 17 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc752415_16) | 18 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc752415_17) | 21 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

**GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

**FUND COMMENTARY OF BOSTON PARTNERS GLOBAL INVESTORS, INC., SUB-ADVISER** 

**(UNAUDITED)** 

**Highlights** 

• Guardian Large Cap Disciplined Value VIP Fund (the "Fund") returned -4.90%, outperforming its benchmark, the Russell
1000<sup>®</sup> Value Index<sup>1</sup> (the "Index"), for the 12 months ended December 31, 2022. The Fund's outperformance relative to the
Index was primarily due to stock selection in the health care, financials, industrials and consumer discretionary sectors. Sector allocation also contributed positively mainly due to an underweight to the real estate and communication services
sectors and an overweight to the energy and health care sectors.

• The Index returned -7.54% for the period. The energy and health care sectors were two of the largest contributors to performance for the Index during the period.

**Market Overview** 

While historically one of the strongest months of the year for stock performance, December 2022 proved to be a disappointment for investors as the Standard & Poor's 500<sup>®</sup> Index<sup>2</sup> (the "S&P 500 Index") fell by

-5.76% on a total return basis during the final month of 2022. Though ultimately proven to be premature, optimism about the potential for an early U.S. Federal Reserve (the "Fed") pause on interest rate hikes during October and November was enough to help the S&P 500 Index post a gain of +7.56% for the quarter. For the year, the S&P Index dropped by -18.11%, the worst performance for the S&P 500 Index since 2008, as headwinds from inflation, the war in Ukraine, central bank tightening and the fear of recession proved to be insurmountable. The communication services (-39.89%), consumer discretionary (-37.03%), information technology (-28.19%) sectors, as well as the real estate (-26.17%) sector, all suffered as interest

rates rose by an average of 270 basis points across the U.S. Treasury yield curve. This led to a -13.01% loss for the Bloomberg U.S. Aggregate Bond Index<sup>3</sup> (the "Bond Index") its worst performance on record since 1977. Given this bearish backdrop, stocks with defensive characteristics (*e.g*., high quality, low beta, large capitalizations) were favored by investors throughout the year.

**Portfolio Review** 

For the 12 months ended December 31, 2022, stock selection and sector allocation both aided and detracted from relative performance. Positive stock selection was led by the health care, financials, industrials and consumer discretionary sectors. Sector allocation in the energy, health care, real estate and communication services sectors contributed to returns relative to the Index. The Fund's overweight to the technology sector and its underweight to the utilities and consumer staples sectors reduced returns relative to the Index during the year. Stock selection detracted from performance relative to the Index within the technology, consumer staples and communication services sectors.

**Outlook** 

The S&P 500 Index has suffered back-to-back calendar losses only eight times in its ninety-five-year history (8.4% occurrence) dating back to 1928. The Bond Index has produced back-to-back yearly losses only once in its forty-five-year history, which occurred in 2022, and it has never had three consecutive years of losses. The Fund's investment team will continue to maintain a focus on seeking investments that it believes have not only attractive valuation characteristics and solid business fundamentals, but also improving business momentum. Our disciplined and repeatable process has been in place for nearly three decades, and we believe our team is well suited to navigate this chaotic environment, with our emphasis on bottom-up security selection and sound fundamental analysis.

<sup>**1**</sup> The Index is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Index (which consists of the 1,000 largest U.S. companies based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index, and, unlike the Fund, the Index does not incur fees and expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group. 

<sup>**2**</sup> The S&P 500 Index is an unmanaged market-capitalization-weighted index generally considered to be representative of U.S. equity market activity. The S&P 500 Index consists of 500 stocks representing leading industries of the U.S. economy. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the S&P 500 Index, and, unlike the Fund, the S&P 500 Index does not incur fees or expenses. 

<sup>**3**</sup> The Bond Index is an index of U.S. dollar-denominated, investment-grade U.S. government and corporate securities, and mortgage pass-through securities, and asset-backed securities. You may not invest in the Bond Index and, unlike the Fund, the Bond Index does not incur fees or expenses. 

 <sub>1</sub>

------

**GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $153,193,303

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Sector Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ![LOGO](g752415g21e03.jpg)  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp;**Holding** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 3.88% |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.64% |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 3.55% |
| &nbsp;&nbsp;&nbsp;Bristol Myers Squibb Co. | 2.69% |
| &nbsp;&nbsp;&nbsp;Sanofi, ADR | 2.56% |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 2.52% |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. | 2.45% |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 2.42% |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | 2.39% |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 2.33% |
| &nbsp;&nbsp;&nbsp;**Total** | **28.43%** |

---

**<sup>1</sup>** The Fund's holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS<sup>®</sup>). Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. 

---

| | |
|:---|:---|
| **2** | |

---

------

**GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Disciplined Value VIP Fund | 9/1/2016 | -4.90% | 6.57% |  | 9.39% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index |  | -7.54% | 6.67% |  | 8.47% |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g752415g88c12.jpg) |

---

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Large Cap Disciplined Value VIP Fund and the Russell 1000<sup>®</sup> Value Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

 <sub>3</sub>

------

**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $1065.80 | $5.05 | 0.97% |
| &nbsp;&nbsp;&nbsp;Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1020.32 | $4.94 | 0.97% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

---

| | |
|:---|:---|
| **4** | |

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------

**SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 97.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 6573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630827 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 51149 | 2015782 |
|  |  | **3646609** |
| &nbsp;&nbsp;&nbsp;**Banks – 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 75438 | 2498506 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 41596 | 5578024 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 28091 | 1208756 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 77805 | 3212568 |
|  |  | **12497854** |
| &nbsp;&nbsp;&nbsp;**Beverages – 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC | 24741 | 1368672 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 80641 | 2875658 |
|  |  | **4244330** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 13360 | 2159110 |
|  |  | **2159110** |
| &nbsp;&nbsp;&nbsp;**Building Products – 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Allegion PLC | 8078 | 850290 |
| &nbsp;&nbsp;&nbsp; Masco Corp. | 24787 | 1156810 |
|  |  | **2007100** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 44609 | 3714145 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 6368 | 2186644 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 8900 | 913051 |
|  |  | **6813840** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.<sup>(1)</sup> | 54200 | 1380474 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 39610 | 2718434 |
| &nbsp;&nbsp;&nbsp; Olin Corp. | 23356 | 1236467 |
|  |  | **5335375** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 66735 | 3179255 |
|  |  | **3179255** |
| &nbsp;&nbsp;&nbsp;**Construction Materials – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp; CRH PLC, ADR | 32424 | 1290151 |
|  |  | **1290151** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 6469 | 601358 |
|  |  | **601358** |
| &nbsp;&nbsp;&nbsp;**Distributors – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | 26737 | 1428023 |
|  |  | **1428023** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 17593 | 5434478 |
|  |  | **5434478** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 39160 | 1642370 |
|  |  | **1642370** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 10133 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590374 |
|  |  | **1590374** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Halliburton Co. | 17128 | 673987 |
| &nbsp;&nbsp;&nbsp; Schlumberger Ltd. | 48445 | 2589869 |
|  |  | **3263856** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Activision Blizzard, Inc. | 12676 | 970348 |
|  |  | **970348** |
| &nbsp;&nbsp;&nbsp;**Food & Staples Retailing – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp; US Foods Holding Corp.<sup>(1)</sup> | 39525 | 1344640 |
|  |  | **1344640** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 0.3%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Envista Holdings Corp.<sup>(1)</sup> | 13592 | 457643 |
|  |  | **457643** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 10.5%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 10.5%** |  |
| &nbsp;&nbsp;&nbsp; AmerisourceBergen Corp. | 12487 | 2069221 |
| &nbsp;&nbsp;&nbsp; Centene Corp.<sup>(1)</sup> | 34913 | 2863215 |
| &nbsp;&nbsp;&nbsp; Cigna Corp. | 11027 | 3653686 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 38268 | 3566195 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 2149 | 806133 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 5934 | 3146088 |
|  |  | **16104538** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc.<sup>(1)</sup> | 456 | 918968 |
|  |  | **918968** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.<sup>(1)</sup> | 10841 | 1108167 |
| &nbsp;&nbsp;&nbsp; Sony Group Corp., ADR | 17600 | 1342528 |
|  |  | **2450695** |
| &nbsp;&nbsp;&nbsp;**Insurance – 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Allstate Corp. | 5249 | 711764 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 8323 | 1836054 |
| &nbsp;&nbsp;&nbsp; Everest Re Group Ltd. | 2400 | 795048 |
|  |  | **3342866** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A<sup>(1)</sup> | 38120 | 3363328 |
|  |  | **3363328** |
| &nbsp;&nbsp;&nbsp;**IT Services – 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 21819 | 1247828 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 11182 | 758699 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc.<sup>(1)</sup> | 6685 | 1227901 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 7496 | 744503 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 23900 | 1244234 |
|  |  | **5223165** |

---

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

------

**SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Avantor, Inc.<sup>(1)</sup> | 49724 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048679 |
| &nbsp;&nbsp;&nbsp; ICON PLC<sup>(1)</sup> | 6631 |  | 1288072 |
|  |  |  | **2336751** |
| &nbsp;&nbsp;&nbsp;**Machinery – 4.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 5987 |  | 1434246 |
| &nbsp;&nbsp;&nbsp; Deere & Co. | 5007 |  | 2146801 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | 5534 |  | 749359 |
| &nbsp;&nbsp;&nbsp; Fortive Corp. | 14227 |  | 914085 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 15307 |  | 1198691 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 10015 |  | 999597 |
|  |  |  | **7442779** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 50274 |  | 1507717 |
|  |  |  | **1507717** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 10.2%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 10.2%** |  |  |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | 38338 |  | 2128909 |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. | 107134 |  | 2079471 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 32752 |  | 3864736 |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | 26691 |  | 1641764 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 8460 |  | 1095739 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 24321 |  | 2830721 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | 8360 |  | 1909340 |
|  |  |  | **15550680** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 9.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Bristol Myers Squibb Co. | 57257 |  | 4119641 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 33667 |  | 5947276 |
| &nbsp;&nbsp;&nbsp; Sanofi, ADR | 81044 |  | 3924961 |
|  |  |  | **13991878** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 12577 |  | 1322975 |
|  |  |  | **1322975** |
| &nbsp;&nbsp;&nbsp;**Road & Rail – 1.1%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | 8108 |  | 1678924 |
|  |  |  | **1678924** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.8%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.8%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.8%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 5.8%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.<sup>(1)</sup> | 14506 |  | 939554 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 15929 |  | 1551166 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 1769 |  | 743511 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** (contined) | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** (contined) | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** (contined) |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 19366 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360461 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 24806 | 1239804 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 1718 | 271496 |
| &nbsp;&nbsp;&nbsp; Qorvo, Inc.<sup>(1)</sup> | 4855 | 440057 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 21815 | 2398341 |
|  |  | **8944390** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc.<sup>(1)</sup> | 1521 | 3751060 |
|  |  | **3751060** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.2%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.2%** |  |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc.<sup>(1)</sup> | 5015 | 1782431 |
|  |  | **1782431** |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 1.4%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services – 1.4%** |  |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc.<sup>(1)</sup> | 15244 | 2134160 |
|  |  | **2134160** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $116,990,242) |  | **149754019** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 2.2%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 2.2%** |  |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.2%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $3,385,219, due 1/3/2023<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3384738 | 3384738 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $3,384,738) |  | **3384738** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.0%** <br> (Cost $120,374,980) |  | **153138757** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.0%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.0%** | **54546** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** |  | $**153193303** |

---

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

<sup>(2)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $4726700 | $3452445 |

---

**Legend:** 

ADR — American Depositary Receipt

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $149754019 | $— | $— | $149754019 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 3384738 |  | 3384738 |
| &nbsp;&nbsp;&nbsp;**Total** | $**149754019** | $**3384738** | $**—** | $**153138757** |

---

---

| | |
|:---|:---|
| **6** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153138757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 8365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 113102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 78983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 48448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 5635 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **153394026** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 86039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 35071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 33087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 20476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 6836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 18769 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **200723** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**153193303** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $65859495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 87333808 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**153193303** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $120374980 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **8675135** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$17.66** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $3599681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 15253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (78974) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **3535960** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1123028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 447095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 50211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 42277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 33947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 32648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 12544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 6105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 9563 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1757418** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (22690) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1734728** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **1801232** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 17293113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (831) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (28742785) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments and Foreign Currency Transactions** | **(11450421)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(9649189)** |

---

*The accompanying notes are an integral part of these financial statements.*<sub>7</sub>

------

**FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/22** | **For the<br>Year Ended<br>12/31/21** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $1801232 | $1593869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 17292282 | 36678654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | (28742703) | 22156639 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(9649189)** | **60429162** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 9188915 | 7814852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (65454790) | (72545712) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(56265875)** | **(64730860)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(65915064)** | **(4301698)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 219108367 | 223410065 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $153193303 | $219108367 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 527283 | 447511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3648672) | (4274978) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(3121389)** | **(3827467)** |

---

---

| | |
|:---|:---|
| **8** | *The accompanying notes are an integral part of these financial statements.* |

---

------

This Page Intentionally Left Blank

 <sub>9</sub>

------

**FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past five years (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;&nbsp;**Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **<br>Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** |<br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $18.57 | $0.18 | $(1.09) | $(0.91) | $17.66 | (4.90)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 14.30 | 0.12 | 4.15 | 4.27 | 18.57 | 29.86% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 14.13 | 0.19<sup>(4)</sup> | (0.02) | 0.17 | 14.30 | 1.20% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/19 | 11.45 | 0.16 | 2.52 | 2.68 | 14.13 | 23.41% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/18 | 12.85 | 0.15 | (1.55) | (1.40) | 11.45 | (10.89)% |

---

---

| | |
|:---|:---|
| **10** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $153193 | 0.97% | 0.98% | 1.01% | 1.00% | 33% |
| 219108 | 0.97% | 0.97% | 0.71% | 0.71% | 45% |
| 223410 | 0.97% | 1.02% | 1.53%<sup>(4)</sup> | 1.48%<sup>(4)</sup> | 73% |
| 213249 | 0.97% | 1.03% | 1.22% | 1.16% | 66% |
| 185363 | 0.97% | 1.08% | 1.16% | 1.05% | 56% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Reflects a special dividend paid out during the year by one of the Fund's holdings. Had the Fund not received the special dividend, the Net Investment Income per share would have been $0.14, the Net Ratio of Net Investment Income to Average Net Assets would have been 1.15%, and the Gross Ratio of Net Investment Income to Average Net Assets would have been 1.10%. 

*The accompanying notes are an integral part of these financial statements.*<sub>11</sub>

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

**December 31, 2022** 

**1. Organization** 

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Large Cap Disciplined Value VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks to provide long-term growth of capital primarily through investment in equity securities. Current income is a secondary objective.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of

fair values based on results of ongoing valuation oversight, including but not limited to consideration of security specific events, market events, and pricing vendor and broker-dealer due diligence. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

---

| | |
|:---|:---|
| **12** | |

---

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** — unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** — other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest
rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

***Investments*** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

 <sub>13</sub>

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.65% up to $100 million, 0.60% from $100 to $300 million, 0.55% from $300 to $500 million, and 0.53% in excess of $500 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.97% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $22,690.

Park Avenue has entered into a Sub-Advisory Agreement with Boston Partners Global Investors, Inc. ("Boston Partners"). Boston Partners is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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| | |
|:---|:---|
| **14** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $447,095 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

**4. Federal Income Taxes** 

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $58,395,001 and $115,049,171, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include,

but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any

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| | |
|:---|:---|
| | **15** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND** 

day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

**7. Indemnifications** 

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that

provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| | |
|:---|:---|
| **16** | |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Board of Trustees of Guardian Variable Products Trust and Shareholders of** 

**Guardian Large Cap Disciplined Value VIP Fund** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Large Cap Disciplined Value VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

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| | |
|:---|:---|
| | **17** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp; **Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013– 2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015– 2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012– 2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

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| | |
|:---|:---|
| **18** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

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<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

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| | |
|:---|:---|
| | **19** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Position(s) Held and<br>Length of Service<sup>5</sup>** | **Principal<br>Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp; **John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019–2022); Vice President and Associate General Counsel, MetLife, Inc. (2010–2018). |
| &nbsp;&nbsp;&nbsp; **Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp; **Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp; **Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

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<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

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| | |
|:---|:---|
| **20** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

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| | |
|:---|:---|
| | **21** |

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**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g752415g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB8174

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Large Cap Fundamental Growth VIP Fund**![LOGO](g558495g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

**TABLE OF CONTENTS** 

**Guardian Large Cap Fundamental Growth VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc558495_1)** | 1 |
|  **[Fund Characteristics](#toc558495_2)** | 3 |
|  **[Fund Performance](#toc558495_3)** | 4 |
|  **[Understanding Your Fund's Expenses](#toc558495_4)** | 5 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc558495_6) | 6 |
| [Statement of Assets and Liabilities](#toc558495_7) | 8 |
| [Statement of Operations](#toc558495_8) | 8 |
| [Statements of Changes in Net Assets](#toc558495_9) | 9 |
| [Financial Highlights](#toc558495_10) | 10 |
| [Notes to Financial Statements](#toc558495_11) | 12 |
| [Report of Independent Registered Public Accounting Firm](#toc558495_12) | 17 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc558495_15) | 18 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc558495_16) | 21 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

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**GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND**

**FUND COMMENTARY OF** 

**CLEARBRIDGE INVESTMENTS LLC, SUB-ADVISER**

**(UNAUDITED)** 

**Highlights** 

• Guardian Large Cap Fundamental Growth VIP Fund (the "Fund") returned -32.75%, underperforming its benchmark, the Russell 1000<sup>®</sup> Growth Index<sup>1</sup> (the "Index"), for the 12 months ended December 31, 2022. The Fund's underperformance relative to the Index
was primarily due to stock selection in the information technology ("IT") and communication services sectors.

• The Index delivered a -29.14% return for the period. This performance was largely due to the aggressive tightening of financial conditions by the U.S. Federal Reserve (the
"Fed"), which raised short-term interest rates to stem the highest U.S. inflation readings in more than 40 years. Higher rates weighed most heavily on growth stocks whose valuations are largely based on profits expected well into the
future. In this environment, growth stocks underperformed value stocks as measured by the Russell 1000<sup>®</sup> Value Index (the "Value
Index")<sup>2</sup> by over 21 percentage points for the year. The Russian invasion of Ukraine further stoked inflation while upsetting some key global supply chains, adding further headwinds to equity
performance. And finally, the unwinding of ample liquidity provided to assist with the COVID-19 pandemic raised the chances of the U.S. falling into recession, which hurt consumer sentiment and slowed
spending.

**Market Overview**

Equity markets took a defensive shift in 2022, resulting in an -18.11% decline for the Standard & Poor's 500<sup>®</sup> Index (the "S&P 500 Index")<sup>3</sup>. Rising inflation prompted the Fed to take on a more hawkish stance, accelerating the tapering of asset purchases and increasing interest rate hike projections. This drove equities, in particular higher-growth companies, to sell off early in the year. Russia's invasion of Ukraine in February further disrupted global supply chains and reduced global commodity reserves due to the sanctions levied on Russia. The conflict increased the probability of a recession in Europe, which investors feared could spread to other developed economies. Oil and gas prices spiked, lifting the energy sector and driving further inflation. The U.S. 10-year Treasury yield jumped from 1.6% to 2.3% in the first quarter of 2022.

Such conditions remained in the second quarter of 2022, with persistent inflation prompting central banks to take

more hawkish stances. The Fed raised the federal funds rate by 50 basis points ("bps") in May and 75 bps in June. These hikes jarred financial markets, significantly compressing equity multiples. Defensive sectors led the market, along with the energy sector, while mega cap growth stocks sold off. Concerns over companies' abilities to maintain current margins increased, as did the probability of a "hard landing" for the economy. U.S. 10-year Treasury yields rose to 3.01%. A bear market rally followed in July, with investors bidding up growth stocks in particular in the hopes a policy-engineered recession would spur a reversal in Fed policy. Such hopes were disappointed in August when candid statements by Fed Chair Powell signaled the Fed's intent to continue raising rates beyond previous targets, regardless of the economic consequences. Higher bond yields — the U.S. 10-year Treasury yield rose to 3.83% in the third quarter of 2022 — helped strengthen the U.S. dollar, reducing overseas revenues for multinational companies. Emerging evidence of a slowing economy, which might prompt an early Fed pivot from its tightening regime, along with some better-than-expected earnings, helped equities to close out the period on a positive note. After edging up above 4%, the U.S. 10-year Treasury yield ended the period at 3.88%, up over 200 basis points for the reporting period, as the Fed signaled a higher-for-longer future for interest rates and a recession became the base case for 2023.

**Portfolio Review**

Stock selection in the IT and communication services sectors were the primary detractors from performance relative to the Index. An underweight to the consumer staples sector also detracted from relative results. On the positive side, an overweight to the health care and industrials sectors, underweight to the communication services and consumer discretionary sectors and stock selection in the consumer staples sector were the primary contributors to relative returns.

**Outlook**

Corporate earnings expectations retreated during the fourth quarter, declining -2.8%, the first year-over-year earnings decline since the third quarter of 2020, according to FactSet. As of mid-December, 63 S&P 500 companies had issued negative forward guidance compared to 34 reporting positive projections. We think these trends underestimate the downward earnings revisions still to come and will be closely monitoring the guidance provided by portfolio companies during the upcoming quarterly reporting period. We see the current economic environment as weak and expect it to

 <sub>1</sub>

------

**GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND**

become even weaker, with pain still to be felt on both the corporate and consumer side as the hammer of monetary policy, which acts with a lag, begins to make an impact on investments. We believe companies are looking for any way to cut costs, particularly IT and shadow technology sectors, with layoffs increasing among the largest growth companies. The pandemic savings accumulated by households are eroding, with retail sales likely to struggle in the year ahead. While we believe the consumer remains in good fiscal shape, in our view, credit is starting to worsen and we expect a credit cycle to take hold at this stage of the economic contraction. Paradoxically, a slowdown in inflation could

also create headwinds: retailers no longer able to lean on price as a revenue driver may see margins contract. Mega-cap growth companies are struggling as much as other businesses due to downstream weakness of their clients. Cloud spending is being hurt by budget constraints of buyers, the advertising business is slowing and management confidence is being challenged by increasingly negative data prints. In short, we believe all signs point to a challenging earnings year. Despite so much uncertainty, we maintain confidence in the Fund's portfolio positioning.

<sup>**1**</sup> The Index is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Russell 1000<sup>®</sup> Index (which consists of the 1.000 largest U.S. companies based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index, and, unlike the Fund, the Index does not incur fees or expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group.

<sup>**2**</sup> The Value Index is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Value Index (which consists of the 1,000 largest U.S. companies based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values. Index results assume the reinvestment of dividends paid on the stocks constituting the Value Index. You may not invest in the Value Index, and, unlike the Fund, the Value Index does not incur fees and expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group. 

<sup>**3**</sup> The S&P 500 Index is an unmanaged market-capitalization-weighted index generally considered to be representative of U.S. equity market activity. The S&P 500 Index consists of 500 stocks representing leading industries of the U.S. economy. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the S&P 500 Index, and, unlike the Fund, the S&P 500 Index does not incur fees or expenses. 

---

| | |
|:---|:---|
| **2** | |

---

------

**GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $253,603,242

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Sector Allocation<sup>1</sup>**<br> As of December 31, 2022  |
| &nbsp;&nbsp;&nbsp; ![LOGO](g558495g95p03.jpg) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>**<br> As of December 31, 2022  | |
| &nbsp;&nbsp;&nbsp;**Holding** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 7.59% |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 5.97% |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 5.79% |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 5.05% |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 4.42% |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 3.37% |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 3.29% |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. | 2.98% |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp. | 2.85% |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 2.80% |
| &nbsp;&nbsp;&nbsp;**Total** | **44.11%** |

---

**<sup>1</sup>** The Fund's holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS<sup>®</sup>). Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. 

 <sub>3</sub>

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**GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian Large Cap Fundamental Growth VIP Fund | 9/1/2016 | -32.75% | 6.72% |  | 9.37% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index |  | -29.14% | 10.96% |  | 13.40% |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022  |
| &nbsp;&nbsp;&nbsp; ![LOGO](g558495g95p06.jpg) |

---

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Large Cap Fundamental Growth VIP Fund and the Russell 1000<sup>®</sup> Growth Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

---

| | |
|:---|:---|
| **4** | |

---

------

**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;986.60 | $4.66 | 0.93% |
| &nbsp;&nbsp;&nbsp;Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1020.52 | $4.74 | 0.93% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 <sub>5</sub>

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**SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 97.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 69920 | $| 7056326 |
|  |  |  | **7056326** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics – 2.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 36956 |  | 6424431 |
|  |  |  | **6424431** |
| &nbsp;&nbsp;&nbsp;**Auto Components – 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Aptiv PLC<sup>(1)</sup> | 36974 |  | 3443389 |
|  |  |  | **3443389** |
| &nbsp;&nbsp;&nbsp;**Automobiles – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.<sup>(1)</sup> | 8300 |  | 1022394 |
|  |  |  | **1022394** |
| &nbsp;&nbsp;&nbsp;**Beverages – 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.<sup>(1)</sup> | 71190 |  | 7227921 |
|  |  |  | **7227921** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 21123 |  | 7074938 |
|  |  |  | **7074938** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 18000 |  | 4271940 |
|  |  |  | **4271940** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 42040 |  | 6598178 |
|  |  |  | **6598178** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 3.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.<sup>(1)</sup> | 25600 |  | 7548928 |
| &nbsp;&nbsp;&nbsp; Sea Ltd., ADR<sup>(1)</sup> | 31560 |  | 1642067 |
|  |  |  | **9190995** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.8%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.8%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.8%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.8%** |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | 7027 |  | 4602896 |
|  |  |  | **4602896** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 8.7%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Alcon, Inc. | 81360 |  | 5577228 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc.<sup>(1)</sup> | 49100 |  | 5560084 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.<sup>(1)</sup> | 21670 |  | 5750135 |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | 21000 |  | 5134290 |
|  |  |  | **22021737** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 5.0%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 24147 |  | 12802256 |
|  |  |  | **12802256** |
| &nbsp;&nbsp;&nbsp;**Insurance – 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 23400 |  | 3872232 |
|  |  |  | **3872232** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A<sup>(1)</sup> | 40613 |  | 4887368 |
|  |  |  | **4887368** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 6.0%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 6.0%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 6.0%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1)</sup> | 180200 | $15136800 |
|  |  | **15136800** |
| &nbsp;&nbsp;&nbsp;**IT Services – 7.7%** | &nbsp;&nbsp;&nbsp;**IT Services – 7.7%** | &nbsp;&nbsp;&nbsp;**IT Services – 7.7%** |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.<sup>(1)</sup> | 67215 | 4787052 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 70687 | 14685931 |
|  |  | **19472983** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.4%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.4%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.4%** |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 15532 | 8553317 |
|  |  | **8553317** |
| &nbsp;&nbsp;&nbsp;**Personal Products – 1.8%** | &nbsp;&nbsp;&nbsp;**Personal Products – 1.8%** | &nbsp;&nbsp;&nbsp;**Personal Products – 1.8%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc., Class A | 18300 | 4540413 |
|  |  | **4540413** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.8%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.8%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 2.8%** |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | 48421 | 7096098 |
|  |  | **7096098** |
| &nbsp;&nbsp;&nbsp;**Road & Rail – 1.4%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 1.4%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 1.4%** |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.<sup>(1)</sup> | 143682 | 3553256 |
|  |  | **3553256** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 6.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 6.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 6.1%** |
| &nbsp;&nbsp;&nbsp; ASML Holding NV | 9300 | 5081520 |
| &nbsp;&nbsp;&nbsp; Intel Corp. | 78600 | 2077398 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 57032 | 8334656 |
|  |  | **15493574** |
| &nbsp;&nbsp;&nbsp;**Software – 17.5%** | &nbsp;&nbsp;&nbsp;**Software – 17.5%** | &nbsp;&nbsp;&nbsp;**Software – 17.5%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc.<sup>(1)</sup> | 12360 | 4159511 |
| &nbsp;&nbsp;&nbsp; Atlassian Corp., Class A<sup>(1)</sup> | 20790 | 2675257 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 80304 | 19258505 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.<sup>(1)</sup> | 40982 | 5718628 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc.<sup>(1)</sup> | 35450 | 4700316 |
| &nbsp;&nbsp;&nbsp; Splunk, Inc.<sup>(1)</sup> | 40281 | 3467791 |
| &nbsp;&nbsp;&nbsp; Unity Software, Inc.<sup>(1)</sup> | 28900 | 826251 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A<sup>(1)</sup> | 22030 | 3686280 |
|  |  | **44492539** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.9%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.9%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 1.9%** |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 22460 | 3302294 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | 6620 | 1489301 |
|  |  | **4791595** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 4.4%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 4.4%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals – 4.4%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 86344 | 11218676 |
|  |  | **11218676** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 2.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 2.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 2.6%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 55900 | 6540859 |
|  |  | **6540859** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 2.7%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 2.7%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 2.7%** |
| &nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 12279 | 6830194 |
|  |  | **6830194** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $219,312,697) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $219,312,697) | **248217305** |

---

---

| | |
|:---|:---|
| **6** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 2.2%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 2.2%** |  |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.2%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $5,573,713, due 1/3/2023<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5572921 | $5572921 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $5,572,921) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $5,572,921) | **5572921** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $224,885,618) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $224,885,618) | **253790226** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | **(186984)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**253603242** |

---

<sup>(1)</sup> Non–income–producing security.

<sup>(2)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $7782500 | $5684442 |

---

**Legend:** 

ADR — American Depositary Receipt

*The accompanying notes are an integral part of these financial statements.*<sub>7</sub>

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $248217305 | $— | $— | $248217305 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 5572921 |  | 5572921 |
| &nbsp;&nbsp;&nbsp;**Total** | $**248217305** | $**5572921** | $**—** | $**253790226** |

---

------

**FINANCIAL INFORMATION — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $253790226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 54496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 39325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 8334 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **253892381** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 130877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 55540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 50878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 20476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 4882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 25811 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **289139** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**253603242** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $131673360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 121929882 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**253603242** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224885618 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **14376886** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$17.64** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1872328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 28415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (9248) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **1891495** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1641166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 698830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 80901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 66189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 40374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 32690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 14776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 9721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 15281 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **2599928** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **(708433)** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 3529314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (118066982) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments** | **(114537668)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(115246101)** |

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| | |
|:---|:---|
| **8** | *The accompanying notes are an integral part of these financial statements.* |

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**FINANCIAL INFORMATION — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/22** | **For the<br>Year Ended<br>12/31/21** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $(708433) | $(1226972) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 3529314 | 43630648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (118066982) | 29119741 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(115246101)** | **71523417** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 70196441 | 25900718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (49649218) | (89011782) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions** | **20547223** | **(63111064)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets** | **(94698878)** | **8412353** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 348302120 | 339889767 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $253603242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348302120 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 3583941 | 1163061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2487413) | (3642432) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease)** | **1096528** | **(2479371)** |

---

*The accompanying notes are an integral part of these financial statements.*<sub>9</sub>

------

**FINANCIAL INFORMATION — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past five years (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income/(Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset**<br> **Value, End of<br>Period** | <br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $26.23 | $(0.05) | $(8.54) | $(8.59) | $17.64 | (32.75)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 21.57 | (0.08) | 4.74 | 4.66 | 26.23 | 21.60% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 16.50 | (0.03) | 5.10 | 5.07 | 21.57 | 30.73% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/19 | 12.51 | 0.00<sup>(4)</sup> | 3.99 | 3.99 | 16.50 | 31.89% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/18 | 12.74 | 0.03 | (0.26) | (0.23) | 12.51 | (1.81)% |

---

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| | |
|:---|:---|
| **10** | *The accompanying notes are an integral part of these financial statements.* |

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**FINANCIAL INFORMATION — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment<br>Income/(Loss)<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Net Investment<br>Income/(Loss)<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $253603 | 0.93% | 0.93% | (0.25)% | (0.25)% | 31% |
| 348302 | 0.91% | 0.91% | (0.34)% | (0.34)% | 21% |
| 339890 | 1.00% | 1.00% | (0.18)% | (0.18)% | 20% |
| 349921 | 1.00% | 1.00% | 0.01% | 0.01% | 44% |
| 223264 | 1.00% | 1.02% | 0.26% | 0.24% | 33% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income/(Loss) to Average Net Assets include the effect of fee waivers, expense limitations, and recoupments, if any.

<sup>(4)</sup> Rounds to $0.00 per share. 

*The accompanying notes are an integral part of these financial statements.*<sub>11</sub>

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

**December 31, 2022** 

**1. Organization** 

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Large Cap Fundamental Growth VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks long-term growth of capital.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer due diligence. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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| | |
|:---|:---|
| **12** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** — unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** — other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest
rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

***Investments*** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

 <sub>13</sub>

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

**c. Foreign Currency** Translation The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest

income accrual method, and is accrued and recorded daily.

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.62% up to $100 million, 0.57% from $100 to $300 million, 0.52% from $300 to $500 million, and 0.50% in excess of $500 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 1.01% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue did not waive any fees or pay any Fund expenses.

Park Avenue has entered into a Sub-Advisory Agreement with ClearBridge Investments LLC ("ClearBridge"). ClearBridge is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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| | |
|:---|:---|
| **14** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $698,830 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

**4. Federal Income Taxes** 

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $102,099,074 and $85,554,261, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political,

regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of

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| | |
|:---|:---|
| | **15** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND** 

(a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

**7. Indemnifications** 

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that

provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| | |
|:---|:---|
| **16** | |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Board of Trustees of Guardian Variable Products Trust and Shareholders of** 

**Guardian Large Cap Fundamental Growth VIP Fund** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Large Cap Fundamental Growth VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

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| | |
|:---|:---|
| | **17** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br>**During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br>**by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp; **Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

---

---

| | |
|:---|:---|
| **18** | |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br>**During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br>**by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee<br>(Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

---

<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

---

| | |
|:---|:---|
| | **19** |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Year of Birth** | **Position(s) Held and<br>Length of Service<sup>5</sup>** | **Principal Occupation(s) During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp; **John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018). |
| &nbsp;&nbsp;&nbsp; **Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp; **Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp; **Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

---

<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

---

| | |
|:---|:---|
| **20** | |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

---

| | |
|:---|:---|
| | **21** |

---

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g558495g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB8175

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Mid Cap Relative Value VIP Fund**![LOGO](g712338g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

**TABLE OF CONTENTS** 

**Guardian Mid Cap Relative Value VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc712338_1)** | 1 |
|  **[Fund Characteristics](#toc712338_2)** | 3 |
|  **[Fund Performance](#toc712338_3)** | 4 |
|  **[Understanding Your Fund's Expenses](#toc712338_4)** | 5 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc712338_6) | 6 |
| [Statement of Assets and Liabilities](#toc712338_7) | 8 |
| [Statement of Operations](#toc712338_8) | 8 |
| [Statements of Changes in Net Assets](#toc712338_9) | 9 |
| [Financial Highlights](#toc712338_10) | 10 |
| [Notes to Financial Statements](#toc712338_11) | 12 |
| [Report of Independent Registered Public Accounting Firm](#toc712338_12) | 17 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc712338_17) | 18 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc712338_18) | 21 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

**GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

**FUND COMMENTARY OF ALLSPRING GLOBAL INVESTMENTS, LLC, SUB-ADVISER** 

**(UNAUDITED)** 

**Highlights** 

• Guardian Mid Cap Relative Value VIP Fund (the "Fund") returned -4.82% for the 12 months ended December 31, 2022, and outperformed its benchmark, the Russell Midcap<sup>®</sup> Value Index<sup>1</sup> (the "Index"). The Fund's outperformance relative to the Index was primarily due to security selection in the
information technology, financials, health care, and real estate sectors. In addition, an underweight in the underperforming real estate sector also added value to the Fund's relative performance. Conversely, stock selection in the industrials
sector was the largest detractor from the Fund's performance.

• The Index delivered a return of -12.03% during the period.

**Market Overview** 

The year 2022 will be remembered as a "drawdown year," but the path was anything but linear. From the war in Ukraine to the elusive U.S. Federal Reserve (the "Fed") "pivot," equity markets experienced very sizeable rallies, pullbacks and leadership swings. Early in the year, equity markets pulled back from their December 2021 highs as investors started to digest the increasingly likely view that inflationary pressures would require a more aggressive monetary response. This resulted in expectations for a prolonged period of rising interest rates, negatively impacting valuations across most asset classes. Equity markets declined further following the invasion of Ukraine, prompting commodity prices to increase significantly, contributing further to inflationary pressures. The beginning of the third quarter of 2022 was marked by a brief rally driven by hopes that inflation was peaking and the Fed would "pivot" its course in interest rate hikes. As the Fed quashed any immediate plans to reverse course, equity markets again pulled back significantly in the last six weeks of the third quarter of 2022. This was followed by another strong rally in equity markets during the months of October and November as inflation data started to moderate and hopes emerged again that the Fed would lessen the pace of interest rate increases. The month of December saw stocks pull back slightly. Although Fed Chair Jerome Powell indicated that it was time to slow the pace of

coming interest rate hikes, he also signaled a protracted economic adjustment to a world where borrowing costs will remain high and inflation should come down slowly.

The energy and utilities sectors contributed positively to the Index's performance for the year, while the communication services and information technology sectors were the worst-performing sectors within the Index as interest rates rose.

**Portfolio Review** 

The Fund outperformed the Index for the period. Stock selection was the primary driver of the Fund's outperformance relative to the Index, specifically in the information technology, financials, health care and real estate sectors. In addition, sector allocation differences also added to performance; an underweight in the underperforming real estate sector added value, while stock selection in the industrials sector was the largest detractor.

**Outlook** 

We expect continued market volatility over the near term as investors digest slowing economic data and higher long-term borrowing costs. We believe that inflation is proving to be a challenge as wages and rents materially lag monetary tightening. Decades of margin expansion are at risk of moving in the opposite direction as tax policy, labor challenges, broad inflation, supply chain modifications/on-shoring, and an energy transition all weigh on margin potential. Pricing power at the product/service level is currently (and we believe will remain) a leading indicator of business success. Equity markets have rewarded free-cash-flow margin and growth, and we believe earnings (before interest and taxes), as well as cash flow from operations margin pressure have the potential to be offset by pricing power.

Rather than try to predict Fed policy or time when these macro headwinds will subside, we look to invest in companies that we believe have financial flexibility. Many companies have been forced to take defensive measures as inflation and interest rates have moved higher. While the companies we select for the Fund are certainly not immune from these factors, we believe their financial flexibility and competitive advantages allow them to navigate the current environment and be

<sup>**1**</sup> The Index is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Russell Midcap<sup>®</sup> Index with lower price-to-book ratios and lower forecasted growth values. (The Russell Midcap<sup>®</sup> Index measures the performance of the 800 smallest companies in the Russell 1000<sup>®</sup> Index, which consists of the 1,000 largest U.S. companies based on total market capitalization.) Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index, and, unlike the Fund, the Index does not incur fees or expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group. 

 <sub>1</sub>

------

**GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

strategic as opportunities arise. We expect the changing interest rate dynamic to continue to affect the economy going forward. Assessing how the rising cost of capital affects a company's financial flexibility is a key part of our process and something that we believe will prove to be a valuable differentiator in today's volatile interest rate environment.

As active managers, we look to take advantage of the changing interest rate dynamic and the impact it has on

a company's financial flexibility. While some companies will feel the impact from a higher cost of capital and face refinancing risk, we are hopeful that the companies we invest in for the Fund will leverage their superior balance sheets and be better positioned for the future. We believe our strong fundamental analysis, risk management, and active investment process are well suited for taking advantage of new opportunities as the equity market evolves.

---

| | |
|:---|:---|
| **2** | |

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------

**GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $173,859,015

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Sector Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g712338g61v43.jpg) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>**<br> As of December 31, 2022 | &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp;**Holding** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV | 3.38% |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 3.37% |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 3.29% |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 3.18% |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 3.18% |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 2.93% |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | 2.88% |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. | 2.87% |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 2.84% |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A | 2.70% |
| &nbsp;&nbsp;&nbsp;**Total** | **30.62%** |

---

**<sup>1</sup>** The Fund's holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS<sup>®</sup>). Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. 

 <sub>3</sub>

------

**GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian Mid Cap Relative Value VIP Fund | 9/1/2016 | -4.82% | 7.88% |  | 9.30% |
| &nbsp;&nbsp;&nbsp;Russell Midcap<sup>®</sup> Value Index |  | -12.03% | 5.72% |  | 7.59% |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g712338g98s13.jpg) |

---

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Mid Cap Relative Value VIP Fund and the Russell Midcap<sup>®</sup> Value Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

---

| | |
|:---|:---|
| **4** | |

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------

**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>7/1/22** | **Ending<br>Account Value<br>12/31/22** | **Expenses Paid<br>During Period\*<br>7/1/22-12/31/22** | **Expense Ratio<br>During Period<br>7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $1087.30 | $5.52 | 1.05% |
| &nbsp;&nbsp;&nbsp; Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1019.91 | $5.35 | 1.05% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 <sub>5</sub>

------

**SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 97.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Auto Components – 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp; Aptiv PLC<sup>(1)</sup> | 18338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707818 |
| &nbsp;&nbsp;&nbsp; Lear Corp. | 12454 | 1544545 |
|  |  | **3252363** |
| &nbsp;&nbsp;&nbsp;**Banks – 3.3%** | &nbsp;&nbsp;&nbsp;**Banks – 3.3%** |  |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 78359 | 2570959 |
| &nbsp;&nbsp;&nbsp; PacWest Bancorp | 23933 | 549262 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 96013 | 2070040 |
| &nbsp;&nbsp;&nbsp; Zions Bancorporation NA | 12885 | 633427 |
|  |  | **5823688** |
| &nbsp;&nbsp;&nbsp;**Beverages – 2.6%** | &nbsp;&nbsp;&nbsp;**Beverages – 2.6%** |  |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 124628 | 4444235 |
|  |  | **4444235** |
| &nbsp;&nbsp;&nbsp;**Building Products – 3.6%** | &nbsp;&nbsp;&nbsp;**Building Products – 3.6%** |  |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.<sup>(1)</sup> | 25957 | 1684090 |
| &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 19268 | 4540504 |
|  |  | **6224594** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.3%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Huntsman Corp. | 19435 | 534074 |
|  |  | **534074** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 3.2%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 3.2%** |  |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | 42851 | 5527351 |
|  |  | **5527351** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.3%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 17926 | 572915 |
|  |  | **572915** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 2.9%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 2.9%** |  |
| &nbsp;&nbsp;&nbsp; API Group Corp.<sup>(1)</sup> | 75623 | 1422469 |
| &nbsp;&nbsp;&nbsp; MasTec, Inc.<sup>(1)</sup> | 42450 | 3622258 |
|  |  | **5044727** |
| &nbsp;&nbsp;&nbsp;**Construction Materials – 2.8%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 2.8%** |  |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 28213 | 4940378 |
|  |  | **4940378** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.3%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Discover Financial Services | 23054 | 2255373 |
|  |  | **2255373** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.8%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 0.8%** |  |
| &nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 12635 | 1389597 |
|  |  | **1389597** |
| &nbsp;&nbsp;&nbsp;**Distributors – 3.3%** | &nbsp;&nbsp;&nbsp;**Distributors – 3.3%** |  |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | 106981 | 5713855 |
|  |  | **5713855** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.0%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Pershing Square Tontine Holdings Ltd.<sup>(1)(2)(3)</sup> | 125172 | 0 |
|  |  | **0** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 5.2%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 5.2%** |  |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 48811 | 4634604 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 103653 | 4347207 |
|  |  | **8981811** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 1.9%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 60341 | $| 1781870 |
| &nbsp;&nbsp;&nbsp; NOV, Inc. | 74444 |  | 1555135 |
|  |  |  | **3337005** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 3.2%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 3.2%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 3.2%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 3.2%** |
| &nbsp;&nbsp;&nbsp; Boston Properties, Inc. | 35770 |  | 2417337 |
| &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 61902 |  | 3224475 |
|  |  |  | **5641812** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 5.5%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Alcon, Inc. | 59336 |  | 4067483 |
| &nbsp;&nbsp;&nbsp; Teleflex, Inc. | 9119 |  | 2276376 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 24955 |  | 3181762 |
|  |  |  | **9525621** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 2009 |  | 1028990 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | 3694 |  | 520447 |
|  |  |  | **1549437** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.3%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Wendy's Co. | 59348 |  | 1343045 |
| &nbsp;&nbsp;&nbsp; Yum China Holdings, Inc. | 47175 |  | 2578114 |
|  |  |  | **3921159** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 3.2%** | &nbsp;&nbsp;&nbsp;**Household Durables – 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 56220 |  | 5011451 |
| &nbsp;&nbsp;&nbsp; Helen of Troy Ltd.<sup>(1)</sup> | 5515 |  | 611669 |
|  |  |  | **5623120** |
| &nbsp;&nbsp;&nbsp;**Household Products – 5.3%** | &nbsp;&nbsp;&nbsp;**Household Products – 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 53509 |  | 4313361 |
| &nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. | 166291 |  | 4985404 |
|  |  |  | **9298765** |
| &nbsp;&nbsp;&nbsp;**Insurance – 10.0%** | &nbsp;&nbsp;&nbsp;**Insurance – 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Allstate Corp. | 29701 |  | 4027455 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.<sup>(1)</sup> | 93233 |  | 5853168 |
| &nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 13345 |  | 722899 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 76807 |  | 4375695 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | 41573 |  | 2424953 |
|  |  |  | **17404170** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Match Group, Inc.<sup>(1)</sup> | 28020 |  | 1162550 |
|  |  |  | **1162550** |
| &nbsp;&nbsp;&nbsp;**IT Services – 5.1%** | &nbsp;&nbsp;&nbsp;**IT Services – 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Amdocs Ltd. | 60844 |  | 5530719 |
| &nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.<sup>(1)</sup> | 35410 |  | 3341996 |
|  |  |  | **8872715** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.8%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.<sup>(1)</sup> | 14337 |  | 3124032 |
|  |  |  | **3124032** |
| &nbsp;&nbsp;&nbsp;**Machinery – 2.6%** | &nbsp;&nbsp;&nbsp;**Machinery – 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | 49600 |  | 2919952 |
| &nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC<sup>(1)</sup> | 141634 |  | 1616044 |
|  |  |  | **4535996** |

---

---

| | |
|:---|:---|
| **6** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.6%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 72411 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751618 |
|  |  |  | **2751618** |
| &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) – 2.2%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) – 2.2%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) – 2.2%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) – 2.2%** |
| &nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 185380 |  | 3907810 |
|  |  |  | **3907810** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 4.6%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | 33368 |  | 2052466 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 25633 |  | 3319986 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 21225 |  | 2692603 |
|  |  |  | **8065055** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 4.0%** | &nbsp;&nbsp;&nbsp;**Professional Services – 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp; Dun & Bradstreet Holdings, Inc. | 146556 |  | 1796777 |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 42389 |  | 5089647 |
|  |  |  | **6886424** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 2.7%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 2.7%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 2.7%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development – 2.7%** |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A<sup>(1)</sup> | 61138 |  | 4705181 |
|  |  |  | **4705181** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 0.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 0.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 0.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 0.7%** |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.<sup>(1)</sup> | 18413 |  | 1148419 |
|  |  |  | **1148419** |
| &nbsp;&nbsp;&nbsp;**Software – 2.2%** | &nbsp;&nbsp;&nbsp;**Software – 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp; NCR Corp.<sup>(1)</sup> | 75878 |  | 1776304 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc.<sup>(1)</sup> | 6537 |  | 2087199 |
|  |  |  | **3863503** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 3.4%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp; AerCap Holdings NV<sup>(1)</sup> | 100941 |  | 5886879 |
|  |  |  | **5886879** |
| &nbsp;&nbsp;&nbsp;**Water Utilities – 2.0%** | &nbsp;&nbsp;&nbsp;**Water Utilities – 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 22758 |  | 3468774 |
|  |  |  | **3468774** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $132,457,814) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $132,457,814) |  | **169385006** |
| &nbsp;&nbsp;&nbsp;**Warrants – 0.0%** | &nbsp;&nbsp;&nbsp;**Warrants – 0.0%** | &nbsp;&nbsp;&nbsp;**Warrants – 0.0%** | &nbsp;&nbsp;&nbsp;**Warrants – 0.0%** |
| &nbsp;&nbsp;&nbsp; Pershing Square Tontine Holdings Ltd.<sup>(1)(2)</sup> | 14344 |  | 0 |
| &nbsp;&nbsp;&nbsp;**Total Warrants** <br> (Cost $0) | &nbsp;&nbsp;&nbsp;**Total Warrants** <br> (Cost $0) |  | **0** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 2.7%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 2.7%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 2.7%** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.7%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.7%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 2.7%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $4,611,321, due 1/3/2023<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4610666 | $4610666 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $4,610,666) |  | **4610666** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.1%** <br> (Cost $137,068,480) |  | **173995672** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.1)%** | **(136657)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** |  | $**173859015** |

---

<sup>(1)</sup> Non–income–producing security.

<sup>(2)</sup> The table below presents securities deemed illiquid by the investment adviser.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Shares** | **Cost** | **Value** | **Acquisition<br>Date** | **% of Fund's<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;Pershing Square Tontine Holdings Ltd. | 125172 | $0 | $0 | 7/26/2022 | 0.00% |
| &nbsp;&nbsp;&nbsp;Pershing Square Tontine Holdings Ltd. | 14344 | 0 | 0 | 7/26/2022 | 0.00 |

---

<sup>(3)</sup> Escrow interests represent beneficial interests in bankruptcy reorganizations or liquidation proceedings and may be subject to resale, redemption or transferability restrictions. The amount and timing of future payments, if any, cannot be predicted with certainty. 

<sup>(4)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $6438700 | $4702912 |

---

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169385006 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $169385006 |
| &nbsp;&nbsp;&nbsp;Warrants |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 4610666 |  | 4610666 |
| &nbsp;&nbsp;&nbsp;**Total** | $**169385006** | $**4610666** | $**—** | $**173995672** |

---

*The accompanying notes are an integral part of these financial statements.*<sub>7</sub>

------

**FINANCIAL INFORMATION — GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173995672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 328507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 4095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 6047 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **174335057** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 286792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 104593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 37443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 20476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 5916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 20332 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **476042** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**173859015** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $63751244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 110107771 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**173859015** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $137068480 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **9901069** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$17.56** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3647211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 19998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (206) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **3667003** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1357146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 487741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 51970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 45937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 37300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 33940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 14147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 9027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 10359 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **2047567** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **1619436** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 21337187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (35212513) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments** | **(13875326)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(12255890)** |

---

---

| | |
|:---|:---|
| **8** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**FINANCIAL INFORMATION — GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the**<br> **Year Ended<br>12/31/22** | **For the**<br> **Year Ended<br>12/31/21** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $1619436 | $792713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 21337187 | 38207876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (35212513) | 24395007 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(12255890)** | **63395596** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 3793845 | 11092980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (54742262) | (82355187) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(50948417)** | **(71262207)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(63204307)** | **(7866611)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 237063322 | 244929933 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173859015 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237063322 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 220840 | 655906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3167374) | (4907714) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(2946534)** | **(4251808)** |

---

*The accompanying notes are an integral part of these financial statements.*<sub>9</sub>

------

**FINANCIAL INFORMATION — GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past five years (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **<br>Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $18.45 | $0.14 | $(1.03) | $(0.89) | $17.56 | (4.82)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 14.32 | 0.05 | 4.08 | 4.13 | 18.45 | 28.84% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 13.93 | 0.09 | 0.30 | 0.39 | 14.32 | 2.80% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/19 | 10.28 | 0.10 | 3.55 | 3.65 | 13.93 | 35.51% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/18 | 12.02 | 0.08 | (1.82) | (1.74) | 10.28 | (14.48)% |

---

---

| | |
|:---|:---|
| **10** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**FINANCIAL INFORMATION — GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $173859 | 1.05% | 1.05% | 0.83% | 0.83% | 24% |
| 237063 | 1.05% | 1.05% | 0.32% | 0.32% | 31% |
| 244930 | 1.06% | 1.11% | 0.70% | 0.65% | 56% |
| 235342 | 1.00% | 1.10% | 0.83% | 0.73% | 37% |
| 204185 | 1.00% | 1.14% | 0.66% | 0.52% | 31% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers, expense limitations, and recoupments, if any.

*The accompanying notes are an integral part of these financial statements.*<sub>11</sub>

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

**December 31, 2022** 

**1. Organization** 

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Mid Cap Relative Value VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks long-term capital appreciation.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer due diligence. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

---

| | |
|:---|:---|
| **12** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** — unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** — other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments
(such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

***Investments*** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

 <sub>13</sub>

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest

income accrual method, and is accrued and recorded daily.

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.72% up to $100 million, 0.67% from $100 to $300 million, 0.62% from $300 to $500 million, and 0.60% in excess of $500 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 1.08% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue did not waive any fees or pay any Fund expenses.

Park Avenue has entered into a Sub-Advisory Agreement with Allspring Global Investments, LLC ("Allspring"). Allspring is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

---

| | |
|:---|:---|
| **14** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $487,741 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

**4. Federal Income Taxes** 

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $45,995,979 and $94,639,532, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political,

regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of December 31, 2022, the Fund held two illiquid securities.

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| | |
|:---|:---|
| | **15** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND** 

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Indemnifications** 

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| | |
|:---|:---|
| **16** | |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Board of Trustees of Guardian Variable Products Trust and Shareholders of** 

**Guardian Mid Cap Relative Value VIP Fund** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Mid Cap Relative Value VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

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| | |
|:---|:---|
| | **17** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br>**During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp; **Bruce W. Ferris<sup>3</sup>**<br>(born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013– 2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

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| | |
|:---|:---|
| **18** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br>**During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br> (born 1972)  | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

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<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

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| | |
|:---|:---|
| | **19** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name and**<br> **Year of Birth** | **Position(s) Held and**<br> **Length of Service<sup>5</sup>** | **Principal Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp; **John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018). |
| &nbsp;&nbsp;&nbsp; **Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp; **Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp; **Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

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**<sup>5</sup>** Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001. 

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| | |
|:---|:---|
| **20** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

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| | |
|:---|:---|
| | **21** |

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**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g712338g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB8176

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## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Mid Cap Traditional Growth VIP Fund**![LOGO](g725711g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

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**TABLE OF CONTENTS** 

**Guardian Mid Cap Traditional Growth VIP Fund** 

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| | |
|:---|:---|
|  **[Fund Commentary](#toc725711_1)** | 1 |
|  **[Fund Characteristics](#toc725711_2)** | 2 |
|  **[Fund Performance](#toc725711_3)** | 3 |
|  **[Understanding Your Fund's Expenses](#toc725711_4)** | 4 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc725711_5) | 5 |
| [Statement of Assets and Liabilities](#toc725711_6) | 7 |
| [Statement of Operations](#toc725711_7) | 7 |
| [Statements of Changes in Net Assets](#toc725711_8) | 8 |
| [Financial Highlights](#toc725711_9) | 10 |
| [Notes to Financial Statements](#toc725711_10) | 12 |
| [Report of Independent Registered Public Accounting Firm](#toc725711_11) | 17 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc725711_14) | 18 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc725711_15) | 21 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

**GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

**FUND COMMENTARY OF JANUS HENDERSON INVESTORS US LLC, SUB-ADVISER** 

**(UNAUDITED)** 

**Highlights** 

• Guardian Mid Cap Traditional Growth VIP Fund (the "Fund") returned -17.24% for the 12 months ended December 31, 2022, outperforming its benchmark, the Russell Midcap<sup>®</sup> Growth Index<sup>1</sup> (the "Index"). The Fund's outperformance relative to the Index was primarily due to security selection in the
information technology, financials, and communication services sectors. In addition, an underweight in the underperforming real estate sector also added value relative to the Index.

• The Index returned -26.72% for the same period. Most index sectors suffered declines with the most significant detractors from performance occurring in the communication services and information technology sectors. The
energy sector was the only sector of the Index to deliver positive returns.

**Market Overview** 

Stocks declined over the 12-month period ended December 31, 2022, as soaring inflation, rising interest rates, and fears of recession led to market turbulence. Equities faced volatility early in 2022 as supply constraints, geopolitical uncertainty, and surging commodity prices weighed on investor sentiment, especially in the aftermath of the Russian invasion of Ukraine. Expectations for more restrictive U.S. Federal Reserve (the "Fed") policy also triggered a sell-off in higher-valuation growth stocks. The Fed raised interest rates by 25 basis points ("bps") in March but moved more aggressively with a 50 bps increase in May and then a series of consecutive 75 bps rate hikes between June and November. The Fed opted for a 50 bps increase in December, raising hopes for a slower pace of monetary tightening in 2023. These hopes, along with some signs of moderating inflation, led markets to regain some ground in the fourth quarter. However, stocks still ended the year with broad-based declines

due in part to signs of slowing growth and downward revisions to corporate earnings forecasts. Higher interest rates also drove a rotation away from growth stocks into value stocks, and the Index underperformed the broader mid-cap equity market for the period.

**Portfolio Review** 

The Portfolio outperformed the Index during the period. Stock selection contributed to relative performance, especially in the information technology and financials sectors. Lack of exposure to stocks in the energy and consumer staples sectors detracted from relative performance.

**Outlook** 

We expect that the Fed may need to raise interest rates further in 2023 to curb inflation. We are alert to risks that wage pressures or unforeseen supply-side shocks could complicate the inflation outlook and the Fed's task in trying to achieve a soft landing. We recognize that it will take time for Fed rate hikes to work their way through the economy, all of which could set the stage for slower-than-expected economic and earnings growth in 2023.

In this environment, we remain highly selective in our investments for the Fund and continue to look for companies with robust balance sheets, experienced management teams, and healthy free cash flows that can help fund operations without relying on jittery capital markets. We continue to keep a close eye on valuations as we favor companies whose stock prices we believe are supported by demonstrated earnings growth. While we recognize the challenges of the near-term environment, we remain excited about growth opportunities that we have identified across a broad range of industries, including companies that we believe have the potential to capitalize on long-term trends such as deglobalization and investments in energy transition. We believe this environment favors our strengths as bottom-up, diversified investment managers focused on seeking positive long-term performance for investors.

**<sup>1</sup>** The Index is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Russell Midcap<sup>®</sup> Index with higher price-to-book ratios and higher forecasted growth values. (The Russell Midcap<sup>®</sup> Index measures the performance of the 800 smallest companies in the Russell 1000<sup>®</sup> Index, which consists of the 1,000 largest U.S. companies based on total market capitalization.) Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index, and, unlike the Fund, the Index does not incur fees or expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group. 

 <sub>1</sub>

------

**GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $88,419,626

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Sector Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g725711g28q27.jpg) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>**<br> As of December 31, 2022 | &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp;**Holding** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. | 3.63% |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 3.17% |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc. | 3.10% |
| &nbsp;&nbsp;&nbsp;WEX, Inc. | 2.88% |
| &nbsp;&nbsp;&nbsp;TE Connectivity Ltd. | 2.86% |
| &nbsp;&nbsp;&nbsp;Intact Financial Corp. | 2.71% |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 2.71% |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 2.60% |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A | 2.50% |
| &nbsp;&nbsp;&nbsp;WR Berkley Corp. | 2.41% |
| &nbsp;&nbsp;&nbsp;**Total** | **28.57%** |

---

**<sup>1</sup>** The Fund's holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS<sup>®</sup>). Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. 

---

| | |
|:---|:---|
| **2** | |

---

------

**GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian Mid Cap Traditional Growth VIP Fund | 9/1/2016 | -17.24% | 8.70% |  | 10.94% |
| &nbsp;&nbsp;&nbsp;Russell Midcap<sup>®</sup> Growth Index |  | -26.72% | 7.64% |  | 9.86% |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ![LOGO](g725711g00a05.jpg)  |

---

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Mid Cap Traditional Growth VIP Fund and the Russell Midcap<sup>®</sup> Growth Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

 <sub>3</sub>

------

**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $1045.50 | $5.67 | 1.10% |
| &nbsp;&nbsp;&nbsp;Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1019.66 | $5.60 | 1.10% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

---

| | |
|:---|:---|
| **4** | |

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 96.4%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 96.4%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 96.4%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.6%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.6%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 1.6%** |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 6848 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425822 |
|  |  | **1425822** |
| &nbsp;&nbsp;&nbsp;**Airlines – 1.0%** | &nbsp;&nbsp;&nbsp;**Airlines – 1.0%** | &nbsp;&nbsp;&nbsp;**Airlines – 1.0%** |
| &nbsp;&nbsp;&nbsp; Ryanair Holdings PLC, ADR<sup>(1)</sup> | 11651 | 871029 |
|  |  | **871029** |
| &nbsp;&nbsp;&nbsp;**Auto Components – 0.5%** | &nbsp;&nbsp;&nbsp;**Auto Components – 0.5%** | &nbsp;&nbsp;&nbsp;**Auto Components – 0.5%** |
| &nbsp;&nbsp;&nbsp; Visteon Corp.<sup>(1)</sup> | 3687 | 482370 |
|  |  | **482370** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 3.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 3.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 3.3%** |
| &nbsp;&nbsp;&nbsp; Abcam PLC, ADR<sup>(1)</sup> | 15186 | 236294 |
| &nbsp;&nbsp;&nbsp; Argenx SE, ADR<sup>(1)</sup> | 1085 | 411031 |
| &nbsp;&nbsp;&nbsp; Ascendis Pharma A/S, ADR<sup>(1)</sup> | 5222 | 637763 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 8284 | 857311 |
| &nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc.<sup>(1)</sup> | 5795 | 750916 |
|  |  | **2893315** |
| &nbsp;&nbsp;&nbsp;**Capital Markets – 4.5%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 4.5%** | &nbsp;&nbsp;&nbsp;**Capital Markets – 4.5%** |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 4340 | 544540 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 12723 | 1059317 |
| &nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 8739 | 1889109 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. | 998 | 464240 |
|  |  | **3957206** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 0.8%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.8%** | &nbsp;&nbsp;&nbsp;**Chemicals – 0.8%** |
| &nbsp;&nbsp;&nbsp; Corteva, Inc. | 11413 | 670856 |
|  |  | **670856** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 2.8%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 2.8%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies – 2.8%** |
| &nbsp;&nbsp;&nbsp; Cimpress PLC<sup>(1)</sup> | 11684 | 322595 |
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC (United Kingdom) | 23839 | 146522 |
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC, ADR | 31638 | 974767 |
| &nbsp;&nbsp;&nbsp; Ritchie Bros Auctioneers, Inc. | 17210 | 995254 |
|  |  | **2439138** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging – 1.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 1.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging – 1.2%** |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp. | 20744 | 1034711 |
|  |  | **1034711** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.4%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.4%** |
| &nbsp;&nbsp;&nbsp; Frontdoor, Inc.<sup>(1)</sup> | 17832 | 370905 |
|  |  | **370905** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 0.8%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 0.8%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 0.8%** |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 12470 | 688469 |
|  |  | **688469** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.8%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.8%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 2.8%** |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 3621 | 434448 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 51467 | 2078237 |
|  |  | **2512685** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 8.7%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 8.7%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 8.7%** |
| &nbsp;&nbsp;&nbsp; Flex Ltd.<sup>(1)</sup> | 98088 | 2104969 |
| &nbsp;&nbsp;&nbsp; National Instruments Corp. | 32256 | 1190246 |
| &nbsp;&nbsp;&nbsp; TE Connectivity Ltd. | 22023 | 2528240 |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.<sup>(1)</sup> | 4760 | 1903572 |
|  |  | **7727027** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 1.9%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.9%** | &nbsp;&nbsp;&nbsp;**Entertainment – 1.9%** |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp-Liberty Formula One, Class C<sup>(1)</sup> | 27960 | $1671449 |
|  |  | **1671449** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.6%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.6%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 1.6%** |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 15172 | 1432237 |
|  |  | **1432237** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 8.2%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 8.2%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 8.2%** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.<sup>(1)</sup> | 60526 | 2800538 |
| &nbsp;&nbsp;&nbsp; Cooper Cos., Inc. | 2517 | 832296 |
| &nbsp;&nbsp;&nbsp; Dentsply Sirona, Inc. | 20129 | 640907 |
| &nbsp;&nbsp;&nbsp; ICU Medical, Inc.<sup>(1)</sup> | 6547 | 1031022 |
| &nbsp;&nbsp;&nbsp; Teleflex, Inc. | 7965 | 1988303 |
|  |  | **7293066** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.7%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.7%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.7%** |
| &nbsp;&nbsp;&nbsp; Aramark | 35263 | 1457772 |
| &nbsp;&nbsp;&nbsp; Entain PLC (United Kingdom) | 56819 | 911018 |
|  |  | **2368790** |
| &nbsp;&nbsp;&nbsp;**Insurance – 5.9%** | &nbsp;&nbsp;&nbsp;**Insurance – 5.9%** | &nbsp;&nbsp;&nbsp;**Insurance – 5.9%** |
| &nbsp;&nbsp;&nbsp; Intact Financial Corp. (Canada) | 16659 | 2398084 |
| &nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Inc.<sup>(1)</sup> | 16132 | 669639 |
| &nbsp;&nbsp;&nbsp; WR Berkley Corp. | 29421 | 2135082 |
|  |  | **5202805** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services – 0.6%** |
| &nbsp;&nbsp;&nbsp; Ziff Davis, Inc.<sup>(1)</sup> | 6481 | 512647 |
|  |  | **512647** |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 0.0%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 0.0%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail – 0.0%** |
| &nbsp;&nbsp;&nbsp; Wayfair, Inc., Class A<sup>(1)</sup> | 1343 | 44171 |
|  |  | **44171** |
| &nbsp;&nbsp;&nbsp;**IT Services – 14.1%** | &nbsp;&nbsp;&nbsp;**IT Services – 14.1%** | &nbsp;&nbsp;&nbsp;**IT Services – 14.1%** |
| &nbsp;&nbsp;&nbsp; Amdocs Ltd. | 26340 | 2394306 |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 8384 | 1124546 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 13205 | 895959 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 9747 | 968072 |
| &nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A<sup>(1)</sup> | 29589 | 2213849 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 44134 | 2297616 |
| &nbsp;&nbsp;&nbsp; WEX, Inc.<sup>(1)</sup> | 15533 | 2541976 |
|  |  | **12436324** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.8%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.8%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 3.8%** |
| &nbsp;&nbsp;&nbsp; Avantor, Inc.<sup>(1)</sup> | 44682 | 942343 |
| &nbsp;&nbsp;&nbsp; Illumina, Inc.<sup>(1)</sup> | 3454 | 698399 |
| &nbsp;&nbsp;&nbsp; PerkinElmer, Inc. | 8465 | 1186962 |
| &nbsp;&nbsp;&nbsp; Waters Corp.<sup>(1)</sup> | 1667 | 571081 |
|  |  | **3398785** |
| &nbsp;&nbsp;&nbsp;**Machinery – 3.6%** | &nbsp;&nbsp;&nbsp;**Machinery – 3.6%** | &nbsp;&nbsp;&nbsp;**Machinery – 3.6%** |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 33576 | 1754346 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 14240 | 1421294 |
|  |  | **3175640** |

---

*The accompanying notes are an integral part of these financial statements.*<sub>5</sub>

------

**SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Multiline Retail – 0.4%** | &nbsp;&nbsp;&nbsp;**Multiline Retail – 0.4%** | &nbsp;&nbsp;&nbsp;**Multiline Retail – 0.4%** |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc.<sup>(1)</sup> | 2714 | $383868 |
|  |  | **383868** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.3%** |
| &nbsp;&nbsp;&nbsp; Catalent, Inc.<sup>(1)</sup> | 17500 | 787675 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.<sup>(1)</sup> | 32767 | 400413 |
|  |  | **1188088** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Professional Services – 0.1%** |
| &nbsp;&nbsp;&nbsp; Upwork, Inc.<sup>(1)</sup> | 9713 | 101404 |
|  |  | **101404** |
| &nbsp;&nbsp;&nbsp;**Road & Rail – 3.0%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 3.0%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 3.0%** |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 11916 | 2077674 |
| &nbsp;&nbsp;&nbsp; TFI International, Inc. | 5954 | 596829 |
|  |  | **2674503** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 8.6%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 8.6%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 8.6%** |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 2354 | 887528 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 1463 | 614899 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 20295 | 1425724 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 9529 | 1505868 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.<sup>(1)</sup> | 51509 | 3212616 |
|  |  | **7646635** |
| &nbsp;&nbsp;&nbsp;**Software – 7.1%** | &nbsp;&nbsp;&nbsp;**Software – 7.1%** | &nbsp;&nbsp;&nbsp;**Software – 7.1%** |
| &nbsp;&nbsp;&nbsp; Atlassian Corp., Class A<sup>(1)</sup> | 2738 | 352326 |
| &nbsp;&nbsp;&nbsp; Ceridian HCM Holding, Inc.<sup>(1)</sup> | 17719 | 1136674 |
| &nbsp;&nbsp;&nbsp; Constellation Software, Inc. (Canada) | 1756 | 2741591 |
| &nbsp;&nbsp;&nbsp; Dynatrace, Inc.<sup>(1)</sup> | 13938 | 533825 |
| &nbsp;&nbsp;&nbsp; Nice Ltd., ADR<sup>(1)</sup> | 6352 | 1221489 |
| &nbsp;&nbsp;&nbsp; Topicus.com, Inc. (Canada)<sup>(1)</sup> | 4812 | 252648 |
|  |  | **6238553** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.2%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.2%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 2.2%** |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc.<sup>(1)</sup> | 3901 | 790967 |
| &nbsp;&nbsp;&nbsp; CarMax, Inc.<sup>(1)</sup> | 18234 | 1110268 |
|  |  | **1901235** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.3%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.3%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods – 1.3%** |
| &nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. | 41420 | $1134908 |
|  |  | **1134908** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.6%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.6%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 1.6%** |
| &nbsp;&nbsp;&nbsp; Ferguson PLC | 10866 | 1379656 |
|  |  | **1379656** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $72,799,767) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $72,799,767) | **85258297** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 3.4%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 3.4%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 3.4%** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 3.4%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 3.4%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 3.4%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $2,977,230, due 1/3/2023<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976807 | 2976807 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,976,807) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,976,807) | **2976807** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.8%** <br> (Cost $75,776,574) | &nbsp;&nbsp;&nbsp;**Total Investments – 99.8%** <br> (Cost $75,776,574) | **88235104** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.2%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.2%** | **184522** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**88419626** |

---

<sup>(1)</sup> Non–income–producing security.

<sup>(2)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $4157100 | $3036401 |

---

**Legend:** 

ADR — American Depositary Receipt

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $84200757 | $1057540 \* | $— | $85258297 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 2976807 |  | 2976807 |
| &nbsp;&nbsp;&nbsp;**Total** | $**84200757** | $**4034347** | $**—** | $**88235104** |

---

\* Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Note 2a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.

---

| | |
|:---|:---|
| **6** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $88235104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value | 10450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 311500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 41143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 5379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable | 1715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3026 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **88609788** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 61493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 46188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 20476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 19888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 19216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 8678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 13975 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **190162** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**88419626** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $30522269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 57897357 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**88419626** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $75776574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Cost | $10448 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **4580789** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$19.30** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $824235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 10184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign dividends | (20933) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **813486** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 799837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 250669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 47771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 39831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 25926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 23709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 11787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 5781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 5313 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1210624** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (107679) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1102945** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **(289459)** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | 8347186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from foreign currency transactions | (1298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (28733973) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | (189) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments and Foreign Currency Transactions** | **(20388274)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(20677733)** |

---

*The accompanying notes are an integral part of these financial statements.*<sub>7</sub>

------

**FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/22** | **For the<br>Year Ended<br>12/31/21** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $(289459) | $(314295) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currency transactions | 8345888 | 17082447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and<br>translation of assets and liabilities in foreign currencies | (28734162) | 3673297 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(20677733)** | **20441449** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 6059704 | 317376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (20064443) | (28214300) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Capital Share Transactions** | **(14004739)** | **(27896924)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(34682472)** | **(7455475)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 123102098 | 130557573 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $88419626 | $123102098 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 302605 | 14583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (999928) | (1293489) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | **(697323)** | **(1278906)** |

---

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| | |
|:---|:---|
| **8** | *The accompanying notes are an integral part of these financial statements.* |

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This Page Intentionally Left Blank

 <sub>9</sub>

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**FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past five years (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Loss<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $23.32 | $(0.06) | $(3.96) | $(4.02) | $19.30 | (17.24)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 19.91 | (0.05) | 3.46 | 3.41 | 23.32 | 17.13% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 16.71 | (0.04) | 3.24 | 3.20 | 19.91 | 19.15% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/19 | 12.27 | (0.01) | 4.45 | 4.44 | 16.71 | 36.19% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/18 | 12.72 | (0.01) | (0.44) | (0.45) | 12.27 | (3.54)% |

---

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| | |
|:---|:---|
| **10** | *The accompanying notes are an integral part of these financial statements.* |

---

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**FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Loss<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Loss<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $88420 | 1.10% | 1.21% | (0.29)% | (0.40)% | 16% |
| 123102 | 1.10% | 1.17% | (0.24)% | (0.31)% | 10% |
| 130558 | 1.10% | 1.23% | (0.25)% | (0.38)% | 19% |
| 125058 | 1.10% | 1.26% | (0.07)% | (0.23)% | 10% |
| 110065 | 1.10% | 1.31% | (0.07)% | (0.28)% | 30% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Loss to Average Net Assets include the effect of fee waivers and expense limitations.

*The accompanying notes are an integral part of these financial statements.*<sub>11</sub>

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

**December 31, 2022** 

**1. Organization** 

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Mid Cap Traditional Growth VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks long-term growth of capital.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer due diligence. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

---

| | |
|:---|:---|
| **12** | |

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------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** — unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** — other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest
rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

***Investments*** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

 <sub>13</sub>

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of

premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.80% up to $100 million, 0.75% from $100 to $300 million, and 0.73% in excess of $300 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 1.09% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $107,679.

Park Avenue has entered into a Sub-Advisory Agreement with Janus Henderson Investors US LLC ("Janus"). Janus is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

---

| | |
|:---|:---|
| **14** | |

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------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $250,669 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

**4. Federal Income Taxes** 

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $16,065,122 and $28,925,422, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include,

but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the

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| | |
|:---|:---|
| | **15** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND** 

current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

**7. Indemnifications** 

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund

enters into contracts with its vendors and others that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| | |
|:---|:---|
| **16** | |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Board of Trustees of Guardian Variable Products Trust and Shareholders of** 

**Guardian Mid Cap Traditional Growth VIP Fund** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Mid Cap Traditional Growth VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

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| | |
|:---|:---|
| | **17** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br>**During Past Five Years** | **Number of<br>Funds**<br>**in Fund<br>Complex<br>Overseen**<br>**by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp;**Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

---

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| | |
|:---|:---|
| **18** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br>**During Past Five Years** | **Number of<br>Funds**<br>**in Fund<br>Complex<br>Overseen**<br>**by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

---

<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

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| | |
|:---|:---|
| | **19** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name and**<br> **Year of Birth** | **Position(s) Held and<br>Length of Service<sup>5</sup>** | **Principal<br>Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp; **John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019–2022); Vice President and Associate General Counsel, MetLife, Inc. (2010–2018). |
| &nbsp;&nbsp;&nbsp; **Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp; **Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp; **Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

---

<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

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| | |
|:---|:---|
| **20** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

---

| | |
|:---|:---|
| | **21** |

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**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g725711g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB8177

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Multi-Sector Bond VIP Fund**![LOGO](g389205g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

**TABLE OF CONTENTS** 

**Guardian Multi-Sector Bond VIP Fund** 

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| | |
|:---|:---|
|  **[Fund Commentary](#toc389205_1)** | 1 |
|  **[Fund Characteristics](#toc389205_2)** | 3 |
|  **[Fund Performance](#toc389205_3)** | 5 |
|  **[Understanding Your Fund's Expenses](#toc389205_4)** | 6 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc389205_5) | 7 |
| [Statement of Assets and Liabilities](#toc389205_6) | 13 |
| [Statement of Operations](#toc389205_7) | 13 |
| [Statements of Changes in Net Assets](#toc389205_8) | 14 |
| [Financial Highlights](#toc389205_9) | 16 |
| [Notes to Financial Statements](#toc389205_10) | 18 |
| [Report of Independent Registered Public Accounting Firm](#toc389205_11) | 25 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc389205_14) | 26 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc389205_15) | 29 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of Park Avenue Institutional Advisers LLC as of the date of this report and are subject to change without notice. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

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**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

**FUND COMMENTARY OF PARK AVENUE INSTITUTIONAL ADVISERS LLC, MANAGER (UNAUDITED)** 

**Highlights** 

• Guardian Multi-Sector Bond VIP Fund (the "Fund") returned -16.20%, underperforming its benchmark, the Bloomberg US Aggregate Bond Index<sup>1</sup>(the "Index"), for the 12 months ended December 31, 2022.

• The Index returned -13.01% for the same period.

• The Fund's underperformance relative to the Index was primarily due to its allocation to high yield bonds relative to the Index. Overweight allocations to AAA-rated corporate
bonds with maturities of 3 to 10 years and BBB-rated corporate bonds with maturities of 3 to 10 years also detracted from the Fund's performance. An underweight allocation to agency residential
mortgage-backed securities contributed to the Fund's performance.

**Market Overview** 

Throughout 2022 the U.S. Federal Reserve (the "Fed") significantly increased interest rates in response to a rapidly increasing inflation environment.

The Standard & Poor's 500<sup>®</sup> Index<sup>2</sup> (the "S&P 500 Index") returned -18.11% for the year. Nearly every segment of the fixed income market experienced declines. The Bloomberg US Corporate High Yield Bond Index<sup>3</sup> (the "High Yield Index") returned -11.19% for the year. Leveraged loans outperformed most major fixed income indexes but were still negative, returning -0.60%. The 10-year Treasury returned -16.5% for the year.

With inflation above 7% all year, the Fed's main goal was to decrease inflation while not sparking a recession. The Fed increased the federal funds rate seven times in 2022, from 0.25-0.50% in March to 4.25-4.50% in December, the most rapid pace of interest rate hikes in recent history.

**Portfolio Review** 

The Fund's allocation to high yield bonds primarily contributed to its underperformance relative to the Index. Overweight allocations to AAA-rated corporate bonds with maturities of 3 to 10 years and BBB-rated corporate bonds with maturities of 3 to 10 years also

contributed to the Fund's underperformance. An underweight allocation to agency residential mortgage-backed securities contributed to performance.

With respect to the Fund's investment grade allocation, 2022 began with a cautious view on spreads given the expectation for the Fed to begin to withdraw accommodation and tighten financial conditions. As spreads widened through the year to more historically attractive levels, and in anticipation of some moderation to inflation, we moderately increased the Fund's risk exposure within the investment grade allocation to take advantage of expected tightening of spreads. The overweight to the banking sector relative to the Index contributed to the Fund's relative performance.

U.S. high yield and leveraged loans experienced similar market volatility that other fixed income asset classes did during 2022, but their higher yield and much shorter duration helped mitigate some of this volatility. Over 2022, credit ratings started to drift lower after the 18-month upswing post-COVID-19, and default rates started to go up but continue to remain below their long-term averages. We believe that volatility will continue to impact investment grade fixed income investments in 2023, but we also believe that there may be specific securities and times throughout the year that they may present total return opportunities based on their current yields, as well as total return potential given their trading prices and short duration.<sup>4</sup>

Also, given uncertainty about rising interest rates, the potential for rate volatility and the fact that the Fed is no longer reinvesting mortgage-backed securities proceeds, we found mortgage-backed securities less appealing relative to other fixed-income securities.

We began de-risking the Fund's portfolio in May and June, buying credit default index swaps and selling high yield fixed income investments. In the second half of the year, we also utilized yield curve flatteners to take advantage of differences in yield spread between the 2-year and 10-year Treasuries. In addition, to help manage inflation risk, we made an allocation to Treasury Inflation-Protected Securities ("TIPS") in the beginning of the year and maintained that allocation throughout the year.

<sup>**1**</sup> The Index is an index of U.S. dollar-denominated, investment-grade U.S. government and corporate securities, and mortgage pass-through securities, and asset-backed securities. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses. 

<sup>**2**</sup> The S&P 500 Index is an unmanaged market-capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses. 

<sup>**3**</sup> The High Yield Index is generally considered to be representative of the investable universe of the U.S. dollar–denominated high-yield debt market. You may not invest in the High Yield Index and, unlike the Fund, the High Yield Index does not incur fees or expenses. 

<sup>**4**</sup> Duration is a measure of a bond price's sensitivity to changes in interest rates. 

 <sub>1</sub>

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**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

**Outlook** 

As we enter 2023, we remain in a relatively high inflation, low growth environment. Although we have a more optimistic outlook on the market than the Fed, we also believe that an economic recession in 2023 is likely. Historically, spreads widen into a recession, therefore we are proceeding with caution in anticipation of heightened credit risk in 2023. However, we believe ample cash is waiting to be deployed, which can mitigate spread widening. Finally, we believe the yield curve may get flatter before it steepens positively. Overall, we continue to remain defensive in our investment approach.

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| | |
|:---|:---|
| **2** | |

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**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $232,592,735

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **Bond Sector Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g389205g05p03.jpg) |

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **Bond Quality Allocation<sup>2</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g389205g15m22.jpg) |

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 <sub>3</sub>

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**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>1</sup>**<br> As of December 31, 2022 | &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>1</sup>**<br> As of December 31, 2022 | &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>1</sup>**<br> As of December 31, 2022 | &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp;**Holding** | **Coupon Rate** | **Maturity Date** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 2.500% | 4/30/2024 | 12.66% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 1.875% | 2/15/2032 | 5.32% |
| &nbsp;&nbsp;&nbsp;Vanguard Short-Term Inflation-Protected Securities ETF |  |  | 4.58% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 2.750% | 4/30/2027 | 3.26% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill | 3.566% | 2/2/2023 | 3.04% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 3.000% | 6/30/2024 | 2.73% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 1.250% | 5/31/2028 | 2.46% |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association | 3.500% | 6/1/2052 | 1.97% |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. | 4.000% | 6/1/2052 | 1.75% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 1.625% | 8/15/2029 | 1.72% |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | **39.49%** |

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**<sup>1</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** The Bond Quality Allocation chart displays the percentage of fund assets allocated to each rating. Rating agencies' independent ratings of individual securities are aggregated by Bloomberg, and market weights are reported using Standard & Poor's letter rating conventions. Rating methodology uses the middle rating of Moody's Investors Service, Inc., Standard & Poor's Ratings Services, and Fitch Ratings. When a rating from only two of the rating agencies is available, the lower rating is used. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standards of credit quality. Rating agencies may fail to make timely changes in credit ratings, and an issuer's current financial condition may be better or worse than a rating indicates. In formulating investment decisions for the Fund, Park Avenue Institutional Advisers LLC develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings. 

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| | |
|:---|:---|
| **4** | |

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**GUARDIAN MULTI-SECTOR BOND VIP FUND** 

**Fund Performance (unaudited)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian Multi-Sector Bond VIP Fund | 10/21/2019 | -16.20% |  |  | -3.24% |
| &nbsp;&nbsp;&nbsp;Bloomberg US Aggregate Bond Index |  | -13.01% |  |  | -2.39% |

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g389205g05p07.jpg) |

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The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Multi-Sector Bond VIP Fund and the Bloomberg US Aggregate Bond Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

 <sub>5</sub>

------

**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $954.40 | $4.38 | 0.89% |
| &nbsp;&nbsp;&nbsp; Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1020.72 | $4.53 | 0.89% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

---

| | |
|:---|:---|
| **6** | |

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**SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities – 12.3%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities – 12.3%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities – 12.3%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp.<br>2.50% due 9/1/2052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731927 | $3163144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 6/1/2052 | 3088921 | 2807062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/1/2037 | 474657 | 462752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 6/1/2052 | 4337957 | 4069392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 9/1/2052 | 490629 | 472756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 12/1/2052 | 1094985 | 1079795 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association<br>2.50% due 5/1/2052 | 1256641 | 1065564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 3/1/2052 | 4092890 | 3598324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/1/2052 | 2227915 | 1957797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 6/1/2052 | 5041820 | 4581738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 11/1/2052 | 1895959 | 1723245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 6/1/2052 | 17979 | 16866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 12/1/2052 | 1296150 | 1215882 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass-Through Certificates<br>K073 A2 <br>3.35% due 1/25/2028 | 1175000 | 1119291 |
| &nbsp;&nbsp;&nbsp;&nbsp; K103 A2 <br>2.651% due 11/25/2029 | 1390000 | 1239543 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage–Backed Securities** <br> (Cost $29,214,900) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage–Backed Securities** <br> (Cost $29,214,900) | **28573151** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 13.1%** | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 13.1%** | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 13.1%** |
| &nbsp;&nbsp;&nbsp; AIMCO CLO <br>2017-AA DR <br>7.393% (LIBOR 3 Month + 3.15%)<br> due 4/20/2034<sup>(1)(2)</sup><sup>(3)</sup> | 1800000 | 1607220 |
| &nbsp;&nbsp;&nbsp; American Tower Trust I <br>13 2A <br>3.07% due 3/15/2048<sup>(1)</sup> | 1300000 | 1293432 |
| &nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust <br>2019-3 B <br>2.13% due 7/18/2025 | 128964 | 128827 |
| &nbsp;&nbsp;&nbsp; Ares XXXIV CLO Ltd. <br>2015-2A BR2 <br>5.679% (LIBOR 3 Month + 1.60%)<br> due 4/17/2033<sup>(1)(2)</sup><sup>(3)</sup> | 300000 | 284460 |
| &nbsp;&nbsp;&nbsp; Battery Park CLO II Ltd. <br>2022-1A A1 <br>6.39% (SOFR + 2.21%) <br> due 10/20/2035<sup>(1)(2)</sup> | 1800000 | 1794600 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd. <br>2014-2A BR2 <br>5.993% (LIBOR 3 Month + 1.75%)<br> due 10/20/2030<sup>(1)(2)(3)</sup> | 600000 | 575400 |
| &nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables Trust <br>2022-2 A2A <br>3.74% due 9/15/2025 | 1500000 | 1484573 |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust <br>2020-4 B <br>0.85% due 6/15/2026 | 1250000 | 1151995 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd. <br>2013-4A BRR <br>5.958% (LIBOR 3 Month + 1.60%)<br> due 4/27/2031<sup>(1)(2)</sup><sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149240 |
| &nbsp;&nbsp;&nbsp; DB Master Finance LLC <br>2021-1A A2II <br>2.493% due 11/20/2051<sup>(1)</sup> | 940500 | 766974 |
| &nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust <br>2020-2 A3 <br>0.57% due 10/23/2023<sup>(1)</sup> | 582198 | 576630 |
| &nbsp;&nbsp;&nbsp; Dryden 80 CLO Ltd. <br>2019-80A AR <br>5.114% (SOFR + 1.25%) <br> due 1/17/2033<sup>(1)(2)</sup> | 1700000 | 1648320 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO IX Ltd. <br>2021-2A C <br>6.143% (LIBOR 3 Month + 1.90%)<br> due 7/20/2034<sup>(1)(2)</sup><sup>(3)</sup> | 1000000 | 907400 |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust <br>2020-1 A <br>2.04% due 8/15/2031<sup>(1)</sup> | 1600000 | 1493506 |
| &nbsp;&nbsp;&nbsp; Golden Credit Card Trust <br>2018-4A A <br>3.44% due 8/15/2025<sup>(1)</sup> | 1410000 | 1394895 |
| &nbsp;&nbsp;&nbsp; Greywolf CLO II Ltd. <br>2013-1A C2RR <br>8.279% (LIBOR 3 Month + 4.20%)<br> due 4/15/2034<sup>(1)(2)</sup><sup>(3)</sup> | 2400000 | 2273040 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust <br>2021-A A3 <br>0.38% due 9/15/2025 | 1875338 | 1808284 |
| &nbsp;&nbsp;&nbsp; ICG U.S. CLO Ltd. <br>2018-2A B <br>6.075% (LIBOR 3 Month + 1.75%)<br> due 7/22/2031<sup>(1)(2)</sup><sup>(3)</sup> | 1000000 | 954600 |
| &nbsp;&nbsp;&nbsp; Master Credit Card Trust <br>2021-1A A <br>0.53% due 11/21/2025<sup>(1)</sup> | 1410000 | 1324610 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO XVII Ltd. <br>2014-17A BR2 <br>5.825% (LIBOR 3 Month + 1.50%)<br> due 4/22/2029<sup>(1)(2)</sup><sup>(3)</sup> | 1400000 | 1342040 |
| &nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust <br>2019-C A4 <br>1.95% due 5/15/2026 | 1000000 | 977718 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners 50 Ltd. <br>2020-4A DR <br>7.229% (LIBOR 3 Month + 3.15%)<br> due 1/15/2035<sup>(1)(2)</sup><sup>(3)</sup> | 400000 | 342240 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 2 Ltd. <br>2019-2A CR <br>6.478% (LIBOR 3 Month + 2.20%)<br> due 4/21/2034<sup>(1)(2)</sup><sup>(3)</sup> | 1800000 | 1663920 |
| &nbsp;&nbsp;&nbsp; Oscar U.S. Funding XIV LLC <br>2022-1A A2 <br>1.60% due 3/10/2025<sup>(1)</sup> | 885363 | 867916 |

---

*The accompanying notes are an integral part of these financial statements.*<sub>7</sub>

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**SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust <br>2019-C A4 <br>1.88% due 11/15/2024 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559988 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555361 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd. <br>2016-3A A3R <br>5.944% (LIBOR 3 Month + 1.75%)<br> due 10/18/2031<sup>(1)(2)</sup><sup>(3)</sup> |  | 835000 |  | 797175 |
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust<br>2022-C A2 <br>3.73% due 3/16/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 |  | 1380892 |
| &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $31,787,942) | &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $31,787,942) | &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $31,787,942) |  | **30545268** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 23.4%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 23.4%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 23.4%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 23.4%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 23.4%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.3%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. <br>5.15% due 5/1/2030 |  | 600000 |  | 586896 |
|  |  |  |  | **586896** |
| &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. <br>5.75% due 11/17/2032 |  | 500000 |  | 512995 |
|  |  |  |  | **512995** |
| &nbsp;&nbsp;&nbsp;**Beverages – 0.3%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.3%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.3%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.3%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.3%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. <br>4.50% due 6/1/2050 |  | 700000 |  | 617764 |
|  |  |  |  | **617764** |
| &nbsp;&nbsp;&nbsp;**Building Materials – 0.5%** | &nbsp;&nbsp;&nbsp;**Building Materials – 0.5%** | &nbsp;&nbsp;&nbsp;**Building Materials – 0.5%** | &nbsp;&nbsp;&nbsp;**Building Materials – 0.5%** | &nbsp;&nbsp;&nbsp;**Building Materials – 0.5%** |
| &nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc.<br>6.125% due 1/15/2029<sup>(1)</sup> |  | 1500000 |  | 1057290 |
|  |  |  |  | **1057290** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 3.8%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 3.8%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 3.8%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 3.8%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 3.8%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. <br>4.271% (4.271% fixed rate until 7/23/2028; LIBOR<br>3 Month + 1.31% thereafter) <br> due 7/23/2029<sup>(2)</sup><sup>(3)</sup> |  | 1900000 |  | 1778742 |
| &nbsp;&nbsp;&nbsp; Barclays PLC <br>7.385% (7.385% fixed rate<br>until 11/2/2027;<br>H15T1Y + 3.30% thereafter) <br> due 11/2/2028<sup>(2)</sup> |  | 1000000 |  | 1042010 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. <br>4.223% (4.223% fixed rate<br>until 5/1/2028; LIBOR<br>3 Month + 1.30% thereafter) <br> due 5/1/2029<sup>(2)</sup><sup>(3)</sup> |  | 1000000 |  | 933330 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. <br>4.203% (4.203% fixed rate<br>until 7/23/2028; LIBOR<br>3 Month + 1.26% thereafter) <br> due 7/23/2029<sup>(2)</sup><sup>(3)</sup> |  | 3000000 |  | 2800740 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. <br>5.354% (5.354% fixed rate<br>until 9/13/2027;<br>H15T1Y + 1.90% thereafter) <br> due 9/13/2028<sup>(2)</sup> |  | 300000 |  | 297543 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) |
| &nbsp;&nbsp;&nbsp; Morgan Stanley<br>3.772% (3.772% fixed rate until 1/24/2028; LIBOR 3 Month + 1.14% thereafter) <br> due 1/24/2029<sup>(2)(3)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.342% (6.342% fixed rate until 10/18/2032; SOFR + 2.56% thereafter) <br> due 10/18/2033<sup>(2)</sup> |  | 500000 |  | 524730 |
|  |  |  |  | **8753000** |
| &nbsp;&nbsp;&nbsp;**Computers – 0.1%** | &nbsp;&nbsp;&nbsp;**Computers – 0.1%** | &nbsp;&nbsp;&nbsp;**Computers – 0.1%** | &nbsp;&nbsp;&nbsp;**Computers – 0.1%** | &nbsp;&nbsp;&nbsp;**Computers – 0.1%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. <br>2.65% due 2/8/2051 |  | 400000 |  | 267948 |
|  |  |  |  | **267948** |
| &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.7%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.7%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.7%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.7%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.7%** |
| &nbsp;&nbsp;&nbsp; GSK Consumer Healthcare Capital U.S. LLC <br>3.625% due 3/24/2032 |  | 1800000 |  | 1586952 |
|  |  |  |  | **1586952** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.9%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.45% due 10/29/2026 |  | 500000 |  | 437235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 10/29/2028 |  | 700000 |  | 588385 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. <br>4.927% (4.927% fixed rate<br>until 5/10/2027;<br>SOFR + 2.06% thereafter) <br> due 5/10/2028<sup>(2)</sup> |  | 1000000 |  | 968890 |
|  |  |  |  | **1994510** |
| &nbsp;&nbsp;&nbsp;**Electric – 1.0%** | &nbsp;&nbsp;&nbsp;**Electric – 1.0%** | &nbsp;&nbsp;&nbsp;**Electric – 1.0%** | &nbsp;&nbsp;&nbsp;**Electric – 1.0%** | &nbsp;&nbsp;&nbsp;**Electric – 1.0%** |
| &nbsp;&nbsp;&nbsp; Consumers Energy Co.<br>3.60% due 8/15/2032 |  | 700000 |  | 638848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% due 9/1/2052 |  | 200000 |  | 172028 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. <br>3.50% due 6/15/2051 |  | 450000 |  | 317052 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.<br>3.50% due 8/1/2050 |  | 600000 |  | 379308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 7/1/2028 |  | 500000 |  | 445625 |
| &nbsp;&nbsp;&nbsp; PacifiCorp <br>5.35% due 12/1/2053 |  | 400000 |  | 401560 |
|  |  |  |  | **2354421** |
| &nbsp;&nbsp;&nbsp;**Electronics – 0.3%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.3%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.3%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.3%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.3%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. <br>5.00% due 2/15/2033 |  | 800000 |  | 817120 |
|  |  |  |  | **817120** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.3%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.3%** |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. <br>4.279% due 3/15/2032<sup>(1)</sup> |  | 750000 |  | 620543 |
|  |  |  |  | **620543** |
| &nbsp;&nbsp;&nbsp;**Environmental Control – 0.5%** | &nbsp;&nbsp;&nbsp;**Environmental Control – 0.5%** | &nbsp;&nbsp;&nbsp;**Environmental Control – 0.5%** | &nbsp;&nbsp;&nbsp;**Environmental Control – 0.5%** | &nbsp;&nbsp;&nbsp;**Environmental Control – 0.5%** |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc. <br>4.15% due 4/15/2032 |  | 1280000 |  | 1219149 |
|  |  |  |  | **1219149** |

---

---

| | |
|:---|:---|
| **8** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Food – 0.4%** | &nbsp;&nbsp;&nbsp;**Food – 0.4%** | &nbsp;&nbsp;&nbsp;**Food – 0.4%** |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co. <br>3.75% due 4/1/2030 | $800000 | $730792 |
| &nbsp;&nbsp;&nbsp; Kroger Co. <br>1.70% due 1/15/2031 | 200000 | 154806 |
|  |  | **885598** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Products – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories <br>4.75% due 11/30/2036 | 1200000 | 1192524 |
|  |  | **1192524** |
| &nbsp;&nbsp;&nbsp;**Healthcare-Services – 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. <br>4.20% due 5/15/2032 | 600000 | 572136 |
|  |  | **572136** |
| &nbsp;&nbsp;&nbsp;**Insurance – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd. <br>3.50% due 1/15/2031 | 500000 | 413675 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. <br>4.55% due 3/23/2030 | 500000 | 493505 |
|  |  | **907180** |
| &nbsp;&nbsp;&nbsp;**Machinery-Diversified – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp. <br>4.35% due 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951800 |
|  |  | **1951800** |
| &nbsp;&nbsp;&nbsp;**Media – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications Operating Capital <br>2.25% due 1/15/2029 | 200000 | 160852 |
| &nbsp;&nbsp;&nbsp; Comcast Corp.<br>1.95% due 1/15/2031 | 640000 | 518003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.887% due 11/1/2051 | 200000 | 129474 |
| &nbsp;&nbsp;&nbsp; TEGNA, Inc. <br>5.00% due 9/15/2029 | 500000 | 473040 |
|  |  | **1281369** |
| &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.8%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp.<br>4.25% due 9/15/2027 | 1400000 | 1362494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 9/15/2029 | 600000 | 577848 |
|  |  | **1940342** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. <br>7.625% due 2/1/2029<sup>(1)</sup> | 610000 | 617918 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc. <br>3.633% due 4/6/2030 | 2150000 | 1975183 |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc.<br>2.65% due 1/15/2032 | 500000 | 399970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 2/15/2052 | 300000 | 212352 |
| &nbsp;&nbsp;&nbsp; CITGO Petroleum Corp. <br>7.00% due 6/15/2025<sup>(1)</sup> | 250000 | 244853 |
| &nbsp;&nbsp;&nbsp; Marathon Oil Corp. <br>4.40% due 7/15/2027 | 1200000 | 1147908 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas** (continued) | &nbsp;&nbsp;&nbsp;**Oil & Gas** (continued) | &nbsp;&nbsp;&nbsp;**Oil & Gas** (continued) | &nbsp;&nbsp;&nbsp;**Oil & Gas** (continued) | &nbsp;&nbsp;&nbsp;**Oil & Gas** (continued) |
| &nbsp;&nbsp;&nbsp; PBF Holding Co. LLC / PBF Finance Corp. <br>6.00% due 2/15/2028 | $| 250000 | $| 222210 |
|  |  |  |  | **4820394** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas Services – 0.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TechnipFMC PLC <br>6.50% due 2/1/2026<sup>(1)</sup> |  | 700000 |  | 683949 |
|  |  |  |  | **683949** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. <br>4.25% due 11/21/2049 |  | 450000 |  | 380290 |
| &nbsp;&nbsp;&nbsp; Bristol Myers Squibb Co. <br>2.95% due 3/15/2032 |  | 2100000 |  | 1837143 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. <br>2.125% due 9/15/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 |  | 954132 |
|  |  |  |  | **3171565** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 0.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. <br>6.10% due 11/15/2032 |  | 1200000 |  | 1207236 |
|  |  |  |  | **1207236** |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 1.7%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 1.7%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 1.7%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 1.7%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 1.7%** |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. <br>5.00% due 2/15/2033 |  | 1100000 |  | 1089407 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP <br>1.70% due 3/1/2028 |  | 1000000 |  | 835740 |
| &nbsp;&nbsp;&nbsp; Prologis LP <br>2.25% due 4/15/2030 |  | 1700000 |  | 1424872 |
| &nbsp;&nbsp;&nbsp; Simon Property Group LP <br>2.20% due 2/1/2031 |  | 800000 |  | 633088 |
|  |  |  |  | **3983107** |
| &nbsp;&nbsp;&nbsp;**Retail – 1.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. <br>3.75% due 6/1/2027 |  | 500000 |  | 477440 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. <br>3.25% due 4/15/2032 |  | 1400000 |  | 1249262 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. <br>4.70% due 6/15/2032 |  | 700000 |  | 680589 |
|  |  |  |  | **2407291** |
| &nbsp;&nbsp;&nbsp;**Semiconductors – 0.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. <br>4.15% due 4/15/2032<sup>(1)</sup> |  | 900000 |  | 793143 |
| &nbsp;&nbsp;&nbsp; NXP BV / NXP Funding LLC / NXP USA, Inc. <br>2.65% due 2/15/2032 |  | 500000 |  | 393080 |
|  |  |  |  | **1186223** |
| &nbsp;&nbsp;&nbsp;**Software – 2.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Microsoft Corp.<br>2.921% due 3/17/2052 |  | 500000 |  | 356300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% due 2/6/2027 |  | 3100000 |  | 2989578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 2/12/2035 |  | 700000 |  | 636951 |
| &nbsp;&nbsp;&nbsp; Oracle Corp.<br>6.25% due 11/9/2032 |  | 400000 |  | 421476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% due 11/9/2052 |  | 200000 |  | 216870 |
|  |  |  |  | **4621175** |

---

*The accompanying notes are an integral part of these financial statements.*<sub>9</sub>

------

**SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 1.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. <br>2.55% due 12/1/2033 | $| 800000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617944 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.<br>2.70% due 3/15/2032 |  | 950000 |  | 771590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% due 10/15/2052 |  | 200000 |  | 136398 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. <br>2.355% due 3/15/2032 |  | 900000 |  | 716724 |
|  |  |  |  | **2242656** |
| &nbsp;&nbsp;&nbsp;**Transportation – 0.4%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.4%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.4%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.4%** | &nbsp;&nbsp;&nbsp;**Transportation – 0.4%** |
| &nbsp;&nbsp;&nbsp; Kansas City Southern <br>2.875% due 11/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 |  | 952820 |
|  |  |  |  | **952820** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $57,374,890) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $57,374,890) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $57,374,890) |  | **54395953** |
| &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 8.4%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 8.4%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 8.4%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 8.4%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 8.4%** |
| &nbsp;&nbsp;&nbsp; BANK<br>2019-BN24 AS <br>3.283% due 11/15/2062<sup>(2)(4)</sup> |  | 1412000 |  | 1185982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022-BNK43 AS <br>4.83% due 8/15/2055<sup>(2)(4)</sup> |  | 900000 |  | 833440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022-BNK43 B <br>5.153% due 8/15/2055<sup>(2)(4)</sup> |  | 500000 |  | 434580 |
| &nbsp;&nbsp;&nbsp; BB-UBS Trust <br>2012-SHOW A <br>3.43% due 11/5/2036<sup>(1)</sup> |  | 1200000 |  | 1118899 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Asset-Backed Securities Trust <br>2005-SD1 1M4 <br>6.414% due 8/25/2043<sup>(2)(4)</sup> |  | 463746 |  | 477133 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust <br>2019-B12 AS <br>3.419% due 8/15/2052 |  | 4500000 |  | 3863125 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust <br>2016-C3 AS <br>3.366% due 11/15/2049<sup>(2)(4)</sup> |  | 1000000 |  | 880600 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust <br>2014-CR18 AM <br>4.103% due 7/15/2047 |  | 1455000 |  | 1397754 |
| &nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust 2021-DNA7 M2 <br>5.728% due 11/25/2041<sup>(1)(2)(4)</sup> |  | 1100000 |  | 1033166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021-HQA4 M1 <br>4.878% due 12/25/2041<sup>(1)(2)(4)</sup> |  | 751104 |  | 712631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022-DNA1 M1A <br>4.928% due 1/25/2042<sup>(1)(2)(4)</sup> |  | 691746 |  | 673786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022-HQA3 M1A <br>6.228% due 8/25/2042<sup>(1)(2)(4)</sup> |  | 1388281 |  | 1382585 |
| &nbsp;&nbsp;&nbsp; Jackson Park Trust <br>2019-LIC B <br>2.914% due 10/14/2039<sup>(1)</sup> |  | 640000 |  | 508336 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust <br>2020-L4 AS <br>2.88% due 2/15/2053 |  | 1000000 |  | 813025 |
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust<br>2021-909 C <br>3.206% due 4/10/2043<sup>(1)(2)(4)</sup> |  | 385000 |  | 283221 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; ONE Park Mortgage Trust <br>2021-PARK B <br>5.401% due 3/15/2036<sup>(1)(2)(4)</sup> | 500000 | $| 469700 |
| &nbsp;&nbsp;&nbsp; SLG Office Trust <br>2021-OVA A <br>2.585% due 7/15/2041<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276820 |
| &nbsp;&nbsp;&nbsp; Stack Infrastructure Issuer LLC <br>2021-1A A2 <br>1.877% due 3/26/2046<sup>(1)</sup> | 750000 |  | 643161 |
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust <br>2014-C19 AS <br>4.271% due 3/15/2047 | 1500000 |  | 1454298 |
| &nbsp;&nbsp;&nbsp;**Total Non–Agency Mortgage–Backed Securities**<br> (Cost $22,118,503) | &nbsp;&nbsp;&nbsp;**Total Non–Agency Mortgage–Backed Securities**<br> (Cost $22,118,503) |  | **19442242** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 32.2%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 32.2%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 32.2%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 32.2%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Note<br>1.25% due 5/31/2028 | 6600000 |  | 5723437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% due 9/30/2024 | 3000000 |  | 2849297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% due 2/15/2030 | 4300000 |  | 3672469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 8/15/2029 | 4600000 |  | 3998406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 5/15/2031 | 2400000 |  | 2026500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 2/15/2032 | 14530000 |  | 12370933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/30/2024 | 30300000 |  | 29438344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% due 4/30/2027 | 8000000 |  | 7590000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% due 7/31/2027 | 850000 |  | 805309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 6/30/2024 | 6500000 |  | 6344101 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $78,336,051) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $78,336,051) |  | **74818796** |
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 0.0%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 0.0%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 0.0%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 0.0%** |
| &nbsp;&nbsp;&nbsp;**Media – 0.0%** | &nbsp;&nbsp;&nbsp;**Media – 0.0%** | &nbsp;&nbsp;&nbsp;**Media – 0.0%** | &nbsp;&nbsp;&nbsp;**Media – 0.0%** |
| &nbsp;&nbsp;&nbsp; Altice USA, Inc., Class A<sup>(5)</sup> | 10940 |  | 50324 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $125,181) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $125,181) |  | **50324** |
| &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 4.6%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 4.6%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 4.6%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 4.6%** |
| &nbsp;&nbsp;&nbsp; Vanguard Short-Term<br>Inflation-Protected<br>Securities ETF | 228300 |  | 10663893 |
| &nbsp;&nbsp;&nbsp;**Total Exchange–Traded Funds** <br> (Cost $11,567,961) | &nbsp;&nbsp;&nbsp;**Total Exchange–Traded Funds** <br> (Cost $11,567,961) |  | **10663893** |

---

---

| | |
|:---|:---|
| **10** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 3.7%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 3.7%** |  |
| &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 3.0%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 3.0%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 3.0%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bill <br>3.566% due 2/2/2023<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100000 | $7077546 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $7,076,216) | &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $7,076,216) | **7077546** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.7%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.7%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.7%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp.,<br>1.28%, dated 12/30/2022, proceeds at maturity value of $1,622,923, due 1/3/2023<sup>(7)</sup> | 1622693 | 1622693 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,622,693) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,622,693) | **1622693** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 97.7%** <br> (Cost $239,224,337) | &nbsp;&nbsp;&nbsp;**Total Investments – 97.7%** <br> (Cost $239,224,337) | **227189866** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 2.3%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 2.3%** | **5402869** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**232592735** |

---

<sup>(1)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At December 31, 2022, the aggregate market value of these securities amounted to $35,177,619, representing 15.1% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees. 

<sup>(2)</sup> Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at December 31, 2022.

<sup>(3)</sup> The London Interbank Offered Rate ("LIBOR") is being phased out completely by June 30, 2023. There remains uncertainty regarding the nature of any replacement rate and the impact of a transition away from LIBOR on the Fund's investments.

<sup>(4)</sup> Variable coupon rate based on weighted average interest rate of underlying mortgages.

<sup>(5)</sup> Non–income–producing security.

<sup>(6)</sup> Interest rate shown reflects the discount rate at time of purchase.

<sup>(7)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $2266100 | $1655190 |

---

**Open futures contracts at December 31, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional <br>Amount** | **Notional <br>Value** | **Unrealized <br>Appreciation/<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;U.S. 2-Year Treasury Note | March 2023 | 64 | Long | $13121081 | $13125000 | $3919 |
| &nbsp;&nbsp;&nbsp;U.S. 5-Year Treasury Note | March 2023 | 200 | Long | 21586033 | 21585938 | (95) |
| &nbsp;&nbsp;&nbsp;U.S. Long Bond | March 2023 | 168 | Long | 21272614 | 21057750 | (214864) |
| &nbsp;&nbsp;&nbsp;U.S. Ultra Bond | March 2023 | 161 | Long | 21604074 | 21624313 | 20239 |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | $**77583802** | $**77393001** | $**(190801)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional <br>Amount** | **Notional <br>Value** | **Unrealized <br>Appreciation** |
| &nbsp;&nbsp;&nbsp;U.S. 10-Year Treasury Note | March 2023 | 71 | Short | $(7997931) | $(7973078) | $24853 |
| &nbsp;&nbsp;&nbsp;U.S. Ultra 10-Year Treasury Note | March 2023 | 184 | Short | (21794152) | (21763750) | 30402 |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | $**(29792083)** | $**(29736828)** | $**55255** |

---

*The accompanying notes are an integral part of these financial statements.*<sub>11</sub>

------

**SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND** 

**Centrally cleared credit default swap agreements — buy protection<sup>(8)</sup>:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Reference Entity** | **Implied Credit<br>Spread at<br>12/31/22<sup>(9)</sup>** | **Notional<br>Amount<sup>(10)</sup>** | **Notional<br>Amount<sup>(10)</sup>** | **Maturity** | **(Pay)/Receive<br>Fixed Rate** | **Periodic<br>Payment<br>Frequency** | **Upfront<br>Payments** | **Value** | **Unrealized<br>Depreciation** |
| &nbsp;&nbsp;&nbsp;CDX.NA.HY.S39 | 4.84% | USD | 38050000 | 12/20/2027 | (5.00)% | Quarterly | $1717192 | $(221604) | $(1938796) |

---

<sup>(8)</sup> When a credit event occurs as defined under the terms of the swap agreement, the Fund as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation. 

<sup>(9)</sup> Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement. 

<sup>(10)</sup> The notional amount represents the maximum potential amount the Fund could be required to pay as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index. 

**Legend:** 

CLO — Collateralized Loan Obligation

H15T1Y — 1-year Constant Maturity Treasury Rate

LIBOR — London Interbank Offered Rate

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Agency Mortgage–Backed Securities | $— | $28573151 | $— | $28573151 |
| &nbsp;&nbsp;&nbsp;Asset–Backed Securities |  | 30545268 |  | 30545268 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 54395953 |  | 54395953 |
| &nbsp;&nbsp;&nbsp;Non–Agency Mortgage–Backed Securities |  | 19442242 |  | 19442242 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 74818796 |  | 74818796 |
| &nbsp;&nbsp;&nbsp;Common Stocks | 50324 |  |  | 50324 |
| &nbsp;&nbsp;&nbsp;Exchange–Traded Funds | 10663893 |  |  | 10663893 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 7077546 |  | 7077546 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1622693 |  | 1622693 |
| &nbsp;&nbsp;&nbsp;**Total** | $**10714217** | $**216475649** | $**—** | $**227189866** |
| &nbsp;&nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;&nbsp;**Other Financial Instruments** |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | $79413 | $— | $— | $79413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (214959) |  |  | (214959) |
| &nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;Swap Contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  | (1938796) |  | (1938796) |
| &nbsp;&nbsp;&nbsp;**Total** | $**(135546)** | $**(1938796)** | $**—** | $**(2074342)** |

---

---

| | |
|:---|:---|
| **12** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227189866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on swap contracts | 4556835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 4220673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash deposits with brokers for futures contracts | 1830147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 1524576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 1915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 7943 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **239331955** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for swap contracts | 2265288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 4073374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for variation margin on futures contracts | 152842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 104497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 50239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 27977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 27449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 8879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 27955 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **6739220** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**232592735** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $260341554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable loss | (27748819) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**232592735** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $239224337 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **25834753** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$9.00** |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $944348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 8384686 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **9329034** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1363440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 655500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 90887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 61942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 59148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 41576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 13550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 8991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 13794 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **2308828** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **7020206** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (34145447) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (9320180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from swap contracts | 1593776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (12337902) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | 395340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on swap contracts | (1706755) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments and Derivative Contracts** | **(55521168)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(48500962)** |

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*The accompanying notes are an integral part of these financial statements.*<sub>13</sub>

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**FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/22** | **For the<br>Year Ended<br>12/31/21** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $7020206 | $6394539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and derivative contracts | (41871851) | 6113230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and derivative contracts | (13649317) | (12294233) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(48500962)** | **213536** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 5250070 | 58184551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (39661497) | (49588731) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions** | **(34411427)** | **8595820** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets** | **(82912389)** | **8809356** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 315505124 | 306695768 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232592735 | $315505124 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 555585 | 5461699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4085788) | (4641388) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease)** | **(3530203)** | **820311** |

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| | |
|:---|:---|
| **14** | *The accompanying notes are an integral part of these financial statements.* |

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This Page Intentionally Left Blank

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| | |
|:---|:---|
| | **15** |

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**FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND** 

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past five years (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **<br>Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $10.74 | $0.26 | $(2.00) | $(1.74) | $9.00 | (16.20)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 10.74 | 0.21 | (0.21) | 0.00 | 10.74 | 0.00% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 10.03 | 0.14 | 0.57 | 0.71 | 10.74 | 7.08% |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/19<sup>(4)</sup> | 10.00 | 0.03 | 0.00<sup>(5)</sup> | 0.03 | 10.03 | 0.30%<sup>(6)</sup> |

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| | |
|:---|:---|
| **16** | *The accompanying notes are an integral part of these financial statements.* |

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**FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $232593 | 0.88% | 0.88% | 2.68% | 2.68% | 182% |
| 315505 | 0.87% | 0.87% | 1.99% | 1.99% | 172% |
| 306696 | 0.89% | 0.89% | 1.38% | 1.38% | 163% |
| 309877 | 0.93%<sup>(6)</sup> | 0.93%<sup>(6)</sup> | 1.33%<sup>(6)</sup> | 1.33%<sup>(6)</sup> | 27%<sup>(6)</sup> |

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<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Commenced operations on October 21, 2019.

<sup>(5)</sup> Rounds to $0.00 per share. 

<sup>(6)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2019, certain non-recurring fees (i.e., audit fees) are not annualized. 

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| | |
|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | **17** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND** 

**December 31, 2022** 

**1. Organization** 

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Multi-Sector Bond VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks to provide a high current income with a secondary objective of capital appreciation.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer due diligence. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

The valuations of debt securities for which quoted bid prices are readily available are valued at the bid price by independent pricing services (each, a "Service"). Debt securities for which quoted bid prices are not readily available are valued by a Service at the evaluated bid price provided by the Service or the bid price provided by an independent broker-dealer or at a calculated price based on the spread to an appropriate benchmark provided by such broker-dealer.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5c). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE").

Exchange-traded financial futures and swap contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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| | |
|:---|:---|
| **18** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND** 

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** – unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments
(such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

***Investments*** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**c. Futures Contracts** The Fund may enter into financial futures contracts. In entering into such contracts, the

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| | |
|:---|:---|
| | **19** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND** 

Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

**d. Credit Derivatives** The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve positioning, (iii) manage risk, (iv) enhance potential returns, or (v) as substitutes for permitted Fund investments. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

The Fund may enter into credit default swap agreements either as a buyer or seller. The Fund may buy protection under a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell protection under a credit default swap in an attempt to gain exposure to an underlying issuer's credit quality characteristics without investing directly in that issuer.

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. The Fund may also enter into cleared swaps.

In entering into swap contracts, the Fund is required to deposit with the broker (or for the benefit of the broker), either in cash or securities, an amount equal to a percentage of the notional value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid

by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the swap contracts and may realize a loss. During the year ended December 31, 2022, the Fund entered into credit default swaps for risk exposure management and to enhance potential return.

**e. Options Transactions** The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of its investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund's Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of December 31, 2022.

**f. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**g. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be

---

| | |
|:---|:---|
| **20** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND** 

directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.52% of the Fund's average daily net assets. The fee is accrued daily and paid monthly. The Fund has no sub-adviser.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 1.00% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue did not waive any fees or pay any Fund expenses.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for

services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $655,500 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

**4. Federal Income Taxes** 

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the year ended December 31, 2022, were as follows:

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| | | |
|:---|:---|:---|
|  | **Other**<br> **Investments** | **U.S.<br>Government<br>and Agency<br>Obligations** |
| &nbsp;&nbsp;&nbsp;Purchases | $298042717 | $158543508 |
| &nbsp;&nbsp;&nbsp;Sales | 426443356 | 62775111 |

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**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The

---

| | |
|:---|:---|
| | **21** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND** 

collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**d. Securities Purchased on a When-Issued or Delayed-Delivery Basis** The Fund may purchase securities on a when-issued or delayed-delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than at the trade date purchase price. Although the Fund will generally enter into these transactions with the intention of taking delivery of the securities, it may sell the securities before the settlement date. Assets will be segregated when a fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of December 31, 2022, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.

**f. Below Investment Grade Securities** The Fund may invest in below investment grade securities (i.e. lower-quality, "junk" debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a

substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

**g. Mortgage- and Asset-Backed Securities** The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac"), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

**h. Treasury Inflation Protected Securities** Treasury inflation protected securities ("TIPS") are debt securities issued by the U.S. Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index ("CPI"). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

---

| | |
|:---|:---|
| **22** | |

---

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND** 

**i. Disclosures About Derivative Instruments and Hedging Activities** The Fund entered into U.S. Treasury futures contracts for the year ended December 31, 2022 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

Under certain market conditions, the Fund may use credit default swaps to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve exposure, (iii) manage risk, (iv) enhance returns, or (v) as substitutes for permitted Fund investments. Credit default swaps involve the exchange of a floating or fixed rate payment in return for assuming potential credit losses of an underlying security or pool of securities.

The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," *i.e.*, the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency or security, or in a "basket" of securities representing a particular index. Cleared swaps are transacted through futures commission merchants ("FCM"s) that are members of central clearinghouses with the clearinghouse serving as a central counterparty similar to transactions in futures contracts. Funds post initial and variation margin by making payments to their clearing member FCMs.

Generally, the Fund will enter into credit default swaps on a net basis, which means that the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the net amount of the two payments. Credit default swaps do not normally involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to credit default swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to a credit default swap defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

In addition to the risks generally applicable to derivatives, risks associated with credit default swap agreements include adverse changes in the returns of the underlying instruments, failure of the counterparties

to perform under the agreement's terms and the possible lack of liquidity with respect to the agreements.

As of December 31, 2022, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund's use of derivative instruments:

---

| | | |
|:---|:---|:---|
|  | **Interest<br>Rate<br>Contracts** | **Credit<br>Default<br>Contracts** |
| &nbsp;&nbsp;&nbsp; **Asset Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $79413 | $— |
| &nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $(214959) | $— |
| &nbsp;&nbsp;&nbsp;Swap Contracts<sup>2</sup> |  | (1938796) |

---

<sup>1</sup> Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

<sup>2</sup> Statement of Assets and Liabilities location: Includes the fair value of centrally cleared swap contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative investments for the year ended December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Interest<br>Rate**<br> **Contracts** | **Credit<br>Default**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $(9320180) | $— |
| &nbsp;&nbsp;&nbsp;Swap Contracts<sup>2</sup> |  | 1593776 |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>3</sup> | $395340 | $— |
| &nbsp;&nbsp;&nbsp;Swap Contracts<sup>4</sup> |  | (1706755) |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>5</sup> | 857 |  |
| &nbsp;&nbsp;&nbsp;Swap Contracts — Buy/Sell Protection | $— | $36237962 |

---

<sup>1</sup> Statement of Operations location: Net realized gain/(loss) from futures contracts.

<sup>2</sup> Statement of Operations location: Net realized gain/(loss) from swap contracts.

<sup>3</sup> Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

<sup>4</sup> Statement of Operations location: Net change in unrealized appreciation/(depreciation) on swap contracts.

<sup>5</sup> Amount represents number of contracts. 

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million

---

| | |
|:---|:---|
| | **23** |

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------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND** 

committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

**7. Indemnifications** 

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the

Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

---

| | |
|:---|:---|
| **24** | |

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------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Board of Trustees of Guardian Variable Products Trust and Shareholders of** 

**Guardian Multi-Sector Bond VIP Fund** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Multi-Sector Bond VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

---

| | |
|:---|:---|
| | **25** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp; **Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008– 2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015– 2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012– 2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

---

---

| | |
|:---|:---|
| **26** | |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

---

<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

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| | |
|:---|:---|
| | **27** |

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------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Position(s) Held and<br>Length of Service<sup>5</sup>** | **Principal Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp; **John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019–2022); Vice President and Associate General Counsel, MetLife, Inc. (2010–2018). |
| &nbsp;&nbsp;&nbsp; **Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp; **Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp; **Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

---

<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

---

| | |
|:---|:---|
| **28** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

---

| | |
|:---|:---|
| | **29** |

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**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g389205g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB10525

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Short Duration Bond VIP Fund**![LOGO](g558451g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

**TABLE OF CONTENTS** 

**Guardian Short Duration Bond VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc558451_1)** | 1 |
|  **[Fund Characteristics](#toc558451_2)** | 3 |
|  **[Fund Performance](#toc558451_3)** | 5 |
|  **[Understanding Your Fund's Expenses](#toc558451_4)** | 6 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc558451_6) | 7 |
| [Statement of Assets and Liabilities](#toc558451_7) | 12 |
| [Statement of Operations](#toc558451_8) | 12 |
| [Statement of Changes in Net Assets](#toc558451_9) | 13 |
| [Financial Highlights](#toc558451_10) | 14 |
| [Notes to Financial Statements](#toc558451_11) | 16 |
| [Report of Independent Registered Public Accounting Firm](#toc558451_12) | 23 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc558451_17) | 24 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc558451_18) | 27 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of Park Avenue Institutional Advisers LLC as of the date of this report and are subject to change without notice. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

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**GUARDIAN SHORT DURATION BOND VIP FUND** 

**FUND COMMENTARY OF PARK AVENUE INSTITUTIONAL ADVISERS LLC, MANAGER** 

**(UNAUDITED)** 

**Highlights** 

• Guardian Short Duration Bond VIP Fund (the "Fund") returned -2.3%, underperforming its benchmark, the Bloomberg US Government Bond 1-3 Year Index<sup>1</sup> (the
"Index"), from the Fund's inception<sup>2</sup> to December 31, 2022.

• The Index returned -0.83% for the same period.

• The Fund's underperformance relative to the Index was primarily due to its allocation to high yield credit default index swaps ("CDX"). The Fund's allocation to Treasury Inflation-Protected
Securities exchange-traded funds ("TIPS ETFs") also detracted from the Fund's relative performance. An overweight allocation to investment grade corporate bonds relative to the Index was a minor contributor to the Fund's relative
performance as well as interest rate positioning.

**Market Overview** 

Throughout 2022 the U.S. Federal Reserve (the "Fed") significantly increased interest rates in response to a rapidly increasing inflation market environment. The Standard & Poor's 500<sup>®</sup> Index<sup>3</sup> (the "S&P 500 Index") returned -18.11% for the year. Nearly every segment of the fixed income market experienced declines. The Bloomberg US Corporate High Yield Bond Index<sup>4</sup> (the "High Yield Index") returned -11.19% for the year. Leveraged loans generally outperformed most major fixed income indexes but were still negative, returning -0.60%. The 10-year Treasury returned -16.5% for the year.

With inflation above 7% all year, the Fed's main goal was to decrease inflation while not sparking a recession. The Fed increased the federal funds rate seven times in 2022, from 0.25-0.50% in March to 4.25-4.50% in December, the most rapid pace of interest rate hikes in recent history.

**Portfolio Review** 

The Fund's allocation to high yield CDX primarily contributed to the Fund's underperformance relative to the Index. The Fund's allocation to TIPS ETFs also detracted from the Fund's relative performance. An overweight allocation to investment grade corporate bonds relative to the Index was a minor contributor to the Fund's relative performance as well as interest rate positioning.

With respect to the Fund's investment grade allocation, 2022 began with a cautious view on spreads given the expectation for the Fed to begin to withdraw accommodation and tighten financial conditions. As spreads widened through the year to more historically attractive levels, and in anticipation of some moderation to inflation, we moderately increased the Fund's risk exposure within the investment grade allocation to take advantage of expected tightening of spreads. The overweight to the banking sector relative to the Index contributed to the Fund's relative performance.

U.S. high yield and leveraged loans experienced similar market volatility that other fixed income asset classes did during 2022, but their higher yield and much shorter duration helped mitigate some of this volatility. Over 2022, credit ratings started to drift lower after the 18-month upswing post-COVID-19, and default rates started to go up but continue to remain below their long-term averages. We believe that volatility will continue to impact investment grade fixed income investments in 2023, but we also believe that there may be specific securities and times throughout the year that they may present total return opportunities based on their current yields, as well as total return potential given their trading prices and short duration.<sup>5</sup>

We began de-risking the Fund's portfolio in June, buying CDX and selling high yield investments. In the second half of the year, we also utilized yield curve flatteners to take advantage of differences in yield spread between the 2-year and 10-year Treasuries. In addition, to help manage inflation risk, made an allocation to TIPS at inception and maintained that allocation throughout the year.

<sup>**1**</sup> The Index is a broad-based benchmark that measures the non-securitized component of the US Aggregate Index. It includes investment grade, US dollar-denominated, fixed-rate Treasuries, and government-related securities with maturities between 1 and 2.9999 years. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses. 

<sup>**2**</sup> Fund inception date: May 2, 2022. 

<sup>**3**</sup> The S&P 500 Index is an unmanaged market-capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses. 

<sup>**4**</sup> The High Yield Index is generally considered to be representative of the investable universe of the U.S. dollar–denominated high-yield debt market. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses. 

<sup>**5**</sup> Duration is a measure of a bond price's sensitivity to changes in interest rates. 

 <sub>1</sub>

------

**GUARDIAN SHORT DURATION BOND VIP FUND** 

**Outlook** 

As we enter 2023, we remain in a relatively high inflation and low growth environment. Although we believe that the market is more optimistic than the Fed, we also believe that an economic recession in 2023 is likely. Historically, spreads widen into a recession, therefore we are proceeding with caution in anticipation of increased credit risk in 2023. However, we believe ample cash is waiting to be deployed, which can mitigate spread widening. Finally, we believe the yield curve may get flatter before it steepens positively. Overall, we continue to remain defensive in our investment approach.

---

| | |
|:---|:---|
| **2** | |

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**GUARDIAN SHORT DURATION BOND VIP FUND** 

**Fund Characteristics (unaudited)**

Total Net Assets: $186,597,681

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Bond Sector Allocation<sup>1</sup>**<br> As of December 31, 2022  |
| &nbsp;&nbsp; <br> ![LOGO](g558451g51m03.jpg)  |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Bond Quality Allocation<sup>2</sup>**<br> As of December 31, 2022  |
| &nbsp;&nbsp; <br> ![LOGO](g558451g51m04.jpg)  |

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 <sub>3</sub>

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**GUARDIAN SHORT DURATION BOND VIP FUND** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>1</sup>**<br> As of December 31, 2022 | | | |
| &nbsp;&nbsp;&nbsp;**Holding** | **Coupon Rate** | **Maturity Date** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 0.125% | 2/15/2024 | 40.72% |
| &nbsp;&nbsp;&nbsp;Vanguard Short-Term Inflation-Protected Securities ETF |  |  | 4.66% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 3.000% | 7/31/2024 | 2.20% |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp. | 2.640% | 4/8/2026 | 2.03% |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association | 3.500% | 4/1/2052 | 1.49% |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association | 4.000% | 5/1/2052 | 1.49% |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association | 3.500% | 5/1/2052 | 1.41% |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association | 3.000% | 5/1/2037 | 1.39% |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association | 3.000% | 4/1/2037 | 1.38% |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association | 4.000% | 6/1/2052 | 1.00% |
| &nbsp;&nbsp;&nbsp;**Total** |  |  | **57.77%** |

---

**<sup>1</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** The Bond Quality Allocation chart displays the percentage of fund assets allocated to each rating. Rating agencies' independent ratings of individual securities are aggregated by Bloomberg, and market weights are reported using Standard & Poor's letter rating conventions. Rating methodology uses the middle rating of Moody's Investors Service, Inc., Standard & Poor's Ratings Services, and Fitch Ratings. When a rating from only two of the rating agencies is available, the lower rating is used. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standards of credit quality. Rating agencies may fail to make timely changes in credit ratings, and an issuer's current financial condition may be better or worse than a rating indicates. In formulating investment decisions for the Fund, Park Avenue Institutional Advisers LLC develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings. 

---

| | |
|:---|:---|
| **4** | |

---

------

**GUARDIAN SHORT DURATION BOND VIP FUND** 

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception\*** |
| &nbsp;&nbsp;&nbsp;Guardian Short Duration Bond VIP Fund | 5/2/2022 |  |  |  | -2.30% |
| &nbsp;&nbsp;&nbsp;Bloomberg US Government 1-3 Year Bond Index |  |  |  |  | -0.83% |

---

\* Since inception returns are not annualized and represent cumulative total returns. 

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

 <sub>5</sub>

------

**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees, if any, and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $982.90 | $2.50 | 0.50% |
| &nbsp;&nbsp;&nbsp; Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1022.69 | $2.55 | 0.50% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

---

| | |
|:---|:---|
| **6** | |

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities – 10.3%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities – 10.3%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities – 10.3%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp.<br>3.50% due 6/1/2052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 6/1/2052 | 1349587 | 1266033 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association<br>3.00% due 4/1/2037 | 2742861 | 2572316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/1/2037 | 2775212 | 2600655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/1/2052 | 2017402 | 1772807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 4/1/2052 | 3066217 | 2788255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 5/1/2052 | 2890953 | 2627144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 5/1/2052 | 2970769 | 2786795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 6/1/2052 | 1980592 | 1857938 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage–Backed Securities**<br> (Cost $20,492,816) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage–Backed Securities**<br> (Cost $20,492,816) | **19324591** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 22.4%** | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 22.4%** | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 22.4%** |
| &nbsp;&nbsp;&nbsp; Aligned Data Centers Issuer LLC<br>2021-1A A2 <br>1.937% due 8/15/2046<sup>(1)</sup> | 900000 | 766049 |
| &nbsp;&nbsp;&nbsp; Ally Auto Receivables Trust <br>2022-1 A3 <br>3.31% due 11/15/2026 | 1650000 | 1606545 |
| &nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust <br>2020-3 C <br>1.06% due 8/18/2026 | 1125000 | 1056619 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 21 Ltd. <br>2021-21A B <br>5.993% (LIBOR 3 Month + 1.75%) <br> due 10/20/2034<sup>(1)(2)</sup><sup>(3)</sup> | 1000000 | 951900 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXII <br>2015-22A A2R <br>5.743% (LIBOR 3 Month + 1.50%) <br> due 4/20/2031<sup>(1)(2)</sup><sup>(3)</sup> | 1000000 | 970479 |
| &nbsp;&nbsp;&nbsp; Ares XXVII CLO Ltd. <br>2013-2A BR2 <br>6.024% (LIBOR 3 Month + 1.65%) <br> due 10/28/2034<sup>(1)(2)</sup><sup>(3)</sup> | 1000000 | 964910 |
| &nbsp;&nbsp;&nbsp; Ares XXVIIIR CLO Ltd. <br>2018-28RA A2 <br>5.479% (LIBOR 3 Month + 1.40%) <br> due 10/17/2030<sup>(1)(2)</sup><sup>(3)</sup> | 1100000 | 1044340 |
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC <br>2021-2A A <br>1.66% due 2/20/2028<sup>(1)</sup> | 1100000 | 949343 |
| &nbsp;&nbsp;&nbsp; BA Credit Card Trust <br>2020-A1 A1 <br>0.34% due 5/15/2026 | 1650000 | 1575361 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XVI Ltd. <br>2018-16A BR <br>5.629% (LIBOR 3 Month + 1.55%) <br> due 1/17/2032<sup>(1)(2)</sup><sup>(3)</sup> | 1200000 | 1145880 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; BMW Vehicle Owner Trust <br>2022-A A3 <br>3.21% due 8/25/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070591 |
| &nbsp;&nbsp;&nbsp; Canyon Capital CLO Ltd. <br>2022-1A B <br>5.779% (SOFR + 1.85%) <br> due 4/15/2035<sup>(1)(2)</sup> | 1200000 | 1148505 |
| &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd. <br>2018-2A A2 <br>5.679% (LIBOR 3 Month + 1.60%) <br> due 10/15/2031<sup>(1)(2)</sup><sup>(3)</sup> | 1000000 | 970418 |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust <br>2020-4 B <br>0.85% due 6/15/2026 | 850000 | 783356 |
| &nbsp;&nbsp;&nbsp; Dryden 53 CLO Ltd. <br>2017-53A B <br>5.479% (LIBOR 3 Month + 1.40%) <br> due 1/15/2031<sup>(1)(2)</sup><sup>(3)</sup> | 1100000 | 1044230 |
| &nbsp;&nbsp;&nbsp; Dryden Senior Loan Fund <br>2017-47A CR <br>6.129% (LIBOR 3 Month + 2.05%) <br> due 4/15/2028<sup>(1)(2)</sup><sup>(3)</sup> | 1000000 | 967400 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust <br>2022-2A A3 <br>2.80% due 11/17/2025 | 1050000 | 1040153 |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust <br>2020-1 A <br>2.04% due 8/15/2031<sup>(1)</sup> | 1100000 | 1026786 |
| &nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust <br>2020-2 A <br>1.06% due 9/15/2027 | 1100000 | 987821 |
| &nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust <br>2022-2 A3 <br>3.42% due 6/20/2025 | 1240000 | 1212441 |
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust<br>2020-4 A4 <br>0.50% due 2/17/2026 | 1680000 | 1568825 |
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing III LLC <br>2022-3A A <br>3.37% due 3/25/2025<sup>(1)</sup> | 960000 | 935604 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust <br>2022-B A3 <br>3.35% due 6/16/2025<sup>(1)</sup> | 1200000 | 1175962 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust <br>2022-A A3 <br>2.22% due 10/15/2026 | 1430000 | 1365831 |
| &nbsp;&nbsp;&nbsp; Jamestown CLO XI Ltd. <br>2018-11A A2 <br>5.711% (LIBOR 3 Month + 1.70%) <br> due 7/14/2031<sup>(1)(2)</sup><sup>(3)</sup> | 1200000 | 1152360 |

---

*The accompanying notes are an integral part of these financial statements.*<sub>7</sub>

------

**SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Master Credit Card Trust <br>2021-1A A <br>0.53% due 11/21/2025<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296427 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 26 Ltd. <br>2017-26A BR <br>5.594% (LIBOR 3 Month + 1.40%) <br> due 10/18/2030<sup>(1)(2)</sup><sup>(3)</sup> | 1000000 | 969045 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners 36 Ltd. <br>2018-1A B <br>5.469% (LIBOR 3 Month + 1.39%) <br> due 4/15/2031<sup>(1)(2)</sup><sup>(3)</sup> | 1209375 | 1148906 |
| &nbsp;&nbsp;&nbsp; OHA Credit Partners XIV Ltd. <br>2017-14A B <br>5.778% (LIBOR 3 Month + 1.50%) <br> due 1/21/2030<sup>(1)(2)</sup><sup>(3)</sup> | 1000000 | 957600 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust <br>2022-3 A3 <br>3.40% due 12/15/2026 | 1200000 | 1177282 |
| &nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC <br>2022-A1 A <br>3.37% due 4/15/2028 | 1300000 | 1252201 |
| &nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust <br>2021-1A A <br>1.07% due 2/27/2034<sup>(1)</sup> | 975000 | 863641 |
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust <br>2021-A A4 <br>0.39% due 6/15/2026 | 1440000 | 1331255 |
| &nbsp;&nbsp;&nbsp; Verizon Owner Trust <br>2020-C A <br>0.41% due 4/21/2025 | 896322 | 879909 |
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Lease Trust <br>2020-A A4 <br>0.45% due 7/21/2025 | 1500000 | 1474361 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd. <br>2015-3A A3R <br>5.943% (LIBOR 3 Month + 1.70%) <br> due 10/20/2031<sup>(1)(2)</sup><sup>(3)</sup> | 1000000 | 960224 |
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust <br>2021-B A4 <br>0.69% due 6/15/2027 | 1200000 | 1095992 |
| &nbsp;&nbsp;&nbsp; World Omni Automobile Lease Securitization Trust <br>2021-A A4 <br>0.50% due 11/16/2026 | 1000000 | 952852 |
| &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $43,226,331) | &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $43,226,331) | **41841404** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 6.0%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 6.0%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 6.0%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.5%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.5%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.5%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. <br>1.433% due 2/4/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478415 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. <br>2.93% due 1/15/2025 | 500000 | 480225 |
|  |  | **958640** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 0.8%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 0.8%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 0.8%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. <br>3.864% (3.864% fixed rate until 7/23/2023; LIBOR 3 Month + 0.94% thereafter) <br> due 7/23/2024<sup>(2)</sup><sup>(3)</sup> | 500000 | 495635 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. <br>0.697% (0.697% fixed rate until 3/16/2023; SOFR + 0.58% thereafter) <br> due 3/16/2024<sup>(2)</sup> | 500000 | 494900 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. <br>0.962% (0.962% fixed rate until 10/11/2024; H15T1Y + 0.45% thereafter) <br> due 10/11/2025<sup>(2)</sup> | 500000 | 459915 |
|  |  | **1450450** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.8%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.8%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust <br>4.875% due 1/16/2024 | 950000 | 940937 |
| &nbsp;&nbsp;&nbsp; American Express Co. <br>3.375% due 5/3/2024 | 500000 | 490305 |
|  |  | **1431242** |
| &nbsp;&nbsp;&nbsp;**Electric – 0.2%** | &nbsp;&nbsp;&nbsp;**Electric – 0.2%** | &nbsp;&nbsp;&nbsp;**Electric – 0.2%** |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc.<br>2.875% due 6/15/2024 | 500000 | 483795 |
|  |  | **483795** |
| &nbsp;&nbsp;&nbsp;**Electronics – 0.2%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.2%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.2%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. <br>2.30% due 8/15/2024 | 500000 | 480555 |
|  |  | **480555** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.2%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.2%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.2%** |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. <br>3.428% due 3/15/2024<sup>(1)</sup> | 500000 | 485420 |
|  |  | **485420** |
| &nbsp;&nbsp;&nbsp;**Healthcare – Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Healthcare – Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Healthcare – Services – 0.2%** |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. <br>0.55% due 5/15/2024 | 500000 | 471865 |
|  |  | **471865** |
| &nbsp;&nbsp;&nbsp;**Lodging – 0.3%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.3%** | &nbsp;&nbsp;&nbsp;**Lodging – 0.3%** |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. <br>3.60% due 4/15/2024 | 500000 | 489645 |
|  |  | **489645** |

---

---

| | |
|:---|:---|
| **8** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Media – 0.3%** | &nbsp;&nbsp;&nbsp;**Media – 0.3%** | &nbsp;&nbsp;&nbsp;**Media – 0.3%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications Operating Capital <br>4.50% due 2/1/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493955 |
|  |  | **493955** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.3%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.3%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 0.3%** |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. <br>3.90% due 2/1/2025 | 500000 | 486600 |
|  |  | **486600** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 0.3%** | &nbsp;&nbsp;&nbsp;**Pipelines – 0.3%** | &nbsp;&nbsp;&nbsp;**Pipelines – 0.3%** |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP <br>5.875% due 1/15/2024 | 500000 | 501375 |
|  |  | **501375** |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 0.8%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 0.8%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 0.8%** |
| &nbsp;&nbsp;&nbsp; Boston Properties LP <br>3.20% due 1/15/2025 | 500000 | 479505 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP <br>3.50% due 4/1/2025 | 500000 | 482705 |
| &nbsp;&nbsp;&nbsp; Simon Property Group LP <br>3.375% due 10/1/2024 | 500000 | 485860 |
|  |  | **1448070** |
| &nbsp;&nbsp;&nbsp;**Retail – 0.3%** | &nbsp;&nbsp;&nbsp;**Retail – 0.3%** | &nbsp;&nbsp;&nbsp;**Retail – 0.3%** |
| &nbsp;&nbsp;&nbsp; Target Corp. <br>3.50% due 7/1/2024 | 500000 | 490490 |
|  |  | **490490** |
| &nbsp;&nbsp;&nbsp;**Semiconductors – 0.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.3%** |
| &nbsp;&nbsp;&nbsp; Broadcom Corp. / Broadcom Cayman Finance Ltd. <br>3.625% due 1/15/2024 | 500000 | 491680 |
|  |  | **491680** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 0.5%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.5%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 0.5%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. <br>3.376% due 2/15/2025 | 500000 | 484965 |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC <br>3.75% due 1/16/2024 | 500000 | 493880 |
|  |  | **978845** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $11,377,729) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $11,377,729) | **11142627** |
| &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 6.1%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 6.1%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 6.1%** |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust <br>2018-B3 AS <br>4.195% due 4/10/2051<sup>(2)</sup><sup>(4)</sup> | 1150000 | 1055920 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust<br>2017-COR2 A3 <br>3.51% due 9/10/2050 | 1200000 | 1101672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019-GC44 AM <br>3.263% due 8/15/2057 | 1085000 | 904858 |
| &nbsp;&nbsp;&nbsp; DBGS Mortgage Trust <br>2018-C1 AM <br>4.611% due 10/15/2051<sup>(2)</sup><sup>(4)</sup> | 1100000 | 1031407 |
| &nbsp;&nbsp;&nbsp; DBUBS Mortgage Trust <br>2017-BRBK A <br>3.452% due 10/10/2034<sup>(1)</sup> | 793000 | 746502 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Principal<br>Amount** | **<br>Value** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust 2021-DNA7 M2 <br>5.728% due 11/25/2041<sup>(1)(2)</sup><sup>(4)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021-HQA4 M1 <br>4.878% due 12/25/2041<sup>(1)(2)</sup><sup>(4)</sup> |  | 613243 |  | 581831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022-DNA1 M1A <br>4.928% due 1/25/2042<sup>(1)(2)</sup><sup>(4)</sup> |  | 532112 |  | 518297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022-HQA3 M1A <br>6.228% due 8/25/2042<sup>(1)(2)</sup><sup>(4)</sup> |  | 1101051 |  | 1096533 |
| &nbsp;&nbsp;&nbsp; Hilton USA Trust <br>2016-HHV A <br>3.719% due 11/5/2038<sup>(1)</sup> |  | 845000 |  | 765379 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust <br>2013-C9 AS <br>3.456% due 5/15/2046 |  | 970000 |  | 957706 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust <br>2015-NXS4 A4 <br>3.718% due 12/15/2048 |  | 1380000 |  | 1310937 |
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust <br>2014-C19 AS <br>4.271% due 3/15/2047 |  | 440000 |  | 426594 |
| &nbsp;&nbsp;&nbsp;**Total Non–Agency Mortgage–Backed Securities** <br> (Cost $11,840,117) | &nbsp;&nbsp;&nbsp;**Total Non–Agency Mortgage–Backed Securities** <br> (Cost $11,840,117) | &nbsp;&nbsp;&nbsp;**Total Non–Agency Mortgage–Backed Securities** <br> (Cost $11,840,117) |  | **11342954** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Agencies – 2.0%** | &nbsp;&nbsp;&nbsp;**U.S. Government Agencies – 2.0%** | &nbsp;&nbsp;&nbsp;**U.S. Government Agencies – 2.0%** | &nbsp;&nbsp;&nbsp;**U.S. Government Agencies – 2.0%** | &nbsp;&nbsp;&nbsp;**U.S. Government Agencies – 2.0%** |
| &nbsp;&nbsp;&nbsp; Federal Farm Credit Banks Funding Corp. <br>2.64% due 4/8/2026 |  | 4000000 |  | 3789520 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Agencies** <br> (Cost $3,953,169) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Agencies** <br> (Cost $3,953,169) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Agencies** <br> (Cost $3,953,169) |  | **3789520** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 44.3%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 44.3%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 44.3%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 44.3%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 44.3%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Note<br>0.125% due 2/15/2024 |  | 79980000 |  | 75984124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/30/2024 |  | 1000000 |  | 971563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 7/31/2029 |  | 1700000 |  | 1569312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 7/31/2024 |  | 4200000 |  | 4096641 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $84,593,881) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $84,593,881) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $84,593,881) |  | **82621640** |
|  | **<br>Shares** | **<br>Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 4.7%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 4.7%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 4.7%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 4.7%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 4.7%** |
| &nbsp;&nbsp;&nbsp; Vanguard Short-Term Inflation-Protected Securities ETF |  | 186300 |  | 8702073 |
| &nbsp;&nbsp;&nbsp;**Total Exchange–Traded Funds** <br> (Cost $9,417,344) | &nbsp;&nbsp;&nbsp;**Total Exchange–Traded Funds** <br> (Cost $9,417,344) | &nbsp;&nbsp;&nbsp;**Total Exchange–Traded Funds** <br> (Cost $9,417,344) |  | **8702073** |

---

*The accompanying notes are an integral part of these financial statements.*<sub>9</sub>

------

**SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 2.8%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 2.8%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 2.8%** |
| &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 1.4%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 1.4%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 1.4%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bill <br>3.566% due 2/2/2023<sup>(5)</sup> | $1700000 | $1694624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.718% due 2/9/2023<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;996007 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $2,689,918) |  | **2690631** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.4%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.4%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.4%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $2,584,985, due 1/3/2023<sup>(6)</sup> | 2584617 | 2584617 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,584,617) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $2,584,617) | **2584617** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 98.6%** <br> (Cost $190,175,922) | &nbsp;&nbsp;&nbsp;**Total Investments – 98.6%** <br> (Cost $190,175,922) | **184040057** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 1.4%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 1.4%** | **2557624** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**186597681** |

---

<sup>(1)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At December 31, 2022, the aggregate market value of these securities amounted to $26,449,289, representing 14.2% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees. 

<sup>(2)</sup> Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at December 31, 2022.

<sup>(3)</sup> The London Interbank Offered Rate ("LIBOR") is being phased out completely by June 30, 2023. There remains uncertainty regarding the nature of any replacement rate and the impact of a transition away from LIBOR on the Fund's investments.

<sup>(4)</sup> Variable coupon rate based on weighted average interest rate of underlying mortgages.

<sup>(5)</sup> Interest rate shown reflects the discount rate at time of purchase.

<sup>(6)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $3609400 | $2636354 |

---

**Open futures contracts at December 31, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **<br>Expiration** | **<br>Contracts** | **<br>Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;U.S. 2-Year Treasury Note | March 2023 | 334 | Long | $68439260 | $68496094 | $56834 |
| &nbsp;&nbsp;&nbsp;U.S. 5-Year Treasury Note | March 2023 | 150 | Long | 16220522 | 16189453 | (31069) |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | $**84659782** | $**84685547** | $**25765** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;U.S. 10-Year Treasury Note | March 2023 | 216 | Short | $(24321270) | $(24256125) | $65145 |
| &nbsp;&nbsp;&nbsp;U.S. Ultra Bond | March 2023 | 12 | Short | (1608330) | (1611750) | (3420) |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | $**(25929600)** | $**(25867875)** | $**61725** |

---

---

| | |
|:---|:---|
| **10** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND** 

**Centrally cleared credit default swap agreements — buy protection<sup>(7)</sup>:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**<br>Reference Entity** | **Implied Credit<br>Spread at<br>12/31/22<sup>(8)</sup>** | **<br>Notional<br>Amount<sup>(9)</sup>** | **<br>Maturity** | **(Pay)/Receive<br>Fixed Rate** | **Periodic<br>Payment<br>Frequency** | **Upfront<br>Payments** | **<br>Value** | **Unrealized<br>Depreciation** |
| &nbsp;&nbsp;&nbsp;CDX.NA.HY.S39 | 4.84% | USD 25,500,000 | 12/20/2027 | (5.00)% | Quarterly | $1136923 | $(148513) | $(1285436) |

---

<sup>(7)</sup> When a credit event occurs as defined under the terms of the swap agreement, the Fund as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation. 

<sup>(8)</sup> Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement. 

<sup>(9)</sup> The notional amount represents the maximum potential amount the Fund could be required to pay as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index. 

**Legend:** 

CLO — Collateralized Loan Obligation

H15T1Y — 1-year Constant Maturity Treasury Rate

LIBOR — London Interbank Offered Rate

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Agency Mortgage-Backed Securities | $— | $19324591 | $— | $19324591 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 41841404 |  | 41841404 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 11142627 |  | 11142627 |
| &nbsp;&nbsp;&nbsp;Non-Agency Mortgage-Backed Securities |  | 11342954 |  | 11342954 |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies |  | 3789520 |  | 3789520 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 82621640 |  | 82621640 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 8702073 |  |  | 8702073 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 2690631 |  | 2690631 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 2584617 |  | 2584617 |
| &nbsp;&nbsp;&nbsp;**Total** | $**8702073** | $**175337984** | $**—** | $**184040057** |
| &nbsp;&nbsp;&nbsp;**Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | $121979 | $— | $— | $121979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (34489) |  |  | (34489) |
| &nbsp;&nbsp;&nbsp;Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  | (1285436) |  | (1285436) |
| &nbsp;&nbsp;&nbsp;**Total** | $**87490** | $**(1285436)** | $**—** | $**(1197946)** |

---

*The accompanying notes are an integral part of these financial statements.*<sub>11</sub>

------

**FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184040057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on swap contracts | 3053858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 563790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash deposits with brokers for futures contracts | 417800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on futures contracts | 168760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 17158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 6765 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **188269541** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to broker for swap contracts | 1518130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 71649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 25183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 21165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative fees | 12697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 8869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued legal fees | 8030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 5526 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **1671860** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**186597681** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $191602629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable loss | (5004948) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**186597681** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $190175922 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **19096814** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$9.77** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Period Ended December 31, 2022<sup>1</sup> | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4248149 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **4780463** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 615888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 57081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 40481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 32493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 27295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 12099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 10413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 7909 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **803659** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (119339) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **684320** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **4096143** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (1173256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (587044) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from swap contracts | (6980) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (6135865) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | 87490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on swap contracts | (1285436) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments and Derivative Contracts** | **(9101091)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(5004948)** |

---

<sup>1</sup> Commenced operations on May 2, 2022.

---

| | |
|:---|:---|
| **12** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Changes in Net Assets** | |
|  | **For the<br>Period Ended<br>12/31/22<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $4096143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and derivative contracts | (1767280) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and derivative contracts | (7333811) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | **(5004948)** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 234189617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (42586988) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Capital Share Transactions** | **191602629** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets** | **186597681** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186597681 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 23424754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4327940) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase** | **19096814** |

---

<sup>1</sup> Commenced operations on May 2, 2022.

*The accompanying notes are an integral part of these financial statements.*<sub>13</sub>

------

**FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND** 

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past five years (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Loss** | **Total<br>Operations** | **<br>Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2),(3)</sup>** |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/22<sup>(5)</sup> | $10.00 | $0.20 | $(0.43) | $(0.23) | $9.77 | (2.30)% |

---

---

| | |
|:---|:---|
| **14** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3),(4)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets<sup>(3)</sup>** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3),(4)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Portfolio<br>Turnover Rate<sup>(3)</sup>** |
| $186598 | 0.49% | 0.58% | 3.00% | 2.91% | 61% |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. Certain non-recurring fees (i.e., audit fees) are not annualized. 

<sup>(4)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(5)</sup> Commenced operations on May 2, 2022.

---

| | |
|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | **15** |

---

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND** 

**December 31, 2022** 

**1. Organization** 

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Short Duration Bond VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on May 2, 2022. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks to provide a high level of current income consistent with preservation of capital.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer due diligence. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

The valuations of debt securities for which quoted bid prices are readily available are valued at the bid price by independent pricing services (each, a "Service"). Debt securities for which quoted bid prices are not readily available are valued by a Service at the evaluated bid price provided by the Service or the bid price provided by an independent broker-dealer or at a calculated price based on the spread to an appropriate benchmark provided by such broker-dealer.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5c). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE").

Exchange-traded financial futures and swap contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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| | |
|:---|:---|
| **16** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND** 

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** — unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** — other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments
(such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the period ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 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 obligationsFund Code Not Found most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

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| | |
|:---|:---|
| | **17** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND** 

**c. Futures Contracts** The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

**d. Credit Derivatives** The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve positioning, (iii) manage risk, (iv) enhance potential returns, or (v) as substitutes for permitted Fund investments. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

The Fund may enter into credit default swap agreements either as a buyer or seller. The Fund may buy protection under a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell protection under a credit default swap in an attempt to gain exposure to an underlying issuer's credit quality characteristics without investing directly in that issuer.

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. The Fund may also enter into cleared swaps.

In entering into swap contracts, the Fund is required to deposit with the broker (or for the benefit of the broker), either in cash or securities, an amount equal to a percentage of the notional value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial

statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the swap contracts and may realize a loss. During the period ended December 31, 2022, the Fund entered into credit default swaps for risk exposure management and to enhance potential return.

**e. Options Transactions** The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of its investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund's Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of December 31, 2022.

**f. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**g. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a

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| | |
|:---|:---|
| **18** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND** 

specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.45% of the first $300 million, and 0.40% in excess of $300 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly. The Fund has no sub-adviser.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.50% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the period ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $119,339.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**4. Federal Income Taxes** 

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity

("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the period ended December 31, 2022, were as follows:

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| | | |
|:---|:---|:---|
|  | **Other**<br> **Investments** | **U.S.<br>Government<br>and Agency<br>Obligations** |
| &nbsp;&nbsp;&nbsp;Purchases | $117966338 | $182196556 |
| &nbsp;&nbsp;&nbsp;Sales | 43509809 | 72505123 |

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**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the

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| | |
|:---|:---|
| | **19** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND** 

seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**d. Securities Purchased on a When-Issued or Delayed-Delivery Basis** The Fund may purchase securities on a when-issued or delayed-delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than at the trade date purchase price. Although the Fund will generally enter into these transactions with the intention of taking delivery of the securities, it may sell the securities before the settlement date. Assets will be segregated when a fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of December 31, 2022, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.

**f. Below Investment Grade Securities** The Fund may invest in below investment grade securities (i.e. lower-quality, "junk" debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

**g. Mortgage- and Asset-Backed Securities** The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The

values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac"), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

**h. Treasury Inflation Protected Securities** Treasury inflation protected securities ("TIPS") are debt securities issued by the U.S. Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index ("CPI"). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

**i. Loan Risk** Investments in loans are particularly subject to, among other risks, credit risk, interest rate risk, and counterparty risk. The Fund's investments in loans can be difficult to value accurately and may be more susceptible to liquidity risk than fixed income (or debt) investments of similar credit quality and/or maturity. Investments or transactions in loans are often subject to long settlement periods (potentially longer than seven days), which could limit the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. As a result, the Fund may be forced to sell other, more desirable, liquid investments, sell illiquid investments at a loss or take other measures to raise cash. Loans often are rated below investment-grade and may be unrated and

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| | |
|:---|:---|
| **20** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND** 

subject the Fund to the risk that the value of the collateral for the loan may be insufficient to cover the borrower's obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants (if any) more difficult for the Fund as legal action may have to go through the issuer of the participations. Investments in loans that lack or possess fewer or contingent contractual restrictive covenants are particularly susceptible to the risks associated with these investments. In addition, loans and other similar investments may not be considered "securities" and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

**j. Disclosures About Derivative Instruments and Hedging Activities** The Fund entered into U.S. Treasury futures contracts for the period ended December 31, 2022 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

Under certain market conditions, the Fund may use credit default swaps to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve exposure, (iii) manage risk, (iv) enhance returns, or (v) as substitutes for permitted Fund investments. Credit default swaps involve the exchange of a floating or fixed rate payment in return for assuming potential credit losses of an underlying security or pool of securities.

The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," *i.e.*, the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency or security, or in a "basket" of securities representing a particular index. Cleared swaps are transacted through futures commission merchants ("FCM"s) that are members of central clearinghouses with the clearinghouse serving as a central counterparty similar to transactions in futures contracts. Funds post initial and variation margin by making payments to their clearing member FCMs.

Generally, the Fund will enter into credit default swaps on a net basis, which means that the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the net amount of the two payments. Credit default swaps do not normally involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to credit default swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to a credit default swap defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

In addition to the risks generally applicable to derivatives, risks associated with credit default swap agreements include adverse changes in the returns of the underlying instruments, failure of the counterparties to perform under the agreement's terms and the possible lack of liquidity with respect to the agreements.

As of December 31, 2022, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund's use of derivative instruments:

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| | | |
|:---|:---|:---|
|  | **Interest<br>Rate<br>Contracts** | **Credit<br>Default<br>Contracts** |
| &nbsp;&nbsp;&nbsp; **Asset Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $121979 | $— |
| &nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>1</sup> | $(34489) | $— |
| &nbsp;&nbsp;&nbsp;Swap Contracts<sup>2</sup> |  | (1285436) |

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<sup>1</sup> Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

<sup>2</sup> Statement of Assets and Liabilities location: Includes the fair value of centrally cleared swap contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

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| | |
|:---|:---|
| | **21** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND** 

Transactions in derivative investments for the period ended December 31, 2022 were as follows:

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| | | |
|:---|:---|:---|
|  | **Interest<br>Rate**<br> **Contracts** | **Credit<br>Default**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $(587044) | $— |
| &nbsp;&nbsp;&nbsp;Swap Contracts<sup>2</sup> |  | (6980) |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>3</sup> | $87490 | $— |
| &nbsp;&nbsp;&nbsp;Swap Contracts<sup>4</sup> |  | (1285436) |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>5</sup> | 660 |  |
| &nbsp;&nbsp;&nbsp;Swap Contracts — Buy/Sell Protection | $— | $22217500 |

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<sup>1</sup> Statement of Operations location: Net realized gain/(loss) from futures contracts.

<sup>2</sup> Statement of Operations location: Net realized gain/(loss) from swap contracts.

<sup>3</sup> Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

<sup>4</sup> Statement of Operations location: Net change in unrealized appreciation/(depreciation) on swap contracts.

<sup>5</sup> Amount represents number of contracts. 

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the

current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the period ended December 31, 2022.

**7. Indemnifications** 

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| | |
|:---|:---|
| **22** | |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Board of Trustees of Guardian Variable Products Trust and Shareholders of** 

**Guardian Short Duration Bond VIP Fund** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Short Duration Bond VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period May 2, 2022 (commencement of operations) through December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations, changes in its net assets and the financial highlights for the period May 2, 2022 (commencement of operations) through December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

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| | |
|:---|:---|
| | **23** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp; **Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015– 2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

---

---

| | |
|:---|:---|
| **24** | |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

---

<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

---

| | |
|:---|:---|
| | **25** |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Position(s) Held and<br>Length of Service<sup>5</sup>** | **Principal Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp; **John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018). |
| &nbsp;&nbsp;&nbsp; **Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp; **Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp; **Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

---

<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

---

| | |
|:---|:---|
| **26** | |

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------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

---

| | |
|:---|:---|
| | **27** |

---

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g558451g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB11741

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Small Cap Core VIP Fund**![LOGO](g389872g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

**TABLE OF CONTENTS** 

**Guardian Small Cap Core VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc389872_1)** | 1 |
|  **[Fund Characteristics](#toc389872_2)** | 3 |
|  **[Fund Performance](#toc389872_3)** | 4 |
|  **[Understanding Your Fund's Expenses](#toc389872_4)** | 5 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc389872_6) | 6 |
| [Statement of Assets and Liabilities](#toc389872_7) | 9 |
| [Statement of Operations](#toc389872_8) | 9 |
| [Statements of Changes in Net Assets](#toc389872_9) | 10 |
| [Financial Highlights](#toc389872_10) | 12 |
| [Notes to Financial Statements](#toc389872_11) | 14 |
| [Report of Independent Registered Public Accounting Firm](#toc389872_12) | 20 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc389872_16) | 21 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc389872_17) | 24 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund's sub-adviser as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

------

**GUARDIAN SMALL CAP CORE VIP FUND** 

**FUND COMMENTARY OF** 

**CLEARBRIDGE INVESTMENTS LLC, SUB-ADVISER** 

**(UNAUDITED)** 

**Highlights** 

• Guardian Small Cap Core VIP Fund (the "Fund") returned -20.86%, slightly underperforming its benchmark, the Russell 2000<sup>®</sup> Index<sup>1</sup> (the "Index"), for the 12 months ended December 31, 2022. The Fund's slight underperformance relative to the Index was primarily due to stock selection in the communication services
and information technology sectors.

• The Index delivered a -20.44% return for the same period. Energy was the highest-performing and only positive sector within the Index, returning 53.49% for the period and significantly outpacing all other sectors. The
utilities and consumer staples sectors within the Index returned -1.35% and -9.59%, respectively, as investors sought refuge in the most defensive sectors but still struggled to hold up against a broader market retreat.

**Market Overview** 

U.S. small cap stocks generated negative returns for the one-year period ended December 31, 2022, unable to escape the broader macro headwinds stemming from inflation, rising interest rates, geopolitical tensions and supply chain disruptions. The Index declined -20.44%. The Russell 2000<sup>®</sup> Value Index<sup>2</sup> (the "Value Index") declined -14.48% in 2022, which outperformed the -26.36% decline by the Russell 2000<sup>®</sup> Growth Index<sup>3</sup> (the "Growth Index").

Higher-growth companies sold off in early 2022 as rising inflation and a resilient labor market furthered the prospect of higher and more frequent interest rate hikes and growing fears of a recession. Companies also faced increased supply chain disruptions and a further reduction in already-tight commodity inventories resulting from Russia's invasion of Ukraine in February 2022, with oil prices spiking and leading to strong outperformance in the energy sector.

Such conditions remained in the second quarter of 2022, with persistent inflation prompting central banks to take more hawkish stances. Defensive sectors led the market, along with the energy sector, while growth stocks sold off, leading to concerns over companies' abilities to maintain current margins and the probability of a "hard landing" for the economy.

Despite an early rally in the third quarter in 2022 for growth stocks in the hope that a policy-engineered recession would spur a reversal in the U.S. Federal Reserve's (the "Fed") policy, investors were disappointed by the Fed's intent to continue raising rates to combat persistent inflationary pressures. Markets continued their retreat, despite better-than-expected corporate earnings providing a boost late in the quarter, as the Fed signaled a higher-for-longer future for interest rates and a recession became the base case for 2023.

However, equity markets generated positive returns in the fourth quarter of 2022 as signs of peaking inflation and evidence of an economic slowdown boosted investor optimism of a Fed policy pivot. However, while the Fed voted to end its streak of 75 basis point interest rate hikes in favor of a 50 basis point hike, Fed Chair Powell reiterated that the central bank still had more work to do in its fight against inflation. These dashed hopes were replaced with concerns over corporate earnings and a growing possibility of a recession in 2023.

**Portfolio Review** 

We invest based on our assessment of long-term cash flows from a business, as compared to the market's implied estimate of those cash flows. Sometimes our assessment results in a growth tilt for the Fund and at other times it leans towards value stocks. In recent years, the Fund's strategy was tilted toward growth stocks, but this position became increasingly untenable amid the rally in growth stocks during 2020. Our emphasis on companies with current cash flows and attractive asset valuations proved to be a tailwind as the Fund benefited from its investments in value stocks in 2022.

The Fund's underperformance for the period was mainly driven by stock-specific factors such as our stock selection in the communication services and information technology sectors. Conversely, stock selection in the real estate, consumer discretionary and industrials sectors, were positive contributors to performance.

 <sub>1</sub>

------

**GUARDIAN SMALL CAP CORE VIP FUND** 

**Outlook** 

We anticipate continued uncertainty about the global economic outlook in light of higher interest rates and current geopolitical conflicts. However, regardless of the uncertainty we face entering 2023, we are confident in our ability to adapt to new market conditions and

capitalize on emerging opportunities. We will continue to adhere to our philosophy of seeking high-quality companies with strong balance sheets and long-term earnings growth drivers, which is the cornerstone of our portfolio management process.

<sup>**1**</sup> The Index measures the performance of the small-cap segment of the US equity universe. It is a subset of the Russell 3000 and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group. 

<sup>**2**</sup> The Value Index measures the performance of the large cap value segment of the US equity universe. It includes those Russell 2000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). You may not invest in the Value Index and, unlike the Fund, the Value Index does not incur fees or expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group. 

<sup>**3**</sup> The Growth Index measures the performance of the large cap growth segment of the US equity universe. It includes those Russell 2000 companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years). You may not invest in the Growth Index and, unlike the Fund, the Growth Index does not incur fees or expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group. 

---

| | |
|:---|:---|
| **2** | |

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**GUARDIAN SMALL CAP CORE VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $246,525,418

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Sector Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ![LOGO](g389872g00a04.jpg)  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp;**Holding** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 1.98% |
| &nbsp;&nbsp;&nbsp;Textainer Group Holdings Ltd. | 1.93% |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | 1.90% |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc. | 1.85% |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust REIT | 1.76% |
| &nbsp;&nbsp;&nbsp;Bank OZK | 1.69% |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | 1.65% |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 1.55% |
| &nbsp;&nbsp;&nbsp;Corporate Office Properties Trust REIT | 1.55% |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 1.54% |
| &nbsp;&nbsp;&nbsp;**Total** | **17.40%** |

---

**<sup>1</sup>** The Fund's holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS<sup>®</sup>). Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. 

 <sub>3</sub>

------

**GUARDIAN SMALL CAP CORE VIP FUND** 

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian Small Cap Core VIP Fund | 10/21/2019 | -20.86% |  |  | 1.90% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Index |  | -20.44% |  |  | 5.42% |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ![LOGO](g389872g06n06.jpg)  |

---

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Small Cap Core VIP Fund and the Russell 2000<sup>®</sup> Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

---

| | |
|:---|:---|
| **4** | |

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------

**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;997.20 | $5.24 | 1.04% |
| &nbsp;&nbsp;&nbsp;Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1019.96 | $5.30 | 1.04% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 <sub>5</sub>

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**SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Common Stocks – 98.6%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.6%** | &nbsp;&nbsp;&nbsp;**Common Stocks – 98.6%** |
| &nbsp;&nbsp;&nbsp;**Auto Components – 0.9%** | &nbsp;&nbsp;&nbsp;**Auto Components – 0.9%** | &nbsp;&nbsp;&nbsp;**Auto Components – 0.9%** |
| &nbsp;&nbsp;&nbsp; Visteon Corp.<sup>(1)</sup> | 17240 | $2255509 |
|  |  | **2255509** |
| &nbsp;&nbsp;&nbsp;**Banks – 9.7%** | &nbsp;&nbsp;&nbsp;**Banks – 9.7%** | &nbsp;&nbsp;&nbsp;**Banks – 9.7%** |
| &nbsp;&nbsp;&nbsp; Bank OZK | 103993 | 4165960 |
| &nbsp;&nbsp;&nbsp; Cadence Bank | 144769 | 3570004 |
| &nbsp;&nbsp;&nbsp; National Bank Holdings Corp., Class A | 64800 | 2726136 |
| &nbsp;&nbsp;&nbsp; Veritex Holdings, Inc. | 94525 | 2654262 |
| &nbsp;&nbsp;&nbsp; Washington Federal, Inc. | 109105 | 3660473 |
| &nbsp;&nbsp;&nbsp; WesBanco, Inc. | 90826 | 3358745 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 43806 | 3702483 |
|  |  | **23838063** |
| &nbsp;&nbsp;&nbsp;**Biotechnology – 0.6%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.6%** | &nbsp;&nbsp;&nbsp;**Biotechnology – 0.6%** |
| &nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc.<sup>(1)</sup> | 32822 | 1520643 |
|  |  | **1520643** |
| &nbsp;&nbsp;&nbsp;**Chemicals – 2.2%** | &nbsp;&nbsp;&nbsp;**Chemicals – 2.2%** | &nbsp;&nbsp;&nbsp;**Chemicals – 2.2%** |
| &nbsp;&nbsp;&nbsp; Avient Corp. | 56828 | 1918513 |
| &nbsp;&nbsp;&nbsp; Olin Corp. | 67923 | 3595844 |
|  |  | **5514357** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.9%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.9%** | &nbsp;&nbsp;&nbsp;**Communications Equipment – 0.9%** |
| &nbsp;&nbsp;&nbsp; Extreme Networks, Inc.<sup>(1)</sup> | 122200 | 2237482 |
|  |  | **2237482** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.4%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.4%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering – 1.4%** |
| &nbsp;&nbsp;&nbsp; Primoris Services Corp. | 157472 | 3454936 |
|  |  | **3454936** |
| &nbsp;&nbsp;&nbsp;**Construction Materials – 1.2%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 1.2%** | &nbsp;&nbsp;&nbsp;**Construction Materials – 1.2%** |
| &nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 21900 | 2909415 |
|  |  | **2909415** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance – 3.4%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 3.4%** | &nbsp;&nbsp;&nbsp;**Consumer Finance – 3.4%** |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.<sup>(1)</sup> | 49466 | 2371400 |
| &nbsp;&nbsp;&nbsp; OneMain Holdings, Inc. | 75300 | 2508243 |
| &nbsp;&nbsp;&nbsp; Oportun Financial Corp.<sup>(1)</sup> | 176597 | 973050 |
| &nbsp;&nbsp;&nbsp; PROG Holdings, Inc.<sup>(1)</sup> | 155051 | 2618811 |
|  |  | **8471504** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.6%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services – 0.6%** |
| &nbsp;&nbsp;&nbsp; Stride, Inc.<sup>(1)</sup> | 49776 | 1556993 |
|  |  | **1556993** |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 0.7%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services – 0.7%** |
| &nbsp;&nbsp;&nbsp; Anterix, Inc.<sup>(1)</sup> | 56939 | 1831728 |
|  |  | **1831728** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.3%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.3%** | &nbsp;&nbsp;&nbsp;**Electric Utilities – 1.3%** |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | 63104 | 3092096 |
|  |  | **3092096** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.1%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.1%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment – 1.1%** |
| &nbsp;&nbsp;&nbsp; EnerSys | 37835 | 2793736 |
|  |  | **2793736** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.9%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.9%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components – 2.9%** |
| &nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 29292 | 2512668 |
| &nbsp;&nbsp;&nbsp; Itron, Inc.<sup>(1)</sup> | 58942 | 2985412 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** (continued) | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** (continued) | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** (continued) |
| &nbsp;&nbsp;&nbsp; nLight, Inc.<sup>(1)</sup> | 154122 | 1562797 |
|  |  | **7060877** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services – 1.5%** |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 73494 | 3643098 |
|  |  | **3643098** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.5%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.5%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.5%** |
| &nbsp;&nbsp;&nbsp; PLAYSTUDIOS, Inc.<sup>(1)(2)</sup> | 325000 | 1261000 |
| &nbsp;&nbsp;&nbsp; PLAYSTUDIOS, Inc.<sup>(1)</sup> | 10681 | 41442 |
|  |  | **1302442** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 6.4%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 6.4%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) – 6.4%** |
| &nbsp;&nbsp;&nbsp; Corporate Office Properties Trust | 147034 | 3814062 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 206448 | 4345730 |
| &nbsp;&nbsp;&nbsp; LXP Industrial Trust | 238378 | 2388548 |
| &nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 63900 | 2810961 |
| &nbsp;&nbsp;&nbsp; RLJ Lodging Trust | 233183 | 2469408 |
|  |  | **15828709** |
| &nbsp;&nbsp;&nbsp;**Food Products – 1.9%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.9%** | &nbsp;&nbsp;&nbsp;**Food Products – 1.9%** |
| &nbsp;&nbsp;&nbsp; Sovos Brands, Inc.<sup>(1)</sup> | 143793 | 2066305 |
| &nbsp;&nbsp;&nbsp; Utz Brands, Inc. | 159304 | 2526562 |
|  |  | **4592867** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.2%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.2%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies – 2.2%** |
| &nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc.<sup>(1)</sup> | 52244 | 2662354 |
| &nbsp;&nbsp;&nbsp; Novocure Ltd.<sup>(1)</sup> | 15767 | 1156510 |
| &nbsp;&nbsp;&nbsp; Omnicell, Inc.<sup>(1)</sup> | 30359 | 1530701 |
|  |  | **5349565** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 4.0%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 4.0%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services – 4.0%** |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.<sup>(1)</sup> | 29605 | 2437084 |
| &nbsp;&nbsp;&nbsp; CareMax, Inc.<sup>(1)(2)</sup> | 213620 | 779713 |
| &nbsp;&nbsp;&nbsp; CareMax, Inc.<sup>(1)</sup> | 81958 | 299147 |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc.<sup>(1)</sup> | 59882 | 3691126 |
| &nbsp;&nbsp;&nbsp; R1 RCM, Inc.<sup>(1)</sup> | 238447 | 2610995 |
|  |  | **9818065** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.5%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.5%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure – 2.5%** |
| &nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 173000 | 3480760 |
| &nbsp;&nbsp;&nbsp; Everi Holdings, Inc.<sup>(1)</sup> | 177555 | 2547914 |
|  |  | **6028674** |
| &nbsp;&nbsp;&nbsp;**Household Durables – 1.9%** | &nbsp;&nbsp;&nbsp;**Household Durables – 1.9%** | &nbsp;&nbsp;&nbsp;**Household Durables – 1.9%** |
| &nbsp;&nbsp;&nbsp; Century Communities, Inc. | 93738 | 4687837 |
|  |  | **4687837** |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers – 1.0%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers – 1.0%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers – 1.0%** |
| &nbsp;&nbsp;&nbsp; Sunnova Energy International, Inc.<sup>(1)</sup> | 132809 | 2391890 |
|  |  | **2391890** |
| &nbsp;&nbsp;&nbsp;**Insurance – 2.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 2.2%** | &nbsp;&nbsp;&nbsp;**Insurance – 2.2%** |
| &nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 47505 | 2957661 |
| &nbsp;&nbsp;&nbsp; BRP Group, Inc., Class A<sup>(1)</sup> | 98585 | 2478427 |
|  |  | **5436088** |
| &nbsp;&nbsp;&nbsp;**IT Services – 2.4%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.4%** | &nbsp;&nbsp;&nbsp;**IT Services – 2.4%** |
| &nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.<sup>(1)</sup> | 39000 | 3680820 |
| &nbsp;&nbsp;&nbsp; Thoughtworks Holding, Inc.<sup>(1)</sup> | 207721 | 2116677 |
|  |  | **5797497** |

---

---

| | |
|:---|:---|
| **6** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Leisure Products – 1.1%** | &nbsp;&nbsp;&nbsp;**Leisure Products – 1.1%** | &nbsp;&nbsp;&nbsp;**Leisure Products – 1.1%** |
| &nbsp;&nbsp;&nbsp; Vista Outdoor, Inc.<sup>(1)</sup> | 114483 | $2789951 |
|  |  | **2789951** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.5%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services – 1.5%** |
| &nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., Class A<sup>(1)</sup> | 93900 | 1343709 |
| &nbsp;&nbsp;&nbsp; Syneos Health, Inc.<sup>(1)</sup> | 61522 | 2256627 |
|  |  | **3600336** |
| &nbsp;&nbsp;&nbsp;**Machinery – 3.6%** | &nbsp;&nbsp;&nbsp;**Machinery – 3.6%** | &nbsp;&nbsp;&nbsp;**Machinery – 3.6%** |
| &nbsp;&nbsp;&nbsp; Crane Holdings Co. | 23900 | 2400755 |
| &nbsp;&nbsp;&nbsp; Hillman Solutions Corp.<sup>(1)</sup> | 440275 | 3174383 |
| &nbsp;&nbsp;&nbsp; Terex Corp. | 76100 | 3250992 |
|  |  | **8826130** |
| &nbsp;&nbsp;&nbsp;**Media – 2.2%** | &nbsp;&nbsp;&nbsp;**Media – 2.2%** | &nbsp;&nbsp;&nbsp;**Media – 2.2%** |
| &nbsp;&nbsp;&nbsp; Gray Television, Inc. | 234416 | 2623115 |
| &nbsp;&nbsp;&nbsp; Integral Ad Science Holding Corp.<sup>(1)</sup> | 328757 | 2889774 |
|  |  | **5512889** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining – 2.5%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 2.5%** | &nbsp;&nbsp;&nbsp;**Metals & Mining – 2.5%** |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | 50266 | 2427848 |
| &nbsp;&nbsp;&nbsp; Constellium SE<sup>(1)</sup> | 154344 | 1825890 |
| &nbsp;&nbsp;&nbsp; MP Materials Corp.<sup>(1)</sup> | 77676 | 1885973 |
|  |  | **6139711** |
| &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) – 0.9%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) – 0.9%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) – 0.9%** |
| &nbsp;&nbsp;&nbsp; Redwood Trust, Inc. | 324958 | 2196716 |
|  |  | **2196716** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.5%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.5%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities – 1.5%** |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. | 53959 | 3795476 |
|  |  | **3795476** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 5.1%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 5.1%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels – 5.1%** |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp.<sup>(1)</sup> | 165814 | 2792308 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 44948 | 2332352 |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A | 173345 | 4064940 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. | 57700 | 3302748 |
|  |  | **12492348** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.2%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.2%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.2%** |
| &nbsp;&nbsp;&nbsp; Cara Therapeutics, Inc.<sup>(1)</sup> | 75200 | 807648 |
| &nbsp;&nbsp;&nbsp; Intra-Cellular Therapies, Inc.<sup>(1)</sup> | 41871 | 2215813 |
|  |  | **3023461** |
| &nbsp;&nbsp;&nbsp;**Professional Services – 3.1%** | &nbsp;&nbsp;&nbsp;**Professional Services – 3.1%** | &nbsp;&nbsp;&nbsp;**Professional Services – 3.1%** |
| &nbsp;&nbsp;&nbsp; ICF International, Inc. | 28194 | 2792615 |
| &nbsp;&nbsp;&nbsp; Korn Ferry | 48561 | 2458158 |
| &nbsp;&nbsp;&nbsp; Sterling Check Corp.<sup>(1)</sup> | 149723 | 2316215 |
|  |  | **7566988** |
| &nbsp;&nbsp;&nbsp;**Road & Rail – 1.2%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 1.2%** | &nbsp;&nbsp;&nbsp;**Road & Rail – 1.2%** |
| &nbsp;&nbsp;&nbsp; Marten Transport Ltd. | 150289 | 2972716 |
|  |  | **2972716** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.9%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.9%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment – 2.9%** |
| &nbsp;&nbsp;&nbsp; Photronics, Inc.<sup>(1)</sup> | 154000 | 2591820 |
| &nbsp;&nbsp;&nbsp; Semtech Corp.<sup>(1)</sup> | 43177 | 1238748 |
| &nbsp;&nbsp;&nbsp; SMART Global Holdings, Inc.<sup>(1)</sup> | 229375 | 3413100 |
|  |  | **7243668** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Software – 5.0%** | &nbsp;&nbsp;&nbsp;**Software – 5.0%** | &nbsp;&nbsp;&nbsp;**Software – 5.0%** |
| &nbsp;&nbsp;&nbsp; CommVault Systems, Inc.<sup>(1)</sup> | 72325 | $4544903 |
| &nbsp;&nbsp;&nbsp; NCR Corp.<sup>(1)</sup> | 149882 | 3508738 |
| &nbsp;&nbsp;&nbsp; Rapid7, Inc.<sup>(1)</sup> | 64434 | 2189467 |
| &nbsp;&nbsp;&nbsp; WalkMe Ltd.<sup>(1)</sup> | 187790 | 2099492 |
|  |  | **12342600** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail – 5.2%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 5.2%** | &nbsp;&nbsp;&nbsp;**Specialty Retail – 5.2%** |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 21229 | 3829075 |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 17479 | 4886079 |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc.<sup>(1)</sup> | 171356 | 1624455 |
| &nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.<sup>(1)</sup> | 108282 | 2582526 |
|  |  | **12922135** |
| &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance – 2.7%** | &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance – 2.7%** | &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance – 2.7%** |
| &nbsp;&nbsp;&nbsp; NMI Holdings, Inc., Class A<sup>(1)</sup> | 162694 | 3400305 |
| &nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 70086 | 3177699 |
|  |  | **6578004** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 5.5%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 5.5%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors – 5.5%** |
| &nbsp;&nbsp;&nbsp; Custom Truck One Source, Inc.<sup>(1)(2)</sup> | 342859 | 2166869 |
| &nbsp;&nbsp;&nbsp; Custom Truck One Source, Inc.<sup>(1)</sup> | 103158 | 651959 |
| &nbsp;&nbsp;&nbsp; GATX Corp. | 26901 | 2860652 |
| &nbsp;&nbsp;&nbsp; Rush Enterprises, Inc., Class A | 60160 | 3145165 |
| &nbsp;&nbsp;&nbsp; Textainer Group Holdings Ltd. | 153340 | 4755073 |
|  |  | **13579718** |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $246,652,313) | &nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $246,652,313) | **242996918** |
| &nbsp;&nbsp;&nbsp;**Warrants – 0.0%** | &nbsp;&nbsp;&nbsp;**Warrants – 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Conx Corp., Class A<sup>(1)</sup> | 42107 | 6316 |
| &nbsp;&nbsp;&nbsp; East Resources Acquisition Co.<sup>(1)</sup> | 76065 | 13311 |
| &nbsp;&nbsp;&nbsp;**Total Warrants** <br> (Cost $24,831) |  | **19627** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.4%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.4%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.4%** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.4%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.4%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 1.4%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $3,554,550, due 1/3/2023<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3554044 | 3554044 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $3,554,044) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $3,554,044) | **3554044** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 100.0%** <br> (Cost $250,231,188) | &nbsp;&nbsp;&nbsp;**Total Investments – 100.0%** <br> (Cost $250,231,188) | **246570589** |
| &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.0)%** | &nbsp;&nbsp;&nbsp;**Liabilities in excess of other assets – (0.0)%** | **(45171)** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**246525418** |

---

<sup>(1)</sup> Non–income–producing security.

<sup>(2)</sup> Security is restricted. Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. At December 31, 2022, the aggregate market value of these securities amounted to $4,207,582, representing 1.7% of net assets. 

*The accompanying notes are an integral part of these financial statements.*<sub>7</sub>

------

**SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP CORE VIP FUND** 

<sup>(3)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $4963200 | $3625188 |

---

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $242996918 | $— | $— | $242996918 |
| &nbsp;&nbsp;&nbsp;Warrants |  | 19627 |  | 19627 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 3554044 |  | 3554044 |
| &nbsp;&nbsp;&nbsp;**Total** | $**242996918** | $**3573671** | $**—** | $**246570589** |

---

---

| | |
|:---|:---|
| **8** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**FINANCIAL INFORMATION — GUARDIAN SMALL CAP CORE VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $246570589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends/interest receivable | 243781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 10609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 8863 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **246833842** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 148122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 53667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 51766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 20475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 7680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 25999 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **308424** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**246525418** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $203757564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 42767854 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**246525418** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $250231188 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with <br>No Par Value** | **23203568** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$10.62** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $3435604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 13419 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **3449023** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1871161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 677957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 78253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 63656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 42734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 40687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 14815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 8213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 14661 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **2812137** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **636886** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (1545322) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (62682085) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments** | **(64227407)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(63590521)** |

---

*The accompanying notes are an integral part of these financial statements.*<sub>9</sub>

------

**FINANCIAL INFORMATION — GUARDIAN SMALL CAP CORE VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** |
|  | **For the<br>Year Ended<br>12/31/22** | **For the<br>Year Ended<br>12/31/21** |
| &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** | &nbsp;&nbsp;&nbsp; **Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $636886 | $30592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (1545322) | 48230900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (62682085) | 6302779 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Operations** | **(63590521)** | **54564271** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** | &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 69252183 | 12210610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (43280112) | (120157999) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions** | **25972071** | **(107947389)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets** | **(37618450)** | **(53383118)** |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 284143868 | 337526986 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $246525418 | $284143868 |
| &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** | &nbsp;&nbsp;&nbsp; **Other Information:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 5747650 | 929071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3722078) | (9352087) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease)** | **2025572** | **(8423016)** |

---

---

| | |
|:---|:---|
| **10** | *The accompanying notes are an integral part of these financial statements.* |

---

------

This Page Intentionally Left Blank

 <sub>11</sub>

------

**FINANCIAL INFORMATION — GUARDIAN SMALL CAP CORE VIP FUND** 

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past five years (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $13.42 | $0.03 | $(2.83) | $(2.80) | $10.62 | (20.86)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 11.40 | 0.00<sup>(4)</sup> | 2.02 | 2.02 | 13.42 | 17.72% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 11.13 | 0.05 | 0.22 | 0.27 | 11.40 | 2.43% |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/19<sup>(5)</sup> | 10.00 | 0.01 | 1.12 | 1.13 | 11.13 | 11.30%<sup>(6)</sup> |

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| | |
|:---|:---|
| **12** | *The accompanying notes are an integral part of these financial statements.* |

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**FINANCIAL INFORMATION — GUARDIAN SMALL CAP CORE VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $246525 | 1.04% | 1.04% | 0.23% | 0.23% | 48% |
| 284144 | 1.04% | 1.04% | 0.01% | 0.01% | 45% |
| 337527 | 1.05% | 1.05% | 0.53% | 0.53% | 69% |
| 310451 | 1.01%<sup>(6)</sup> | 1.09%<sup>(6)</sup> | 0.57%<sup>(6)</sup> | 0.49%<sup>(6)</sup> | 98%<sup>(6)</sup> |

---

<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Rounds to $0.00 per share. 

<sup>(5)</sup> Commenced operations on October 21, 2019.

<sup>(6)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2019, certain non-recurring fees (i.e., audit fees) are not annualized. 

*The accompanying notes are an integral part of these financial statements.*<sub>13</sub>

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND** 

**December 31, 2022** 

**1. Organization** 

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Small Cap Core VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks capital appreciation.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer due diligence. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE"). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund's investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

---

| | |
|:---|:---|
| **14** | |

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------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND** 

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** — unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** — other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest
rates, prepayment speeds, credit risks, price below current market value, etc.) or other market corroborated inputs.

• **Level 3** — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

***Investments*** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not

considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, private investment in public equity, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, the Fund did not hold any derivatives.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or

---

| | |
|:---|:---|
| | **15** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND** 

sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**c. Foreign Currency Translation** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

**d. Foreign Capital Gains Tax** The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**e. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the

ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**f. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.69% of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 1.05% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue did not waive any fees or pay any Fund expenses.

Park Avenue has entered into a Sub-Advisory Agreement with ClearBridge Investments LLC ("ClearBridge"). ClearBridge is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the

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| | |
|:---|:---|
| **16** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND** 

oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $677,957 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

**4. Federal Income Taxes** 

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $153,194,292 and $128,293,941, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of

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| | |
|:---|:---|
| | **17** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND** 

Investments. As of December 31, 2022, the Fund held three restricted securities, and did not hold any illiquid securities.

**f. Private Investment in Public Equity** A Fund may invest in securities that are purchased in private investment in public equity ("PIPE") transactions. PIPEs are an accredited investor's purchase of stock in a public company at a discount to the current market value per share for the purpose of raising capital and may also issue warrants enabling a Fund to purchase additional shares at a price equal to or at a premium to current market prices. Securities acquired by a Fund in such transactions are subject to resale restrictions under securities laws. Because the shares issued in a PIPE transaction are "restricted securities" under the federal securities laws, a Fund cannot freely trade the securities until the issuer files a registration statement to provide for the public resale of the shares, which typically occurs after the completion of the PIPE transaction and the public registration process with the SEC is completed, a period which can last many months. While issuers in PIPE transactions typically agree that they will register the securities for resale by a Fund after the transaction closes (thereby removing resale restrictions), there is no guarantee that the securities will in fact be registered, or that the registration will be maintained. In addition, a PIPE issuer may require a Fund to agree to other resale restrictions as a condition to the sale of such securities. Thus, a Fund's ability to resell securities acquired in PIPE transactions may be limited, and even though a public market may exist for such securities, the securities held by a Fund may be deemed illiquid.

**g. Special Purpose Acquisition Companies** A Fund may invest in stock, warrants, rights and other securities of special purpose acquisition companies ("SPACs") or similar special purpose entities in a private placement transaction or as part of a public offering. A SPAC, sometimes referred to as "blank check company," is a private or publicly traded company that raises investment capital for the purpose of acquiring or merging with an existing company. The shares of a SPAC are typically issued in "units" that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares of common stock. At a specified time, the rights and warrants may be separated from the common stock at the election of the holder, after which time each security typically is freely tradeable. Private companies can combine with a SPAC to go public by taking the SPAC's place on an exchange as an alternative to making an initial public offering. Additionally, a Fund may purchase units or shares of SPACs that have completed

an IPO on a secondary market, during a SPAC's IPO or through a PIPE offering. PIPE transactions involve the purchase of securities typically at a discount to the market price of the company's common stock and may be subject to transfer restrictions, which typically would make them less liquid than equity issued through a public offering. Investments in SPACs also have risks peculiar to the SPAC structure and investment process. Until an acquisition or merger is completed, a SPAC generally invests its assets, less a portion retained to cover expenses, in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. To the extent a SPAC is invested in cash or similar securities, this may impact a Fund's ability to meet its investment objective. SPAC shareholders may not approve any proposed acquisition or merger, or an acquisition or merger, once effected, may prove unsuccessful. If an acquisition or merger is not completed within a pre-established period (typically, two years), the remainder of funds invested in the SPAC are returned to its shareholders. While a SPAC investor may receive both stock in the SPAC, as well as warrants or other rights at no marginal cost, those warrants or other rights may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price. A Fund may also be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled. An investment in a SPAC is typically subject to a higher risk of dilution by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC. Moreover, interests in SPACs may be illiquid and/or be subject to restrictions on resale, which may remain for an extended time, and may only be traded in the over-the-counter market.

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank

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| | |
|:---|:---|
| **18** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND** 

Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

**7. Indemnifications** 

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide general indemnifications. The Fund's maximum

exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

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| | |
|:---|:---|
| | **19** |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Board of Trustees of Guardian Variable Products Trust and Shareholders of** 

**Guardian Small Cap Core VIP Fund** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Small Cap Core VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

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|:---|:---|
| **20** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)<br>During Past Five Years** | **Number of<br>Funds<br>in Fund<br>Complex<br>Overseen<br>by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp;**Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013– 2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008– 2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015– 2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012– 2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

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| | |
|:---|:---|
| | **21** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal<br>Occupation(s)<br>During Past Five Years** | **Number of<br>Funds<br>in Fund<br>Complex<br>Overseen<br>by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp;**Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

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<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

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| | |
|:---|:---|
| **22** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Position(s) Held and<br>Length of Service<sup>5</sup>** | **Principal<br>Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp;**Dominique Baede**<br> (born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp;**John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018). |
| &nbsp;&nbsp;&nbsp;**Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp;**Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp;**Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

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<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

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| | |
|:---|:---|
| | **23** |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

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| | |
|:---|:---|
| **24** | |

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**This Page Intentionally Left Blank** 

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**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g389872g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB10526

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## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian Total Return Bond VIP Fund**![LOGO](g412416g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

**TABLE OF CONTENTS** 

**Guardian Total Return Bond VIP Fund** 

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| | |
|:---|:---|
|  **[Fund Commentary](#toc412416_1)** | 1 |
|  **[Fund Characteristics](#toc412416_2)** | 3 |
|  **[Fund Performance](#toc412416_3)** | 5 |
|  **[Understanding Your Fund's Expenses](#toc412416_4)** | 6 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc412416_5) | 7 |
| [Statement of Assets and Liabilities](#toc412416_6) | 13 |
| [Statement of Operations](#toc412416_7) | 13 |
| [Statements of Changes in Net Assets](#toc412416_8) | 14 |
| [Financial Highlights](#toc412416_9) | 16 |
| [Notes to Financial Statements](#toc412416_10) | 18 |
| [Report of Independent Registered Public<br>Accounting Firm](#toc412416_11) | 25 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc412416_14) | 26 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc412416_15) | 29 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of Park Avenue Institutional Advisers LLC as of the date of this report and are subject to change without notice. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

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**GUARDIAN TOTAL RETURN BOND VIP FUND** 

**FUND COMMENTARY OF PARK AVENUE INSTITUTIONAL ADVISERS LLC, MANAGER** 

**(UNAUDITED)** 

**Highlights** 

• Guardian Total Return Bond VIP Fund (the "Fund") returned -15.36%, underperforming its benchmark, the Bloomberg US Aggregate Bond Index<sup>1</sup>(the "Index"), for the 12 months ended December 31, 2022.

• The Index returned -13.01% for the same period.

• The Fund's underperformance relative to the Index was primarily due to its allocation to high yield bonds. Overweight allocations to AAA-rated corporate bonds with maturities
of 3 to 10 years and BBB-rated corporate bonds with maturities of 3 to 10 years also detracted from the Fund's relative performance. An underweight allocation to agency residential mortgage-backed
securities contributed to the Fund's relative performance.

**Market Overview** 

Throughout 2022, the U.S. Federal Reserve (the "Fed") significantly increased interest rates in response to a rapidly increasing inflation market environment. The Standard & Poor's 500<sup>®</sup> Index<sup>2</sup> (the "S&P 500 Index") returned -18.11% for the year. Nearly every segment of the fixed income market experienced declines. The Bloomberg US Corporate High Yield Bond Index<sup>3</sup> (the "High Yield Index") returned -11.19% for the year. Leveraged loans generally outperformed most major fixed income indexes but were still negative, returning -0.60%. The 10-year Treasury returned -16.5% for the year.

With inflation above 7% all year, the Fed's main goal was to decrease inflation while not sparking a recession. The Fed increased the federal funds rate seven times in 2022, from 0.25-0.50% in March to 4.25-4.50% in December, the most rapid pace of interest rate hikes in recent history.

**Portfolio Review** 

The Fund's allocation to high yield bonds primarily contributed to its underperformance relative to the Index. Overweight allocations to AAA-rated corporate bonds with maturities of 3 to 10 years and BBB-rated corporate bonds with maturities of 3 to 10 years also detracted from the Fund's relative performance. An underweight allocation to agency residential

mortgage-backed securities also contributed to the Fund's relative performance.

With respect to the Fund's investment grade allocation, 2022 began with a cautious view on spreads given the expectation for the Fed to begin to withdraw accommodation and tighten financial conditions. As spreads widened through the year to more historically attractive levels, and in anticipation of some moderation to inflation, we moderately increased the Fund's risk exposure within the investment grade allocation to take advantage of expected tightening of spreads. The overweight to the banking sector relative to the Index contributed to the Fund's relative performance.

U.S. high yield and leveraged loans experienced similar market volatility that other fixed income asset classes did during 2022, but their higher yield and much shorter duration helped mitigate some of this volatility. Over 2022, credit ratings started to drift lower after the 18-month upswing post-COVID-19, and default rates started to go up but continue to remain below their long-term averages. We believe that volatility will continue to impact investment grade fixed income investments in 2023, but we also believe that there may be specific securities and times throughout the year that they may present total return opportunities based on their current yields, as well as total return potential given their trading prices and short duration.<sup>4</sup>

Also, given uncertainty about rising interest rates, the potential for rate volatility and the fact that the Fed is no longer reinvesting mortgage-backed securities proceeds, we found mortgage-backed securities less appealing.

We began de-risking the Fund's portfolio in May and June, buying credit default index swaps and selling high yield fixed income investments. In the second half of the year, we also utilized yield curve flatteners to take advantage of differences in yield spread between the 2-year and 10-year Treasuries. In addition, to help manage inflation risk, we made an allocation to Treasury Inflation-Protected Securities ("TIPS") in the beginning of the year and maintained that allocation throughout the year.

**Outlook** 

As we enter 2023, we remain in a relatively high inflation, low growth environment. Although we have a more

 <sub>1</sub>

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**GUARDIAN TOTAL RETURN BOND VIP FUND** 

optimistic outlook on the market than the Fed, we also believe that an economic recession in 2023 is likely. Historically, spreads widen into a recession, therefore we are proceeding with caution in anticipation of heightened credit risk in 2023. However, we believe

ample cash is waiting to be deployed, which can mitigate spread widening. Finally, we believe the yield curve may get flatter before it steepens positively. Overall, we continue to remain defensive in our investment approach.

**<sup>1</sup>** The Index is an index of U.S. dollar-denominated, investment-grade U.S. government and corporate securities, and mortgage pass-through securities, and asset-backed securities. You may not invest in the Bond Index and, unlike the Fund, the Bond Index does not incur fees or expenses. 

**<sup>2</sup>** The S&P 500 Index is an unmanaged market-capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses. 

**<sup>3</sup>** The High Yield Index is generally considered to be representative of the investable universe of the U.S. dollar–denominated high-yield debt market. You may not invest in the High Yield Index and, unlike the Fund, the High Yield Index does not incur fees or expenses. 

**<sup>4</sup>** Duration is a measure of a bond price's sensitivity to changes in interest rates. 

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| | |
|:---|:---|
| **2** | |

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**GUARDIAN TOTAL RETURN BOND VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $266,369,575

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **Bond Sector Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g412416g04a04.jpg) |

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **Bond Quality Allocation<sup>2</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g412416g00a05.jpg) |

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 <sub>3</sub>

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**GUARDIAN TOTAL RETURN BOND VIP FUND** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>1</sup>**<br> As of December 31, 2022 | | | |
| &nbsp;&nbsp;&nbsp;**Holding** | **Coupon Rate** | **Maturity Date** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 2.500% | 4/30/2024 | 8.10% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 1.875% | 2/15/2032 | 6.25% |
| &nbsp;&nbsp;&nbsp;Vanguard Short-Term Inflation-Protected Securities ETF |  |  | 4.59% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill | 3.566% | 2/2/2023 | 4.23% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 1.250% | 5/31/2028 | 1.63% |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association | 3.000% | 5/1/2052 | 1.60% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.250% | 8/15/2049 | 1.57% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 1.625% | 8/15/2029 | 1.57% |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association | 3.500% | 6/1/2052 | 1.52% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 0.250% | 10/31/2025 | 1.51% |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | **32.57%** |

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**<sup>1</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** The Bond Quality Allocation chart displays the percentage of fund assets allocated to each rating. Rating agencies' independent ratings of individual securities are aggregated by Bloomberg, and market weights are reported using Standard & Poor's letter rating conventions. Rating methodology uses the middle rating of Moody's Investors Service, Inc., Standard & Poor's Ratings Services, and Fitch Ratings. When a rating from only two of the rating agencies is available, the lower rating is used. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standards of credit quality. Rating agencies may fail to make timely changes in credit ratings, and an issuer's current financial condition may be better or worse than a rating indicates. In formulating investment decisions for the Fund, Park Avenue Institutional Advisers LLC develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings. 

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| | |
|:---|:---|
| **4** | |

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**GUARDIAN TOTAL RETURN BOND VIP FUND** 

**Fund Performance (unaudited)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian Total Return Bond VIP Fund | 10/21/2019 | -15.36% |  |  | -3.31% |
| &nbsp;&nbsp;&nbsp;Bloomberg US Aggregate Bond Index |  | -13.01% |  |  | -2.39% |

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g412416g00a08.jpg) |

---

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Total Return Bond VIP Fund and the Bloomberg US Aggregate Bond Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

 <sub>5</sub>

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**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $955.30 | $3.89 | 0.79% |
| &nbsp;&nbsp;&nbsp;Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1021.22 | $4.02 | 0.79% |

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\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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| | |
|:---|:---|
| **6** | |

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**SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities – 11.8%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities – 11.8%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities – 11.8%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp.<br>3.00% due 3/1/2052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 6/1/2052 | 3861151 | 3508828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/1/2037 | 474657 | 462752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 6/1/2052 | 722993 | 678232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 9/1/2052 | 490629 | 472756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 12/1/2052 | 1294073 | 1276121 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association<br>2.50% due 1/1/2052 | 3947888 | 3346442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/1/2052 | 2728951 | 2314003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 3/1/2052 | 3493930 | 3071739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 5/1/2052 | 4843293 | 4256080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 6/1/2052 | 4460072 | 4053076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 11/1/2052 | 2295108 | 2086034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 6/1/2052 | 13749 | 12897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 12/1/2052 | 1296150 | 1215882 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass-Through Certificates<br>K073 A2 <br>3.35% due 1/25/2028 | 1325000 | 1262179 |
| &nbsp;&nbsp;&nbsp;&nbsp; K103 A2 <br>2.651% due 11/25/2029 | 1573000 | 1402735 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage–Backed Securities** <br> (Cost $32,092,804) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage–Backed Securities** <br> (Cost $32,092,804) | **31337466** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 15.6%** | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 15.6%** | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 15.6%** |
| &nbsp;&nbsp;&nbsp; American Tower Trust I <br>13 2A <br>3.07% due 3/15/2048<sup>(1)</sup> | 1500000 | 1492421 |
| &nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust <br>2019-3 B <br>2.13% due 7/18/2025 | 145959 | 145804 |
| &nbsp;&nbsp;&nbsp; Ares XXXIIR CLO Ltd. <br>2014-32RA B <br>6.406% (LIBOR 3 Month + 1.80%)<br> due 5/15/2030<sup>(1)(2)(3)</sup> | 1200000 | 1100640 |
| &nbsp;&nbsp;&nbsp; Ares XXXIV CLO Ltd. <br>2015-2A BR2 <br>5.679% (LIBOR 3 Month + 1.60%)<br> due 4/17/2033<sup>(1)(2)(3)</sup> | 450000 | 426690 |
| &nbsp;&nbsp;&nbsp; Battalion CLO XX Ltd. <br>2021-20A D <br>7.179% (LIBOR 3 Month + 3.10%)<br> due 7/15/2034<sup>(1)(2)(3)</sup> | 2000000 | 1749522 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd. <br>2014-2A BR2 <br>5.993% (LIBOR 3 Month + 1.75%)<br> due 10/20/2030<sup>(1)(2)(3)</sup> | 800000 | 767200 |
| &nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables Trust <br>2022-2 A2A <br>3.74% due 9/15/2025 | 1500000 | 1484573 |
| &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd. <br>2017-3A BR <br>6.243% (LIBOR 3 Month + 2.00%)<br> due 7/20/2029<sup>(1)(2)(3)</sup> | 3000000 | 2775000 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust <br>2020-4 B <br>0.85% due 6/15/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290234 |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd. <br>2013-4A BRR <br>5.958% (LIBOR 3 Month + 1.60%)<br> due 4/27/2031<sup>(1)(2)(3)</sup> | 800000 | 766160 |
| &nbsp;&nbsp;&nbsp; DB Master Finance LLC <br>2021-1A A2II <br>2.493% due 11/20/2051<sup>(1)</sup> | 1039500 | 847708 |
| &nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust <br>2020-2 A3 <br>0.57% due 10/23/2023<sup>(1)</sup> | 663535 | 657189 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO IX Ltd. <br>2021-2A C <br>6.143% (LIBOR 3 Month + 1.90%) <br> due 7/20/2034<sup>(1)(2)(3)</sup> | 3000000 | 2722200 |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust <br>2020-1 A <br>2.04% due 8/15/2031<sup>(1)</sup> | 1100000 | 1026786 |
| &nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust <br>2020-2 A <br>1.06% due 9/15/2027 | 1500000 | 1347029 |
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust <br>2020-A A3 <br>0.38% due 8/18/2025 | 961694 | 935576 |
| &nbsp;&nbsp;&nbsp; Golden Credit Card Trust <br>2018-4A A <br>3.44% due 8/15/2025<sup>(1)</sup> | 1590000 | 1572966 |
| &nbsp;&nbsp;&nbsp; ICG U.S. CLO Ltd. <br>2018-2A B <br>6.075% (LIBOR 3 Month + 1.75%) <br> due 7/22/2031<sup>(1)(2)(3)</sup> | 1300000 | 1240980 |
| &nbsp;&nbsp;&nbsp; Master Credit Card Trust <br>2021-1A A <br>0.53% due 11/21/2025<sup>(1)</sup> | 1590000 | 1493709 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO XVI-S Ltd. <br>2017-16SA BR <br>5.479% (LIBOR 3 Month + 1.40%) <br> due 4/15/2034<sup>(1)(2)(3)</sup> | 1000000 | 933600 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO XVII Ltd. <br>2014-17A BR2 <br>5.825% (LIBOR 3 Month + 1.50%) <br> due 4/22/2029<sup>(1)(2)(3)</sup> | 1100000 | 1054460 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners 50 Ltd.<br>2020-4A DR <br>7.229% (LIBOR 3 Month + 3.15%) <br> due 1/15/2035<sup>(1)(2)(3)</sup> | 1100000 | 941160 |
| &nbsp;&nbsp;&nbsp; Octagon Loan Funding Ltd. <br>2014-1A CRR <br>6.874% (LIBOR 3 Month + 2.20%) <br> due 11/18/2031<sup>(1)(2)(3)</sup> | 3200000 | 2952000 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 3 Ltd. <br>2019-3A CR <br>6.193% (LIBOR 3 Month + 1.95%) <br> due 7/2/2035<sup>(1)(2)(3)</sup> | 3000000 | 2724900 |

---

*The accompanying notes are an integral part of these financial statements.*<sub>7</sub>

------

**SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Oscar U.S. Funding XIV LLC <br>2022-1A A2 <br>1.60% due 3/10/2025<sup>(1)</sup> | $| 956192 | $| 937350 |
| &nbsp;&nbsp;&nbsp; Riserva CLO Ltd. <br>2016-3A CRR <br>5.994% (LIBOR 3 Month + 1.80%)<br> due 1/18/2034<sup>(1)(2)(3)</sup> |  | 3000000 |  | 2736300 |
| &nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC <br>2022-A1 A <br>3.37% due 4/15/2028 |  | 1190000 |  | 1146246 |
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust<br>2019-C A4 <br>1.88% due 11/15/2024 |  | 559988 |  | 555361 |
| &nbsp;&nbsp;&nbsp; Verizon Master Trust <br>2022-5 A1A <br>3.72% due 7/20/2027<sup>(2)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326539 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd. <br>2016-3A A3R <br>5.944% (LIBOR 3 Month + 1.75%)<br> due 10/18/2031<sup>(1)(2)(3)</sup> |  | 955000 |  | 911738 |
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust<br>2022-C A2 <br>3.73% due 3/16/2026 |  | 1600000 |  | 1578162 |
| &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $44,296,261) | &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $44,296,261) | &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $44,296,261) |  | **41640203** |
| &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 21.8%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 21.8%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 21.8%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 21.8%** | &nbsp;&nbsp;&nbsp;**Corporate Bonds & Notes – 21.8%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.4%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.4%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.4%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.4%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense – 0.4%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. <br>5.15% due 5/1/2030 |  | 750000 |  | 733620 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. <br>5.25% due 5/1/2050 |  | 350000 |  | 347529 |
|  |  |  |  | **1081149** |
| &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** | &nbsp;&nbsp;&nbsp;**Agriculture – 0.2%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. <br>5.75% due 11/17/2032 |  | 500000 |  | 512995 |
|  |  |  |  | **512995** |
| &nbsp;&nbsp;&nbsp;**Beverages – 0.2%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.2%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.2%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.2%** | &nbsp;&nbsp;&nbsp;**Beverages – 0.2%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. <br>4.50% due 6/1/2050 |  | 700000 |  | 617764 |
|  |  |  |  | **617764** |
| &nbsp;&nbsp;&nbsp;**Building Materials – 0.4%** | &nbsp;&nbsp;&nbsp;**Building Materials – 0.4%** | &nbsp;&nbsp;&nbsp;**Building Materials – 0.4%** | &nbsp;&nbsp;&nbsp;**Building Materials – 0.4%** | &nbsp;&nbsp;&nbsp;**Building Materials – 0.4%** |
| &nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc. <br>6.125% due 1/15/2029<sup>(1)</sup> |  | 1500000 |  | 1057290 |
|  |  |  |  | **1057290** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks – 3.5%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 3.5%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 3.5%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 3.5%** | &nbsp;&nbsp;&nbsp;**Commercial Banks – 3.5%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. <br>4.271% (4.271% fixed rate until 7/23/2028; LIBOR 3 Month + 1.31% thereafter) <br> due 7/23/2029<sup>(2)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 |  | 1965978 |
| &nbsp;&nbsp;&nbsp; Barclays PLC <br>7.385% (7.385% fixed rate until 11/2/2027; H15T1Y + 3.30% thereafter) <br> due 11/2/2028<sup>(2)</sup> |  | 1200000 |  | 1250412 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Banks** (continued) |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. <br>4.223% (4.223% fixed rate until 5/1/2028; LIBOR 3 Month + 1.30% thereafter) <br> due 5/1/2029<sup>(2)(3)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119996 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. <br>4.203% (4.203% fixed rate until 7/23/2028; LIBOR 3 Month + 1.26% thereafter) <br> due 7/23/2029<sup>(2)(3)</sup> |  | 3100000 |  | 2894098 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. <br>5.354% (5.354% fixed rate until 9/13/2027; H15T1Y + 1.90% thereafter) <br> due 9/13/2028<sup>(2)</sup> |  | 300000 |  | 297543 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley<br>3.772% (3.772% fixed rate until 1/24/2028; LIBOR 3 Month + 1.14% thereafter) <br> due 1/24/2029<sup>(2)(3)</sup> |  | 1400000 |  | 1284178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.342% (6.342% fixed rate until 10/18/2032; SOFR + 2.56% thereafter) <br> due 10/18/2033<sup>(2)</sup> |  | 500000 |  | 524730 |
|  |  |  |  | **9336935** |
| &nbsp;&nbsp;&nbsp;**Computers – 0.1%** | &nbsp;&nbsp;&nbsp;**Computers – 0.1%** | &nbsp;&nbsp;&nbsp;**Computers – 0.1%** | &nbsp;&nbsp;&nbsp;**Computers – 0.1%** | &nbsp;&nbsp;&nbsp;**Computers – 0.1%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. <br>2.65% due 2/8/2051 |  | 400000 |  | 267948 |
|  |  |  |  | **267948** |
| &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.7%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.7%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.7%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.7%** | &nbsp;&nbsp;&nbsp;**Cosmetics & Personal Care – 0.7%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. <br>2.60% due 4/15/2030 |  | 535000 |  | 461534 |
| &nbsp;&nbsp;&nbsp; GSK Consumer Healthcare Capital U.S. LLC <br>3.625% due 3/24/2032 |  | 1600000 |  | 1410624 |
|  |  |  |  | **1872158** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.9%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services – 0.9%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>2.45% due 10/29/2026 |  | 1100000 |  | 961917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 10/29/2028 |  | 400000 |  | 336220 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. <br>4.927% (4.927% fixed rate until 5/10/2027; SOFR + 2.06% thereafter) <br> due 5/10/2028<sup>(2)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 |  | 1065779 |
|  |  |  |  | **2363916** |
| &nbsp;&nbsp;&nbsp;**Electric – 1.4%** | &nbsp;&nbsp;&nbsp;**Electric – 1.4%** | &nbsp;&nbsp;&nbsp;**Electric – 1.4%** | &nbsp;&nbsp;&nbsp;**Electric – 1.4%** | &nbsp;&nbsp;&nbsp;**Electric – 1.4%** |
| &nbsp;&nbsp;&nbsp; Alabama Power Co. <br>3.94% due 9/1/2032 |  | 550000 |  | 506242 |
| &nbsp;&nbsp;&nbsp; Consumers Energy Co.<br>3.60% due 8/15/2032 |  | 1000000 |  | 912640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% due 9/1/2052 |  | 200000 |  | 172028 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. <br>3.50% due 6/15/2051 |  | 450000 |  | 317052 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.<br>5.00% due 7/15/2032 |  | 500000 |  | 493940 |

---

---

| | |
|:---|:---|
| **8** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) | &nbsp;&nbsp;&nbsp;**Electric** (continued) |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.<br>3.50% due 8/1/2050 | 500000 | 316090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 7/1/2028 | 600000 | 534750 |
| &nbsp;&nbsp;&nbsp; PacifiCorp <br>5.35% due 12/1/2053 | 400000 | 401560 |
|  |  | **3654302** |
| &nbsp;&nbsp;&nbsp;**Electronics – 0.5%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.5%** | &nbsp;&nbsp;&nbsp;**Electronics – 0.5%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc.<br>1.75% due 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 2/15/2033 | 100000 | 102140 |
|  |  | **1214300** |
| &nbsp;&nbsp;&nbsp;**Entertainment – 0.2%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.2%** | &nbsp;&nbsp;&nbsp;**Entertainment – 0.2%** |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. <br>4.279% due 3/15/2032<sup>(1)</sup> | 750000 | 620543 |
|  |  | **620543** |
| &nbsp;&nbsp;&nbsp;**Environmental Control – 0.5%** | &nbsp;&nbsp;&nbsp;**Environmental Control – 0.5%** | &nbsp;&nbsp;&nbsp;**Environmental Control – 0.5%** |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc. <br>1.50% due 3/15/2031 | 1730000 | 1355144 |
|  |  | **1355144** |
| &nbsp;&nbsp;&nbsp;**Food – 0.5%** | &nbsp;&nbsp;&nbsp;**Food – 0.5%** | &nbsp;&nbsp;&nbsp;**Food – 0.5%** |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co. <br>3.75% due 4/1/2030 | 900000 | 822141 |
| &nbsp;&nbsp;&nbsp; Kroger Co. <br>1.70% due 1/15/2031 | 650000 | 503119 |
|  |  | **1325260** |
| &nbsp;&nbsp;&nbsp;**Healthcare – Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Healthcare – Products – 0.5%** | &nbsp;&nbsp;&nbsp;**Healthcare – Products – 0.5%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories <br>4.75% due 11/30/2036 | 1400000 | 1391278 |
|  |  | **1391278** |
| &nbsp;&nbsp;&nbsp;**Healthcare – Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Healthcare – Services – 0.2%** | &nbsp;&nbsp;&nbsp;**Healthcare – Services – 0.2%** |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. <br>4.20% due 5/15/2032 | 600000 | 572136 |
|  |  | **572136** |
| &nbsp;&nbsp;&nbsp;**Insurance – 0.7%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.7%** | &nbsp;&nbsp;&nbsp;**Insurance – 0.7%** |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd. <br>3.50% due 1/15/2031 | 450000 | 372307 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. <br>2.80% due 8/19/2029 | 1010000 | 865570 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. <br>4.55% due 3/23/2030 | 500000 | 493505 |
|  |  | **1731382** |
| &nbsp;&nbsp;&nbsp;**Machinery – Diversified – 0.8%** | &nbsp;&nbsp;&nbsp;**Machinery – Diversified – 0.8%** | &nbsp;&nbsp;&nbsp;**Machinery – Diversified – 0.8%** |
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp. <br>4.35% due 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244570 |
|  |  | **2244570** |
| &nbsp;&nbsp;&nbsp;**Media – 0.3%** | &nbsp;&nbsp;&nbsp;**Media – 0.3%** | &nbsp;&nbsp;&nbsp;**Media – 0.3%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications Operating Capital<br>2.25% due 1/15/2029 | 300000 | 241278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% due 6/1/2052 | 20000 | 12601 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Media** (continued) | &nbsp;&nbsp;&nbsp;**Media** (continued) | &nbsp;&nbsp;&nbsp;**Media** (continued) | &nbsp;&nbsp;&nbsp;**Media** (continued) | &nbsp;&nbsp;&nbsp;**Media** (continued) |
| &nbsp;&nbsp;&nbsp; Comcast Corp.<br>1.95% due 1/15/2031 | $| 670000 | $| 542285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.887% due 11/1/2051 |  | 200000 |  | 129474 |
|  |  |  |  | **925638** |
| &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.9%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.9%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.9%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.9%** | &nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing – 0.9%** |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp.<br>4.25% due 9/15/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 9/15/2029 |  | 600000 |  | 577848 |
|  |  |  |  | **2329626** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.5%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.5%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.5%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.5%** | &nbsp;&nbsp;&nbsp;**Oil & Gas – 1.5%** |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc.<br>3.06% due 6/17/2041 |  | 450000 |  | 335799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.633% due 4/6/2030 |  | 700000 |  | 643083 |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc.<br>2.65% due 1/15/2032 |  | 400000 |  | 319976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% due 2/15/2052 |  | 400000 |  | 283136 |
| &nbsp;&nbsp;&nbsp; CITGO Petroleum Corp. <br>7.00% due 6/15/2025<sup>(1)</sup> |  | 250000 |  | 244853 |
| &nbsp;&nbsp;&nbsp; Marathon Oil Corp. <br>4.40% due 7/15/2027 |  | 1250000 |  | 1195737 |
| &nbsp;&nbsp;&nbsp; PBF Holding Co. LLC / PBF Finance Corp. <br>6.00% due 2/15/2028 |  | 250000 |  | 222210 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. <br>2.80% due 12/1/2031 |  | 800000 |  | 655144 |
|  |  |  |  | **3899938** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Oil & Gas Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Oil & Gas Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Oil & Gas Services – 0.1%** | &nbsp;&nbsp;&nbsp;**Oil & Gas Services – 0.1%** |
| &nbsp;&nbsp;&nbsp; TechnipFMC PLC <br>6.50% due 2/1/2026<sup>(1)</sup> |  | 300000 |  | 293121 |
|  |  |  |  | **293121** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals – 1.3%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc.<br>3.20% due 11/21/2029 |  | 300000 |  | 271278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% due 11/21/2049 |  | 400000 |  | 338036 |
| &nbsp;&nbsp;&nbsp; Bristol Myers Squibb Co. <br>2.95% due 3/15/2032 |  | 1800000 |  | 1574694 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. <br>2.125% due 9/15/2031 |  | 1500000 |  | 1192665 |
|  |  |  |  | **3376673** |
| &nbsp;&nbsp;&nbsp;**Pipelines – 0.7%** | &nbsp;&nbsp;&nbsp;**Pipelines – 0.7%** | &nbsp;&nbsp;&nbsp;**Pipelines – 0.7%** | &nbsp;&nbsp;&nbsp;**Pipelines – 0.7%** | &nbsp;&nbsp;&nbsp;**Pipelines – 0.7%** |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP <br>3.75% due 5/15/2030 |  | 500000 |  | 441525 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. <br>6.10% due 11/15/2032 |  | 1300000 |  | 1307839 |
|  |  |  |  | **1749364** |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 1.2%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 1.2%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 1.2%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 1.2%** | &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts (REITs) – 1.2%** |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. <br>5.00% due 2/15/2033 |  | 800000 |  | 792296 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP <br>1.70% due 3/1/2028 |  | 900000 |  | 752166 |
| &nbsp;&nbsp;&nbsp; Prologis LP <br>2.25% due 4/15/2030 |  | 1300000 |  | 1089608 |
| &nbsp;&nbsp;&nbsp; Simon Property Group LP <br>2.20% due 2/1/2031 |  | 700000 |  | 553952 |
|  |  |  |  | **3188022** |

---

*The accompanying notes are an integral part of these financial statements.*<sub>9</sub>

------

**SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Retail – 0.9%** | &nbsp;&nbsp;&nbsp;**Retail – 0.9%** | &nbsp;&nbsp;&nbsp;**Retail – 0.9%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. <br>3.75% due 6/1/2027 | $700000 | $668416 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. <br>3.25% due 4/15/2032 | 1000000 | 892330 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. <br>4.70% due 6/15/2032 | 900000 | 875043 |
|  |  | **2435789** |
| &nbsp;&nbsp;&nbsp;**Semiconductors – 0.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors – 0.4%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. <br>4.15% due 4/15/2032<sup>(1)</sup> | 1100000 | 969397 |
| &nbsp;&nbsp;&nbsp; NXP BV / NXP Funding LLC / NXP USA, Inc. <br>2.65% due 2/15/2032 | 250000 | 196540 |
|  |  | **1165937** |
| &nbsp;&nbsp;&nbsp;**Software – 1.8%** | &nbsp;&nbsp;&nbsp;**Software – 1.8%** | &nbsp;&nbsp;&nbsp;**Software – 1.8%** |
| &nbsp;&nbsp;&nbsp; Microsoft Corp.<br>2.921% due 3/17/2052 | 600000 | 427560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% due 2/6/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 2/12/2035 | 700000 | 636951 |
| &nbsp;&nbsp;&nbsp; Oracle Corp.<br>6.25% due 11/9/2032 | 500000 | 526845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% due 11/9/2052 | 200000 | 216870 |
|  |  | **4797804** |
| &nbsp;&nbsp;&nbsp;**Telecommunications – 1.0%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 1.0%** | &nbsp;&nbsp;&nbsp;**Telecommunications – 1.0%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. <br>2.55% due 12/1/2033 | 800000 | 617944 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.<br>2.70% due 3/15/2032 | 750000 | 609150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% due 10/15/2052 | 400000 | 272796 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. <br>2.355% due 3/15/2032 | 1050000 | 836178 |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC <br>4.375% due 5/30/2028 | 300000 | 294629 |
|  |  | **2630697** |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $62,251,666) | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds & Notes** <br> (Cost $62,251,666) | **58011679** |
| &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 10.2%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 10.2%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 10.2%** |
| &nbsp;&nbsp;&nbsp; BANK<br>2019-BN24 AS <br>3.283% due 11/15/2062<sup>(2)(4)</sup> | 1413000 | 1186822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022-BNK43 AS <br>4.83% due 8/15/2055<sup>(2)(4)</sup> | 1100000 | 1018648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022-BNK43 B <br>5.153% due 8/15/2055<sup>(2)(4)</sup> | 500000 | 434580 |
| &nbsp;&nbsp;&nbsp; BB-UBS Trust <br>2012-SHOW A <br>3.43% due 11/5/2036<sup>(1)</sup> | 2500000 | 2331039 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Asset-Backed Securities Trust <br>2005-SD1 1M4 <br>6.414% due 8/25/2043<sup>(2)(4)</sup> | 464154 | 477552 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust<br>2014-GC21 A5 <br>3.855% due 5/10/2047 | 1330000 | 1291715 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2016-C3 AS <br>3.366% due 11/15/2049<sup>(2)(4)</sup> | $1125000 | $990675 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust <br>2014-CR18 AM <br>4.103% due 7/15/2047 | 1550000 | 1489017 |
| &nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust<br>2021-DNA7 M2 <br>5.728% due 11/25/2041<sup>(1)(2)(4)</sup> | 1300000 | 1221015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021-HQA4 M1 <br>4.878% due 12/25/2041<sup>(1)(2)(4)</sup> | 855688 | 811858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022-DNA1 M1A <br>4.928% due 1/25/2042<sup>(1)(2)(4)</sup> | 780431 | 760169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022-HQA3 M1A <br>6.228% due 8/25/2042<sup>(1)(2)(4)</sup> | 1531897 | 1525611 |
| &nbsp;&nbsp;&nbsp; Grace Trust <br>2020-GRCE C <br>2.68% due 12/10/2040<sup>(1)(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | 812227 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. II<br>2005-ROCK A <br>5.366% due 5/3/2032<sup>(1)</sup> | 1800000 | 1751777 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust <br>2013-GC16 A4 <br>4.271% due 11/10/2046 | 750000 | 740806 |
| &nbsp;&nbsp;&nbsp; Jackson Park Trust <br>2019-LIC B <br>2.914% due 10/14/2039<sup>(1)</sup> | 680000 | 540107 |
| &nbsp;&nbsp;&nbsp; Life Mortgage Trust <br>2021-BMR C <br>5.418% due 3/15/2038<sup>(1)(2)(4)</sup> | 1474455 | 1401417 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust<br>2020-L4 AS <br>2.88% due 2/15/2053 | 750000 | 609769 |
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust <br>2021-909 C <br>3.206% due 4/10/2043<sup>(1)(2)(4)</sup> | 580000 | 426671 |
| &nbsp;&nbsp;&nbsp; ONE Park Mortgage Trust <br>2021-PARK B <br>5.401% due 3/15/2036<sup>(1)(2)(4)</sup> | 500000 | 469700 |
| &nbsp;&nbsp;&nbsp; SLG Office Trust <br>2021-OVA A <br>2.585% due 7/15/2041<sup>(1)</sup> | 1800000 | 1436423 |
| &nbsp;&nbsp;&nbsp; Stack Infrastructure Issuer LLC <br>2021-1A A2 <br>1.877% due 3/26/2046<sup>(1)</sup> | 1250000 | 1071935 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust<br>2018-AUS A <br>4.058% due 8/17/2036<sup>(1)(2)(4)</sup> | 2000000 | 1782466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021-SAVE A <br>5.468% due 2/15/2040<sup>(1)(2)(4)</sup> | 1181728 | 1104101 |
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust <br>2014-C19 AS <br>4.271% due 3/15/2047 | 1500000 | 1454298 |
| &nbsp;&nbsp;&nbsp;**Total Non–Agency Mortgage–Backed Securities** <br> (Cost $30,339,498) | &nbsp;&nbsp;&nbsp;**Total Non–Agency Mortgage–Backed Securities** <br> (Cost $30,339,498) | **27140398** |

---

---

| | |
|:---|:---|
| **10** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 29.0%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 29.0%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 29.0%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bond <br>2.25% due 8/15/2049 | $5900000 | $4182547 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Note<br>0.25% due 10/31/2025 | 4500000 | 4027500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 5/15/2030 | 700000 | 555406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 11/15/2030 | 2200000 | 1763781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% due 5/31/2028 | 5000000 | 4335938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% due 9/30/2024 | 4150000 | 3941527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% due 2/15/2030 | 4700000 | 4014094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 8/15/2029 | 4800000 | 4172250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3022863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 2/15/2032 | 19570000 | 16662020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% due 3/31/2024 | 2200000 | 2134344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/30/2024 | 22200000 | 21568687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% due 4/30/2027 | 3300000 | 3130875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% due 7/31/2027 | 650000 | 615824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 6/30/2024 | 3300000 | 3220852 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $83,653,970) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $83,653,970) | **77348508** |
|  | **<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 4.6%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 4.6%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 4.6%** |
| &nbsp;&nbsp;&nbsp; Vanguard Short-Term Inflation-Protected Securities ETF | 261700 | 12224007 |
| &nbsp;&nbsp;&nbsp;**Total Exchange–Traded Funds** <br> (Cost $13,298,679) | &nbsp;&nbsp;&nbsp;**Total Exchange–Traded Funds** <br> (Cost $13,298,679) | **12224007** |
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 4.9%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 4.9%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 4.9%** |
| &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 4.2%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 4.2%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 4.2%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bill <br>3.566% due 2/2/2023<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11300000 | 11264264 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $11,262,148) | &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $11,262,148) | **11264264** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**December 31, 2022** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.7%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.7%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.7%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $1,925,293, due 1/3/2023<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925019 | $1925019 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,925,019) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,925,019) | **1925019** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 97.9%** <br> (Cost $279,120,045) | &nbsp;&nbsp;&nbsp;**Total Investments – 97.9%** <br> (Cost $279,120,045) | **260891544** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 2.1%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 2.1%** | **5478031** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**266369575** |

---

<sup>(1)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At December 31, 2022, the aggregate market value of these securities amounted to $52,462,399, representing 19.7% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees. 

<sup>(2)</sup> Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at December 31, 2022.

<sup>(3)</sup> The London Interbank Offered Rate ("LIBOR") is being phased out completely by June 30, 2023. There remains uncertainty regarding the nature of any replacement rate and the impact of a transition away from LIBOR on the Fund's investments.

<sup>(4)</sup> Variable coupon rate based on weighted average interest rate of underlying mortgages.

<sup>(5)</sup> Interest rate shown reflects the discount rate at time of purchase.

<sup>(6)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $2688300 | $1963570 |

---

**Open futures contracts at December 31, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;U.S. 2-Year Treasury Note | March 2023 | 117 | Long | $23978448 | $23994141 | $15693 |
| &nbsp;&nbsp;&nbsp;U.S. 5-Year Treasury Note | March 2023 | 28 | Long | 3023128 | 3022031 | (1097) |
| &nbsp;&nbsp;&nbsp;U.S. 10-Year Treasury Note | March 2023 | 176 | Long | 20023106 | 19764250 | (258856) |
| &nbsp;&nbsp;&nbsp;U.S. Long Bond | March 2023 | 230 | Long | 28831963 | 28829063 | (2900) |
| &nbsp;&nbsp;&nbsp;U.S. Ultra Bond | March 2023 | 131 | Long | 17576175 | 17594938 | 18763 |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | $**93432820** | $**93204423** | $**(228397)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation** |
| &nbsp;&nbsp;&nbsp;U.S. Ultra 10-Year Treasury Note | March 2023 | 308 | Short | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36481874) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36430625) | $51249 |

---

*The accompanying notes are an integral part of these financial statements.*<sub>11</sub>

------

**SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND** 

**Centrally cleared credit default swap agreements — buy protection<sup>(7)</sup>:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Reference Entity** | **Implied Credit<br>Spread at<br>12/31/22<sup>(8)</sup>** | **Notional Amount<sup>(9)</sup>** | **Notional Amount<sup>(9)</sup>** | **Maturity** | **(Pay)/Receive<br>Fixed Rate** | **Periodic<br>Payment<br>Frequency** | **Upfront<br>Payments** | **Value** | **Unrealized<br>Depreciation** |
| &nbsp;&nbsp;&nbsp;CDX.NA.HY.S39 | 4.84% | USD | 40100000 | 12/20/2027 | (5.00)% | Quarterly | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803316 | $(233544) | $(2036860) |

---

<sup>(7)</sup> When a credit event occurs as defined under the terms of the swap agreement, the Fund as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation. 

<sup>(8)</sup> Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement. 

<sup>(9)</sup> The notional amount represents the maximum potential amount the Fund could be required to pay as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index. 

**Legend:** 

CLO — Collateralized Loan Obligation

H15T1Y — 1-year Constant Maturity Treasury Rate

LIBOR — London Interbank Offered Rate

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Agency Mortgage–Backed Securities | $— | $31337466 | $— | $31337466 |
| &nbsp;&nbsp;&nbsp;Asset–Backed Securities |  | 41640203 |  | 41640203 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes |  | 58011679 |  | 58011679 |
| &nbsp;&nbsp;&nbsp;Non–Agency Mortgage–Backed Securities |  | 27140398 |  | 27140398 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 77348508 |  | 77348508 |
| &nbsp;&nbsp;&nbsp;Exchange–Traded Funds | 12224007 |  |  | 12224007 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 11264264 |  | 11264264 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1925019 |  | 1925019 |
| &nbsp;&nbsp;&nbsp;**Total** | $**12224007** | $**248667537** | $**—** | $**260891544** |
| &nbsp;&nbsp;&nbsp;**Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | $85705 | $— | $— | $85705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (262853) |  |  | (262853) |
| &nbsp;&nbsp;&nbsp;Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  | (2036860) |  | (2036860) |
| &nbsp;&nbsp;&nbsp;**Total** | $**(177148)** | $**(2036860)** | $**—** | $**(2214008)** |

---

---

| | |
|:---|:---|
| **12** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260891544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on swap contracts | 4802341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 3227574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash deposits with brokers for futures contracts | 1955498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 1673124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 3894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 9013 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **272562988** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 3380034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to broker for swap contracts | 2387333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for variation margin on futures contracts | 173047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 103545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 57525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 27449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 23902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 9496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 30274 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **6193413** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**266369575** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $299325262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable loss | (32955687) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**266369575** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $279120045 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with No Par Value** | **29653804** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$8.98** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1044446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 8872865 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **9917311** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1334240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 743840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 97695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 70213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 60431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 44535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 14098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 10407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 15605 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **2391064** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (40529) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **2350535** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **7566776** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (33521111) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (8218080) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from swap contracts | 1588819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (17645230) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | 461460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on swap contracts | (1783755) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments and Derivative Contracts** | **(59117897)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(51551121)** |

---

*The accompanying notes are an integral part of these financial statements.*<sub>13</sub>

------

**FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the**<br> **Year Ended<br>12/31/22** | **For the**<br> **Year Ended<br>12/31/21** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $7566776 | $6005523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and derivative contracts | (40150372) | 5129719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and derivative contracts | (18967525) | (13755506) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | **(51551121)** | **(2620264)** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 6810826 | 71424099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (44092704) | (46992461) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions** | **(37281878)** | **24431638** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets** | **(88832999)** | **21811374** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 355202574 | 333391200 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266369575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355202574 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 737252 | 6759525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4569733) | (4443226) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease)** | **(3832481)** | **2316299** |

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| | |
|:---|:---|
| **14** | *The accompanying notes are an integral part of these financial statements.* |

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This Page Intentionally Left Blank

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| | |
|:---|:---|
| | **15** |

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**FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND** 

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past five years (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **<br>Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $10.61 | $0.24 | $(1.87) | $(1.63) | $8.98 | (15.36)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 10.70 | 0.18 | (0.27) | (0.09) | 10.61 | (0.84)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 10.03 | 0.14 | 0.53 | 0.67 | 10.70 | 6.68% |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/19<sup>(4)</sup> | 10.00 | 0.03 | 0.00<sup>(5)</sup> | 0.03 | 10.03 | 0.30%<sup>(6)</sup> |

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| | |
|:---|:---|
| **16** | *The accompanying notes are an integral part of these financial statements.* |

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**FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $266370 | 0.79% | 0.80% | 2.54% | 2.53% | 154% |
| 355203 | 0.79% | 0.79% | 1.68% | 1.68% | 155% |
| 333391 | 0.79% | 0.81% | 1.40% | 1.38% | 112% |
| 337312 | 0.75%<sup>(6)</sup> | 0.85%<sup>(6)</sup> | 1.56%<sup>(6)</sup> | 1.46%<sup>(6)</sup> | 18%<sup>(6)</sup> |

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<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Commenced operations on October 21, 2019.

<sup>(5)</sup> Rounds to $0.00 per share. 

<sup>(6)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2019, certain non-recurring fees (i.e., audit fees) are not annualized. 

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| | |
|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | **17** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND** 

**December 31, 2022** 

**1. Organization** 

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Total Return Bond VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks total return with an emphasis on current income as well as capital appreciation.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of

security specific events, market events, and pricing vendor and broker-dealer due diligence. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

The valuations of debt securities for which quoted bid prices are readily available are valued at the bid price by independent pricing services (each, a "Service"). Debt securities for which quoted bid prices are not readily available are valued by a Service at the evaluated bid price provided by the Service or the bid price provided by an independent broker-dealer or at a calculated price based on the spread to an appropriate benchmark provided by such broker-dealer.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5c). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE").

Exchange-traded financial futures and swap contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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| | |
|:---|:---|
| **18** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND** 

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** — unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** — other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest
rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

***Investments*** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

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| | |
|:---|:---|
| | **19** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND** 

**c. Futures Contracts** The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

**d. Credit Derivatives** The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments (i) as alternatives to direct long or short investment in a particular security or securities, (ii) to adjust the Fund's asset allocation or risk exposure, (iii) to

enhance potential return, or (iv) for hedging purposes. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

The Fund may enter into credit default swap agreements either as a buyer or seller. The Fund may buy protection under a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell protection under a credit default swap in an attempt to gain exposure to an underlying issuer's credit quality characteristics without investing directly in that issuer.

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. The Fund may also enter into cleared swaps.

In entering into swap contracts, the Fund is required to deposit with the broker (or for the benefit of the broker), either in cash or securities, an amount equal to a percentage of the notional value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the

values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the swap contracts and may realize a loss. During the year ended December 31, 2022, the Fund entered into credit default swaps for risk exposure management and to enhance potential return.

**e. Options Transactions** The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of its investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund's Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of December 31, 2022.

**f. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

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| | |
|:---|:---|
| **20** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND** 

**g. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.45% of the first $300 million, and 0.40% in excess of $300 million of the Fund's average daily net assets. The fee is accrued daily and paid monthly. The Fund has no sub-adviser.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.79% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue did not waive any fees or pay any Fund expenses.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has

entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $743,840 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

**4. Federal Income Taxes** 

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the year ended December 31, 2022, were as follows:

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| | | |
|:---|:---|:---|
|  | **Other**<br> **Investments** | **U.S.<br>Government<br>and Agency<br>Obligations** |
| &nbsp;&nbsp;&nbsp;Purchases | $280429717 | $158409161 |
| &nbsp;&nbsp;&nbsp;Sales | 401843222 | 75794973 |

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**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

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| | |
|:---|:---|
| | **21** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND** 

**c. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**d. Securities Purchased on a When-Issued or Delayed-Delivery Basis** The Fund may purchase securities on a when-issued or delayed-delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than at the trade date purchase price. Although the Fund will generally enter into these transactions with the intention of taking delivery of the securities, it may sell the securities before the settlement date. Assets will be segregated when a fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.

**e. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of December 31, 2022, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.

**f. Below Investment Grade Securities** The Fund may invest in below investment grade securities (i.e. lower-quality, "junk" debt), which are subject to various risks. Lower-quality debt is considered to be speculative

because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

**g. Mortgage- and Asset-Backed Securities** The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac"), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

**h. Treasury Inflation Protected Securities** Treasury inflation protected securities ("TIPS") are debt securities issued by the U.S. Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index ("CPI"). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation

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| | |
|:---|:---|
| **22** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND** 

occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

**i. Disclosures About Derivative Instruments and Hedging Activities** The Fund entered into U.S. Treasury futures contracts for the year ended December 31, 2022 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

Under certain market conditions, the Fund may use credit default swaps to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve exposure, (iii) manage risk, (iv) enhance returns, or (v) as substitutes for permitted Fund investments. Credit default swaps involve the exchange of a floating or fixed rate payment in return for assuming potential credit losses of an underlying security or pool of securities.

The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," *i.e.*, the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency or security, or in a "basket" of securities representing a particular index. Cleared swaps are transacted through futures commission merchants ("FCM"s) that are members of central clearinghouses with the clearinghouse serving as a central counterparty similar to transactions in futures contracts. Funds post initial and variation margin by making payments to their clearing member FCMs.

Generally, the Fund will enter into credit default swaps on a net basis, which means that the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the net amount of the two payments. Credit default swaps do not normally involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to credit default swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to a credit default swap defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

In addition to the risks generally applicable to derivatives, risks associated with credit default swap

agreements include adverse changes in the returns of the underlying instruments, failure of the counterparties to perform under the agreement's terms and the possible lack of liquidity with respect to the agreements.

As of December 31, 2022, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund's use of derivative instruments:

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| | | |
|:---|:---|:---|
|  | **Interest Rate**<br> **Contracts** | **Credit<br>Default**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Asset Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $85705 | $— |
| &nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $(262853) | $— |
| &nbsp;&nbsp;&nbsp;Swap Contracts<sup>2</sup> |  | (2036860) |

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<sup>1</sup> Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

<sup>2</sup> Statement of Assets and Liabilities location: Includes the fair value of centrally cleared swap contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative investments for the year ended December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Interest Rate**<br> **Contracts** | **Credit<br>Default**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $(8218080) | $— |
| &nbsp;&nbsp;&nbsp;Swap Contracts<sup>2</sup> |  | 1588819 |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation/(Depreciation)** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>3</sup> | $461460 | $— |
| &nbsp;&nbsp;&nbsp;Swap Contracts<sup>4</sup> |  | (1783755) |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>5</sup> | 1020 |  |
| &nbsp;&nbsp;&nbsp;Swap Contracts — Buy/Sell Protection | $— | $35398615 |

---

<sup>1</sup> Statement of Operations location: Net realized gain/(loss) from futures contracts.

<sup>2</sup> Statement of Operations location: Net realized gain/(loss) from swap contracts.

<sup>3</sup> Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

<sup>4</sup> Statement of Operations location: Net change in unrealized appreciation/(depreciation) on swap contracts.

<sup>5</sup> Amount represents number of contracts. 

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million

---

| | |
|:---|:---|
| | **23** |

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------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND** 

committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

**7. Indemnifications** 

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are

indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

---

| | |
|:---|:---|
| **24** | |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Board of Trustees of Guardian Variable Products Trust and Shareholders of** 

**Guardian Total Return Bond VIP Fund** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Total Return Bond VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

---

| | |
|:---|:---|
| | **25** |

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------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br>**in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships**<br> **Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | | | | |
| &nbsp;&nbsp;&nbsp; **Bruce W. Ferris<sup>3</sup>**<br>(born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Theda R. Haber<sup>3</sup>**<br>(born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012– 2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Marshall Lux<sup>3</sup>**<br>(born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

---

---

| | |
|:---|:---|
| **26** | |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br>**in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships**<br> **Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br>(born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

---

<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

---

| | |
|:---|:---|
| | **27** |

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------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Year of Birth** | **Position(s) Held and<br>Length of Service<sup>5</sup>** | **Principal Occupation(s)**<br> **During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br>(born 1970) | President and Principal Executive Officer (Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp;**John H. Walter**<br> (born 1962) | Senior Vice President, Treasurer, and Principal Financial and Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Harris Oliner**<br> (born 1971) | Senior Vice President and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December 2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019–2022); Vice President and Associate General Counsel, MetLife, Inc. (2010–2018). |
| &nbsp;&nbsp;&nbsp;**Philip Stack**<br> (born 1964) | Chief Compliance Officer (Since September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp;**Brian Hagan**<br> (born 1984) | Anti-Money Laundering Officer (Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp;**Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Maria Nydia Morrison**<br> (born 1958) | Assistant Treasurer and Fund Controller (since December 2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Keith Ngo**<br> (born 1971) | Assistant Treasurer (since December 2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

---

<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

---

| | |
|:---|:---|
| **28** | |

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**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/<br>GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

---

| | |
|:---|:---|
| | **29** |

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------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g412416g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB10524

------

## Guardian Variable

## Products Trust

## 2022

## Annual Report
All Data as of December 31, 2022

**Guardian U.S. Government Securities VIP Fund**![LOGO](g442992g40s74.jpg)

Not FDIC insured. May lose value. No bank guarantee. www.guardianlife.com

------

**TABLE OF CONTENTS** 

**Guardian U.S. Government Securities VIP Fund** 

---

| | |
|:---|:---|
|  **[Fund Commentary](#toc442992_1)** | 1 |
|  **[Fund Characteristics](#toc442992_2)** | 2 |
|  **[Fund Performance](#toc442992_3)** | 4 |
|  **[Understanding Your Fund's Expenses](#toc442992_4)** | 5 |
|  **Financial Information** |  |
| [Schedule of Investments](#toc442992_5) | 6 |
| [Statement of Assets and Liabilities](#toc442992_6) | 9 |
| [Statement of Operations](#toc442992_7) | 9 |
| [Statements of Changes in Net Assets](#toc442992_8) | 10 |
| [Financial Highlights](#toc442992_9) | 12 |
| [Notes to Financial Statements](#toc442992_10) | 14 |
| [Report of Independent Registered Public<br>Accounting Firm](#toc442992_11) | 21 |
|  **Supplemental Information** |  |
| [Trustees and Officers Information Table](#toc442992_15) | 22 |
| [Portfolio Holdings and Proxy Voting Procedures](#toc442992_16) | 25 |

---

**Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of Park Avenue Institutional Advisers LLC as of the date of this report and are subject to change without notice. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.** 

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**GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND** 

**FUND COMMENTARY OF PARK AVENUE INSTITUTIONAL ADVISERS LLC, MANAGER (UNAUDITED)** 

**Highlights** 

• Guardian U.S. Government Securities VIP Fund (the "Fund") returned -8.28% for the 12 months ended December 31, 2022, outperforming its benchmark, the Bloomberg US
Intermediate Government/Mortgage Total Return Index<sup>1</sup>(the "Index"), which returned -9.61% for the same period.

• The Index replaced the Bloomberg Intermediate US Government Bond Index<sup>2</sup> (the "Government Index") as the Fund's primary benchmark as of October 1,
2022. The Index was selected to align more closely with the Fund's investment strategy and portfolio holdings. The Government Index<sup></sup>returned -7.73% for
the 12 months ended December 31, 2022.

• The Fund's overweight allocation to agency commercial mortgage-backed securities, its underweight to agency residential mortgage-backed securities, and the average duration of its portfolio detracted from
performance relative to the Index.<sup>3</sup> The largest positive contributors to performance relative to the Index were yield curve positioning<sup>4</sup>and
its allocation to Treasury Inflation-Protected Securities ("TIPs").

**Market Overview** 

Throughout 2022 the U.S. Federal Reserve (the "Fed") significantly increased interest rates in response to a rapidly increasing inflation market environment.

The Standard & Poor's 500<sup>®</sup> Index<sup>5</sup> (the "S&P 500 Index") returned -18.11% for the year. Nearly every segment of the fixed income market experienced declines. The Bloomberg US Corporate High Yield Bond Index<sup>6</sup> (the "High Yield Index") returned -11.19% for the year. Leveraged loans generally outperformed most major fixed income indexes but were still negative, returning -0.60%. The 10-year Treasury returned -16.5% for the year.

With inflation above 7% all year, the Fed's main goal was to decrease inflation while not sparking a recession. The Fed increased the federal funds rate seven times in 2022, from 0.25-0.50% in March to 4.25-4.50% in December, the most rapid pace of interest rate hikes in recent history.

**Portfolio Review** 

The Fund's overweight allocation to agency commercial mortgage-backed securities, its underweight to agency residential mortgage-backed securities, and the average duration of its portfolio detracted from performance relative to the Index. The largest positive contributors to performance relative to the Index were yield curve positioning and its allocation to TIPS.

We began de-risking the portfolio in May and June. In the second half of the year, we also utilized yield curve flatteners to take advantage of differences in yield spread between the 2-year and 10-year Treasuries. In addition, to help manage inflation risk, we made an allocation to TIPS at the beginning of the year and maintained that allocation throughout the year.

**Outlook** 

As we enter 2023, we remain in a relatively high inflation, low growth environment. Although we have a more optimistic outlook on the market than the Fed, we also believe that an economic recession in 2023 is likely. Historically, spreads widen into a recession, therefore we are proceeding with caution in anticipation of heightened credit risk in 2023. However, we believe ample cash is waiting to be deployed, which can mitigate spread widening. Finally, we believe the yield curve may get flatter before it steepens positively. Overall, we continue to remain defensive in our investment approach.

**<sup>1</sup>** The Index is an index consisting of securities issued by the U.S. Government (Public obligations of the U.S. Treasury or publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government) in the intermediate maturity range and mortgage-backed pass-through securities of GNMA, FNMA and FHLMC. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses. 

**<sup>2</sup>** The Government Index measures the performance of U.S. Dollar denominated U.S. Treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years. You may not invest in the Government Index and, unlike the Fund, the Government Index does not incur fees or expenses. 

**<sup>3</sup>** Duration is a measure of a bond price's sensitivity to changes in interest rates. 

**<sup>4</sup>** Yield curve positioning represents the relationship between the interest rates of bonds having the same credit quality but different maturity dates. 

**<sup>5</sup>** The S&P 500 Index is an unmanaged market-capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses. 

**<sup>6</sup>** The High Yield Index is generally considered to be representative of the investable universe of the U.S. dollar–denominated high-yield debt market. You may not invest in the High Yield Index and, unlike the Fund, the High Yield Index does not incur fees or expenses. 

 <sub>1</sub>

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**GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND** 

**Fund Characteristics (unaudited)** 

Total Net Assets: $201,322,717

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Bond Sector Allocation<sup>1</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g442992g04g00.jpg) |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Bond Quality Allocation<sup>2</sup>**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g442992g05g00.jpg) |

---

---

| | |
|:---|:---|
| **2** | |

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**GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>1</sup>**<br> As of December 31, 2022 | | | |
| &nbsp;&nbsp;&nbsp;**Holding** | **Coupon Rate** | **Maturity Date** | **% of Total<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 1.625% | 11/30/2026 | 11.47% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 2.750% | 7/31/2027 | 10.59% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 1.375% | 11/15/2031 | 6.21% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 1.500% | 9/30/2024 | 5.47% |
| &nbsp;&nbsp;&nbsp;Vanguard Short-Term Inflation-Protected Securities ETF |  |  | 4.65% |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 0.125% | 2/15/2024 | 3.71% |
| &nbsp;&nbsp;&nbsp;Fannie Mae ACES | 3.610% | 2/25/2031 | 3.62% |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association | 2.500% | 7/1/2052 | 3.30% |
| &nbsp;&nbsp;&nbsp;iShares MBS ETF |  |  | 2.49% |
| &nbsp;&nbsp;&nbsp;Vanguard Mortgage-Backed Securities ETF |  |  | 2.49% |
| &nbsp;&nbsp;&nbsp;**Total** |  |  | **54.00%** |

---

**<sup>1</sup>** Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Cash includes short-term investments and net other assets and liabilities. 

**<sup>2</sup>** The Bond Quality Allocation chart displays the percentage of fund assets allocated to each rating. Rating agencies' independent ratings of individual securities are aggregated by Bloomberg, and market weights are reported using Standard & Poor's letter rating conventions. Rating methodology uses the middle rating of Moody's Investors Service, Inc., Standard & Poor's Ratings Services, and Fitch Ratings. When a rating from only two of the rating agencies is available, the lower rating is used. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standards of credit quality. Rating agencies may fail to make timely changes in credit ratings, and an issuer's current financial condition may be better or worse than a rating indicates. In formulating investment decisions for the Fund, Park Avenue Institutional Advisers LLC develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings. 

 <sub>3</sub>

------

**GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND** 

**Fund Performance (unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Average Annual Total Returns**<br> As of December 31, 2022 | | | | | |
|  | **Inception Date** | **1 Year** | **5 Year** | **10 Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;Guardian U.S. Government Securities VIP Fund | 10/21/2019 | -8.28% |  |  | -1.85% |
| &nbsp;&nbsp;&nbsp;Bloomberg US Intermediate Government/Mortgage Total Return Index |  | -9.61% |  |  | -1.96% |
| &nbsp;&nbsp;&nbsp;Bloomberg Intermediate US Government Bond Index\* |  | -7.73% |  |  | -1.27% |

---

\* The Bloomberg US Intermediate Government/Mortgage Total Return Index (the "Total Return Index") replaced the Bloomberg Intermediate US Government Bond Index as the Fund's primary benchmark as of October 1, 2022. The Total Return Index was selected to align more closely with the Fund's investment strategy and portfolio holdings. 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Results of a Hypothetical $10,000 Investment**<br> As of December 31, 2022 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g442992g08p08.jpg) |

---

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian U.S. Government Securities VIP Fund and the Bloomberg US Intermediate Government/Mortgage Total Return Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

**Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund's fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.** 

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| | |
|:---|:---|
| **4** | |

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------

**UNDERSTANDING YOUR FUND'S EXPENSES** (UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The table below shows the Fund's expenses in two ways:

**Expenses based on actual return** 

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Expenses based on hypothetical 5% return for comparison purposes** 

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value**<br> **7/1/22** | **Ending**<br> **Account Value<br>12/31/22** | **Expenses Paid**<br> **During Period\***<br> **7/1/22-12/31/22** | **Expense Ratio**<br> **During Period**<br> **7/1/22-12/31/22** |
| &nbsp;&nbsp;&nbsp;Based on Actual Return | $1000.00 | $978.20 | $3.74 | 0.75% |
| &nbsp;&nbsp;&nbsp; Based on Hypothetical Return (5% Return Before Expenses) | $1000.00 | $1021.43 | $3.82 | 0.75% |

---

\* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 <sub>5</sub>

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**SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**<br>December 31, 2022** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities–32.2%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities–32.2%** | &nbsp;&nbsp;&nbsp;**Agency Mortgage–Backed Securities–32.2%** |
| &nbsp;&nbsp;&nbsp; Fannie Mae ACES<br>2019-M4 A2 <br>3.61% due 2/25/2031 | $7764000 | $7289246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021-M4 A2 <br>1.465% due 2/25/2031<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | 793013 |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp.<br>2.50% due 9/1/2037 | 1889520 | 1733936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 4/1/2052 | 2987876 | 2626210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 11/1/2052 | 3281099 | 2982730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% due 10/1/2052 | 2873932 | 2696005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% due 12/1/2052 | 3981762 | 3926527 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association<br>2.00% due 6/1/2037 | 2086599 | &nbsp;&nbsp;&nbsp;&nbsp;1860020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 9/1/2037 | 1979263 | 1764340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 10/1/2037 | 24712 | 22677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 11/1/2037 | 1008918 | 925860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 1/1/2052 | 2092952 | 1774099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 3/1/2052 | 1996064 | 1693175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 4/1/2052 | 1994302 | 1691271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 5/1/2052 | 1996339 | 1694239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% due 7/1/2052 | 7844845 | 6650787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 11/1/2037 | 1186129 | 1111523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 3/1/2052 | 798689 | 702009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 4/1/2052 | 998309 | 877272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% due 11/1/2052 | 4480576 | 3933512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% due 11/1/2052 | 3492556 | 3174399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% due 9/1/2052 | 1127914 | 1086816 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; K048 A2 <br>3.284% due 6/25/2025<sup>(1)(2)</sup> | 2045000 | 1977726 |
| &nbsp;&nbsp;&nbsp;&nbsp; K058 A2 <br>2.653% due 8/25/2026 | 1500000 | 1406124 |
| &nbsp;&nbsp;&nbsp;&nbsp; K082 A2 <br>3.92% due 9/25/2028<sup>(1)(2)</sup> | 3385000 | 3291374 |
| &nbsp;&nbsp;&nbsp;&nbsp; K124 A2 <br>1.658% due 12/25/2030 | 4200000 | 3399209 |
| &nbsp;&nbsp;&nbsp;&nbsp; K730 A2 <br>3.59% due 1/25/2025<sup>(1)(2)</sup> | 3740899 | 3644751 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage–Backed Securities** <br> (Cost $67,703,338) | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage–Backed Securities** <br> (Cost $67,703,338) | **64728850** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 6.2%** | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 6.2%** | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities – 6.2%** |
| &nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust <br>2019-2 C <br>2.74% due 4/18/2025 | 1261586 | 1247617 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd. <br>2014-2A BR2 <br>5.993% (LIBOR 3 Month + 1.75%) due 10/20/2030<sup>(2)(3)(4)</sup> | 600000 | 575400 |
| &nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC <br>2020-1 A2 <br>1.78% due 12/22/2025<sup>(3)</sup> | 225009 | 223801 |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust <br>2021-B A3 <br>0.37% due 10/15/2024 | 1600000 | 1561667 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**<br>December 31, 2022** | **Principal<br>Amount** | **Principal<br>Amount** | **<br>Value** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Asset–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust <br>2021-2 A3 <br>0.33% due 8/15/2025 | $| 962801 | $| 928887 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust <br>2021-A B <br>0.61% due 10/15/2025<sup>(3)</sup> |  | 2000000 |  | 1946745 |
| &nbsp;&nbsp;&nbsp; NextGear Floorplan Master Owner Trust <br>2022-1A A2 <br>2.80% due 3/15/2027<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650838 |
| &nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust <br>2019-C A4 <br>1.95% due 5/15/2026 |  | 1600000 |  | 1564349 |
| &nbsp;&nbsp;&nbsp; Toyota Lease Owner Trust <br>2021-A A4 <br>0.50% due 8/20/2025<sup>(3)</sup> |  | 1000000 |  | 967313 |
| &nbsp;&nbsp;&nbsp; Verizon Owner Trust <br>2020-A B <br>1.98% due 7/22/2024 |  | 1000000 |  | 989130 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd. <br>2016-3A A3R <br>5.944% (LIBOR 3 Month + 1.75%)<br> due 10/18/2031<sup>(2)(3)(4)</sup> |  | 925000 |  | 883098 |
| &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $12,821,502) | &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $12,821,502) | &nbsp;&nbsp;&nbsp;**Total Asset–Backed Securities** <br> (Cost $12,821,502) |  | **12538845** |
| &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 7.8%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 7.8%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 7.8%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 7.8%** | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities – 7.8%** |
| &nbsp;&nbsp;&nbsp; BAMLL Commercial Mortgage Securities Trust <br>2015-200P A <br>3.218% due 4/14/2033<sup>(3)</sup> |  | 1450000 |  | 1344111 |
| &nbsp;&nbsp;&nbsp; BB-UBS Trust <br>2012-SHOW A <br>3.43% due 11/5/2036<sup>(3)</sup> |  | 1000000 |  | 932415 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust<br>2014-GC21 A5 <br>3.855% due 5/10/2047 |  | 1700000 |  | 1651064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019-PRM B<br>3.644% due 5/10/2036<sup>(3)</sup> |  | 1309824 |  | 1279704 |
| &nbsp;&nbsp;&nbsp; CityLine Commercial Mortgage Trust <br>2016-CLNE C <br>2.778% due 11/10/2031<sup>(1)(2)(3)</sup> |  | 1000000 |  | 948629 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust<br>2014-UBS3 A4 <br>3.819% due 6/10/2047 |  | 1550000 |  | 1506843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2015-CR23 A4 <br>3.497% due 5/10/2048 |  | 2500000 |  | 2387959 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. II <br>2005-ROCK A <br>5.366% due 5/3/2032<sup>(3)</sup> |  | 1700000 |  | 1654456 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust <br>2013-GC16 A4 <br>4.271% due 11/10/2046 |  | 1410000 |  | 1392715 |

---

---

| | |
|:---|:---|
| **6** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**<br>December 31, 2022** | **Principal<br>Amount** | **<br>Value** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) | &nbsp;&nbsp;&nbsp;**Non–Agency Mortgage–Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp; Hudson Yards Mortgage Trust <br>2016-10HY A <br>2.835% due 8/10/2038<sup>(3)</sup> | $600000 | $| 533348 |
| &nbsp;&nbsp;&nbsp; ONE Park Mortgage Trust <br>2021-PARK A <br>5.151% due 3/15/2036<sup>(1)(2)(3)</sup> | 500000 |  | 477304 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust <br>2021-SAVE A <br>5.468% due 2/15/2040<sup>(1)(2)(3)</sup> | 636315 |  | 594516 |
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust <br>2014-C19 AS <br>4.271% due 3/15/2047 | 1000000 |  | 969532 |
| &nbsp;&nbsp;&nbsp;**Total Non–Agency Mortgage–Backed Securities** <br> (Cost $17,034,114) | &nbsp;&nbsp;&nbsp;**Total Non–Agency Mortgage–Backed Securities** <br> (Cost $17,034,114) |  | **15672596** |
| &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 41.6%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 41.6%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 41.6%** | &nbsp;&nbsp;&nbsp;**U.S. Government Securities – 41.6%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Inflation-Indexed Note <br>0.125% due 4/15/2027 | 538229 |  | 502344 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Note<br>0.125% due 2/15/2024 | 7850000 |  | 7457807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 1/31/2026 | 3000000 |  | 2671406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 11/15/2030 | 500000 |  | 400860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 11/15/2031 | 15300000 |  | 12500578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% due 9/30/2024 | 11600000 |  | 11017281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 11/30/2026 | 25300000 |  | 23096133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 4/30/2024 | 2400000 |  | 2315719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% due 8/15/2025 | 2650000 |  | 2503836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% due 7/31/2027 | 22500000 |  | 21316992 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $91,222,097) | &nbsp;&nbsp;&nbsp;**Total U.S. Government Securities** <br> (Cost $91,222,097) |  | **83782956** |
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 9.6%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 9.6%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 9.6%** | &nbsp;&nbsp;&nbsp;**Exchange–Traded Funds – 9.6%** |
| &nbsp;&nbsp;&nbsp; iShares MBS ETF | 54000 |  | 5008500 |
| &nbsp;&nbsp;&nbsp; Vanguard Mortgage-Backed Securities ETF | 110000 |  | 5007200 |
| &nbsp;&nbsp;&nbsp; Vanguard Short-Term<br>Inflation-Protected<br>Securities ETF | 200600 |  | 9370026 |
| &nbsp;&nbsp;&nbsp;**Total Exchange–Traded Funds** <br> (Cost $20,161,986) | &nbsp;&nbsp;&nbsp;**Total Exchange–Traded Funds** <br> (Cost $20,161,986) |  | **19385726** |
|  | **Principal<br>Amount** | **<br>Value** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.8%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.8%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.8%** | &nbsp;&nbsp;&nbsp;**Short–Term Investments – 1.8%** |
| &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 1.0%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 1.0%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 1.0%** | &nbsp;&nbsp;&nbsp;**U.S. Treasury Bills – 1.0%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bill <br>3.566% due 2/2/2023<sup>(5)</sup> | $2000000 |  | 1993675 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $1,993,300) | &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills** <br> (Cost $1,993,300) |  | **1993675** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**<br>December 31, 2022** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.8%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.8%** | &nbsp;&nbsp;&nbsp;**Repurchase Agreements – 0.8%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $1,539,630, due 1/3/2022<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539412 | $1539412 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,539,412) | &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements** <br> (Cost $1,539,412) | **1539412** |
| &nbsp;&nbsp;&nbsp;**Total Investments – 99.2%** <br> (Cost $212,475,749) | &nbsp;&nbsp;&nbsp;**Total Investments – 99.2%** <br> (Cost $212,475,749) | **199642060** |
| &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.8%** | &nbsp;&nbsp;&nbsp;**Assets in excess of other liabilities – 0.8%** | **1680657** |
| &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**Total Net Assets – 100.0%** | $**201322717** |

---

<sup>(1)</sup> Variable coupon rate based on weighted average interest rate of underlying mortgages.

<sup>(2)</sup> Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at December 31, 2022.

<sup>(3)</sup> Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At December 31, 2022, the aggregate market value of these securities amounted to $14,011,678, representing 7.0% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund's liquidity procedures approved by the Board of Trustees. 

<sup>(4)</sup> The London Interbank Offered Rate ("LIBOR") is being phased out completely by June 30, 2023. There remains uncertainty regarding the nature of any replacement rate and the impact of a transition away from LIBOR on the Fund's investments.

<sup>(5)</sup> Interest rate shown reflects the discount rate at time of purchase.

<sup>(6)</sup> The table below presents collateral for repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**<br>Security** | **<br>Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **<br>Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 2.375% | 5/15/2051 | $2149800 | $1570243 |

---

*The accompanying notes are an integral part of these financial statements.*<sub>7</sub>

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**SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND** 

**Open futures contracts at December 31, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation** |
| &nbsp;&nbsp;&nbsp;U.S. 5-Year Treasury Note | March 2023 | 79 | Long | $8526125 | $8526445 | $320 |
| &nbsp;&nbsp;&nbsp;U.S. Long Bond | March 2023 | 68 | Long | 8523099 | 8523375 | 276 |
| &nbsp;&nbsp;&nbsp;U.S. Ultra Bond | March 2023 | 1 | Long | 134043 | 134312 | 269 |
| &nbsp;&nbsp;&nbsp;**Total** |  |  |  | $**17183267** | $**17184132** | $**865** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**<br>Type** | **<br>Expiration** | **<br>Contracts** | **<br>Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Depreciation** |
| &nbsp;&nbsp;&nbsp;U.S. 2-Year Treasury Note | March 2023 | 26 | Short | $(5197225) | $(5332031) | $(134806) |

---

**Legend:** 

CLO — Collateralized Loan Obligation

LIBOR — London Interbank Offered Rate

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | **<u> </u> Valuation Inputs<u> </u>** | |
| &nbsp;&nbsp;&nbsp;**Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Agency Mortgage–Backed Securities | $— | $64728850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $64728850 |
| &nbsp;&nbsp;&nbsp;Asset–Backed Securities |  | 12538845 |  | 12538845 |
| &nbsp;&nbsp;&nbsp;Non–Agency Mortgage–Backed Securities |  | 15672596 |  | 15672596 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 83782956 |  | 83782956 |
| &nbsp;&nbsp;&nbsp;Exchange–Traded Funds | 19385726 |  |  | 19385726 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 1993675 |  | 1993675 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1539412 |  | 1539412 |
| &nbsp;&nbsp;&nbsp;**Total** | $**19385726** | $**180256334** | $**—** | $**199642060** |
| &nbsp;&nbsp;&nbsp;**Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | $865 | $— | $— | $865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (134806) |  |  | (134806) |
| &nbsp;&nbsp;&nbsp;**Total** | $**(133941)** | $**—** | $**—** | $**(133941)** |

---

---

| | |
|:---|:---|
| **8** | *The accompanying notes are an integral part of these financial statements.* |

---

------

**FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities**<br> As of December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199642060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on futures contracts | 735794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 671215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash deposits with brokers for futures contracts | 454395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement receivable from adviser | 11828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares subscribed | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 7075 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **201524194** |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 81433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable | 43316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 25096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 20809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administrative fees | 13080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian and accounting fees | 4091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 13020 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **201477** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**201322717** |
| &nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $215715107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable loss | (14392390) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | $**201322717** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Cost | $212475749 |
| &nbsp;&nbsp;&nbsp; **Pricing of Shares** |  |
| &nbsp;&nbsp;&nbsp; **Shares of Beneficial Interest Outstanding with<br>No Par Value** | **21368044** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | **$9.42** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statement of Operations**<br> For the Year Ended December 31, 2022 | |
| &nbsp;&nbsp;&nbsp; **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $745410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 3699951 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **4445361** |
| &nbsp;&nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1082810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 575963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 78757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees | 54333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 39059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 37100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 15486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 8780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 12076 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **1904364** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived | (176475) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses, Net** | **1727889** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | **2717472** |
| &nbsp;&nbsp;&nbsp; **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments | (9138161) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (3543374) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (11689695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | 146941 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Loss on Investments and Derivative Contracts** | **(24224289)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | $**(21506817)** |

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*The accompanying notes are an integral part of these financial statements.*<sub>9</sub>

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**FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | | |
|  | **For the<br>Year Ended<br>12/31/22** | **For the<br>Year Ended<br>12/31/21** |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $2717472 | $1687222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and derivative contracts | (12681535) | (1392950) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and derivative contracts | (11542754) | (7119698) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | **(21506817)** | **(6825426)** |
| &nbsp;&nbsp;&nbsp; **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 2100820 | 61933777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (53178924) | (44390560) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions** | **(51078104)** | **17543217** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets** | **(72584921)** | **10717791** |
| &nbsp;&nbsp;&nbsp; **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 273907638 | 263189847 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $201322717 | $273907638 |
| &nbsp;&nbsp;&nbsp; **Other Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 218217 | 5929472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (5509979) | (4268018) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase/(Decrease)** | **(5291762)** | **1661454** |

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| | |
|:---|:---|
| **10** | *The accompanying notes are an integral part of these financial statements.* |

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**This Page Intentionally Left Blank** 

 <sub>11</sub>

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**FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND** 

The Financial Highlights table is intended to help you understand the Fund's financial performance for the past five years (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | &nbsp;&nbsp;&nbsp; **Financial Highlights** | | | | | |
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | |
|  | **<br>Net Asset Value,<br>Beginning of<br>Period** | **Net Investment<br>Income<sup>(1)</sup>** | **Net Realized<br>and Unrealized<br>Gain/(Loss)** | **Total<br>Operations** | **Net Asset<br>Value, End of<br>Period** | <br>**Total<br>Return<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/22 | $10.27 | $0.11 | $(0.96) | $(0.85) | $9.42 | (8.28)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/21 | 10.53 | 0.06 | (0.32) | (0.26) | 10.27 | (2.47)% |
| &nbsp;&nbsp;&nbsp; Year Ended 12/31/20 | 10.00 | 0.09 | 0.44 | 0.53 | 10.53 | 5.30% |
| &nbsp;&nbsp;&nbsp; Period Ended 12/31/19<sup>(4)</sup> | 10.00 | 0.02 | (0.02) | 0.00 | 10.00 | 0.00%<sup>(5)</sup> |

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| | |
|:---|:---|
| **12** | *The accompanying notes are an integral part of these financial statements.* |

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**FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Net Assets, End<br>of Period (000s)** | **Net Ratio of<br>Expenses to<br>Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Net Ratio of Net<br>Investment Income<br>to Average<br>Net Assets<sup>(3)</sup>** | **Gross Ratio of Net<br>Investment Income<br>to Average<br>Net Assets** | **Portfolio<br>Turnover Rate** |
| $201323 | 0.75% | 0.83% | 1.18% | 1.10% | 52% |
| 273908 | 0.75% | 0.82% | 0.61% | 0.54% | 64% |
| 263190 | 0.75% | 0.84% | 0.84% | 0.75% | 76% |
| 270003 | 0.70%<sup>(5)</sup> | 0.89%<sup>(5)</sup> | 1.29%<sup>(5)</sup> | 1.10%<sup>(5)</sup> | 31%<sup>(5)</sup> |

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<sup>(1)</sup> Calculated based on the average shares outstanding during the period.

<sup>(2)</sup> Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown. 

<sup>(3)</sup> Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

<sup>(4)</sup> Commenced operations on October 21, 2019.

<sup>(5)</sup> Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2019, certain non-recurring fees (i.e., audit fees) are not annualized. 

*The accompanying notes are an integral part of these financial statements.*<sub>13</sub>

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND** 

**December 31, 2022** 

**1. Organization** 

Guardian Variable Products Trust (the "Trust"), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently has twenty-four series. Guardian U.S. Government Securities VIP Fund (the "Fund") is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The Trust has authorized an unlimited number of shares of beneficial interest with no par value. Shares are bought and sold at closing net asset value ("NAV"). Shares of the Fund are only sold to certain separate accounts of The Guardian Insurance & Annuity Company, Inc. ("GIAC") that fund certain variable annuity contracts and variable life insurance policies issued by GIAC. GIAC is a wholly-owned subsidiary of The Guardian Life Insurance Company of America ("Guardian Life").

The Fund seeks total return with an emphasis on current income as well as capital appreciation.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**a. Investment Valuations** The Board of Trustees has designated Park Avenue Institutional Advisers LLC ("Park Avenue") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation

oversight, including but not limited to consideration of security specific events, market events, and pricing vendor and broker-dealer due diligence. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

The valuations of debt securities for which quoted bid prices are readily available are valued at the bid price by independent pricing services (each, a "Service"). Debt securities for which quoted bid prices are not readily available are valued by a Service at the evaluated bid price provided by the Service or the bid price provided by an independent broker-dealer or at a calculated price based on the spread to an appropriate benchmark provided by such broker-dealer.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC ("NASDAQ") are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange ("NYSE").

Exchange-traded financial futures contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund's valuation time but after the close of the securities' principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee's valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue's procedures and under the general oversight of the Board of Trustees. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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| | |
|:---|:---|
| **14** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND** 

Various inputs are used in determining the valuation of the Fund's investments. These inputs are summarized in three broad levels listed below.

• **Level 1** — unadjusted inputs using quoted prices in active markets for identical investments.

• **Level 2** — other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments
(such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• **Level 3** — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument's assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument's placement within the hierarchy, the Trust separates the Fund's investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund's assets and liabilities carried at fair value as of December 31, 2022 is included in the Schedule of Investments.

***Investments*** Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund's Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

***Derivatives*** Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2.

**b. Securities Transactions** Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

**c. Futures Contracts** The Fund may enter into financial futures contracts. In entering into such contracts, the

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| | |
|:---|:---|
| | **15** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND** 

Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

**d. Credit Derivatives** The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve positioning, (iii) manage risk, (iv) enhance potential returns, or (v) as substitutes for permitted Fund investments. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

The Fund may enter into credit default swap agreements either as a buyer or seller. The Fund may buy protection under a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell protection under a credit default swap in an attempt to gain exposure to an underlying issuer's credit quality characteristics without investing directly in that issuer.

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. The Fund may also enter into cleared swaps.

In entering into swap contracts, the Fund is required to deposit with the broker (or for the benefit of the broker), either in cash or securities, an amount equal to a percentage of the notional value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are

recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the swap contracts and may realize a loss. There were no credit default swaps held as of December 31, 2022.

**e. Options Transactions** The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of its investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund's Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of December 31, 2022.

**f. Investment Income** Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

**g. Allocation of Income and Expenses** Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset

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| | |
|:---|:---|
| **16** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND** 

value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

**3. Transactions with Affiliates** 

**a. Investment Advisory Fee and Expense Limitation** Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.47% of the Fund's average daily net assets. The fee is accrued daily and paid monthly. The Fund has no sub-adviser.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund's total annual operating expenses after fee waiver and/or expense reimbursement to 0.75% of the Fund's average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue's recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $176,475.

**b. Compensation of Trustees and Officers** Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

**c. Distribution Fees** Park Avenue Securities LLC ("PAS"), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust ("12b-1 plan"), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the

Fund's average daily net assets. For the year ended December 31, 2022, the Fund paid distribution fees in the amount of $575,963 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

**4. Federal Income Taxes** 

**a. Distributions to Shareholders** For federal income tax purposes, the Fund is treated as a disregarded entity ("DRE"). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be "passed through" directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

**5. Investments** 

**a. Investment Purchases and Sales** The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the year ended December 31, 2022, were as follows:

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| | | |
|:---|:---|:---|
|  | **Other**<br> **Investments** | **U.S.<br>Government<br>and Agency<br>Obligations** |
| &nbsp;&nbsp;&nbsp;Purchases | $29215427 | $86349290 |
| &nbsp;&nbsp;&nbsp;Sales | 24468531 | 141986802 |

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**b. Foreign Securities** Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

**c. Industry or Sector Concentration** In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the

---

| | |
|:---|:---|
| | **17** |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND** 

companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

**d. Repurchase Agreements** The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

**e. Securities Purchased on a When-Issued or Delayed-Delivery Basis** The Fund may purchase securities on a when-issued or delayed-delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than at the trade date purchase price. Although the Fund will generally enter into these transactions with the intention of taking delivery of the securities, it may sell the securities before the settlement date. Assets will be segregated when a fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.

**f. Restricted and Illiquid Securities** A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust's Board of Trustees and are noted, if any, in the Fund's Schedule of Investments. As of December 31, 2022, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**g. Mortgage- and Asset-Backed Securities** The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac"), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

**h. Treasury Inflation Protected Securities** Treasury inflation protected securities ("TIPS") are debt securities issued by the U.S. Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index ("CPI"). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

**i. Disclosures About Derivative Instruments and Hedging Activities** The Fund entered into futures contracts for the year ended December 31, 2022 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are

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| | |
|:---|:---|
| **18** | |

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**NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND** 

exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

Under certain market conditions, the Fund may use credit default swaps to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve exposure, (iii) manage risk, (iv) enhance returns, or (v) as substitutes for permitted Fund investments. Credit default swaps involve the exchange of a floating or fixed rate payment in return for assuming potential credit losses of an underlying security or pool of securities.

The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," *i.e.*, the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency or security, or in a "basket" of securities representing a particular index. Cleared swaps are transacted through futures commission merchants ("FCM"s) that are members of central clearinghouses with the clearinghouse serving as a central counterparty similar to transactions in futures contracts. Funds post initial and variation margin by making payments to their clearing member FCMs.

Generally, the Fund will enter into credit default swaps on a net basis, which means that the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the net amount of the two payments. Credit default swaps do not normally involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to credit default swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to a credit default swap defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

In addition to the risks generally applicable to derivatives, risks associated with credit default swap agreements include adverse changes in the returns of the underlying instruments, failure of the counterparties to perform under the agreement's terms and the possible lack of liquidity with respect to the agreements.

As of December 31, 2022, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund's use of derivative instruments:

---

| | |
|:---|:---|
|  | **Interest<br>Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Asset Derivatives** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $865 |
| &nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $(134806) |

---

<sup>1</sup> Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative investments for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  | **Interest<br>Rate**<br> **Contracts** |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain/(Loss)** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>1</sup> | $(3543374) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation/(Depreciation)** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>2</sup> | $146941 |
| &nbsp;&nbsp;&nbsp; **Average Number of Notional Amounts** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>3</sup> | 585 |

---

<sup>1</sup> Statement of Operations location: Net realized gain/(loss) from futures contracts.

<sup>2</sup> Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

<sup>3</sup> Amount represents number of contracts. 

**6. Temporary Borrowings** 

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the "Credit Agreement") for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

---

| | |
|:---|:---|
| | **19** |

---

------

**NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND** 

**7. Indemnifications** 

Under the Trust's organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Additional Information** 

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund's operations may be interrupted as a result, which may have a negative impact on the Fund's investment performance.

---

| | |
|:---|:---|
| **20** | |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Board of Trustees of Guardian Variable Products Trust and Shareholders of** 

**Guardian U.S. Government Securities VIP Fund** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian U.S. Government Securities VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.

---

| | |
|:---|:---|
| | **21** |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

**Trustees and Officers Information Table** 

The following table provides information about the Trustees of the Trust.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name and**<br> **Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp;**Bruce W. Ferris<sup>3</sup>**<br> (born 1955) | Trustee | Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013– 2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008– 2015). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Theda R. Haber<sup>3</sup>**<br> (born 1954) | Trustee | Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015– 2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry) (2012– 2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**Marshall Lux<sup>3</sup>**<br> (born 1960) | Trustee | Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014). | 24 | None. |
| &nbsp;&nbsp;&nbsp;**John Walters<sup>3</sup>**<br> (born 1962) | Lead Independent Trustee | Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010). | 24 | Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019). |

---

---

| | |
|:---|:---|
| **22** | |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name and**<br> **Year of Birth** | **Term of Office,<br>Position(s) Held and<br>Length of Service<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past Five Years** | **Number of<br>Funds**<br> **in Fund<br>Complex<br>Overseen**<br> **by Trustees<sup>2</sup>** | **Other Directorships<br>Held by Trustee** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp; **Michael Ferik<sup>4</sup>**<br> (born 1972) | Chairman and Trustee (Since December 2019) | Head of Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |
| &nbsp;&nbsp;&nbsp; **Richard T. Potter<sup>4</sup>**<br> (born 1954) | Trustee (Since July 2021) | Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto. | 24 | None. |

---

<sup>1</sup> Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

<sup>2</sup> The Trust currently consists of 24 separate Funds.

<sup>3</sup> Member of the Audit Committee of the Board.

<sup>4</sup> Each of Michael Ferik and Richard T. Potter is considered to be an "interested person" of the Trust within the meaning of the 1940 Act because of their current or former affiliation with The Guardian Life Insurance Company of America and/or its affiliates.

---

| | |
|:---|:---|
| | **23** |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Name and**<br> **Year of Birth** | **Position(s) Held and<br>Length of Service<sup>5</sup>** | **Principal Occupation(s)<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** | &nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp; **Dominique Baede**<br> (born 1970) | President and Principal<br>Executive Officer<br>(Since January 2020) | Head of Life and Annuity Products, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto. |
| &nbsp;&nbsp;&nbsp;**John H. Walter**<br> (born 1962) | Senior Vice President,<br>Treasurer, and<br>Principal Financial and<br>Accounting Officer | Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Harris Oliner**<br> (born 1971) | Senior Vice President<br>and Secretary | Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Tyla Reynolds**<br> (born 1967) | Assistant Secretary <br>(Since December<br>2022) | Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018). |
| &nbsp;&nbsp;&nbsp;**Philip Stack**<br> (born 1964) | Chief Compliance<br>Officer (Since<br>September 2017) | Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto. |
| &nbsp;&nbsp;&nbsp;**Brian Hagan**<br> (born 1984) | Anti-Money<br>Laundering Officer<br>(Since March 2019) | Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto. |
| &nbsp;&nbsp;&nbsp;**Kathleen M. Moynihan**<br> (born 1966) | Senior Counsel | Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp;**Maria Nydia Morrison** (born 1958) | Assistant Treasurer<br>and Fund Controller<br>(since December<br>2021) | Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America. |
| &nbsp;&nbsp;&nbsp; **Keith Ngo**<br> (born 1971) | Assistant Treasurer<br>(since December<br>2021) | Senior Lead Accountant and Associate Mutual Fund Controller, The Guardian Life Insurance Company of America. |

---

<sup>5</sup> Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.

---

| | |
|:---|:---|
| **24** | |

---

------

**SUPPLEMENTAL INFORMATION** (UNAUDITED)

The Statement of Additional Information ("SAI") includes additional information about the Trust's Trustees and Officers and is available, without charge, upon request by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

**Portfolio Holdings and Proxy Voting Procedures** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Securities and Exchange Commission's website at https://www.sec.gov. The Fund's Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-GUARDIAN (1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission's website at https://www.sec.gov.

---

| | |
|:---|:---|
| | **25** |

---

------

**This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.**![LOGO](g442992g84s34.jpg)

**The Guardian Life Insurance Company of America** New York, NY 10001-2159

PUB10527

------

**Item 1. (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.** 

The registrant, as of the end of the period covered by this report, has adopted a code of ethics, as defined in this Item 2, that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments or waivers granted with respect to the Code of Ethics during the fiscal year ended December 31, 2022.

**Item 3. Audit Committee Financial Expert.** 

The registrant's Board of Trustees has determined that the registrant has three audit committee financial experts serving on its Audit Committee. The audit committee financial experts are Marshall Lux (Chair of the Audit Committee), Bruce Ferris and John Walters. Each of these individuals is "independent," as defined by Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.** 

(a)-(d)

Shown below are the aggregate fees billed for services rendered by PricewaterhouseCoopers LLC ("PwC") to the registrant for the audit of the registrant's annual financial statements or services that are normally provided by PwC in connection with statutory and regulatory filings or engagements for the last two fiscal years.

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit Fees\*** | **Audit-<br>Related Fees** | **All Other Fees** |
|  December 31, 2022 | $730992 | $– $– $|  |
|  December 31, 2021 | $576000 | $– $– $|  |

---

\* Fees are exclusive of out-of-pocket expenses.

(e)(1) The registrant's Audit Committee is required to approve at least annually all audit and non-audit services that are required to be pre-approved under paragraph (c)(7) of Rule 2-01 of Regulation S-X. In addition, pursuant to the registrant's Audit Committee Pre-Approval Procedures, the Chair of the Audit Committee, or one or more designated members of the Audit Committee, is authorized to pre-approve a proposed non-audit service, or a proposed material change in the nature or cost of any previously approved non-audit service, between meetings of the Audit Committee. Any such action shall be presented for ratification by the Audit Committee not later than its next regularly scheduled meeting.

(e)(2) With respect to the services described in (b) - (d) of this item relating to the Audit-Related Fees, Tax Fees and All Other Fees disclosed above, no amount was approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There were no non-audit fees billed by PwC for services rendered to the registrant, its investment adviser, or any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable to the registrant.

**Item 6. Investments.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable to the registrant.

------

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable to the registrant.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable to the registrant.

**Item 10. Submission of Matters to a Vote of Security Holders.** 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A) or this Item.

**Item 11. Controls and Procedures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers have concluded that the
registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c)) are effective, as of a
date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Commission's rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable to the registrant.

**Item 13. Exhibits.** 

[(a)(1) Code of ethics that is the subject of disclosure required by Item 2 is attached hereto.](d447002dex99codeeth.htm)

[(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d447002dex99cert.htm)

(a)(3) Written solicitation to purchase securities under Rule 23c-1 -Not applicable.

(a)(4) There was no change in the registrant's independent public accountant during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certification pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.](d447002dex99906cert.htm)

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Guardian Variable Products Trust |
| By (Signature and Title)\* | /s/ Dominique Baede |
|  | Dominique Baede, President |
|  | (Principal Executive Officer) |

---

Date: March 6, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Dominique Baede |
|  | Dominique Baede, President |
|  | (Principal Executive Officer) |

---

---

| | |
|:---|:---|
| Date: March 6, 2023 |  |
| By (Signature and Title)\* | /s/ John H Walter |
|  | John H Walter, Treasurer |
|  | (Principal Financial and Accounting Officer) |
| Date: March 6, 2023 |  |

---

## Ex-99.Code

**GUARDIAN VARIABLE PRODUCTS TRUST** 

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR** 

**FINANCIAL OFFICERS** 

**As revised November 28, 2017** 

**I. Covered Officers/Purpose of the Code** 

This code of ethics ("Code") for the series of Guardian Variable Products Trust (each, a "Fund," and collectively, the "Funds") applies to the Funds' Principal Executive Officer, Principal Financial and Accounting Officer and Fund Controller (the "Covered Officers"), each of whom is listed on Exhibit A. The purpose of the Code is to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to apparent as well as actual conflicts of interest. Any questions concerning the applicability or interpretation of the Code, and compliance therewith, should be directed to the Trust's Chief Legal Officer.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Funds. Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (the "Investment Company Act") and the Investment Advisers Act of 1940 (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds.

The Funds' and the investment adviser's compliance programs and procedures are reasonably designed to prevent, or identify and correct, violations of the securities laws, including the Investment Company Act and the Investment Advisers Act. This Code does not, and is not intended to, repeat or replace those programs and procedures. Although typically not presenting an opportunity for improper personal benefit, conflicts of interest usually arise from, or as a result of, the contractual relationship between the Funds and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the investment adviser and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Board of Trustees of Guardian Variable Products Trust ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

------

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides some examples of conflicts of interest under the Code. Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds. Each Covered Officer must <u>not</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit the Funds; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use material non-public knowledge of portfolio transactions made or
contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Following are some conflict of interest situations that should be discussed with the Chief Legal Officer of the Funds (the "Chief Legal Officer") if material:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any gifts in excess of $100;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Funds have current or prospective business
dealings unless such entertainment is business-related, or is reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Funds' service
providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

The above are examples of types of conflicts of interest that may arise but this list is not intended to be all-inclusive. Each Covered Officer is expected to treat any appearance of impropriety as a potential conflict of interest that should be avoided or be the subject of a consultation with the Trust's Chief Legal Officer.

**III. Disclosure and Compliance** 

Each Covered Officer should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be familiar with the disclosure requirements generally applicable to the Funds and, to the extent appropriate
within his or her area of responsibility, consult with other officers and employees of the Funds and the investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds
file with, or submit to, the SEC and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or
outside the Funds, including to the Funds' directors and auditors, and to governmental regulators and self-regulatory organizations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

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**IV. Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board that he or she has received, read, and understands the Code and will comply with it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually to the Board any direct or indirect interest arising out of any transaction, contract,
arrangement or understanding between the Covered Officer or any of his or her immediate family members and: a Fund, Park Avenue Institutional Advisers LLC, a Fund's investment sub-adviser, any of their
officers or affiliates, or any person controlling, controlled by or under common control of any of the above entities, the value of which exceeds $60,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Chief Legal Officer promptly if he or she becomes aware of facts, and circumstances, that he or she
knows are a violation of this Code. Failure to do so is itself a violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for
reports of potential violations that are made in good faith.

The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in a particular situation. However, any approvals or waivers sought by a Covered Officer must be considered and approved by the Board. A committee of the Board may be appointed or authorized to consider any approvals or waivers ("Committee") and such Committee, at its discretion, may make a recommendation for approval or ratification by the Board.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chief Legal Officer will take all appropriate actions to investigate any reported potential violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, no further action
is required to be taken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board,
which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss
the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

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**V. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's, sub-advisers' and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act, and the more detailed policies and procedures of those codes, are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the independent Trustees.

**VII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, including with respect to regulatory filing requirements, such matters shall not be disclosed to anyone other than the Chief Legal Officer, Fund counsel, the Board (and any committee of the Board) and counsel to the independent Trustees of Guardian Variable Products Trust.

**VIII. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Funds, as to any fact, circumstance, or legal conclusion.

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**<u>Exhibit A</u>**

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| | |
|:---|:---|
| Dominique Baede | Principal Executive Officer |
| John Walter | Principal Financial and Accounting Officer |
| Nydia Morrison | Fund Controller |

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Updated as of: January 1, 2020

## Ex-99.Cert

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND

SECTION 302 OF THE SARBANES-OXLEY ACT

I, Dominique Baede, certify that:

1. I have reviewed this report on Form N-CSR of Guardian Variable Products Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 6, 2023 | /s/ Dominique Baede |
|  | Dominique Baede, President |
|  | (Principal Executive Officer) |

---

------

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND

SECTION 302 OF THE SARBANES-OXLEY ACT

I, John H Walter, certify that:

1. I have reviewed this report on Form N-CSR of Guardian Variable Products Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 6, 2023 | /s/ John H Walter |
|  | John H Walter |
|  | (Principal Financial and Accounting Officer) |

---

## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

(AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT)

I, Dominique Baede, President of Guardian Variable Products Trust (the "Registrant"), with respect to the report on Form N-CSR of Guardian Variable Products Trust for the period ended December 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: March 6, 2023 | /s/ Dominique Baede |
|  | Dominique Baede, President |
|  | (Principal Executive Officer) |

---

I, John H Walter, Treasurer of Guardian Variable Products Trust (the "Registrant"), with respect to the report on Form N-CSR of Guardian Variable Products Trust for the period ended December 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: March 6, 2023 | /s/ John H Walter |
|  | John H Walter, Treasurer |
|  | (Principal Financial and Accounting Officer) |

---