GUARDIAN VARIABLE PRODUCTS TRUST
Guardian Core Fixed Income VIP Fund
Guardian Multi-Sector Bond VIP Fund
Guardian Short Duration Bond VIP Fund
Guardian Total Return Bond VIP Fund
Guardian U.S. Government Securities VIP Fund
Supplement dated October 5, 2023
to the Prospectus and Statement of Additional Information
dated May 1, 2023
Effective immediately, Isaac H. Lowenbraun no longer serves as a Portfolio Manager of the Funds. Accordingly, all references to Isaac H. Lowenbraun in the Prospectus and Statement of Additional information (“SAI”) are hereby deleted. The following changes have been made to the Prospectus and Statement of Additional Information (“SAI”) with respect to Guardian Core Fixed Income VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Short Duration Bond VIP Fund, Guardian Total Return Bond VIP Fund, and Guardian U.S. Government Securities VIP Fund (each, a “Fund”) as applicable:
The “Management” section of the Prospectus has been revised to add the following individuals as a Portfolio Manager with respect to the applicable Fund(s):
Guardian Core Fixed Income VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Short Duration Bond VIP Fund, Guardian Total Return Bond VIP Fund, and Guardian U.S. Government Securities VIP Fund:
| Portfolio Manager | Title with the Subadviser | Managed Fund Since | ||
| Danielle DePippo, CFA | Managing Director | October 5, 2023 |
Guardian Core Fixed Income VIP Fund and Guardian Short Duration Bond VIP Fund:
| Portfolio Manager | Title with the Subadviser | Managed Fund Since | ||
| Demetrios Tsaparas, CFA | Senior Director | October 5, 2023 |
Guardian Short Duration Bond VIP Fund and Guardian U.S. Government Securities VIP Fund:
| Portfolio Manager | Title with the Subadviser | Managed Fund Since | ||
| David Padulo, CFA | Managing Director | October 5, 2023 |
Andrew Liggio, CFA, John Gargana, and David Padulo, CFA remain as Portfolio Managers of Guardian Core Fixed Income VIP Fund.
Andrew Liggio, CFA, Robert J. Crimmins, John Gargana, David Padulo, CFA, and Demetrios Tsaparas, CFA remain as Portfolio Managers of Guardian Multi-Sector Bond VIP Fund and Guardian Total Return Bond VIP Fund.
Andrew Liggio, CFA, John Gargana, and Martin Vernon remain as Portfolio Managers of Guardian Short Duration VIP Fund.
Andrew Liggio, CFA, John Gargana, and Demetrios Tsaparas, CFA remain as Portfolio Managers of Guardian U.S. Government Securities VIP Fund.
The disclosure under the heading “Portfolio Managers - Guardian Core Fixed Income VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Short Duration Bond VIP Fund, Guardian Total Return Bond VIP Fund, and Guardian U.S. Government Securities VIP Fund” on page 150 of the Prospectus has been revised to add the following:
Danielle DePippo, CFA
Co-Portfolio Manager
Guardian Core Fixed Income VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Short Duration Bond VIP Fund, Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund
Danielle DePippo is a managing director and the deputy head of public fixed income at Guardian Life. She is also the head of investment grade and an analyst covering the investment grade environmental, financial and insurance sectors, as well as transportation and paper and packaging. Prior to joining Guardian Life in 2015, Ms. DePippo was a director and credit sector specialist at BNP Paribas, where she started as a fixed income research intern and held a series of progressively senior roles as a financial-sector analyst. Ms. DePippo has almost 20 years of experience in the securities industry. Ms. DePippo holds a B.S. in business administration from the Boston University School of Management and a Chartered Financial Analyst® (CFA) designation. She also holds the FINRA series 7 and 63 licenses. Ms. DePippo is the co-lead of Guardian Life’s Women’s Leadership Network employee research group and a member of the Economic Club of New York.
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The “Other Accounts Managed” section on page 73 of the SAI is revised to add the following information as of 8/31/23:
| Subadviser/Portfolio Manager(s) | Types of Account | Total Number of Other Accounts Managed | Total Assets by Other Accounts Managed ($ millions) | Number of Other Accounts Managed Paying Performance Fee | Total Assets of Other Accounts Managed Paying Performance Fee ($ millions) | |||||||||||||
Park Avenue | Registered Investment Companies | 5 | $ | 1,311 | 0 | $ | 0 | |||||||||||
| Danielle DePippo, CFA | Other Pooled Investment Vehicles | 0 | $ | 0 | 0 | $ | 0 | |||||||||||
| Other Accounts | 1 | $ | 39,761 | 0 | $ | 0 | ||||||||||||
As of August 31, 2023, Ms. DePippo did not own any shares of the Guardian Core Fixed Income VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Short Duration Bond VIP Fund, Guardian Total Return Bond VIP Fund, or Guardian U.S. Government Securities VIP Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
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